The Costs of Resident Turnover
Each year, 60 to 80 percent of the nation s rental apartments receive new residents each year. Each time a rental unit is turned over, many costs seen and unseen are incurred. Costs go up further when the unexpected occurs: multiple units vacate at the same time. This leaves the leasing and maintenance staff overstretched and stressed trying to re-lease the units for the next occupants.
Time and money is spent contacting, contracting and coordinating multiple vendors to backup your staff. Each time that a resident leaves, the unit must be refurbished for the next occupants. Industry wide, the cost of refurbishing an apartment averages $2000. Refurbishing includes cleaning or changing carpets, painting and repairing walls, resealing bathrooms, deep cleaning appliances and cleaning curtains. The cost of refurbishing is also realized by the amount of time the staff spends on the unit, where they may be better employed keeping the community common grounds looking better and upgrading general conditions.
Office staff time is also spent documenting and recovering damages. In addition to lost rent, added costs of turnover are also compounded by the efforts to bring a new tenant to the property. These cost include sales and marketing, time spent showing the property to prospects and screening each applicant.
Industry experts estimate that it is nearly 10 times more expensive to try to turnover unit than to implement a resident retention program. Having a solid and consistent resident retention program for your property is indispensable to the profits of a rental business.
The Landlord2landlord web portal is designed to allow theflexibility of landlords to form groups and associations in their communitiesto stop the spread of undesirable tenants.
Does Your Tenant Make the Grade? Find Out With Tenant Report Cards.
Until now, it was difficult for property owners to evaluate the qualifications of a potential tenant. Red tape, false information, fraudulent candidates, and simply not enough time to complete a thorough investigation have hampered a landlord’s ability to make informed and wise decisions. L2L has changed this by providing a seamless nationwide network of landlords who obtain and provide essential history and information within our network and create tenant report cards. We offer this service at an affordable price because of our low overhead, no franchise fees, and wholesale service prices when compared to our competitors.
Scoring a Tenant is Easy.
The process is simple. You are assigned an ID number with your membership that grants access to our databank. Once you’re logged in, simply complete a search form consisting of the prospective tenant’s name, DOB, present and previous address, and social security number. The tenant’s file is displayed along with the submitting landlord’s current contact information and also who else has requested to see it. Recall the file and fill in a quick entry form to add any subsequent complaint, compliment, or comment.
Soon after joining, you will submit your own tenant data history. L2L isn’t just a Go-To site, it’s a Give-To site. We request that you contribute your past and present tenants information using a convenient entry form. The information contributed to a tenant’s file accumulates and adds to our service’s effectiveness.
Join L2L today to take advantage of our tenant report card service.