Finding the right Kona property management company
is essential to your success as an investor. We know it can be time-consuming to talk to different companies and read online reviews, but you need to take the time that’s required to investigate the reputation and the customer service practices of any potential management company.
While there are many things to consider while you make this decision, five issues in particular are especially important.
Property Management Experience
You’ll want to know how long a property management company has been in business, and you’ll need to know where their strengths lay. Don’t hire a management company that specializes in commercial properties and apartment buildings when you’ve got a portfolio of single-family homes. Find out where their properties are located, and where they keep offices. This will tell you if they really understand your market. In Kona, there’s a unique rental market that requires a strong background in residential property management. You need a manager who has dealt with vacancies, maintenance issues, lease violations, security deposit refunds, and renewals.
Local Kona Rental Market Expertise
Experience in the industry is important. You want to choose a property management company
that has years of experience managing rental homes successfully. But, the number of years they’ve been in business isn’t as important as the depth of their experience in the local market. Make sure they understand the Kona real estate requirements and the local trends. You want to be sure your management company understands the market well enough to price your property correctly and make recommendations about updates and upgrades that will help you earn more and avoid vacancies.
Responsive Rental Property Maintenance
You don’t want to hire a property manager without knowing how they handle maintenance. A good management company will have a process in place for routine and emergency repairs. Ask where the vendors come from; are they in-house vendors or do they outsource the work? How are vendors selected? You don’t want anyone who isn’t licensed and insured working on your property.
Look for clear maintenance policies and a record of responsiveness to tenants.
Technology and Communication in Kona Property Management
Look for a property management company that’s willing to invest in technology. A lot of the work we do can be automated, and that leads to efficient and more cost-effective management. Work with managers who offer online portals for owners and tenants and direct deposits for rent.
Technology can also help with communication, especially if you’re a rental property owner who doesn’t live in Hawaii. You’ll want to be able to keep in touch, access information, and send messages at any time that it’s convenient for you.
Ask About Property Management Fees
Finally, look for transparency when it comes to fees and costs. You don’t want any surprises. Ask how much their services cost, what you get in exchange for those fees, and how they are paid. Most managers will take a percentage of the collected rent. Others will have a flat fee. There is no one way to collect fees, but you need to know what they are and how they’re structured. Work with a management company that provides accounting statements and reports. Look for a strong accounting background and a commitment to financial stewardship.
These are only the first five things you should look for when hiring a Kona property management company. If you’d like to hear more about what we recommend, contact us
at Hawaiian Dream Properties.