Tenant Retention—the Right Way
One of the most costly items facing San Antonio property owners when it comes to their rental properties is 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 cost 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.
- Maintain a strict schedule to ensure your potential renters arrive on time for all appointments you schedule with them.
- Ensure 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 expressing your concerns or questions, only for it to go unanswered? Don’t build that kind of relationship with your tenants. When a tenant reaches out to you, it may be due to a genuine concern about their home or something within it. If you have a website for your properties, consider setting up an email address specifically for tenant communication, and make sure to respond to those emails promptly.
Be honest with your tenants as well. Avoid making false promises or setting unrealistic timelines for maintenance issues. If you manage only a few properties and aren’t interested in a website, ensure that you answer phone calls or text messages when tenants try to reach out. If a tenant feels neglected or unimportant, they may seek out a property owner who values their concerns.
Rapid Response Times
When your tenant experiences an issue with their rental property, one of the most important things they seek is a quick response from you addressing their concern. Nothing can be more frustrating than dealing with a leaky sink or a malfunctioning air conditioning unit—especially in the heat of San Antonio! When a tenant reports a maintenance issue, it’s crucial to address it promptly and follow up with them as needed.
Outdoor maintenance is just as important as indoor maintenance. Renters want to live in a place they can proudly call their own; any neglect in outdoor upkeep can diminish that sense of pride. When a tenant’s issues are resolved quickly and with minimal disruption to their daily lives, they develop trust in the property owner’s commitment to keeping their rental in excellent condition. This, in turn, fosters a strong sense of care and reliability between the tenant and the property owner.
Fostering a Sense of Community
Renters often struggle to find a sense of community in their neighborhoods. This is especially true for the millennial generation, who are eager to build connections with those around them. Since rental residences are temporary, it can be difficult to get to know neighbors or establish a rapport with people nearby.
Hosting events for your tenants can foster that sense of community and encourage interactions among them. If you own multiple properties in the same San Antonio neighborhood, consider organizing events for National Night Out, Night to Unite, or other block party-style gatherings. When renters know their neighbors and feel comfortable in their surroundings, they are more likely to stay in the area for a longer period.
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 LoneStar have an average tenant stay of about 22 months, with 31 percent of tenants choosing to stay for more than four years. If you are interested in having your property managed by Real Property Management LoneStar, have more questions, or want to speak to one of our team members, then contact us online or call us directly at (210) 314-1039 today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
