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 Landlord
Don’t underestimate the importance of the human connection when it comes to your tenants. They are just trying to live their lives and they’ve chosen to do so in your rental property. Lucky you!
When they experience a maintenance issue or emergency don’t brush it off to the side. Instead, be proactive and show them that it’s a priority for you that their situation is rectified as soon as possible. Don’t try and force appointments on your tenants and instead work alongside them and your contractors to find a time that works for everyone! Responsiveness to your tenant(s) plays a big part in whether or not they’ll renew once their lease expires.
Respect Your Tenant’s Privacy
We’ve all heard horror stories of landlords who are always peering over their tenant’s shoulders. Don’t be this landlord. If you’re ever this worried about a tenant in your property you may reflect on your leasing and the criteria you set for your home. As long as you were firm with the rental criteria and properly vetted your tenants you shouldn’t have much to worry about. This is where an Austin property management company can come in handy if you're looking for a tough vetting process to ensure you find great tenants!
Offer a Pet-Friendly Home
We’d advise this in pretty much every locale in the nation, but when it comes to Austin, Texas you need to understand that you’re in one of the most pet-friendly cities in America. Most renters in our area have pets and they’ll always take priority over your rental home if you make them choose between their beloved pets and your rental property. We understand that pets can be a scary thing to have in your rental property because let’s face it, some pets just aren’t trained as well as others. However, as mentioned before highly-vetted tenants usually take better care of their animals so be sure you are firm with your rental criteria!
Having a pet-friendly rental home in Austin, Texas is going net you better results than one that denies furry friends!
Upgrade Your Home as You Go
Typically, landlords will wait until they experience a vacancy to go into their property and begin to provide upgraded amenities & appliances. Instead, what if you provided these upgrades as you learn about them and while the tenant is in the home? Your tenant will think you’re great and will love that their home is being upgraded! Want a nest thermostat in your property? Contact your tenant and ask them what they think about it. This not only helps your property improve over time as you make upgrades, but your tenants will appreciate you thinking of them and providing these upgrades while they are in the home. That’s a win-win!
A long-term tenant is something that can ensure your investment property remains a profitable investment. As a landlord, if you have great tenants your goal should always be to retain them for as long as possible. Not only will it save you hundreds if not thousands in vacancy costs, but it will provide you with fewer headaches with your Austin rental home. If you have any questions about retaining tenants or need help finding excellent tenants for your rental property be sure to connect with our team at Stone Oak Property Management!
Take it from Andrew in the video below!
