What’s the #1 profit killer for landlords?
You guessed it – tenant turnovers.
Between repairs and property upgrades (new paint, new carpeting, etc.), vacancy costs, advertising costs, time spent showing the property, and of course fixing any serious damage done by vacating tenants, turnovers are a landlord’s worst enemy.
That’s one reason why we’re so big on finding stable, reliable, long-term tenants in the first place: because when tenants fail to pay, or move out after just a year, you’re stuck doing it all over again.
We’re partnered with credit bureau Transunion, to offer credit reports, criminal background checks, and eviction history reports. They shared this awesome landlord infographic with us, so we could share it with you!
It may not be the most fun or sexy part of being a landlord, but if you want good returns, it’s all about two things: finding good long-term tenants for your vacant units, and then keeping them there as long as possible.
When you finish reading this infographic, read up on some of our other tips for Rental Advertising & Tenant Screening. Then check out 11 Tenant Retention Techniques to Keep Your Renters Forever.
(Psst – you might notice that one of the data sources for this infographic is BiggerPockets, who we write for as a weekly columnist!)
It’s always a dismay when bad tenants turnovers happen. Doing the math and due diligence over a period of time stresses me out. I might start looking for property management, however it will cut my income over time; another source of pain.
I hear you Patrick. We just launched a service to report rents to the credit bureaus, for rents collected through our landlord software. That might help incentivize on-time payments. Keep us posted on how we can help!
Great details, thanks for sharing!
Glad to hear it was helpful Jetrich!