In the Real Estate and Property Management business, Summer is always the busiest season. Sutton experiences it’s highest turnover rate from the months of May-September. And it’s no wonder! Who wants to move in Winter unless they absolutely have to? Things like graduation, new job prospects, and finding shorter commutes are all reasons why people look to move. These examples are those out of our control. For our managers, departing tenants need to be replaced as quickly as possible. Although you can’t foresee your tenants’ every move, you can stay on top of tenants who leave for reasons within your control.
Here are tips I like to give our managers during the chaotic season:
1. Bring your A Game – The best way to deal with turnover season is staying proactive. Don’t wait for your tenants to come to you. Email or call them to get a sense of their plan. Having organized notes of each tenant’s move out date will help you start the search process early and plan marketing initiatives. Utilize online spreadsheets to keep everything in order.
2. Vacations – Schedule your vacation around the high traffic months. It won’t help to be away with little/no communication with your tenants or to put someone less knowledgeable about the business in charge. Assigning work might become complicated. The headache of coming back won’t be worth the holiday.
3. Offer Loyalty Incentives for Renewing – Do you have it in your budget to offer a free or discounted month of rent? How about a unit upgrade? Free wifi? You can research plenty of ideas to motivate a lease renewal. Here’s a tip – millennial renters are most likely to respond to incentives.
4. Listen to your Tenants – Identify common themes you receive. If your tenants are willing to share feedback, you should listen. You will gain a reputation for being a trustworthy manager. Would they like to see kitchen upgrades? Do the hallways need new carpeting? Are the air conditioners working properly? Use these months to make updates, big or small.