How to Minimize High Tenant Turnover in Albuquerque - article banner

Tenant turnover is a problem for real estate investors because it’s expensive. Lowering your tenant turnover will maximize your return of investment and help you avoid vacancies. To keep that turnover rate low, it’s important to ensure your best Albuquerque tenants are happy living in your rental home.

When you’re establishing a tenant retention plan, think of your tenants as customers. They pay rent, and just like with any customer, you need to show them that you appreciate and value them. Tenants will leave if they feel like you see them as a simple rent check. They want to be heard and they want to know that you’re working hard to provide a safe and habitable home as well as a positive rental experience.

Screen for Long Term Albuquerque Tenants

Attract great residents who are likely to renew their leases year after year and stay for the long term. This can be part of your marketing and screening process.

Set high rental standards. Well-qualified tenants will pay rent on time and take good care of your Albuquerque rental property. They’re also more likely to stay for more than just one lease term. When you’re screening applications, identify the tenants who have a history of staying in place for several years. Make sure you’re following all fair housing laws while you screen, and take every step you can to choose a high-quality, long-term tenant. This is the best place to start when it comes to tenant retention.

Proactive Communication Retains Tenants

Tenant communication is critical when you want to keep tenants happy and reduce your vacancy and turnover rates. This is where it can be beneficial to work with professional Albuquerque property managers. A management company will maintain ongoing communication and develop excellent relationships with your tenants. If you are managing on your own, make sure your tenant’s needs are being met. Remain responsive and accessible.

Your tenants will need to know how to contact you. It’s vital to be available 24 hours a day in case there’s an emergency at the property. Many tenants leave the property they’re renting because their maintenance issues are not resolved or because they can’t get in touch with their landlords. This is a terrible reason to lose your tenants.

Pay Attention to Rental Property Maintenance

Emergency maintenance problems require your immediate attention. If a tenant calls to report that the property is flooding or the toilet in a one-bathroom home isn’t flushing, you need to get these things fixed right away to keep your tenants safe and the property habitable.

A landlord focused on tenant retention will respond with the same sense of urgency when there’s a routine repair need. A clogged garbage disposal might not seem like a big deal, but your tenants will appreciate your immediate response. It’s also a good way to protect the condition of your Albuquerque investment property.

One of the main reasons that tenants leave their rental property after the end of their lease term is that maintenance issues is not responded to in a timely or efficient way. That’s a terrible way to lose a tenant. Be responsive when it comes to making repairs. It’s good for your property and it’s good for avoiding turnover.

Keep Your Tenants Happy

Happy tenants lead to less turnover. Say thank you when rent is paid on time. Provide resources that may be helpful to them. Consider a small gift or a token of appreciation when they sign their lease or move into their home. You can offer a gift or an incentive at lease renewal time as well.

Rental propertyThese are a few of the best tenant retention tips we employ. If you’d like to hear more about how to reduce vacancy and keep tenants happy in Albuquerque, we hope you’ll contact us at Bruni Karr Agency.