Slash your turnovers to the bare minimum. What are turnovers? Vacancies.
When you have vacancies, you’re still paying the mortgage, yet not collecting the rent. When you have high turnovers you’ll probably need to repaint, you might need to replace the carpets, and you’ll need to clean the unit thoroughly.
Then there’s the marketing and advertising the vacant unit, showing it, holding open houses, collecting and processing rental applications, running tenant screening reports on all applicants, plus calling employers and prior landlords.
Plus, you may be paying a leasing agent too. Sunk costs galore.
Here are 3 easy tips to keep your place rented.
1. Know your market. You could have the best relationship with your renters, yet if the property has problems and is overpriced, they’ll move to the next deal.
Take care of them so they know they know they are looked after. Every quarter, go walk through a rental unit offered in the neighbourhood.
2. Start a “friends to neighbours” program. Everyone loves the idea of their friends or family members moving close by and becoming neighbours.
Start an incentive program, that if they are to refer a friend you’ll give the friend a $300 moving voucher to cover expenses of moving into your place.
Although the friend gets the benefit, your renters now build deeper ties with your unit and will be likely to stay longer. And, your renter is now a part of your marketing team. Win-win.
3. Prioritize responsiveness. There’s nothing more annoying than feeling like you’re not being taken care of. If your tenant has called due to a problem in the property… it’s urgent to fix it.
If there’s a delay for some reason, explain it clearly to your renter, and stay in communication with them every few days even if there’s nothing to report.
It sends the message that it’s a priority for you, and you’re on top of it.
People want to know that they are taken care of and that they can trust you, not just another number covering your mortgage.
That’s all for now, simple easy to implement tips you can put into action immediately. Action breeds results. Results breed success!
P.S. If you want to grow your real estate portfolio, increase your ROI, we’re here to help.
Click below to get access to over $300.00 of FREE gifts, plus a BONUS consultation: Subscribe Now!