Kona Property Management Supports Portfolio Growth!
19 March 2020
Hawaiian Dream Properties
Owning investment properties in Kona is a passive way to earn extra income—right? That can be true—but the reality of "passive" income means that someone else does the work for you while you enjoy the profits.
Rental properties do not manage themselves! So, how can investment property owners who don't live on the Big Island generate this kind of investment income for a large portfolio? You need the help of expert Kona property management!
When you live full-time on the mainland while owning multiple investment properties in Kona, you can't take care of the daily, hands-on work required for a profitable portfolio. Long-distance management gets even riskier if you have invested primarily in short-term rentals. The crackdowns on unlicensed vacation rentals in the Kona area has led many investors to move towards the stability of a long-term property.
Kona property management provides the support you need to generate genuine passive income from your Big Island portfolio! Here's how your property management partner supports each of your properties to grow your income.
Empty Properties Are Expensive
You're only making money from your long-term investment properties when you have reliable renters! A vacant property means you're losing money: the longer you go without a tenant, the more money you lose toward your long-term wealth.
However, not just any tenant will do:
How can investment property owners find quality tenants to reduce vacancy times after a renter moves out?
What can you do to keep excellent renters in your property long term?
The right Kona property management company has the experience to:
Start searching for a new tenant right away
Market your property to attract high-quality tenants
Screen tenants to place the best renters in your properties
Provide 24/7 accessibility that encourages residents to stay longer.
Those things are challenging to do when you don't live in Kona! Your local expert property manager has the resources to handle multiple properties as well—so you don't have to worry about your portfolio from afar.
A Professional Touch Makes a Difference
You could have a neighbor help keep an eye on your property and tenants. However, the professional presence of an expert property manager helps tenants feel like they have a dependable resource to contact while they live in your rental home.
Your tenants know from the start they are always dealing with professionals who can be relied on to provide prompt maintenance and answer any concerns. From official letterhead to a physical office, all communications and maintenance appointments have an "official" presence that carries through every interaction with your tenants.
Kona is a beautiful, desirable place to live, retire, or own investment properties. Despite being situated in paradise, it's also a place where plenty can go wrong with unattended property.
From hurricane weather to squatters, your property can sustain unexpected damage.
If a tenant suffers an injury on your property, you could be liable to compensate them while they recover.
To protect yourself from the costs of expensive damage or tenant lawsuits, property owners need the right kind of landlord liability insurance for your real estate investment properties.
A Kona property management expert has you covered! There's no need to wonder about what kind of insurance you need or if you have enough. Your property management partner can guide you through everything you need to stay covered on the Kona Coast.
Fixing What's Broken—24/7
Poor maintenance services are one of the biggest complaints from tenants—and one of the most common reasons tenants leave a property. Just because you have a slice of paradise doesn't keep the grass from being greener on the other side!
When you try to manage multiple rental properties on your own—especially long-distance—it's tough to be available anytime your tenant has a maintenance issue. Your renters will quickly start to feel unheard and neglected if a maintenance request goes too long without a response or a repair.
Only the best property managers on the Big Island support their property owners with 24/7 maintenance services.
The right property manager should provide a way for tenants to report a problem at any time of day or night.
Your property management pick should also have a team of contractors available to schedule a repair right away.
Expert Processes Make it Easy to Grow
Choosing the right Kona property management means finding experts with the best experience and proven process for rental properties on the Big Island. With the right processes in place, it's easy to grow your portfolio even more! When you're ready to add more investment properties, a property manager with proven strategies can quickly incorporate your new property—so it starts making money for you right away!
You also need a property manager who also stays current with the latest in Hawaii rental law. We mentioned before that there are different operating laws for short-term and long-term rentals.
Maintaining your profits and long-term financial goals means avoiding fines for operating a short-term vacation property that violates new or changing laws. Transforming a short-term rental into a long-term property is easier when your property manager understands the laws and can help you stay compliant.
Choose the Best Support for Your Properties!
Not all property management companies offer the same quality of services! When it's time to choose the best Kona property management company to benefit your portfolio, make sure they provide the level of support you need to help you reach your long-term financial goals.
Hawaiian Dream Properties has the expertise you need to find peace of mind about your investment properties on the Big Island! Get started for free by downloading your copy of our guide on how to find the best property manager. It's full of insider tips to help you find a property management partner who can help your investment portfolio grow!