Property Management Blog

How to Reduce Tenant Turnover and Save Money in the Long Run!

As a professional property management company serving the Sarasota/Bradenton and Portland areas, we understand that tenant turnover costs can be expensive. I have been working on reducing turnover costs for years – ever since buying my own first rental property.

Make the Property Appealing

Be careful about renovating your properties, because if you take everything out and try to make it look too sterile, it will end up looking like a generic rental home. Make it look appealing to tenants. These days, this is easy to do because of the products that are available. Go to Home Depot or Lowe’s and check out some of the new things you can put in a property to make it look more like a home. You don’t have to get granite countertops, but you can find something affordable with a stone or smooth surface. These are attractive and stain resistant.

You can do the same thing with flooring. Look for something engineered. You don’t need real wood, but you need something tough that will be easy to clean and attractive. Use LED light bulbs, which will last for 20 years. These things will save you on turnover costs.

Longer Tenancies and Fewer Costs

FireplaceWhen you provide a property that’s gorgeous and easy to keep clean, tenants will stay longer. They will like how you’ve modernized your home with things like stainless steel appliances and great flooring. Include landscaping in your rent. This will help you as well as the tenant. When your tenant moves out, you won’t have to spend a lot of money on landscaping. You’ve had the lawn cared for on a regular basis and included it in rent, so it’s going to look great because it’s been treated every week. When you start with a property in great condition, you can have it cleaned and have the paint touched up between tenants, and then you’re ready to rent it out quickly.

These are some of the easiest ways to save on turnover costs. If you’d like more information, please contact us at PropM Property Management.