Retaining those well-qualified tenants you place in your San Diego rental property will reduce vacancy loss and turnover expenses. As long as your residents are paying rent on time, following the terms of your lease agreement, and communicating promptly when maintenance is required, you want to keep them in place. It contributes to a stable and profitable rental experience.
Are you doing everything you can to encourage tenants to renew their lease agreements?
Our experience as San Diego property managers has allowed us to identify some specific strategies for keeping tenants in place. Here are some of the opportunities you have to retain your best residents.
Retain San Diego Tenants by Communicating with Them
Tenant retention requires a strong tenant relationship.
As you probably know, relationships begin and rely upon excellent and open communication.
When you want to retain your residents, make communication a priority.
Here are some of the best ways to improve communication:
- Share expectations with tenants early, even before the lease is signed and the rent is collected. When tenants understand their responsibilities and requirements, they’re more likely to succeed and less likely to shy away from asking questions or reporting concerns. This is an important part of developing and maintaining good tenant relationships. If tenants understand what you expect from them, there’s less confusion and little conflict. They’ll renew their lease agreement because you’re easy to work with.
- Make yourself available and accessible. Make an effort to be friendly and resourceful. There’s a perception that the landlord/tenant relationship is always going to be adversarial, but that’s absolutely not true. You want to have a professional, positive relationship with your residents – especially if you’re working towards better retention.
- Be available in multiple ways. Some tenants prefer a phone call while others are apt to send a text message.
At San Diego Residential, we work well with our tenants because we communicate openly and transparently. We expect the same from them. It helps our tenant retention numbers and it creates a good rental experience for everyone.
Maintenance Processes Must be Responsive
Respond to all repair’s requests right away. Even if you will not be able to repair something right away, let your tenants know that you’ve received their report and you’re putting together a plan of action.
The fastest way to chase tenants out of your property is by ignoring maintenance requests.
Think about your tenants as your customers. They’re paying to live in your home. When they don’t believe they are getting what they’ve paid for, they will grow frustrated and begin to look elsewhere.
This is a terrible way to lose a tenant. Not only is a good maintenance process important for tenant retention, but it also protects the condition of your investment.
Fix problems with a sense of urgency. Even minor problems require your immediate attention. When you are quick to respond to the needs and concerns of your tenants, the trust they put in you will grow.
Have You Provided a Great Rental Experience?
What your San Diego tenants really want is a positive, stress-free rental experience. When you can provide that, you can expect to retain those tenants.
Here are some of the factors that contribute to a great rental experience:
- Online rental payments
- Online maintenance requests
- Pet-friendly policies
- Easy move-in processes and instructions
- Updates and improvements
- Efficient, easy-to-follow systems and processes
When tenants move into a rental property that’s clean, functioning, and welcoming, they know they’ll be able to trust you and your ability to maintain their home.
Be responsive. That will lead to a positive rental experience and a likely lease renewal.
Simple things can also go a long way in making your tenants feel valued and appreciated. Consider sending birthday cards or treats at holiday time. Provide a welcome gift when they move in.
Rental Increases Must be Reasonable
Most tenants expect their rent will go up every time they renew their lease. You should be increasing what you charge when you sign a new lease with your tenants, and if your property is subject to rent control laws, you’ll have to limit what you charge.
If your property is not beholden to rent control, you still want to be careful with your rental increase. Don’t make it outrageous. A fair increase will match what the market demands. An irresponsible increase will chase away your good tenants.
Take a look at the market when the lease renewal is a few weeks away. Once you have an idea of what similar properties are renting for currently, you can bring your rent close to that amount. If you keep it just under what other homes are renting for, your tenants will have an incentive to stay in place. Yes, they’ll be paying you more rent every month, but they will know that they’d be paying more elsewhere. It’s a good strategy for tenant retention.
San Diego Property Management and Tenant Retention
There are lots of excellent reasons to work with a San Diego property manager. One of those reasons is our excellent track record with tenants.
Your property manager will do a better job of retaining tenants than you can because we understand tenants and what they need. We work with hundreds of residents every year. We also have excellent relationships with vendors and contractors, which means we can facilitate repairs faster. We can also negotiate discounted rates, which saves you money.
Tenants feel comfortable with professionally managed homes because they know that their rights will be respected, and their responsibilities will be clear. They won’t have to worry about sudden policy changes, a lack of communication, or unreliable maintenance services.
Our team is very good at attracting, placing, and retaining tenants in your San Diego home. We have the processes in place to facilitate an easy and efficient leasing process. We’re responsive during the tenancy and we prioritize maintenance and tenant relationships.
Work with us, and your tenant retention numbers will be impressive. We’d love to talk with you. Contact us at San Diego Residential Property Management.