With record-low home prices, many homeowners are deciding to rent out their property instead of putting it up for sale. This change in strategy for the future of their home may have created an unforeseen issue…property management.
You could now face new questions. Are there laws governing rental properties? Who is responsible for repairs to the property? How does one go about finding responsible tenants? These are all good questions, and one that can be answered by quality property managers. Here are a few things you should consider when thinking of hiring a Kauai property management company that I’ll refer to as the ABC’s of property management.
- Ask – When seeking a property management company, ask questions to clear up any confusion you may have about the process.
- How will they market your property to achieve the best rental income and select qualified tenants?
- Are they current on all the landlord-tenant codes and laws?
- What procedures are in place for the collection and disbursement of monies owed?
- Benefits – Consider the benefits of a property manager to determine if hiring one is right for you in your situation.
- Reputable property management companies offer “peace of mind” to the owners while protecting their investment.
- Property managers serve as intermediaries to resolve any issues between owner and tenant before they become major headaches.
- They can provide credible resources for maintenance of the home to guarantee professional work of any repairs.
- Cost – Review your finances to see if the cost of hiring a property management company fits into your budget.
- Most property management companies charge between 8-10% of the monthly rent to cover their services depending on the extent of their involvement with your property.
- Marketing of the rental property (Newspaper ads, internet, posted signs) is usually covered by this fee.
- The property manager will discuss any repairs that need to be made to the home and determine if the owner or tenant is responsible for covering those costs.
While these are just the basics when considering a property management company, this is vital information you need to familiarize yourself with to better understand the process. Hiring a qualified Kauai property manager does not have to be a daunting task as long as you do your research.
At Taba Realty & Development, we offer property management services to homeowners and businesses. We currently manage a number of houses and companies across the island. Please contact us if you are interested in hiring a Kauai property management company or if you have any questions to determine if our services are in line with your expectations. You may visit our Kauai Property Management Services link on our website at www.tabarealty.com for more information about the property management services we provide for our clients.
If you have a piece of Kauai real estate you need managed or have any questions about our other services, please feel free to contact us at (808) 742-7110.
Erin Koshi (RA) is a Kauai real estate agent at Taba Realty & Development, LLC in Koloa. The company specializes in Kauai real estate, whether residential and commercial sales, residential and commercial property management, development services or consulting. Please feel free to comment on this post. You may contact Erin at firstname.lastname@example.org.