We have lots of investors and property owners throughout the island, many of which either don’t live your full time or reside on the island at all. It can be difficult to decide who will manage your property in your absence but here are some things to consider when choosing a property management service on Oahu.
Questions to ask:
What are my responsibilities as the property owner and what are your responsibilities as the property manager?
How much does it cost to have the property managed and maintained?
Is there an initial cost for tenant placement as well as ongoing monthly management fees?
What expenses are tax-deductible?
In case of damage or repairs, do you have a list of resources that you refer to and may I see it?
How long have you been a property manager?
How many properties do you currently manage and you have assistance?
You want to make sure you use a local property manager that is familiar not only with the area and the neighborhood but local resources and referrals as well. You certainly wouldn’t want your property manager calling 10 different places to find the right plumber, charging you for their time.
You will also want to property manager with experience. Too many properties to manage without enough staff could mean that your property will get neglected or that your tenants will not receive service in a timely manner. Yes, it’s important for property managers to have a good book of business each month but too many properties without assistance or help could mean that your property and your tenant will be neglected. This could cause your tenant to be frustrated and move out, leaving you to find a new renter.
Customer service is also extremely important, not just to you but to your tenant as well. Yes, there are those renters that can become a nightmare but many renters are extremely upstanding people that deserve just as much customer service as you do. Make sure your property manager is courteous, communicative, and responsive timely manner, not just to you but to your tenants as well.
Talk to references. Ask about the property managers book of business and if you can contact current property owners. This is a great way to learn more about your property managers.
Understand exactly how fees and payments will be handled. Most property managers will collect rent on their own, and then deposit the leftover amount after their commission each month into your personal account. Make sure you get all financial agreements in writing and that everyone is on the same page.
Because we have dealt with hundreds of renters and landlords over the last few decades we know what it takes to be proper property managers on Oahu. If you have questions about property management services, please give us a call anytime.