How do you minimise Tenant Turnover?

Note the smile on the tenants faces!

The key to minimising tenant turnover is keeping a tenant happy. It really doesn't take all that much to do that. I wrote about the cost of tenant turnover the other day, now we talk about keeping them. 

I wrote a post a few months ago about the topic which highlights a few 'above and beyond' activities that some landlords find useful in keeping tenants happy.

The key I feel in tenant retention is professionalism!

Yes, it may be self serving, but a very experienced property management company who has 'seen it all before' is your best bet. I know where you can find one…Here! 

But bottom line to happy tenants is respect:

- Follow through with any repairs and maintenance

By following through with repairs and maintenance you will be able to keep an eye on the place in-between inspections and ensure that the property is being properly maintained. (If you hire contractors to do the work, keep a good relationship with them and ask them if they feel the place looks in good repair)

- Take pride in the property 

Is the property uninsulated, damp and unappealing? If you think it's unappealing then why would a tenant move in at all? The selling point may only be that it's cheap and in the right location and the tenants are desperate to find a place. You can guarantee that they won't be staying long. So make sure your property is warm, safe and appealing and you will have a fighting chance that tenants will stay awhile.

- Respect their space and privacy 

Always keep in mind that it is your house, but the tenants home!

When it comes to respecting their space and privacy, ensure that you handle the regular house inspections professionally. Make sure you give them plenty of notice and that you don't schedule it for a bad time  — for example if they have children, don't schedule an inspection right after the school holidays! This is also true for any repairs and maintenance, make sure it is a convenient time for them to be there, and don't make them take time off work to meet the plumber.

Know your tenants and what their lives are like. Busy professionals who are hardly home, vs a family with a stay-at-home-mum with 3 kids under the age of 6 have different needs when it comes to renting a property. You will be able to provide a better service to them if you understand their needs. If tenants feel that you understand their circumstances and you try to keep out of their space - while at the same time looking after it - they will be more than happy to keep paying the rent, and you might find that those tenants renew their lease, year, after year, after year! 

So what do you do to make sure that your tenants stay happy and that you retain them? It really doesn't take much, but if you treat them like an annoyance they will be out of there as fast as they can.