In the business of rental homes, tenants are #1. Without them, your property is earning no monthly rent and is instead costing you money during its vacancy. This is why resident retention is an important strategy for any successful Austin property manager.
Not all tenants are created equally and as a rental homeowner, you probably know this! Replacing a tenant after a lease is up can cost you up to four times the cost of renewing with the current tenant when you begin to factor in expenses such as advertising, cleaning, commissions to any agents, etc. A long-term resident that continues to renew their lease and pay their rent can offset the cost of purchasing the property!
Here are some quick tips to retain your great tenants and drive renewals for your Austin rental property!
Show Your Appreciation
Have a tenant that you really like renting your Austin property? Let them know you appreciate them and their continued business! It can be as simple as providing holiday cards or surprising them with a gift card to their favorite restaurant in South Austin. Offering an incentive to renew such as a break on rent can even be worth it to keep a Grade A tenant in the property! If you like your tenants don’t be afraid to show them and let them know they are always welcome in your home!
Be a Proactive Landlo...
