Keep Your Rental Unit Occupied, Hire a Property Management Firm

Property Management Tenant RetentionA rental property can be an excellent investment. Of course, in order to fully reap the rewards you must ensure your rental property is well-managed, either by you or a Property Management Firm. There is no shame in enlisting a little help. In fact, it is a great way to maximize your investment and, most importantly, keep your tenants happy (which will, consequently, also help maximize profit).

Keep Your Rental Unit Occupied

When your rental property is vacant, no one wins, especially not you, the landlord. You are still required to pay utilities and, if the property is not fully paid for, your mortgage as well. An empty rental property is a money pit, which is why tenant retention is so important.

Tenant Retention = Revenue Retention

Your rental property is a business and, just like any other business, customer service needs to play a major role in everything you do. It is the key to tenant retention. According to Rebecca Morgan, author of Calming Upset Customers, 65% of all tenants decide to pack up and move – the No. 1 reason they leave – is because they feel they have been slighted by their landlord. The other reasons include:

  • 3% leave because they are leaving the area
  • 5% leave because they bought a house
  • 9% leave because they found a better place
  • 14% leave because they don’t like their apartment

While you can’t stop a tenant from packing up and moving, you can do your best to keep your tenants happy. As the old adage goes, an ounce of prevention is worth a pound of cure. It is far more cost effective to ensure your current tenants are happy than to find new tenants to fill your empty rental unit. For this reason, tenant happiness needs to be monitored constantly so that you can catch problems early and address them quickly and effectively. And Clagett Management can help!

Frederick Property Management Firm

Headquartered in Frederick, Maryland Clagett Management provides full service, competitively priced property management throughout Maryland, Virginia, and West Virginia. We specializes in the management of office and medical buildings, shopping centers, commercial buildings, apartment buildings, residential condos, single family homes, and more. Our goal is to help you profit from your investment and to free you from the daily concerns of your property’s upkeep and operation.

Click Here to request a proposal.

If you have any questions and Property Management in Frederick, please contact Clagett at (301) 695-6676 or Click Here. You can also connect with Clagett on Facebook, Twitter, Google+, Pinterest, and YouTube.

This entry was posted on Thursday, October 2nd, 2014 at 3:09 pm. Responses are currently closed, but you can trackback from your own site.