Tenant Retention—the Right Way
One of the most costly items facing San Antonio property owners when it comes to their rental properties is a vacancy. When a property is left vacant, the property owner is left to cover any costs without a steady income. Making sure your tenants are satisfied with your rental will keep them from searching for something that is going to fit their needs better. Rental rates may be on the rise, but many renters are choosing to stay in their current homes regardless! Great property management can help you retain your renters while helping you avoid the costliness of vacancy.
First Impressions Matter!
Creating a good first impression is the first step to building a new and positive relationship with your potential tenants. You have a limited time to assure your renter that you are a professional landlord and that you care for your property and your tenants.
- Keep a tight schedule to ensure your potential renters that you will be on time for all appointments that you might create with them.
- Make sure that your workspace is clean and orderly, and that your paperwork is organized and professional.
More importantly, make sure that the property makes a good first impression. If it isn’t cleaned prior to tenant move-in—or there are unkept promises in your leasing paperwork—this could lead to trust issues with your tenant. If your tenant doesn’t trust you to take care of them and the property, they are going to be considerably less likely to renew their lease when the time comes.
Transparent and Easy Communication
Have you ever composed an email that outlines concerns or questions that you might have only to have it go unanswered? Don’t create that relationship with your tenants. If a tenant is reaching out to you, they might have a genuine concern about their home or something inside it. If you have a website for your properties, consider setting up an email for your tenants to communicate with—and answer those emails in a timely fashion. Make sure that you are honest with your tenants as well. You don’t want to make them false promises, or set timelines on maintenance issues that are unrealistic. If you only have a few properties, or a website is not something you are interested in utilizing, make sure that you are answering phone calls or text messages when a tenant is trying to communicate with you. If a tenant feels like you do not have time for them—or that they are unimportant to you—they will work to find a property owner that does.
Rapid Response Times
When your tenant has an issue with their rental property, one of the things that they are going to look for is a quick response from you addressing their problem. Nothing can be more frustrating than dealing with a leaky sink or a non-functional air conditioning unit—especially in San Antonio's heat! When your tenant reports any maintenance concern, take care to address it immediately, and follow up with the tenant as needed. Outdoor maintenance can be just as necessary as indoor. Renters want to live somewhere that they are proud to say is theirs—any sense of neglect to outdoor maintenance is going to decrease that sense of pride. When a tenant’s issues are resolved quickly, and with little interruption to them, they know they can trust the property owner to keep their rental in tip-top shape. They also know they can trust their property owner to take care of them.
Fostering a Sense of Community
One thing that renters are often looking for but are unable to find easily is a sense of community. The millennial generation, in particular, is interested in building community within their neighborhood. Since the residences aren’t permanent, sometimes its hard to get to know your neighbors or establish any rapport with people in the area. Holding events for your tenants can help build that sense of community, and get your tenants talking to each other. If you own several properties in the same San Antonio neighborhood, consider holding events for National Night Out, Night to Unite, or other block party style gatherings. When renters know their neighbors and feel comfortable with them, they will have an easier time staying in the same area.
A Property Manager Can Be the Key to Retention!
Resident retention rates in San Antonio are some of the lowest in the country. Only about 45 percent of renters choose to renew their lease when the current one expires.
Property owners that work with Real Property Management Campanas have an average tenant stay of about 22 months with 31 percent of tenants choosing to stay for more than four years. Are you interested in having long-term, reliable tenants? Contact us today for a FREE consultation to see how we can increase your renter retention rate!