Tenant turnover is a problem for Phoenix real estate investors because it’s expensive, especially now, when the costs of maintenance and materials are so high. Lowering your tenant turnover will maximize your ROI and help you avoid vacancies.
To keep that turnover rate low, it’s important to ensure your best Phoenix tenants are happy living in your rental home.
Phoenix Tenant Screening Strategies
When you’re marketing your property, look for great residents who are likely to renew their leases year after year and stay for the long term. The information you collect during the screening process can tell you who these tenants are.
Set high rental standards. Well-qualified tenants will pay rent on time and take good care of your Phoenix 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.
Improve Your Tenant Communication
Keeping tenants happy and in place requires good communication. If you don’t have the time or the resources to communicate responsively with your residents, it’s time to think about working with a Phoenix property manager. A management company will maintain ongoing communication and develop excellent relationships with your tenants. If you are managing the property on your own, make sure your tenant’s needs are being met. Remain available and accessible.
Your tenants will need to know how to contact you, especially if there’s an emergency. If you find you’re losing tenants every year, it might be due to your lack of communication. Are you available when they need you? Do you return calls and messages?
Prioritize Phoenix Rental Property Maintenance
Most owners understand that emergency maintenance problems require 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.
To maximize tenant retention, we recommend that you 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 Phoenix investment property.
Practice Keeping 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.
This is a terrible time to lose tenants, and we recommend minimizing turnover with attentive customer service and a sound tenant relationship. If you need help with this, we’re here for all your Phoenix property management needs. Contact our team at Service Star Realty.
Service Star Realty
2929 East Camelback Road #119, Phoenix, AZ 85016