4 Ways to Reduce Tenant-Turnover

Posted on by Ink Well Mag

Modern apartment at sunsetSo, you’re a first-time investor who took out a commercial multifamily loan. You’ve built apartments with the best modern designs and now have the number of tenants you’ve carefully projected to have over years of planning on this business venture.

You also now have many responsibilities to fulfill as the owner and landlord of the structure. It’s not only you and empty building anymore. You have families, students, children living under the roof you built and you’d want them to stay there for quite some time, right?

Here are some tips to keep your tenants happy and reduce those tenant-turnover hassles.

Tip #1: Build a Trustworthy Relationship with Them

Respond promptly when they have a request and always keep your word, especially with schedules. If you say you’ll have their light bulb changed by 5 pm, have your repair person there a quarter before 5. Being proactive and anticipating what they need will build the trust in your relationship.

Tip #2: Be Understanding and Forgiving

Everyone has bad days or personal issues that make being the property owner a bit challenging. If a tenant who always pays his rent on time is late for this month, let leniency be your first course of action.

Tip #3: Respect Them

Greeting them sincerely, keeping a positive tone, or even just maintaining clean hallways will give them a sense of comfort and safety to live in such secure space.

Tip #4. Keep an Open Line of Communication

Don’t make it difficult for them to approach you; learn how to listen to concerns they may have and respond promptly to build that trusting relationship with them.

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Renewing a lease and having to deal with high turnover can be stressful for you and your finances. You’ll want your tenants to treat their space like it was their own. So remember that staying friendly and professional is essential if you want them to stay.