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When To Raise Rent

When should you raise your tenant’s rent? Let’s take a look.

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Landlords often ask me about when the right time to raise rent is. When I’m faced with this decision, I always look at the state of the market and the current market value of the property in question.

Hawaii’s average price on a single-family home is currently $810,000. This is the highest it has ever been.

If you were to rent out a property of that value, you would need to charge an average rental rate between $3,500 to $4,400 per month (depending on the allocation of certain costs) to make a 5% return on investment.  

The bottom line is this: It is a great time to put your investment property on the market to rent it out.

“It is a great time to put your investment property on the market to rent it out.”

Many clients who we’ve managed properties for have seen their properties double in value in just 10 years. And with rental rates on the rise, real estate investing is a wise move right now.

If you have any additional questions about this, please feel free to reach out to me or anyone on my team. We are all armed with the same information, and look forward to hearing from you soon.

Why Hardwood Flooring Is a Better Option Than Carpet for Your Property

If you’re trying to decide whether you want to install carpet or hardwood in your property, it’s a much better idea to go with hardwood. Here’s why.

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When it comes to reflooring your property, you’re much better off installing hardwood instead of carpet in today’s market. There are a few important reasons why.

First of all, carpet is out of fashion right now. If your home is already carpeted, you could replace it with more carpet for $1 to $2 per square foot, but carpet only lasts roughly three cycles long (or the tenure of three tenants).

With carpet, you also have to spend more time cleaning up stains and repairing the wear and tear, and if there’s a pet in the home, that problem only gets worse. This is why tenants with children, in particular, prefer not to live in a home with carpet.

“Hardwood is certainly a better choice than carpet in today’s market.”

Hardwood, on the other hand, lasts much longer, whether it’s vinyl or tile. Vinyl lasts anywhere from 25 to 30 years, while tile typically lasts longer than that, although it’s usually more expensive to install. Any wear and tear on a hardwood floor won’t be nearly as noticeable as it would be with carpet, either. It’s also worth noting that hardwood floors are almost completely waterproof.

As always, if you have any questions about this topic or there’s anything else we can help you with, don’t hesitate to reach out to us. We’d be glad to help you.

How Loss of Rent Coverage Protects Rental Property Owners

Don’t let catastrophic damage to your rental property impact your income. Instead, protect yourself with loss of rent coverage.

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If a catastrophic event like a fire or flood causes damage to your rental property, are you prepared? If such an event renders your property uninhabitable and the tenant is forced to seek residence elsewhere, you will no longer be able to charge them for rent.

As an example, the recent fires in Honolulu displaced some tenants for up to four months. For the property owners, this translates to four months of rental payments lost. Thankfully, there is a way for you to protect your income in such scenarios.

“When unexpected disaster leaves rental properties uninhabitable, loss of rent insurance can help.”

When unexpected disaster leaves rental properties uninhabitable, loss of rent insurance can help. This coverage compensates rental owners at face value of the lease amount. Your insurance agent will be able to elaborate on the specifics of this coverage and how it could be helpful for you.

If you have any other questions or would like more information, feel free to give us a call, send us an email, or visit our website: www.hipacificpm.com. We look forward to hearing from you soon.

You Won’t Find These Guarantees With Other Property Managers

At Hawaii Pacific Property Management, we care about protecting our clients. Today we’d like to share some information with you about two of the great guarantees we offer when you work with us.

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At Hawaii Pacific, we do things a little differently. One example of this is that we guarantee your tenants warranty against eviction. 99% of the time, other property managers will place the cost of eviction back onto you, the owner. And with the average cost of an eviction being between $1,500 to $10,000, it’s clear why you should be careful with your choice of property manager.

Hawaii Pacific Property Management covers all the legal costs in the event of an eviction for you. Beyond that, we also perform background checks on all potential tenants, which can help decrease the chance an eviction will occur in the first place. Not all property management companies can say the same.

“99% of the time, other property managers will place the cost of eviction back onto you, the owner.”

Other property management companies may even try to tell you they can’t rent out your home to begin with, but not us. Our rent guarantee secures you against this. We guarantee that we will be able to rent out your property by looking at and implementing the competitive rates we observe in the market.

You can read more about both of these great guarantees at our website www.HIpacificpm.com or by contacting us directly.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

How Security Deposits for Rental Properties Work in Hawaii

What is a security deposit and how can it be used? Today I’d like to clarify some important points on this subject.

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Security deposits are a crucial subject for anyone who rents out their property or is thinking of doing so.

First, it’s important to realize that you can only take one month’s security deposit in the state of Hawaii. The same goes for the pet deposit. At our company, we scale the pet deposit based on the size and breed of the animal.

“In the state of Hawaii, security deposits are used specifically for damage—not for rent.”

For pets over 50 lbs, the tenant will be charged a deposit between $800 to $1,000. We also require that the tenant take out an additional $10,000 liability policy if the animal is categorized as a “dangerous breed.”

For pets or otherwise, security deposits are intended to ensure that no damage befalls your property. In the state of Hawaii, security deposits are used specifically for damage—not for rent. A tenant who breaks their lease cannot just forfeit their security deposit in lieu of rent.

If you have any other questions or would like more information, feel free to give us a call, send us an email, or visit our website: www.hipacificpm.com. We look forward to hearing from you soon.

Do You Have to Allow Pets Into Your Home?

Whether you want to allow tenants to bring pets into your home is up to you, but I recommend that you do. This way, you can increase the amount of tenant traffic it gets.

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A common question we get from property owners who want to work with us is, “Do I have to allow pets into the home?”

Whether you want to allow tenants to bring pets into your home is up to you, but if you do allow it, you will have full control over your home’s pet policies. You can say what types of pets are allowed in, what size they have to be, etc. If a tenant has a pet, we will tell you its name and provide a description of it along with a picture before we even ask you if you are okay with allowing it into your home.

A great way to get around this issue is to say that pets are negotiable in your unit. I advise you to put that out there first and then see what types of tenants come in.

“In my experience, children do more damage to homes than pets do.”

In any case, if you limit the types of pets that can be brought into your home or forbid pets altogether, you are cutting down the amount of tenant traffic it can bring. Seven out of every 10 tenants in today’s market have pets. Usually, pet owners are very conscious of their pets and how to care for them. In my experience, children do more damage to homes than pets do. It is our policy to do four-month walkthroughs for any property that has a pet.

Sometimes, HOAs can have rules about pets that we must abide by because HOA rules supersede any house rules that we put in place.

My advice? Allow small pets into your home so you can increase the flow of tenant traffic toward it.

If you have any other questions about this topic or there is any other topic we can assist you with, feel free to call us or visit our website. We would be happy to speak with you.

Got a Rental Property? Let Us Take Care of It for You

Have you ever considered letting someone else handle the stress of managing your rental property? Allow me to tell you today how using a property manager could benefit you.

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As the landlord of a rental property, why should you use a property manager?

The reasons are actually fairly obvious: You need someone to protect and take care of your property. Our team does just that. We do everything we can to make sure your property stays in great condition, and we tailor our services depending on your circumstances.

For example, if you don’t allow pets on your property, we will perform a walkthrough every six months. But if you do allow pets on your property, we’ll perform a walkthrough every four months instead.

Also, in addition to providing you with a report from what we observed in the property during these walkthroughs, we’ll also give the tenant a report on the things they’re doing well and/or the things they could improve on.

“Our services will protect your home and put money in your account. “

When you work with us, you can feel secure that your rental property is being handled with great care. We screen tenants and perform background checks, regularly visit and check up on your property, and handle all of your home maintenance.

All it takes is 10%. For this small fee, we guarantee we’ll be able to get you a tenant faster and for more money. Our services will protect your home and put money in your account.

If you have any other questions or would like more information, feel free to give us a call, send us an email, or visit our website www.hipacificpm.com.

We look forward to hearing from you soon.

We Won’t Charge You Upfront

When you do business with Hawaii Pacific Property Management, we charge no hidden or upfront fees.

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I want to make sure that you know that if you do business with me, there will be no upfront fees.

I don’t want owners to have to pay out of their pocket to get their house managed. A lot of times, that means I’ll have to shoulder the costs upfront for the cleaning or small repairs needed in order to bring the home’s condition to 100%.

“The 10% that we charge our owners is all we charge.”

Down the road, if you have any maintenance issues that need to be taken care of, Hawaii Pacific Property Management will pay for that for you with your approval. You’ll get to see the full invoice on your portal site.

The 10% that we charge our owners is all we charge, and that is for the collected amount. If we have an amount that is short one month, and they come in on the 15th, then we only take 10% of that.

There are no hidden costs; I simply deduct that 10% when I receive the rent from the tenant.

If you have any questions, feel free to reach out to me. We’d like to work with you soon.

7 Reasons to Invest in Professional Property Management

Why do we charge a 10% fee? Because we offer all of this to every client.

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Today I want to make sure that everyone out there understands how Hawaii Pacific Property Management earns our 10% from our homeowners. Here are seven things that our team does to earn our check:

1. Incredible marketing.

2. A full-time maintenance department to answer your call anytime.

3. We conduct four-month and six-month walkthroughs.

4. We utilize professional photos and video.

5. We have a full-time office staff during the week to make sure all the invoices and statements are done correctly.

6. Rent guarantee and eviction guarantee. If we have to evict somebody that we put in your unit, we will pay the legal costs and appear in court on your behalf.

7. Communication guarantee. If you give us a call at (808) 445-9223, somebody will answer the phone, no matter the time of day or the week.

“All of the above is included in our 10% fee.”

All of this is included in our 10% fee. There are no other fees besides this. We believe our services are worth at least this much.

If you have any questions for us or would like to learn more about how we earn our customers’ business, give us a call or send us an email. We look forward to hearing from you soon.

Why Do We Take Professional Photos at Each Vacancy?

https://www.youtube.com/edit?o=U&video_id=gvCKkim_DFg

Why are professional photographs and videos important for your rental unit? I’ll explain today.

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As your property management company, we take care of pictures and videos of your property for you.

Pictures and videos are very important. If your car is not washed and shiny, it doesn’t look its best. We make sure that your unit is clean and vacant before we send a professional photographer in to take pictures and video.

“We commit to taking new pictures and videos every time your unit goes vacant.”

We also promise and commit to taking new pictures and videos every time your unit goes vacant. We need to have everything date-stamped for the court system. In case an unfortunate event happens and we have to evict somebody, we need before and after pictures at the ready.

These pictures come as part of our service at no cost to the owner. We’ll take pictures each time we get a new tenant in as part of our 10% fee. There are no rental fees, rental buffers, or maintenance buffers.

If you have any questions, just give us a call or send us an email. We would be happy to help you!

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