Investing in real estate is always a good idea.
Purchasing a rental property can allow you to create passive income, grow your wealth over time and significantly improve your lifestyle.
However, if you’re planning on purchasing a property to rent it out, you need to be aware of one of the biggest drawbacks of investment properties.
Looking after a rental requires time and effort and can quickly turn into a full-time job!
That’s why hiring a Honolulu property manager could be a great investment.
Here are six reasons you should hire a Honolulu property manager to look after your investment property.
The number one reason many investors hire a Honolulu property management agency is for convenience.
If you decide to manage your rental or rentals yourself, you’ll need to be available to advertise your property, organize viewings, interview prospective renters, organize the move-in and move-out inspections and deal with maintenance repairs.
Now, if you’re a busy professional or prefer to spend quality time with your family and friends, hiring a Honolulu property manager can be handy. It’ll help you save time and, depending on where you live, money on constantly having to travel to your rental.
Ever had to deal with angry or very demanding tenants?
We have, and believe us, it’s no walk in the park. Tenants can be challenging to deal with and can turn your investment dream into an absolute nightmare.
Plus, research has revealed that tenants expect a response to their request within two hours.
So, unless you’re happy to receive calls at all hours and manage complaints within the hour, working with a Honolulu property management company is probably the best option.
A property manager will be able to effectively handle complaints and ensure your tenants are happy. What’s more, they’ll act as a buffer between you and your tenants, preventing you from having to deal with unpleasant confrontations.
Advertising your rental, organizing inspections, screening, and interviewing potential tenants takes time and effort.
So, why not do your best to retain good tenants? That way, you’ll save time and money by reducing your vacancy rate.
Yet, keeping tenants happy throughout a tenancy is not always easy.
Directly stemming from the previous point, property managers are well-versed in the art of keeping tenants happy. They’ll be able to advise you on incentives you could offer to your tenants if they decide to leave, as well as welcoming gifts that could make all the difference to get your relationship started on the right foot. They’ll also handle requests ensuring a fast turnaround and successful problem resolution.
Advising on Upgrades
As a property investor, we’ll assume your goal is to maximize your ROI with your rental.
And sometimes, simple and inexpensive upgrades can go a long way in boosting the perceived value of your property.
Now, the great thing about partnering with a Honolulu property manager is that they know exactly what renters are looking for when renting a property in your area.
Modern-day tenants can be quite demanding, and many would pay a premium to get access to specific amenities, including:
- A modern kitchen with granite countertops and smart appliances
- A modern bathroom with a double sink and a shower
- A well-maintained outdoor area
- A car space and additional guest parking
- In-unit or home amenities such as a dishwasher or a microwave
While working with a Honolulu property management company can seem like an investment, it’s often a profitable one!
Sourcing Quality Tenants
Sourcing quality tenants requires experience and expertise.
They know how and where to advertise to reach and attract your ideal tenants and what to emphasize when showing them your property.
You might think that simply listing your property on a few platforms will do the job, but there’s actually a lot more to consider when crafting an ad. It needs to be catchy, compelling, and feature high-quality photos and videos.
Sure, you have a phone, and you know English. But you’re not a marketer, and you don’t know the local real estate market like Honolulu property managers do.
Reliable property managers will know how to showcase your property in its best light and how to appeal to potential tenants. And once they’ve advertised your property and tenants are showing up for the inspection, they’ll be able to screen them too.
Screening tenants requires experience as you need to ask the right questions. This is critical because if you’re not careful, you could end up with bad tenants who are consistently late on their payments and damage your property, or worse.
Setting The Right Price
It might not look like it, but setting the right price for your rental can be challenging.
Set it too high, and you’ll deter potential tenants. Set it too low, and you’ll miss out on valuable income.
Working with an experienced Honolulu property manager means that they’ll be able to advertise your property at the right price. And this will help attract prospective renters while maximizing your ROI.
Looking For A Stress-Free Rental Experience?
At Agency Rentals, we’ve worked with property investors for years and know exactly how to increase our clients’ rental returns.
Our talented team of rental experts will be able to leverage their experience and expertise to help you boost your returns.
Here are some of the things a Honolulu property manager can do:
- Advertise your property
- Source high-quality tenants
- Set the right price for your rental
- Organize inspections
- Collect rent and chase arrears
- Advise on easy upgrades to boost your ROI
- Handle complaints and maintenance issues
Ultimately, we know that investing in a rental property can be stressful, and our mission is to make this journey as smooth as possible for you and your tenants.
So, if you need help renting your property, don’t hesitate to get in touch.