The average home price in Kailua-Kona, Hawaii, is currently $685,000.
That is not an insignificant amount of money. If you're going to spend so much to invest in rental property, it's important that you take good care of that property.
One of the ways you can do this is through effective rental property management. But what exactly does that entail?
In this post, we'll go over 3 of our best tips for good Hawaii rental property management.
Keep reading to learn more.
1. Stay On Top Of Maintenance
One of the most important parts of property management is maintaining the property. Keeping it in good condition helps you to lower expenses, attract the best tenants, and get the highest rent possible.
It's much easier to stay on top of maintenance and be proactive, rather than being reactive once something has already become a significant issue. So, as soon as you notice a potential issue, such as a leaky roof or signs of pests, the problem should be handled ASAP.
Being in Hawaii, some of the biggest issues to look out for will include damage from termites, taking care of the AC unit, and keeping an eye out for any mold or mildew due to the tropical climate.
2. Develop a Thorough Tenant Screening Process
Even though it can be scary to have a rental sitting vacant while you look for a new tenant, it's crucial that you still take the time to thoroughly screen any applicants.
One way to do this is to have a set system for screening anyone who applies. This should include all necessary credit, rental history, and criminal background checks to make sure they'll be responsible tenants.
It's also a good idea to set a certain amount of notice your current tenants must give before vacating. Then, make sure that once they've given that notice you do your best to find a new tenant before they even move out.
3. Hire a Local Property Management Company
Especially if you don't live in the area yourself, having someone to manage the day-to-day operations of the property can be a game-changer. A local property management company will understand how things work on the island and will know about any unique challenges that you or your tenants may face.
Hiring a property manager can save you time and stress and allows you to focus on other parts of your business. You can either hire a full-service rental property management company or simply outsource the parts of the business you like handling the least. Either way, it will make your life much easier.
Do Rental Property Management Right
Owning rental properties in Hawaii is a dream for many. If you've achieved it, make sure to take care of the property through good rental property management.
If you're looking for property management in Hawaii, look no further. Contact us today and see if we're the team for you.