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Why Is Loss of Rent Coverage Important for Homeowners?

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If you’re a homeowner, I highly recommend that you get the loss of rent coverage that comes with your liability coverage on your homeowners policy.

I advise this because we recently had a big fire here in Honolulu, and it affected about 400 units of the building it was in. Though the fire was on the 28th floor of that building, it affected all the units below it because the water that the fire department shot into the unit that was on fire flowed directly downward.

“If an emergency happens, don’t get caught without loss of rent coverage.”

They’re still not letting people back into the affected floors of that building. In the meantime, the people whose units were affected that don’t have loss of rent coverage don’t have any rents coming in. Their HOA fees and mortgage payments, however, are still due.

If you have any more questions about how loss of rent coverage can help you as a homeowner, don’t hesitate to reach out to me. You can also reach out to Bradley Maruyama at Allstate for a free quote.

Thanks and aloha!

Did the Recent Equifax Breach Impact Your Credit?

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Credit protection is an incredibly important subject to those of who use credit in our daily lives. Recently, the Equifax data breach impacted 145 million people’s credit.

Good credit is extremely valuable these days. As an owner and a business manager in the rental management business, I can tell you that we always check credit.

We won’t accept people with a credit score below 620, which just goes to show how important your credit score is.

Personally, I recommend that you research the Equifax credit breach. Do so as soon as possible. Being unaware of your circumstances would be a huge mistake. With approximately 350 million people living in America, a massive portion of the population has been affected.

“Don’t wait until it’s too late.”

Having protection like LifeLock could make a big difference in the security of your credit. Don’t wait until it’s too late. Correcting your credit score can take between 60 to 90 days.

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

Owners, Rejoice: We’re Here to Help

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This month, I want to talk to you about some of the things we do to protect our property owners.

We have two reasons to be in your house: to protect your home and to put money in your account.

I live by those models, and I make all my decisions based on those two reasons to be in your home and manage your home.

If you do decide to use us, one of the things we do is a walkthrough. If we allow pets in your home, we will walk through the house every four months. We’ll get a picture of the pet and send it to you and get your approval before we even consider putting the pet in your home. If there is no pet (or a pet like a fish that won’t affect the flooring), we’ll come through every six months.

“We have two reasons to be in your house: to protect your home and to put money in your account.”

Walkthroughs are so important, for a couple of reasons:

1. They let the tenant know that we are looking out for the owners.

2. We’ll send the owners pictures of anything that’s affected by the tenant—if there is any damage in the house that we find on our walkthroughs, we will give the tenant a 10-day warning. If they don’t correct the issues within 10 days, then we’ll terminate the lease. This is listed on the lease agreement with the tenant, and they’ll sign their move-in addendum up front, as well as a pet addendum, even if they don’t have one.

Owners, we’re looking out for you. You are our first and only concern because you pay our bills, and I appreciate that. Please feel free to call me if you have any questions. Aloha!

How Does Our Rent Guarantee Benefit You?

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A rent guarantee is something no one else in Hawaii does, but we do.

This guarantee essentially means that we guarantee the amount of rent we can pay you as an owner.

If you’re thinking that’s crazy, that’s because it is. That’s how confident I am that our vetting and advertising processes will rent your home quickly.

We put our rent guarantee in writing once we’re face to face and after I’ve seen the home, its condition, and the surrounding neighborhood. If we advertise the home for 30 days or more under the terms of the guarantee and we don’t secure a tenant, we’ll pay you.

“We’re the only ones who provide a rent guarantee.”

We also provide an eviction guarantee that states if we vet our own tenant to rent your property and there’s an eviction, we will cover the cost.

Lastly, we provide a communication guarantee that acts as our promise that we’ll always be there to pick up the phone for you. I get a lot of business from a lot of other property managers because they didn’t do the same for their clients. You’ll have the property manager’s number as well as my own and our office’s.

If you have any questions or want to give this rent guarantee a shot, don’t hesitate to reach out to us. We’d love to help you.

How Do We Handle Water Leaks in Your Property?

Water leaks are one of the biggest pains we have in the home rental business. Here’s how you can avoid them before they even happen.

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Water leaks are probably the most menacing opponent we face in the home rental business. If you’re a homeowner/investor, I highly suggest getting additional rent loss coverage on your home for this specific purpose.

If you end up having a big leak, you’ll have to bear the full brunt of it most of the time. If we have a flooded unit, we have a tenant who can’t reside there. We will then have to immediately dry the unit out. However, that process takes three to five days to complete. During that time, you won’t be collecting any rent.

“HALF OF OUR LEAKS RESULT IN INSURANCE CLAIMS.”

About half of our leaks result in insurance claims. The sooner we can get to them, the better. If you end up having to lose rent for a month or two, it will be offset by the money you saved by having that extra insurance.

If you have any questions for us or you’re thinking about investing in real estate, give me a call or send me an email. I look forward to hearing from you.

Should You Allow Pets in Your Rental Home?

You can choose whether you want to allow pets in your rental property. Here’s what we recommend.

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One of the most common questions we get from homeowners is if they have to allow pets in their rental home. The answer is no. It’s totally up to you what kind of pets, if any, you will allow in your home.

However, keep in mind that eight out of 10 people in today’s market have pets. Especially when rent is up a little higher and families are out there looking. Most families have one or two children and one or two pets. It just comes with the territory.

If you do choose to allow pets in your home, our addendum helps protect you. We’ll go inspect the property every four months and look for pet damage, as well as any other damage. We’ll send you pictures of any damage, as well as a picture of the pet in the home.

“OUR ADDENDUM PROTECTS YOU FROM PET DAMAGE.”

We don’t take our pet policy lightly. We’re here to protect your home and put money in your account. If you don’t want to allow pets, that’s fine, but just know that you’ll be missing out on a huge part of the market and it might take us longer to find a tenant than normal.

If you have any other questions for us, don’t hesitate to reach out. We would love to hear from you soon.

Landlord or Tenant. Who Pays for Pest Control?

If a tenant leaves food out in the house and a rodent problem develops, who is responsible for pest control: the owner or the tenant?

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Pests can be a formidable adversary. Their job is to come into your house and find whatever food and water they can.

That’s why pest control is an incredibly important subject for tenants and owners.

As an owner, it is totally optional to carry pest control through the lease period of the tenants. That said, our addendum states that pest control is covered by the tenant.

Pest control includes rodent control. The owner has no control if tenants leave out food, which attracts pests—so they should not be held responsible. If rodent control is an ongoing problem mentioned in the owner’s interview, I would recommend that you continue to carry rodent control in your house.

“THE OWNER IS NOT THE ONE WHO ATTRACTED THE PESTS, SO THE OWNER DOES NOT INCUR THE COSTS OF PEST CONTROL.”

Rodents are brought in by food not being stored properly in the home. So, as I mentioned, since the tenant is the one who attracts the rodents, they are the ones responsible for the costs of rodent control.

Although pest control is important, I would say that 90% of my homes do not have a rodent problem.

If you have any other questions about pest control or would like to learn more about how we take care of your investment properties, just give me a call or send me an email. Feel free to check out our site as well. I would be happy to help you!

Hawaii Pacific Property Management Helps Owners “Clean” Up On Rent

Our move-out addendum ensures that your property is always in good condition. Here’s how it works.

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The Hawaii Landlord-Tenant Code is a 29-page document that spells out all the expectations for owners and renters. Here at Hawaii Pacific Property Management, we add an additional 14-page addendum to our rental contract called a “move-out addendum” that we wanted to talk to you about today.

This addendum states that the tenant will get professional services to clean the home and leave it in the same condition it was when they moved in. To ensure this, we require tenants to sign the agreement up front before they move in. We also require them to provide receipts for any carpet cleaning or maid services they use. This way, there are never any questions about the condition of the property. It will look the same each time a tenant moves out.

“WE PROTECT YOUR HOME AND PUT MONEY IN YOUR ACCOUNT.”

We do two things very well: We protect your home and put money in your account. If you need help with either of those things or have any questions about real estate in general, give me a call or send me an email. I look forward to hearing from you soon.

When Do You Get Paid for Your Investment Property?

As the owner of an investment property, how do you get paid? I’ll explain the process today.

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One of the most common questions we get is, “How do I get paid?”

It’s pretty simple. We collect rents on the first of every month. Hawaii has a “no grace period” law for tenants, which means that rent is definitely due on the first.

It takes a couple of days to process the payment but thanks to ACH and the magic of online banking, our owners will get paid on the fifth of the month.

We do all of the behind-the-scenes work to manage your property. However, the only thing you need to know is that we make the rent appear at no hassle to you.

“RENT IS ALWAYS COLLECTED ON THE FIRST OF EACH MONTH.”

When you work with me, you don’t have to pay any money up front. If your property needs repairs, the cost will be taken out of the rent. Don’t worry—we don’t do anything without your permission, and you will be communicated with about everything via text, email, or a phone call.

If you have any other questions about your payment or would like to learn more about how we can help you, just give us a call or send us an email. We would be happy to help you!

How We Discern Between Wear & Tear and Tenant Damage

Discerning the difference between normal wear and tear versus actual damage is a difficult but important part of property management. Here’s how we handle it.

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How do you discern wear and tear versus damage in a rental property? Getting a property condition form filled out correctly is one of the biggest problems I face in my business.

The standard property condition form is four pages and it’s very extensive. We require tenants to fill out this form on their way in within the first 10 days of living in a unit. We then go back in on a 10-day walkthrough to remove your lock box and collect the property condition form. During that time, we walkthrough each item on the form that’s listed as damaged or not working properly.

“GETTING A PROPERLY FILLED OUT CONDITION FORM IS ONE OF THE TOUGHEST PARTS OF PROPERTY MANAGEMENT.”

If we commit to the repairs during the 10-day walkthrough, they’ll be repaired at the owner’s cost.

Wear and tear means things like scratches and scuff marks on the stairs, walls, and bathtub, dirty mirrors, and yellowing on the toilet. We have to determine whether it’s wear and tear from living in the unit or damage from negligence by the tenant. Our job is to make that determination for our owners upon move out.

We also do a six-month walkthrough to make sure the home is cared for, four months if the unit allows pets. We provide pictures of the walkthrough, guaranteed.

If you have any questions about assessing wear and tear or damage in a unit or you’re interested in our property management services, don’t hesitate to give us a call or send us an email. We’d be glad to speak with you further.

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