Rental-turnover-doggy-damage

What is Rental Turnover?

Rental turnover represents one of the most challenging aspects of owning a rental property. It is characterized by a period of vacancy of the said rental property, which requires fees for the maintenance of the property until a prospective tenant takes the property.

While rental turnover is an experience that every rental owner experiences at least once, it can be especially challenging since there is a little inflow of cash to offset the landlord’s expenses, who must keep the rental property in good shape regardless of occupation.

Costs Associated with Rental Turnover

Many prospective landlords believe that the costs associated with the rental turnover end with light fixes and renovation costs. Unfortunately, nothing could be farther from the truth.

Here are some costs associated with rental turnover.

1. Marketing Costs:

This type of cost is pretty much self-explanatory. The more a rental property remains vacant, the more the owner of the said property works towards getting a sustainable tenant. The challenge here becomes “How to land a tenant.”

The answer, by incurring marketing costs. Marketing costs refer to the expenses incurred as a result of marketing the rental property in question to prospective tenants. 
Some marketing costs may include costs for online ads and print media. While the platforms of the day have made online advertising more functional, it doesn’t take long for seemingly small expenses to add up to considerable amounts.

2. Administration Costs:

Most landlords fail to properly identify administrative costs since they can be easily misplaced under general expenses. These costs involve all paperwork with the moving tenants. It also consists of the time taken to search for and coordinate repairmen, cleaners, and even the process of screening prospective tenants.

3. Repair Costs/ Cleaning Costs:

Repair and cleaning costs are mostly incurred right after a tenant has moved out of the rental property. These costs depend primarily on the screening process. They may also depend on the clauses in signed agreements between the tenant and the landlord. 
In agreements without clauses stating the line of action concerning damages to the rental property, there is mostly a higher tendency to spend a lot more on repairs after a tenant has moved out. 
A landlord may also spend a fortune on repairs if the landlord fails to properly screen tenants before handing over keys to the property. Proper screening of tenants ensures reduced costs in repairs and cleaning, but it also mitigates rental turnover. 

Pets/ Doggy Situation:

Another factor that may raise repair costs has to do with allowed pets in the rental property. Tenants who have dogs (depending on breed and training) may leave more expensive damages to the rental property, causing the cost of repairs to go up significantly. 

This especially true with dog owners who fail to feed their dogs with proper dog food. This causes the dogs to fall ill, creating a mess on the property. You can find out the best dry dog food from best dry dog food reviews  for dogs and make suggestions to struggling tenants to avoid scarred carpets and flooring.
Also, dog owners who keep organic items are notorious for damaging rental property. For instance, expired dry dog food can cause very difficult stains which can result in bigger repair costs.

The Doggy situation is particularly tricky since most landlords will experience lower turnover if they allow pets in their properties, given the dwindling number of landlords willing to allow pets.

  • Resentful Tenants

An increasingly disturbing pattern today has to do with resentful attitudes exhibited towards landlords by tenants. In many cases, landlords may incur additional costs due to court issues. Even when rulings are in your favor, the tenants may not have the money to pay, causing the landlord to carry out the repairs, and other expenses on his own. 

These are some of the costs associated with rental turnover. Now let us take a look at how you can handle consistent rental turnover. 

Steps To Handle Consistent Rental Turnover

There exist several ways to handle consistent rental turnover effectively. Here, we have compiled a list of them for your perusal.

  • Screen Potential Tenants

One of the most effective ways to mitigate consistent rental turnover is by screening prospective tenants. By screening potential tenants, you should be able to weed out potentially troublesome tenants from the lot. 

Understanding that while rental turnover can be expensive, a disgruntled tenant can be a lot more expensive. 

  1. Make Considerations Concerning Pets

By considering pets, you stand out among most landlords who would rather not have a dog or cat moving around the premises. 

Most individuals will naturally consider your rental property if you make considerations for pets. This may be attributed to the fact that people’s main reasons for giving away their pets may be attributed to housing issues.  

By making considerations for pets, you tend to increase prospective tenants’ pool while mitigating the cost of advertising.

While this may give rise to increased cost in repairs, with proper screening, you could sieve the careless pet owners, or even include clauses in the agreement to cover for damages. 

You may also insist on the use of special feed for dogs such as dry dog food to avoid organic damage to your rental property. 

 3. Keep your Rent Within Acceptable Limits.

The Doggy situation is particularly tricky since most landlords will experience lower turnover if they allow pets in their properties, given the dwindling number of landlords willing to allow pets.

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5. Resentful Tenants

An increasingly disturbing pattern today has to do with resentful attitudes exhibited towards landlords by tenants. In many cases, landlords may incur additional costs due to court issues. Even when rulings are in your favor, the tenants may not have the money to pay, causing the landlord to carry out the repairs, and other expenses on his own.

These are some of the costs associated with rental turnover. Now let us take a look at how you can handle consistent rental turnover.

Steps To Handle Consistent Rental Turnover

There exist several ways to handle consistent rental turnover effectively. Here, we have compiled a list of them for your perusal.

  • Screen Potential Tenants

One of the most effective ways to mitigate consistent rental turnover is by screening prospective tenants. By screening potential tenants, you should be able to weed out potentially troublesome tenants from the lot.

Understanding that while rental turnover can be expensive, a disgruntled tenant can be a lot more expensive.

  • Make Considerations Concerning Pets

By considering pets, you stand out among most landlords who would rather not have a dog or cat moving around the premises.

Most individuals will naturally consider your rental property if you make considerations for pets. This may be attributed to the fact that people’s main reasons for giving away their pets may be attributed to housing issues. 

By making considerations for pets, you tend to increase prospective tenants’ pool while mitigating the cost of advertising.

While this may give rise to increased cost in repairs, with proper screening, you could sieve the careless pet owners, or even include clauses in the agreement to cover for damages.

You may also insist on the use of special feed for dogs such as dry dog food to avoid organic damage to your rental property. 

 

  • Keep your rent within acceptable limits.

By keeping your rent within generally acceptable limits, you always have prospective tenants vying to become your tenants. This is especially true if your rental property is being managed properly.

Setting outrageous rent may become a deterrent for most prospective tenants, especially if your rental property isn’t exactly ‘special.’

Also, setting really low rent can attract troublesome tenants.

  • Upgrade your Rental Property

Humans are naturally inclined to better quality. In this day and age, most people may not mind paying the extra buck for upgrades.

Since most properties within your price range may have similar designs and offerings, try some inexpensive upgrades such as kitchen fittings, bathroom fittings, and minimalist living room designs. 

In many cases, little seemingly expensive upgrades like these are bound to get tenants and keep them.

  • Plan for turnover 

The biggest issue with rental turnover has to do with the expenses without income. If you experience consistent rental turnover, you may want to plan in a bid to reduce the period of turnover. 

For instance, you can begin placing ads before the vacation date of your current tenant. This way, you increase the probability of getting another tenant almost immediately.

  • Positive Vibes

Everyone likes being loved and respected. By respecting your tenants regardless of age, race, or orientation, you make room for long term relationships and referrals. 

At the end of the day, it’s a matter of being the landlord who is more human than a cash machine. Have interactions with your tenants, speak to their families, and reward tenants for good behavior. These are some of the reasons why certain properties seem to be always occupied.

We're determined to buy a house for cash. My only question is will it be yours?