30 Nov 2021
How to Choose a Hawaii Rental Management Company?
Whether you are looking for a new home investment, are interested in transitioning your home into a profitable rental, or are looking for a new property management company - Hawaii Life is your authority on all things rental management! Keep reading for The Top Five W's (and one H) you need to know when choosing a property management company.
Who Can Benefit from Hiring a Property Management Company?
Anyone who owns a home and is interested in renting can benefit from the added value of a rental management company! The reasons people decide to hire a company instead of a DIY (do-it-yourself) approach range from wanting to increase bookings and revenue, to having experienced professionals assist with guest services, coordinating maintenance, and protecting their investment.
As our homeowners generally do not reside near their Hawaii property, our local team manages all of the day-to-day operations, stays up-to-date on Hawaii legislation and permit requirements, and is prepared to secure the homes during island emergency situations such as hurricanes, floods, and lava flows.
A property management company can give you peace of mind that your home remains protected, profitable, and available for YOU to enjoy when you are ready for a vacation.
What Services Are Included in Property Management?
When seeking a management company, it's important to choose a full-service company that not only offers management of daily operations and guest services but truly has your best interest in mind.
Here at Hawaii Life, our model separates property management and maintenance from booking services because we understand that protecting your investment is just as important as generating business. We focus on Long Term Property Protection, Maximized Revenue Generation, Exceptional Guest Experiences, and Authentic Relationships and Support with our Owners. Learn more about our specific services, Here.
How Do the Finances Work?
How much do property management companies charge?
Hawaii Life charges a competitive management fee dependent upon home location and current market.
How much profit can I make?
A 6% to 10% return on investment annually, after all, expenses and mortgage payments are covered, would be considered a successful vacation rental. If you plan to use the residence frequently, covering your maintenance and management expenses could be considered a sufficient return. We are happy to work with you to help you meet your specific rental goals!
How much do property managers charge for repairs?
Generally, a property management company should organize repairs and maintenance as part of a management contract. If the scope of any repair is outside the scope of the property management contract, then the Hawaii property manager may charge additional fees. At Hawaii Life, our property managers will coordinate and supervise the repairs by drawing on our vetted maintenance personnel. The actual cost of the repairs is at the homeowner's expense.
Why Choose a Rental Management Company for Your Hawaii Home?
Imagine trying to maintain and coordinate all of your home's and guests' needs from afar! At Hawaii Life, we are real people living, working, (and playing here in Hawaii!) We have years of expertise working with individuals renting their Hawaii properties. We know what it takes to have successful short- and long-term vacation rentals. We have offices in every major town in Hawai’i, so when an issue arises, we respond quickly and can be your eyes and ears on the ground. You just won’t find this level of security and local expertise if you work with a larger nationally affiliated property management company.
When to Consult with a Property Management Company?
If you’re thinking about setting up your home as a rental property and would like someone to walk you through the steps, discuss logistics, and define goals, it's time to connect with us! Or, if you’re already renting and would like to learn more about the services we offer, how we can help you reach more guests, increase your bookings, and decrease the amount of time and stress associated with managing your rental.
If you have more questions, we are happy to connect with you and learn about your rental property needs and goals. Book a free consultation with our highly knowledgeable property management team and find out how the Hawai’i Life advantage can take your investment to the next level!