If you manage single-family properties in San Francisco, you probably know already that retaining your current tenants is usually better than finding a new family to move into a recently vacated apartment or house. There’s less hassle, less paperwork, and less waiting for new renters to come along who meet your company’s standards. There isn’t much you can do if a family decides to leave for work or family issues, but there are several strategies you can apply to make your property more appealing to families so that they’ll want to stick around.
- Add Renewal Bonuses
One popular tactic used by property managers throughout San Francisco is incentives and rewards for renewing a lease. The incentives don’t have to be expensive, but they work best if they show that you care and that you know the kind of things that the family might want. For instance:
- Any tenant would appreciate an improvement to their home. A new carpet, a better microwave, something they will interact with regularly and remind them why they’re staying here.
- You might offer tickets to a local show that would interest them. Keep in mind the age and number of the family’s children and then choose something like the local amusement park or a cinema gift card. Try to personalize it if possible.
- Consider arranging a special discount for your tenants with businesses in your area. Whether it’s a one-time sale or a long-term deal, both are good for your tenants and give them a reason to stick around.
- Create A Personal Relationship
While you don’t have to become friends with all your tenants, it helps to be on friendly terms with them. Memorize their names and occupations, try to remember any facts and preferences they share with you, and otherwise let them know you’re listening even if you can’t solve all their complaints. A strong personal relationship can help retain tenants no matter what demographic they’re in.
- Build A Community
Assuming you manage more than one unit, you have the opportunity to turn your properties into a community. You can arrange gatherings for holidays and other special events that all your tenants and employees can attend so they can get to know each other. You can also encourage your tenants to join clubs, game nights, and other gatherings where they can share their interests and hobbies. If your tenants become friends with each other, that will give them a reason to stay put even if they find a better deal on a rental property elsewhere.
If you want to retain your tenants, then you need to come up with reasons for them to stay. Financial incentives and property upgrades are the easiest reasons to offer, but in the long term it’s much more effective to get your tenants involved in the local community. At J.S. Signature Properties, we can find and screen new tenants for your San Francisco properties, but it’s up to you to give them a reason to sign a new lease. Contact us if you want to know more about our services for property owners and managers.