As a landlord, you want the peace of mind of always having your units filled to secure a stable income. Having tenants you can trust is also invaluable. So if you have yearly turnovers with new tenants, some changes need to be made. One of the best ways to achieve tenant retention is to hire a property manager. Learn more about the expertise and creativity they can bring to benefit your investment.

What Is Tenant Retention?

Tenant retention involves trying to keep the same renters in their current apartments. You want to hold on to trustworthy, reliable, and respectful tenants in particular. Replacing a tenant comes with costs—there may be downtime during the vacancy if you don’t find someone right away and you may have to pay broker commissions. Also, new real estate developments regularly reach out to tenants with discounts for first-arrivals, so you’re in a constant battle to keep your building full.

How Can a Property Manager Help?

Keeping tenants takes time and effort, but addressing their needs on your own can be overwhelming. When you hire a property manager, you get rid of the stresses of running a rental property. They’re experts in real estate and the strategies to achieve tenant retention.

In the beginning, a property manager screens thoroughly to find the best tenants, then works to keep them there. If there are any maintenance needs, the manager handles them immediately and professionally. They also act as a liaison and can mediate any disputes or conflicts between tenants and others. If necessary, they’ll also offer ideas about lease-renewal perks to create incentives for existing tenants to re-sign.

Classic Maui Properties in Pukalani, HI, has been the go-to property management and real estate company for island residents for 40 years. Owner Steve Parker and his team know the ins and outs of the real estate market to provide their clients with the best services, including property management and real estate appraisal. Call (808) 878-1001 today to learn more about hiring a property manager, and visit their website for more on how they can serve you.