One thing that comes to mind this morning is the importance of tenant retention.
One of the biggest complaints I have heard from tenants moving the last few days is that their prior management company didn't respond to serious maintenance issues in a timely manner, if at all.
This just doesn't make sense to me. If you lose a tenant because you didn't address a maintenance concern, odds are you will lose more money due to that vacancy than the issue even cost.
Let me give an example. One tenant we recently had move in left her prior house because the prior company had her on the wait list for a plumbing issue for more than a month. Well, her rent was $750. So by the time they have that house vacant for a month, pay staff time to re-lease it, and finally address the issue, they've lost more than $1,000 on an issue that a plumber charges about $110 to address.
Property management is a people business, but it is also about doing things that make financial sense. This is a no-brainer and just another reason we're one of, if not the fastest growing property management company in Northwest Louisiana.