Want to reduce tenant turnover? Start with this quiz from the Fort Worth property management company, Specialized, with three decades of experience helping landlords like you turn a profit on their rentals.
The single largest expense for a landlord is:
- Maintenance surprises
- Late payments
A home needing repairs and cleaning will stay vacant longer.
How much should a landlord budget each year to cover maintenance costs?
- Between 1-2 month’s rent
As a landlord, your customer is:
- The mortgage company
- Your tenants
Despite careful screening, seasoned property owners may see:
- Criminal activity
- All of the above
- A. Vacancies are the biggest expense you will incur in Fort Worth residential property management because of everything you do to cover the rent and prepare your unit for new tenants. You lose the rent payment for that month, while you pay for cleaning, minor repairs, rekey services, utilities, lawn care, etc. Instead of money in the bank, it’s money out the door.
- A. True. In this market, your unit has to compete for a reliable tenant. Making the home rent-ready will help you attract more and better-qualified tenants. Is your rental a home a place you would want to call home? If so, interested applicants probably will, too.
- C. Anticipate and budget for maintenance. It’s inevitable. But how much should you put aside? The national average for maintenance costs on a rental home is one and one-half times the monthly rent. So, if your rent is $1,000 per month, save $1,500 a year for those times when your tenant calls about a leaky faucet. Budget more for older homes, less for newer homes.
- C. Your tenants are your customer. Responding promptly to their maintenance requests is the best way to keep them happy and, as a result, wanting to stay longer. When you proactively take care of the home, renters will want to take better care of it themselves. You set the tone for how to treat your investment.
- F. All of the above. For most first-time landlords, the property management process seems pretty simple. Before long, however, many experience problem tenants, late payments, collections, maintenance surprises, complaints from neighbors, etc. These unfortunate events are part of the daily business of Fort Worth residential property management, even when everything has been done to avoid them.
Bottom Line, keeping tenants is not easy, but it is worth it. The team at Specialized takes care of the realities of owning a rental property for you, so your vacancies go down, and your return goes up – without the headache. Because of our proven processes and dedicated team, landlords have trusted us as their Fort Worth property management company for over 30 years. Call us today, and we’ll explain how Specialized can do the same for you.