In 2020, I had more tenant turnover than usual…
About 3 times more valued long-term tenants moved on to other homes than would have in a normal year. Few, if any, were due to COVID-19; most were due to normal life circumstances: downsizing; upsizing; bought a home; moved out of town for work; moved to be closer to family or a new relationship — those sorts of things.
To my great relief (due to the difficult circumstances surrounding a pandemic) at least one-third* of those potential vacancies were rapidly filled by returning tenants, referrals from current or previous tenants, or by people who placed trust in me and simply decided to wait until I had a home available for them.
There’s an African proverb:
It takes a village to raise a child.
It also takes a village to build a business (or real estate portfolio) that happily hums along — even in difficult times. I am extraordinarily grateful for the confidence this little village has shown in me, and their willingness to support their friends, family, or co-workers by introducing them to a landlord they trust.
Make every effort to win the hearts of your customers.
* I’m delighted to reveal that, even in a typical year, about 1/3 of my new tenants come through referrals.