Tenant turnover. For the real estate investor, that phrase alone can strike fear into your heart. Maybe not a lot, but at least some! No one enjoys going through the turnover phase. Unless the tenant was a real headache, having a vacancy isn’t ideal!
Before getting to the obvious points of the article about vacancies being bad and how to avoid them, I want to give a tremendous shout-out to our incredible property management teams in all three cities.
We learned in our leadership meetings this week that we are managing north of 3,500 properties and that we have fewer than 100 vacancies combined in all three cities!
That alone is an astounding statistic, but even more incredible is that there are only five properties...5 properties...that have been vacant for longer than 30 days. Each was a move-out and all five have applications working on them.
Premier property management in Memphis and PPMG of Texas have incredible team members and fantastic leadership and they are absolutely destroying the myth that there is "good time" to rent houses. If you pay attention to details during renovations and train your team to treat tenants firmly, yet with respect, then renting properties at the top of the rent range and for 2-year terms or longer, is not difficult!