Southwestern Management And Realty Team

How to Avoid Tenant Turnover and Shorten Vacancy Cycles

When you’re a landlord or rental property investor, there is no bigger enemy of your cash flow than losing a tenant. When you experience a higher rate of tenant turnover, this is a major hit to your wallet when you consider the expenses involved prior to getting another tenant. There’s advertising and marketing costs as well as maintenance and repair expenses involved when getting the property ready for the next tenant. Not to mention the fact you’re not receiving rent money during vacancy periods.

The best way to pre qualify a tenant and ensure that they will continue to rent from you is to hire a reputable property management company. However, if you want to reduce the amount of tenant turnover you’re experiencing and shorten those periods of vacancy in the process; here are some helpful tips to consider:

Avoid raising the rent higher than the average increase in your area

Nothing triggers a tenant’s desire or need to relocate than an excessive increase in their rent. The right property management company will know what the average increase in rents is for the area where your property is located. Raising the rent too high or too often is not going to cover what a vacancy will cost you in the long run.

Build, develop, and maintain relationships with your tenants

Communication is key when it comes to building and maintaining long-term relationships with tenants. The day a tenant signs the lease and pays that first month’s rent shouldn’t be the only time they see your face or hear from you. Touching base with tenants in a friendly fashion and on a fairly regular basis is a great way to develop a long-term relationship with them. Furthermore, regularly scheduled inspections let tenants know that you not only care about the property but that you have their best interests and well-being in mind.

Respond promptly to all requests for maintenance and repairs

Nothing infuriates tenants more than a landlord who is slow to respond to tenant maintenance and repair requests. This is vital to good property management. Remember, tenants can become disillusioned quickly if they feel they’re not being taken care of quickly and effectively. Plus, tenants need to know that there is someone available before and after business hours if there is an emergency.

Screen prospective tenants rigorously

Proper screening is essential to finding the kind of tenants you want renting your property. There are fewer problems and they will continue renewing their lease. Background and credit checks are critical to finding the right tenants for your properties. Individuals who have questionable items on their application (skeletons in their closet) are typically short-term renters who may up and vacate your property unexpectedly.

Make the “SMART” Choice with Southwestern Management And Realty Team

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SMART Rental Qualifications

The following are Southwestern Management And Realty Team’s (SMART) guidelines for renting a property through SMART. Each and every application will be reviewed by a member of SMART and could be adjusted depending on credit/income and the application itself. Please be truthful!

Rental Qualifications

  • Applicant MUST be 18 years or older and application fee is $65.00 per person and is non-refundable.

Credit

  • Minimum score of 650
  • No EVICTIONS in the past 5 years
  • No utility collections (gas, power, water)

Income Verification

  • Income MUST be 3 times the monthly rent for good credit 650+ and 4 times if applicant has poor credit but good income.
  • MUST be verifiable
  • MUST be with current employer for at least 6 months.
    **If self-employed—CPA financial statements and/or tax returns are acceptable.

Employment History

(you could be required to show proof if requested, paycheck stubs, etc.)

  • Verifiable employment history for the past 3 years
    **If self-employed/retired/not employed—can verify income with signed tax returns and/or bank statements.

Rental History Verification

  • Verify for the past 3 years
  • Must provide: Landlord Names, and phone number, email (if available) on the online application.

Criminal Background Check

SMART does check—Criminal, Sex Offender and Terrorist database

  • NO sex offenders
  • NO crimes—violent crimes, prostitution, domestic violence, possession of weapons or illegal drugs

Pets

MUST be 30 pounds & under & absolutely no violent breeds—ask SMART for the Pet Policy

  • 2 pets max
  • NO ferrets or snakes
  • NO Dangerous, poisonous or illegal pets
  • NO aquariums larger than 10 gallons

Emotional Support pets are NOT considered a Service Animal and not under ADA laws.

SERVICE ANIMALS ARE OF COURSE ACCEPTED AND WILL REQUIRE THE PROPER GOVERNMENT ISSUED DOCUMENTATION.