How To Minimize Turnover & Decrease Vacancy Rates
For the final video in our increasing revenue series, we’re going to discuss minimizing turnover and vacancies. Vacancies are an expense no landlord can afford. The longer a unit sits empty, the more money you lose. In order to reduce vacancies, your best bet is to lower tenant turnover.

Avoiding vacancy isn’t the only benefit of minimizing turnover, though. Replacing tenants right after one leaves can be a costly expense. To do so, you must clean the unit, sometimes make costly repairs to make it presentable again, advertise the vacancy, screen prospective tenants, and more. Long story short, keeping good, longterm tenants saves you time and money.

We have curated a list of tips to help you minimize tenant turnover and decrease vacancy, and therefore maximizing your profit:

Find Good Tenants

The first thing on our list is to find good tenants. Good tenants are typically ones that are longterm renters, consistently pay on time, don’t damage your property, and are overall lowmaintenance. The main way good tenants minimize tenant turnover is by staying longer. Having one good tenant who occupies your unit for three years costs you a lot less than having three tenants who only stay for one year at a time. What’s more, a good tenant will do their best to keep your property looking nice, meaning that you’ll have fewer repairs and cleaning to do once they leave.

To find good tenants:

Research your ideal tenant. You should know whom you’re looking for and what they want out of a rental property.

Market to your target demographic. Using listing sites, social media, and newspaper ads will bring in prospective tenants.

Complete screenings. Once you start collecting applications, complete thorough screenings. Tenant screenings should cover credit reports, past landlord checks, employer checks, and county level criminal checks.

Keep the tenants. After you’ve locked down a good tenant, do what it takes to keep them.

Other Ways:
Upgrade The Property
Give Discounts
Collect Rent Electronically
Remember Special Dates
Be Prepared & Proactive
Maximize Marketing Efforts
Sell Partial Months

Tenant turnover is a hidden cost for any rental business. It’s not something many landlords regularly build into their projections. It’s tied to but separate from a vacancy rate and the bottom line is that it’s expensive. Good, longterm tenants mean steady manageable income and less effort on your part. Sure, you can hit the jackpot, but you have more control than chance conveys. Take some of these steps to increase your chances of retaining good tenants for the long haul. You’ll thank yourself when you have more time and money for your next investment.

About Innago
Innago is a free, easy to use online property management software designed for landlords and property managers of all sizes.
Innago allows you to create applications, screen tenants, sign leases, collect rent, manage work orders, organize financials, communicate with tenants, and much more.
Our mission is to make renting simple, accessible, and affordable for landlords of any size. Too many property management applications are overwhelming, bloated with unnecessary features that drive up the cost and turn their software solution into a software problem. From day one, we've met and collaborated with landlords of all sizes to produce software that is free, effective, and efficient.

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