Calendar icon October 10, 2023

How to Calculate Tenant Turnover and Tips to Reduce It

Tenant turnover is the process that occurs when a current tenant vacates a rental property, and a new tenant moves in. It’s just the natural process of residents moving in and moving out. Sometimes, it’s a sign of a challenging property, but often, it’s just a natural part of the renting journey.

While tenant turnover is a standard part of the rental business, the downside is that it often comes with associated costs and potential revenue loss due to vacancy periods. Tenant turnover costs can exceed thousands of dollars per month and hurt your cash flow.

Understanding the ins and outs of tenant turnover meaning is essential for effective property management and profitability. It’s key to reduce the time of a turnover and to know the average tenant turnover rate in your area.

Second Nature's Outlook: 

"Tenant turnover” is an industry term used from time to time. But we here at Second Nature are trying to evolve the word "tenant." We’ve seen the incredible work property managers do day in and day out to make renters feel like they’re so much more than just a tenant – they’re residents. Making renters feel like residents isn’t just philosophical, it also encourages them to invest in care for their home and add value to the property. This is why, at Second Nature, we prefer to call renters “residents.” Like you, we think of them as people first – making your property their home.

How to Calculate Tenant Turnover Rate

Getting the tenant turnover rate calculation correct is essential for property managers and landlords to understand their property's performance and the effectiveness of their management strategies. 

The good news? The math isn’t complicated!

Go through these three simple steps in our tenant turnover formula to get your rate:

  1. Determine the number of move-outs in a year: First, identify the total number of tenants who moved out of your property during a specific period, usually a year.
  2. Identify your average number of total units: Calculate the average number of rental units you have available for that same period. For example, if you started the year with 10 units and ended with 12, your average would be 11 units for the year.
  3. Calculate the turnover rate: Divide the number of move-outs by the number of total units and multiply by 100 (to get a percentage). 

Tenant Turnover Rate = (Number of Move-outs) / (Number of Units) X 100

For instance, if you had three move-outs in a year and an average of 11 units, your tenant turnover rate would be: (3/11) X 100 = 27.27%.

This means that 27.27% of your units experienced tenant turnover that year. Understanding this rate can help you set targets and measure the success of your retention initiatives.

Understanding Tenant Turnover Costs

Vacancies create disruption to your income stream and your investors' cash flow. The longer the vacancy, the more you're spending on marketing and management to find a new tenant. Here are four ways tenant turnover costs property managers.

1. Maintenance & Repair

After a tenant leaves a property, you have to restore it to a marketable condition. Ideally the tenant leaves it in excellent condition. But you'll still likely need to pay for deep cleanings, some light repairs, and some updates like fresh paint, patching holes, etc. Additionally, as a property sits vacant, it will slowly deteriorate to some degree. The longer the vacancy, the more need for maintenance, upkeep, or repair. 

2. Showings

Whether you do in-person showings or virtual/remote showings, there is a cost to prepping and opening the property to prospective tenants. You may need team members on site, or to make time to set up virtual showings. 

3. Marketing

A vacant property is a property that needs to be filled. You may primarily use services like Craigslist or Zillow, which require time and cost within your own team to build and maintain listings. Or, you may also pay for ads to get more viewings. And, of course, in some cases you'll need to include real estate agent commissions in your budget. 

4. Overhead

The whole process of turning a property involves hands-on effort from yourself and your team (if you have one). The cost in time and team member's salaries can add up. 

How to Reduce Tenant Turnover

We don’t have to tell you that high tenant turnover is a property manager's nightmare. It incurs significant costs, from marketing the property and screening new tenants to potential lost income during vacancies. Tenant turnover costs can add up to thousands for each unit each month. 

However, with the right strategies in place, reducing tenant turnover is more than achievable. Let’s explore these tenant retention strategies that not only enhance the resident’s living experience but also boost the value of your client-investor’s assets and your business’s reputation.

1. Offer Competitive Rent Prices

Ensure your rent prices are in line with the local market. Overcharging can lead to tenants seeking more affordable options elsewhere. Fortunately, with the interconnectedness of the real estate market, and a proliferation of software and apps that help track it, property managers can easily stay on top of the latest market trends.

2. Foster a Strong Property Manager-Tenant Relationship

Regular communication and a respectful attitude can go a long way. Make tenants feel valued and heard. Address their concerns promptly and maintain transparency in all interactions. Clear and consistent communication goes a long way to protect this relationship.

A Resident Benefits Package is an excellent way to prioritize the PM-resident relationship. It shows them you really care about their lived experience and offers solutions to their most common pain points. 

3. Address Maintenance Requests Promptly

Swiftly responding to and resolving maintenance issues demonstrates that you care about the tenant's comfort and safety. Regular maintenance checks ensure small issues don't become major problems. When tenants see that the property is well cared for, they’re more likely to stay – and to take care of it themselves. 

Another important factor is offering on-demand pest control, not just preventive care. Residents will rest easy knowing that, should any issues arise, they know exactly who to turn to and that it will be dealt with promptly. 

4. Update and Renovate

Modernizing appliances or adding new amenities can make the property more attractive and encourage tenants to stay longer. Modern, functional amenities can be a significant draw. 

Periodically update or add amenities like a dishwasher, laundry units, or improved outdoor spaces to enhance the property's appeal.

5. Offer Lease Renewal Incentives

Consider providing discounts or other benefits for those who renew their lease, making the option more enticing. A resident rewards program can accomplish this along with incentivizing on-time rent payments and extra TLC for the property.


New call-to-action


6. Ensure Security

One of the top priorities for any resident is feeling safe in their home. This extends beyond just locking doors; it involves well-lit outdoor areas, potentially installing security cameras, etc.

But did you know that identity theft has actually surpassed home burglaries as a risk to renters in the past two years? That’s why our Resident Benefits Package includes identity protection and renter’s insurance. Insurance protects your property, and identity protection preserves the resident’s financial stability – and, therefore, their ability to continue making rent. 

By proactively ensuring that security measures and insurance are up-to-date and effective, property managers can instill trust and peace of mind in their tenants, encouraging them to stay longer. And by providing identity protection, you can ensure that payments are safe, too.

7. Conduct Regular Inspections

Routine inspections aren't just about ensuring that tenants are treating the property well; they're also an opportunity to identify and address minor issues before they escalate. 

By regularly checking in and maintaining open communication, property managers demonstrate commitment to the property's upkeep and the tenant's well-being. 

These inspections also give residents the confidence that they're in a proactive environment. They know you’re looking out for them and likely won’t feel the need to look for alternatives that might be less proactive. 

8. Implement a Rewards System

Resident rewards are an integral part of an RBP for good reason. Recognizing and rewarding responsible behavior can play a significant role in fostering loyalty among residents. 

By introducing a rewards system, property managers can incentivize timely rent payments, property care, and long-term leases. Whether it's a discount on a month's rent, a gift card to a local establishment, or points that can be redeemed for various perks, rewards make tenants feel appreciated. 

Over time, this builds a positive relationship, encouraging them to renew their leases and view their rental as more than just a temporary dwelling.

9. Vet Tenants Thoroughly

One of the best proactive steps in ensuring long-term tenancy is by meticulously vetting potential tenants. 

The process of screening new tenants, with background checks, evaluates a tenant's rental history, financial stability, and overall fit for the property. By identifying individuals with a history of timely payments, respect for previous rental properties, and stable employment, property managers increase the likelihood of having residents who will care for the property, abide by lease terms, and remain for extended periods. 

This approach not only minimizes potential conflicts and evictions but also fosters trustworthy and transparent relationships with your residents.

10. Seek Feedback and Act on It

Actively seeking feedback from tenants provides invaluable insights into areas of improvement and showcases a genuine commitment to enhancing their living experience

Whether it's through regular surveys, suggestion boxes, or casual conversations, understanding tenant concerns and promptly addressing them helps build trust and rapport. 

When residents see that their opinions matter and lead to tangible changes, they feel valued and heard. This proactive communication strengthens your relationship and often encourages longer stays as residents recognize the effort made to optimize their living environment.

Tenant Turnover Checklist for Property Managers

Here’s a checklist template for managing tenant turnover at your properties. 

1. Pre-notice Period

  • Review lease expiry dates.
  • Initiate renewal conversations with tenants.
  • Survey tenants on reasons for move-out if they choose not to renew.

2. Once Notice is Given

  • Provide move-out instructions to tenants.
  • Schedule a pre-move-out inspection.
  • Inform maintenance team of upcoming vacancy.

3. Inspection and Repairs

  • Conduct thorough move-out inspection.
  • Document and photograph any damages beyond normal wear and tear.
  • Get estimates and schedule repairs and upgrades. 
  • Clean or replace carpets if necessary.
  • Paint walls where required.

4. Marketing the Property

  • Update online listings with current photos and features.
  • Set competitive rent based on market research.
  • Host open houses or private viewings.

5. Tenant Application and Screening

  • Collect applications from prospective tenants.
  • Conduct thorough background and credit checks.
  • Check references from previous landlords.

6. New Tenant Onboarding

  • Prepare and sign a new lease agreement.
  • Offer a welcome packet, gift, and orientation for new tenants.
  • Hand over keys and ensure they understand property rules.

7. Post-move-in

  • Seek feedback on the move-in process.
  • Provide information on reward programs or other incentives.
  • Remind new tenants of maintenance request procedures.

8. Financial Matters

  • Finalize any previous tenant's security deposit returns, accounting for any deductions.
  • Set up new rent collection methods with the incoming tenant.

9. Continuous Improvement

  • Analyze reasons for turnovers.
  • Update property features based on tenant feedback.
  • Consider conducting a yearly review to address potential concerns before they lead to turnover.

Print or save this checklist to ensure a smooth tenant turnover process and mitigate potential challenges. By following these steps, property managers can streamline the transition period and maintain a high standard of service for all residents.

Keep learning

10 Best Property Management Maintenance Software

In the property management world, tech solutions abound. There are so many different players on the market, but sometimes, that wealth can be tough to navigate. When it comes to property management maintenance software, single-family property managers have to identify, first, how they approach maintenance and, second, what tech solution will best support their team, workflows, and operational structure. It’s a daunting task! That’s why Second Nature builds integrated solutions to support residents in preventing issues from ever developing. These solutions reduce maintenance needs through preventive maintenance strategies and take work off the property manager’s plate. But no matter how much prevention you build in with tools like our Resident Benefits Package, you’re always going to need some maintenance management. So, today, we’re going to look at some of the best approaches you can take and the best software available to you for property management maintenance. Property management maintenance software solutions come in two basic categories: Platform Solutions: Property management operations platforms or accounting software that include maintenance support, among other full-service property management solutions. Dedicated Point Solutions: Property management software designed to tackle one specific problem – in this case, maintenance. We’ll explore solutions that fit into both of these categories and how to weigh the pros and cons of each. 1. Property Meld Property Meld is a leader in the small to medium-sized property management business space. It’s a maintenance point solution to optimize work order management, response time tracking, vendor and resident communication, scheduling, and analytics. Its built-in “Owner Hub” helps provide the right amount of transparency to your clients. Perhaps the best feature is the Insights Tool, which helps you track metrics like the median speed of repair, average resident satisfaction, vendor health score, total spend per unit, and more. Pros: The user interface is intuitive for PMs and residents Opening repair tickets takes just minutes Tracking repairs and resident satisfaction is easy and transparent Powerful analytics help you see your success at a glance Cons: If you’re looking for a full-service operations platform, Meld won’t be the solution for you. 2. Lula Lula is another dedicated point solution focused on property maintenance technology. They leverage a network of vetted contractors to make finding the best technicians easy. Lula’s team becomes an outsourced extension of your property management company, troubleshooting, coordinating, and managing maintenance tasks. They operate in over 30 markets in the US and boast results like 80% one-trip resolutions and a net promoter score of 80. Pros: They do the work to vet and provide the vendors You can bring your own vendors in if you want to Integrates with any software Customizable plans for self-service or full-service Cons: May not yet be available in your market Only focuses on maintenance 3. Buildium Buildium is a popular all-in-one solutions platform and property accounting software with excellent management features. The web-based solution and app provide support in accounting and invoicing, communications, leasing, and maintenance activities. Their portals provide tenant support, maintenance management, and templates to make every part of property management easier. Pros: A near-complete solution for property management Excellent tenant and owner portals and communication hubs Analytics and tracking to streamline operations and results A 14-day trial helps you evaluate if it’s a fit Customizable packages Cons: Lack of transparency for owners The listing process isn’t as comprehensive as some users want Can be pricey 4. Mezo Mezo is an AI-driven, cloud-based property maintenance management software. The aim of the app is to take work off your plate by automating maintenance ticket responses, resolutions, and insights. Mezo takes requests directly from residents and uses conversational AI to ask questions in real-time, identify problems, and diagnose the issue. It will support residents in resolving the issue on their own or integrate with your management system to get work orders quickly sent. Pros: Residents can get help immediately when they have issues and potentially resolve themselves with Mezo’s chatbot support Technicians arrive with Mezo’s analysis and diagnosis, allowing them to come prepared and resolve issues quicker Integrates with most PMS options Cons: Doesn’t integrate with all other PM tech solutions As a newer technology, still has some bugs and gaps 5. Lessen Lessen, formerly SMS Assist, is an enterprise-level solution providing tech-powered renovations and maintenance at scale. It’s an end-to-end platform for maintenance operations with a vetted vendor network and provides everything you need for maintenance or turning projects. PMs simply use the app to request projects, deploy Lessen network pros, track progress and checklists, check for quality control remotely, and process payments – all in one slick tech solution. Pros: Excellent, seamless tech that’s easy to use and deploy A fully vetted vendor network takes that work off your plate An established brand that has worked out the “kinks” in service Cons: More ideal for more enterprise companies who need scale (rather than smaller SFR PMs) 6. AppFolio AppFolio is a full-service rental property management platform solution that is very popular with single-family property management companies. The web-based app streamlines and automates every stage of real estate management, including management, training, marketing and leasing, maintenance, accounting, reporting, and communications. For maintenance, AppFolio includes workflow automation, work order managemen toolst, online maintenance request, mobile inspections, and more. Pros: Easy-to-use technology with great UX Fully mobile and automated Customizable dashboards and advanced reporting Cons: An expensive platform if all you need is a maintenance point solution Customer service is not always available for maintenance line 7. Rentvine Rentvine is a full-service property management platform that focuses on communication support between PMCs, residents, and clients. The platform streamlines application and tenant screening, inventory management, accounting with a manager’s ledger and client money tracked separately, marketing, leasing, and – of course – maintenance. The app tracks all your work orders from start to finish and supports communication between residents, property managers, and vendors throughout. Pros: Easy to use with excellent customer support Owner and tenant portals work seamlessly Excellent accounting process Cons: Has fewer features than some competitors but is continuously improving 8. DoorLoop DoorLoop is another full-service property management software that provides all the features a property manager needs to manage their portfolio. You can handle accounting, maintenance, listings, marketing, client success, and more, all from the app. For property management maintenance, their software helps manage work orders, handle vendor payments, and track the process from start to finish. Pros: Intuitive, streamlined UX that’s user-friendly Great customer service Excellent integrations Cons: Expensive if all you need is a maintenance point solution rather than a full platform Some functionalities are still being developed 9. FTMaintenance FTMaintenance is a computerized maintenance management system (CMMS) point solution platform designed for maintenance managers, executives, and technicians. While it’s not specifically designed for property management, the software streamlines work order management, vendor payments, tracking, and more. For some PMs, this could be the added solution they need to focus simply on complex maintenance jobs. Pros: Robust work order tracking Excellent mobile app for vendors and maintenance managers Analytics and organization Cons: Not designed specifically for property managers, focused more on commercial properties Complex if you are not tech-savvy 10. UpKeep UpKeep is another CMMS point solution focused entirely on managing maintenance. It’s not designed specifically for property managers but may have the features you need if you’re looking for a maintenance-specific app. Explain key features, pricing, and why it should be considered. Their web and mobile app helps manage day-to-day maintenance life cycles, work orders, payments, and more. Pros: Great work order tracking with in-depth reports and financial analysis Easy to use for maintenance scheduling and organizing work orders Cons: Not specific to residential property management Difficult to learn how to use How Second Nature Helps with Property Management Maintenance When it comes to maintenance, at Second Nature, we’re always looking to empower the resident. Our Resident Benefits Package provides solutions that minimize maintenance needs and costs in the first place. From HVAC/air filter delivery to on-demand pest control to rental rewards, we aim to incentivize residents to care for their property and take work off the property manager’s plate. We also work closely with other property management software providers to ensure you have everything you need for success in your SFR property management business. Learn more about the Second Nature RBP and how it can bring ease to your work.

Calendar icon November 17, 2023

Read more

Preventive Maintenance Checklist for Property Management

A big part of property management is prevention. Property managers anticipate issues, plan for problems, and execute solutions. For some, a key part of this prevention is to develop a property management preventive maintenance checklist. For multi-family property managers, a regular preventive maintenance check is standard–and easy. Their properties are often all contained to one apartment building or community, and it’s easy to do a walkthrough to ensure everything is as it should be. For single-family property managers, it gets a lot more complicated. With scattered-site properties, regular inspections are impractical and expensive. In fact, one of the best ways to approach prevention is to help equip residents to take preventive measures themselves. At Second Nature, that’s our approach: “How do we make it easy for residents to handle preventive care of the property?” In this article, we’ll explore both approaches to preventive maintenance: Doing inspections as a property manager – or finding solutions where residents support the process. Let’s dive in. What is Preventive Maintenance? Preventive maintenance is a proactive approach to keeping a property in good condition with the purpose of preventing unexpected failures and maximizing longevity. This type of maintenance encompasses a broad range of activities, from routine inspections (more common in multifamily) to air filter delivery services that keep HVAC systems running smoothly. By implementing preventive maintenance tactics, property managers aim to prolong the lifespan of property components, maintain property value, and provide a safe, functional, and appealing living environment for residents. What is a Preventive Maintenance Inspection – and Who Conducts It? A preventive maintenance inspection is a regularly scheduled, systematic evaluation of a property designed to identify and rectify any emerging issues before they escalate into serious problems. In other words, a preventive maintenance inspection is like a health check-up for a property. A well-documented inspection also provides a record of maintenance that can be valuable for insurance claims, move-outs, etc. Generally, SFR property managers find themselves in three different camps when it comes to property inspections: Those who visit sites only when an issue arises. Those who conduct scheduled annual preventive inspections, whether there are issues or not. Those who conduct biannual or seasonal preventive inspections, whether there are issues or not. But there’s also a fourth option: Those who rely on a partner who helps manage prevention for them. There is so much residents can do themselves to prevent larger issues from ever developing – they just need a little support. For example, if a resident is changing their air filter on time, the property manager is going to get fewer HVAC tickets, and the HVAC system is going to last longer. If you can provide scheduled air filter delivery, residents can stay on top of their filter changes. Whichever of the camps you fall into, we want to provide you with resources in this article to make preventive maintenance easier. If you’re the type of property manager who prioritizes regular preventive maintenance inspections, we have a checklist template for you below. If you’re the type of property manager who prefers to react when issues arise (often more cost-effective), we have some suggestions for how to help residents manage preventive measures on their own. What to Include in a Preventive Maintenance Checklist Let’s say you do prioritize regular inspections. Crafting a preventive maintenance checklist for property management is all about anticipating needs and averting potential issues before they arise. Building your checklist begins with a thorough assessment of the property's unique features and vulnerabilities. By understanding the life cycle of various components of a property across the seasons – from HVAC systems to appliances – you can prioritize tasks and schedule maintenance in a way that minimizes wear and tear. Your checklist will likely include the following categories: Structural Maintenance Electrical Systems Plumbing & Water Systems HVAC Systems (Heating, Ventilation, and Air Conditioning) Appliances (if provided) Lawn & Outdoor Areas Pest Control Safety & Security Systems Interior Checks Miscellaneous (Garage, waste disposal, etc.) Sample Preventive Maintenance Checklist for Property Management Companies With input from OnSightPROS, we’ve built a preventive maintenance checklist template for single-family rental property management companies. Use this template as-is or tweak it to fit your property needs! If you want a downloadable and more in-depth template for all types of rental inspections, check out our original post on rental inspection checklists and Get the download here. Structural Maintenance Roofing: Inspect for leaks, damaged tiles, or shingles. Check gutters and downspouts. Foundation: Check for cracks, water damage, or shifting. Walls and ceilings: Look for cracks, dampness, and signs of mold. Electrical Systems Safety checks: Ensure that outlets, switches, and wiring are in good condition. Lighting: Regularly test all indoor and outdoor lighting fixtures. Inspect circuit breakers and panels. Plumbing & Water Systems Drains and pipes: Check for leaks or buildup. Water heater: Test hot water temperature and pressure relief valves and inspect for signs of wear. Faucets and fixtures: Ensure proper flow and check for leaks. HVAC Systems (Heating, Ventilation, and Air Conditioning) Filters: Ensure they are up to date. With Second Nature’s Air Filter Delivery, you’ll have the date stamped right on the filter itself. Ductwork: Check for mold or leaks. Seasonal checks: Ensure the heating system is ready for winter and cooling for summer. Appliances (if provided) Oven, range, microwave: Check for cleanliness and ensure they are working efficiently. Refrigerator: Check coils and inspect seals. Washer and dryer: Inspect hoses and ensure the resident is keeping lint and drainage clean. Lawn & Outdoor Areas Landscaping: Ensure that the landscaping is tidy and up to HOA standards, if applicable. Paths and driveways: Check for cracks or tripping hazards. Pools: Ensure safety measures are in place. Pest Control Notice any signs of pests With Second Nature’s On-Demand Pest Control, you can be sure residents can call a professional immediately if they ever have issues. We handle it for you. Safety & Security Systems Smoke and carbon monoxide detectors: Ensure residents have kept up to date and they are installed properly. Fire extinguishers: Check expiration dates and ensure they're easily accessible. Emergency exits and paths: Ensure they're clear and well-marked. Interior Checks Floors: Look for damaged tiles, caulk problems, carpet wear, or wood floor issues. Windows and doors: Ensure they open and close smoothly, and check seals. Miscellaneous Garage and parking areas: Check for proper lighting, security, and cleanliness. Waste disposal: Ensure trash bins are clean and in good condition. The Importance of Preventive Maintenance Did you know that something as simple as getting air filters delivered on time can reduce HVAC costs by hundreds of dollars annually? More on that in a minute, but it’s clear that for property managers, preventive maintenance isn’t just about keeping the property in good shape—it's a strategic approach that yields all kinds of benefits. By prioritizing prevention, you can: Minimize costly repairs: Regular maintenance can prevent small maintenance issues from escalating into expensive emergencies. Extend asset longevity: Helping residents proactively care for components like HVAC systems extends their lifespan, saving money in the long run. Enhance resident satisfaction: Supporting a resident in maintaining their property means fewer complaints and issues, leading to higher retention rates. Ensure safety: Regular checks keep safety hazards at bay, reducing the risk of accidents and liability. Improve property value: Consistent upkeep maintains or even increases the property's market value. Stay compliant: Keeping up with building codes and safety regulations is non-negotiable, and preventive maintenance ensures compliance. By incorporating a preventive maintenance strategy, property managers not only safeguard the property's physical health but also its financial viability and desirability in the market. It's a proactive measure that resonates well with residents and investors alike. Best Tools to Support Preventive Maintenance Here’s the big question: How can property managers for single-family homes make preventive maintenance easier? Scattered-site properties don’t lend themselves to regular inspections. So, the best solution, as we mentioned above, is to help your residents do it themselves. Here are three of our favorite products to get that done. Second Nature We’ve built a Resident Benefits Package with proactive property management in mind. Each feature – from renter’s insurance to on-demand pest control to air filter delivery – aims to address ongoing needs and prevent common issues from escalating. Let’s take air filter delivery as an example. In the largest HVAC data study of its kind, filter delivery service reduced HVAC ticket requests by 38% Just by including a filter subscription for your residents, you can help them cut energy costs and ensure your HVAC system lasts for the long term. Learn more about all of the features of our Resident Benefits Package and how it delivers results for residents, property investors, and property management companies. RentCheck RentCheck is a property inspection app built to help residents do inspections on their own. The property manager can request and track routine inspections from the resident. You can set up any cadence you want and customize the self-guided inspection requirements. RentCheck will fully automate reminders and support residents in completing a video inspection that then gets sent to you as a shareable report. zInspector zInspector is another very popular rental inspection app in the SFR property management space. Like RentCheck, property managers use zInspector to schedule, customize, and receive inspections conducted by residents themselves. The app also includes a toolkit with an evolving set of property and task management tools. You can get 360 photos and virtual tours with a compatible 360 camera and printable, customizable inspection reports. FAQs Q: What are the benefits of preventive maintenance? Preventive maintenance offers a multitude of benefits, including: Cost Savings: It reduces the likelihood of incurring expensive emergency repairs and extends the life expectancy of property assets. Efficiency: Regular maintenance ensures that all systems and appliances are running at optimal performance, which can lower energy costs. Tenant Retention: A well-maintained property leads to higher tenant satisfaction, which can decrease turnover rates. Safety: It helps identify potential safety issues before they become hazardous, promoting a safer living environment. Value Preservation: Ongoing care maintains and can enhance the property's value over time. Compliance: Ensures that the property remains in compliance with the latest building codes and safety regulations. Overall, preventive maintenance is essential for maintaining a property's integrity, ensuring tenant satisfaction, and optimizing operational budgets. Q: What is included in basic preventive maintenance? Basic preventive maintenance for property management typically encompasses: Routine Inspections: Regularly checking the structural integrity of the property, including roofs, walls, and foundations. HVAC Maintenance: Ensuring heating, ventilation, and air conditioning systems are clean and functioning properly. Plumbing Checks: Looking for leaks, clogs, or wear in pipes and fixtures. Electrical System Audits: Inspecting electrical panels, wires, and safety systems to prevent malfunctions. Groundskeeping: Checking outdoor areas, including landscaping, gutters, and drainage systems. Appliance Upkeep: Servicing provided appliances to prevent breakdowns and extend their lifespan. Safety Inspections: Verifying that all safety equipment, like fire extinguishers and smoke detectors, is in working order. These tasks are designed to identify and address issues before they develop into more significant problems, helping to ensure the property remains safe, functional, and appealing to tenants. Q: What’s the ideal schedule for preventive maintenance? The ideal schedule for preventive maintenance can vary depending on the specific needs of a property, but a general guideline is as follows: Weekly/Monthly/Quarterly: Regular checks on a weekly to quarterly basis are more common for multifamily properties and apartment buildings, with quick checks on high-usage areas and equipment, such as communal spaces and gardening upkeep. Quarterly maintenance inspections could include more in-depth inspections of HVAC systems, plumbing and electrical systems, and seasonal preparations. Annually/Seasonally: A small number of SFR property managers will conduct seasonal or semi-annual inspections. A few more conduct annual inspections (unrelated to move-in or move-out, which always includes inspections). These are more in-depth inspections to keep an eye on potential issues.

Calendar icon November 15, 2023

Read more

Receive articles straight to your inbox

Deliver the ultimate resident experience

Our Resident Benefits Package gives residents everything they want without all the work.