Managing a rental property comes with its challenges, and one of the most significant is keeping your units occupied. We know that vacancies are frustrating for San Antonio rental property owners. High vacancy rates can eat into your profits and make property management stressful. After all, every day that your property sits vacant, you are missing out on rental income. Fortunately, there are proven strategies that can help you attract and retain quality tenants. Here are five easy steps to decrease vacancies in your Boerne or San Antonio investment property.
1. Focus on Features that Set Your San Antonio Rental Property Apart
This first step is a no-brainer: first impressions matter. People are quick to judge a property by its curb appeal, but when rental inventory is plentiful, what is on the inside will appeal to prospective tenants. A San Antonio rental property that includes a water softener system, built-in storage racks in the garage, an automatic sprinkler system, and/or a reverse osmosis filter offers a better resident experience. Any features that reduce the cost of utilities for the tenant such as a water well and solar panels are also incentivizing as the tenant recognizes an opportunity to save money.
Tip: If you have any of the previously listed features on your home, absolutely advertise them! If you are looking for a way to compete with other San Antonio rental property homes in your neighborhood, consider installing one or more of these valued systems.
2. Offer Competitive Rent and Flexible Lease Terms
Pricing your rental property just right can be difficult. If your units are priced too high, that can scare away potential renters. On the other hand, pricing them too low can reduce your profits. Research the local market to ensure your rent is competitive. In addition to pricing, offering flexible lease terms can help you appeal to a larger pool of tenants. Shorter leases or month-to-month options can attract people who are hesitant to commit long-term; however, offering leases for 18- and 24-months can also attract dependable tenants who take better care of your investment. Determining your rent and lease terms are blends of art and science.
Tip: Review local rental listings regularly to stay up-to-date on San Antonio rental property trends and adjust your pricing and lease terms accordingly.
3. Invest in Marketing
Whether you have a San Antonio rental property or an investment property in Boerne or the surrounding Hill Country, to decrease vacancies, you need to ensure your property reaches as many prospective tenants as possible. The best practice here is to utilize a mix of online and offline marketing strategies to increase exposure. List your property on popular rental websites, social media, and even local community boards. High-quality photos and virtual tours are essential to make your listing stand out.
Tip: Create a website for your San Antonio rental property and any other investment properties in your portfolio. This provides a professional look and a hub for all your listings, helping tenants easily find you.
4. Keep Current Tenants Happy
Tenant retention is arguably the easiest way to decrease vacancies. Happy tenants are more likely to renew their lease and recommend your property to others. So how do you keep your tenants happy? Address maintenance issues promptly, communicate regularly, and provide incentives for long-term tenants, such as minor upgrades and small appreciation gifts.
Tip: Conduct annual resident satisfaction surveys to understand what you can improve to keep tenants happy and staying longer.
5. Screen Tenants Carefully
Filling vacancies quickly is important, but you also want to ensure that the tenants you select will be reliable and responsible. A thorough screening process that includes background checks, income verification, and rental history reviews can help you avoid potential problems like late payments or property damage. If you are working with a property management company to lease or manage your San Antonio rental property, you will want to make sure that the company is complying with all Fair Housing laws and regulations when it comes to screening tenants.
Tip: Consider working with a trusted property management company like Real Property Management Hill Country for your San Antonio rental property to handle tenant screening if you are unsure how to create a reliable system yourself. Screening is harder than it looks!
By being mindful of these simple strategies, you can not only decrease your vacancies in your investment property but also attract quality tenants who will be more likely stay long-term. This will improve your cash flow and reduce the time and effort needed to manage your property. But never to leave you feeling overwhelmed, if you need expert support in managing your San Antonio rental property investment, reach out to us at Real Property Management Hill Country to take these burdens off of you as the real estate investor. Happy investing and wishing you all the best with your occupancy rates!
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.
