In The Shoes Of a Renter
Think of your past experiences…
Have you ever rented a home or apartment? Try to recall how you felt. Did you end up hating it or loving it?
Maybe the home was old and had plumbing problems. Maybe you had a landlord that was not responsive to maintenance issues. Maybe it seemed like things were always breaking or leaking or falling apart. Any of these situations can be frustrating and leave a renter with a bad taste about the property itself and about their rental experience.
Now think of the opposite scenario. Have you ever rented a home or apartment and had an amazing experience, one you loved? Or had a relationship with a landlord that consisted of clear, regular and open communication that lead to quick repairs and general upkeep?
In which of these two situations would a tenant be more willing to care for the property and be proud to call it home for the duration of the lease? Obviously the second.
Now put yourself (as the owner) in your renter’s shoes. If you have tenants who love the home and are happy with the services you provide them, they are more likely to care for the property. But the reverse is also true. If your tenants are unhappy for any reason, these feelings could lead to a lack or upkeep or even intentional damage to the property costing you more in the long run in both repairs and in vacancies. So, while the first rule of real estate may be location, location, location, the first rule of San Antonio investment property ownership, is to choose a home that you would like to live in if you were the tenant and then treat the tenant with respect. Show that respect by communication and responsiveness to focus on the relationship that will want them to take good care of your property. If they feel like it is home, they will treat it as such. Nothing works against the owner-tenant relationship more than lack of communication.
If you are in the market to purchase an investment property, here are a few features of the home you may want to consider:
- Located off any main roads
- Homes that are 15 years old or newer
- Has a fenced yard
- No quirky layouts
- Close proximity to schools, shopping, dining, and public transportation
- Updated appliances
- Clean and bright as opposed to dark and dingy
These small things will make a world of difference in the types of tenants you attract to the property, and how many applications you actually receive. If you think like a tenant in the purchasing phase, chances are you will attract the kind of tenant you want to occupy the home. As always, if you have questions in any part of the purchasing phase, your local San Antonio property management team is here to help. And if you already have a rental property, obviously there are things you cannot change, the layout, the location, etc., but there are always things you can do to improve the property, update it and to attract the right tenants. Consider using a management company that knows the business, knows the right way to treat the tenants to command good tenants and retention. At Real Property Management Alamo, we know the best ways to help you put yourself “in the shoes of your renter”.