Changing tenants and interviewing new renters requires a large amount of time and money. As an investor, you don’t want to waste a lot of resources on turnover expenses, which add up quickly. There are several ways to minimize real estate expenses, and in the process of reducing turnover, add value to your property.
The key to minimizing turnover expenses is to minimize your turnover. A good first step is to outline the expectations of both the landlord and tenant so your tenant won’t be caught off guard. Make sure your lease is well written and all responsibilities for both landlord and tenant are understood. Your goal is to create long term tenants. You can also consider extending the leases of your current tenants. Offering year-long leases as opposed to month-to-month reduce excessive turnover and even minimize property expenses. Increasing a renter’s lease from five to ten years often encourages higher-paying renters to rent from your property.
Establish a clear routine for property maintenance and inspection to save money on real estate expenses. Create a maintenance schedule and inspection checklist to help lower the chance of surprises for new tenants. This checklist can include anything from checking for functioning smoke detectors to thermostats and extra light bulbs. A routine keeps you from forgetting anything that might inconvenience future tenants.
It might seem counterproductive, but adding a welcome area and hiring a property manager helps to improve customer service and encourage tenants to renew their leases. Add a site manager to give tenants someone to direct any concerns to, giving the manager the ability to handle other rental matters more easily. This customer convenience helps your business in the long run by adding value to your property.
The Ullian Realty Corporation offers many services including leasing services of Brevard County office space. When the time comes for you to lease your commercial property in Melbourne, Florida or the surrounding area, contact the brokers at Ullian Realty. We work with you to develop a leasing plan that fits your long term investment property goals. Give us a call to learn more about the Ullian Process today.
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