Why Hire a Property Manager?
Setting the right Rental Rates:
While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
Collecting and depositing monthly rent payments on time:
If you've ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow. Sun Properties sends out monthly statements which itemize all income and expenses (if applicable).
Marketing and Advertising your Property:
Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials---a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
Managing Vendor Relationships:
Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it's almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, they'll oversee any necessary maintenance projects.
Ensuring Your're in Compliance:
Enabling you to invest in geographically distant Properties:
If you manage your own properties, you're pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.
Maximizing the Profitability of your Time:
Maximizing the profitability of your time: By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.
Following State Law and Code:
One of the most important aspects of property management is being sure that you or your manager follow state laws and codes. Sun Properties uses only up to date Hawaii Board of Realtors contracts and follows Hawaii State Tenant/Landlord code.
Maximizing the Profitability of your Money:
Most property managers charge a percentage of your property's monthly rental rate in exchange for their services. The rate typically runs anywhere from 10%-20%, which is generally less than the money you save by hiring a professional to take care of your property.