Hiring an Oahu Property Manager vs. Self Managing - What is Best for You?

Posted Friday, September 18, 2020 - By

Smart investors know that hiring a professional Oahu property manager can lead to higher profits and fewer headaches. Many landlords think they have the time to manage their own rental homes, but quickly realize that there’s a lot more involved than simply finding a tenant and collecting rent. 

At Elite Pacific Properties, we have the experience and the knowledge to effectively manage your investments. Whether you’re renting out one home or an entire portfolio, leave the leasing, management, and maintenance to us. Self-managing might seem easy enough, but it’s actually pretty complicated. Mistakes are easy to make, and they’re usually expensive. 

We’re here to serve as your Oahu property management resource. Check out why the professional management services we provide are better for you than self-managing.

Lower Vacancies and Better Oahu Tenants

The tenant you place has a huge impact on the money you make and the investment experience you have. High quality tenants will make on-time rent payments. They’ll promptly report any maintenance issues, and they’ll be easy to communicate and work with. Bad tenants, on the other hand, often result in late or missing rent payments, property damage, and the potential for eviction. 

Maybe you’ll place a great tenant as a self-managing landlord, but there’s also a chance that your tenant won’t pay rent on time or will bring in unauthorized pets or people. You’ll spend a lot of time and a lot of money chasing down late rent, sending notices, and threatening eviction. 

A professional Oahu property manager has the tools and resources to conduct a thorough screening. Credit and criminal backgrounds will be checked and employment and income will be verified. We will contact prior landlords and place a tenant who hasn’t been evicted in the past and doesn’t owe former landlords thousands of dollars. 

Maintaining and Protecting Your Oahu Rental Property 

If you decide to self-manage, you’ll need to know who to call in the middle of the night if a water tank explodes or a sewer line starts leaking at the rental property. You’ll need a list of vendors you can trust; professionals who are licensed, insured, affordable, and willing to make late night and weekend visits when necessary. Tenants will need access to you 24 hours a day. 

When you work with a management company, you’ll be kept informed about the repairs that are needed at your property, but your managers will already have outstanding vendor and contractor relationships in place. You’ll also have an experienced professional keeping an eye on your investment, ensuring its condition is preserved and its value is always increasing. 

State, Local, and Federal Landlord and Tenant Laws

Hawaii has strict requirements when it comes to rental housing, and there are also a lot of federal laws that require attention and compliance. The Fair Housing Act dictates how you market your property, screen your tenants, and lease your home. You’ll need to know the difference between a pet and a support animal. Security deposit timelines and regulations have to be followed.

Keeping up with the constantly changing legal landscape is important. Self-managing landlords make a lot of costly errors without intending to violate the laws they aren’t aware of or don’t understand. Your property management company can protect you from these mistakes and ensure you and your property are in full compliance. 

These are only a few of the reasons you should work with a professional property manager. If you’d like to hear more about the benefits of working with a great local management company, please contact us at Elite Pacific Properties.