Property Management Advice about Renting Out Luxury Properties in Oahu

Posted Friday, January 15, 2021 - By Kim Grennan

 

Owning luxury investment property in Oahu comes with a unique set of challenges. Whether your luxury home is a vacation rental or meant for long-term tenants, you need a property management team that has experience in properties like yours. 

At Elite Pacific Properties, we manage luxury rental homes for local investors and owners living out of state. We understand how to maximize your rental property income and ROI. We also understand the high expectations of your residents. 

Contact our talented Oahu property management team at Elite Pacific Properties when you’re ready to rent out your high dollar home. 

 

Increasing Revenue on Your Oahu Investment Home

Earning as much as you can on your luxury rental property means setting the bar high.

When you’re trying to increase the amount you’re bringing in every month, you need to know where the market currently rests so you can price your property accordingly. You don’t want to leave any money on the table. Luxury rental properties command top dollar, and you don’t want to hurt your cash flow now and in the future by not charging enough rent. Make sure you’re at the top of what the market demands.

We can help increase revenue by pricing your property correctly and attracting and retaining excellent tenants. When you have a renter who pays on time and takes good care of your home, you’ll have an easier time driving up cash flow. 

The best properties need the best amenities and the sharpest details. We’ll recommend any necessary improvements that will drive up your rental price and keep you competitive with other high-end homes on the market. These upgrades will also increase your sales price when you’re ready to sell. 

Luxury rentals should have granite counters, stainless appliances, and hardwood or tile flooring. Paint should be fresh and landscaping should be attractive and low-maintenance. If this is a vacation rental, you need high quality linens and every necessary kitchen utensil.

 

Decreasing Expenses on Your Oahu Investment Home

Your Oahu property management company should know how to keep your costs down, even when you have a luxury rental home on the market.  

Some fixed expenses are always difficult to negotiate. However, with preventative maintenance strategies, consistent lease enforcement and routine rent collections, you can save money on your rental home every month. If you’re automating many of your systems and taking advantage of technology, you can save yourself both time and money. 

For long-term leases, tenant retention will save you money on vacancy and turnover. Regular heating and cooling service calls will save you money on emergency maintenance and system replacements. Having relationships with fantastic, cost-effective vendors will ensure you’re not paying more than you should on repairs and maintenance.

 

Oahu Property Management for Luxury Rental Homes

Consider what you pay vendors and contractors for maintenance. Your price is likely a lot higher than what a good property management company will pay. Why? We can provide a lot more business to that vendor, so the economy of scale works in our favor. We get the best prices and most competitive rates. That saves our owners on routine and emergency maintenance all the time. 

We also invest heavily in technology, giving us the tools and resources that self-managing landlords simply cannot access. We can do all of our marketing, screening, bookkeeping, and documentation electronically. Tenants pay us rent online and we pay our owners through direct bank deposits. Everything is more efficient, and that keeps costs down and profits up. 

There’s a lot more available to professional property managers, and when you’re renting out a luxury property, you need high quality service from professionals who understand the dynamics of a tenant relationship. 

We’d love to help you earn more on your investment properties. Contact us at Elite Pacific Properties for customized help with your rental homes.

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