PROPERTY MANAGEMENT BLOG

3 Hidden Costs of Tenant Turnovers in Greenville

System - Tuesday, August 15, 2017
At Convergent Property Group, we have many years of experience providing property management in Greenville. These are some of the things we have found that homeowners typically aren’t aware of when they are new to the rental property business and they’re dealing with tenant turnover.

Screening is Critical

Not screening potential tenants can cause problems down the road. We make sure we do extensive background screening on all prospective tenants before signing a lease. Once the lease signed, it’s a legal contract and they are protected. So, do this properly on the front end or a bad tenant will cost you money on the back end.

Managing Turn Key Expenses

When one tenant vacates and another moves in, you’ll have to clean and prepare the property. If you haven’t done your homework properly on the front end and your tenant doesn’t take care of the property, you could be stuck making repairs that exceed the security deposit. You can also risk losing several months of revenue in rental income. Extensive damage will take a month or two to repair. When you’re not leasing the property, you’re not earning money. You also cannot show the property when it’s under construction. So, you can easily lose three to five months of revenue right from the start.

Time and Labor

Finally, tenant turnovers are time and labor intensive. You’ll need to manage the entire repair process and look for a new tenant. It might be a bad time of year that you find yourself with a vacancy. For example, in the winter there are fewer renters looking for housing.

We are experienced at putting the right tenant in place, and we protect your property with six month inspections. If you have any questions about reducing turnover or anything pertaining to Greenville property management, please contact us at Convergent Property Group.