BiggerPockets Daily What Getting Tenant Turnover Right Can Mean For Your Business
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Dec 18, 2024 Managing tenant turnover is crucial for cash flow as a landlord. Explore innovative strategies to reduce turnovers and increase profitability. Discover the power of proactive maintenance and lease renewal incentives. Learn how standardizing materials and using templates can streamline processes, saving time and money. Effective communication with contractors can enhance project management, ensuring quality and efficiency. With actionable insights, you can boost tenant satisfaction and keep your rental operations thriving.
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Turnover's Impact
- Tenant turnover is a major operating expense for landlords, often exceeding all others except property taxes.
- Unlike property taxes, landlords can significantly influence their tenant turnover rate.
Reduce Turnover
- Influence tenant renewals by addressing maintenance issues and improving communication.
- Increase the likelihood of renewals to reduce vacancy and boost income.
Proactive Renewals
- Proactively seek lease renewals by offering incentives like locked-in rates.
- Communicate with tenants about renewal intentions and address any concerns.
