Avoiding The High Cost Of Vacancies
When a property is vacant, it loses money. It is that simple. In addition to losing rental income, a vacancy means turnover costs to get the property ready to rent. Every day a property is vacant, you lose rent that could be collected. With a mortgage to pay, a vacancy now has costs that you incur, so it is a lose-lose situation.
So how do we avoid vacancies? Tenant retention. Keeping good tenants avoids the money pit of vacancies. Tenant retention is the key to achieving the highest ROI on your investment.
Compass works hard to keep your tenants as long as possible. The best way to keep a tenant is to be responsive and considerate. We also do the following:
- Building good relationships with tenants by responding to calls and emails.
- Treating your tenant the way we would want to be treated.
- Handling repairs promptly.
- Offering several methods to pay their rent with ease.
- 24/7 maintenance hotline.
- Providing a Tenants Benefit Package.
- Assisting with setting up utilities.
- Fun bi-monthly contests for Tenants offering great prizes.
This will increase the length of their tenancy and your consistent rental income while avoiding costly turnovers.