By Locations Rental Staff
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June 2, 2021
There are several benefits to hiring a professional property manager to oversee your rental property. A property manager acts as a buffer between the property owner and tenants—taking the headache out of owning and operating a rental property.  Furthermore, if you do not live in Hawaii, you will need to retain a property manager, since Hawaii law requires landlords who do not reside in Hawaii (or who reside on a different island than their rental property) to hire a property manager on the same island as the property. What does a Property Manager do? A property manager can help to find qualified tenants, collect rent payments, ensure that the property is well-maintained, and handle maintenance requests and other tenant issues. Property managers can also help to oversee evictions and other legal processes. Assess the property A property manager will visit the property to determine if any repairs or upgrades are needed before you can list the property for rent. Your property manager will also help you to determine market rent for your property, so that you can maximize your profit. Get a free rent analysis Market the property A property manager will also take photos of your property and advertise it where the most potential renters will see it. When you list your rental property with Locations, we’ll ensure that it’s advertised on our website and Oahu’s Multiple Listing Service (MLS), as well as various property rental websites, like Rentals.com and apartments.com, rental publications and our own network of real estate agents. The result: Minimal vacancy time and the maximum rental income that the market will allow. Screen prospective tenants A property manager will process rental applications to identify qualified tenants for your property. This includes running credit checks, national background checks and verifying prospective tenants’ income. By properly screening prospective tenants, a property manager can help you to avoid many potential issues down the road, like tenants who have a history of failing to pay rent or have left previous rental properties in poor condition. Manage paperwork and collect rent A property manager will ensure that the rental agreement is signed by both parties, and that the tenants understand and agree to adhere to all the terms of the contract. A property manager will also ensure that your tenants pay their rent in a timely manner, so that it can be distributed to you on a reliable schedule each month. If a tenant fails to pay their rent on time, a property manager is able to enforce rent collection, including collecting late fees and, if necessary, initiate the eviction process. Handle maintenance requests When tenants encounter a maintenance issue, such as a broken refrigerator or a leaky faucet, a property manager will coordinate repairs, including letting maintenance personnel into the property and determining which party is responsible for repair or replacement costs. A property manager will also conduct routine periodic property inspections to ensure that your property is maintained properly. Deal with legal issues Property managers are well-versed in landlord-tenant laws, so if issues arise with your tenants, they are able to resolve them in a manner that can help you, the landlord, to avoid a costly lawsuit. Some of the legal issues that property managers handle include lease negotiations and terminations, rent collection and evictions. Property managers will also ensure that your rental complies with property codes and safety laws, such as disclosing lead-based paint and making sure there is a working smoke detector in the home. How much does it cost to hire a property manager? Property management fees vary, but the industry standard is 10 percent of the property’s gross annual rent. This fee structure incentivizes property managers to find (and keep!) qualified tenants. To learn how Locations Property Management can help you to manage your rental property, please contact us at (808) 738-3100.