Tenant retention initiatives, as we have mentioned in?a previous Zillow Rentals e-book, are some of the most cost-effective strategies for property management companies. But to increase tenant retention, property managers must first monitor their vacancy rate.?And to lower your vacancy rate in this way, you must first know what your rate is and how it gets there.
The easiest way to start is by tracking your vacancies, because written reports are essential to property run a property management business. This easy-to-use vacancy report allows you to see the needs of your rental units and to improve business operations based on the data, like your cost per vacancy, overall cost of vacancies and vacancy rate.
The Zillow Rentals Vacancy Report organizes your vacancy data in a simple way. By filling out the report each week, you will have a record of your units? vacancies and the cost of the vacancy. Your company can then take this data and apply targeted tenant retention strategies to the areas needing the most help.
Source: http://www.zillow.com/blog/pro/2013-01-08/rental-property-management-vacancy-tool/
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