Should You Hire a Kona Coast Property Manager? The Answer Depends on You!
13 February 2020
Hawaiian Dream Properties
If you haven't asked the question yet, we'll ask (and answer) it for you today: should you hire a Kona Coast property manager? The answer to that question depends on the answers to a few questions you need to ask yourself.
Hiring a property manager is a big decision.
It's not only "if" you should hire one—but "which one" is the right one for you and your Kona Coast property.
Your Kona Coast property manager should be an asset that helps you grow your rental property income.
How do you know "if" or "when" you should hire a property manager on the Kona Coast?Keep reading to find out.
Where Do You Live?
It's hard enough to be a landlord when you live near your rental property. If you aren't close enough to make frequent visits for maintenance and to check in with tenants, you'll struggle to manage your property long-term.
Most Kona Coast investment property owners don't live on the Big Island: they live primarily on the mainland.
Property owners purchase homes here for retirement later in life.
If you're not here—and your life is elsewhere—it's challenging to manage a rental property long-distance. A Kona Coast property manager is an excellent solution for you!
A local property management partner will have the experience needed to keep your Kona Coast property profitable and in excellent condition. When it's time to retire, your investment home is ready to be your home!
Do You Own More Than One Property?
Let's say you do live on the Big Island: one property can be manageable for a while as a DIY landlord—but it's time-consuming. If you want to grow your portfolio by adding more properties, you'll need help to keep up with landlord tasks. This kind of growth is nigh impossible for solo landlords who live on the mainland.
A Kona Coast property manager can scale up with you as you're ready to increase your long-term wealth—without any additional work on your plate. Adding more properties and managing your current properties is what property managers do best!
Expert property managers have processes and resources in place to make sure your tenants are happy in your well-maintained rental home.
Do You Have a Full-Time Job?
For many landlords, managing a rental property is a "side-gig."
They have full-time jobs during the day.
In the evenings and on weekends, many landlords redirect their energy to managing their rental property.
Being a landlord is also a full-time job. It's challenging to offer a well-maintained home and provide excellent service to tenants when you're only available during nights and weekends. Plus, the whole point of retiring on the Big Island isn't to work! Living on our beautiful island means relaxation and the free time to rekindle your "Aloha Spirit."
If you're working a day job while juggling your landlord tasks on the side, it's time for a Kona Coastproperty manager. Focus on your day job and filling your free time with friends, family, and the things you enjoy while we manage your investment properties to fruition.
Is It Expensive?
When considering a property manager, your first thought is probably about your bottom line. Can you afford a property manager? If your goal is to increase your profits, a property manager can seem like an unnecessary expense.
Let us rephrase the question for you, so you ask can ask yourself the right one: can you afford not to hire a property manager? If you want to build your long-term wealth and have the retirement of your dreams, the answer to the right question is "no." You cannot afford to keep managing your rental properties without a property manager when you're a long-distance landlord.
When professionals manage your property, you'll see a boost to your bottom line. Here are a couple of ways that a Kona Coastproperty manager makes that happen:
Setting the right rental price: Are you making enough money on the monthly rent? A skilled property manager will run a rental analysis that helps determine the "Goldilocks" rental rate for your property. A price set without the right analysis could be costing you money every month!
Benefits of scale and efficiencies: Property managers already have a process for everything. They know what your property needs, and they have the resources to make it happen cost-effectively. Your bottom line improves when you spend less money on contractors, fixing expensive mistakes, and trying to market your property solo.
Tax-time help: As a long-term rental owner, are you having trouble maneuvering the GET? If you're a short-term rental owner, you also have to manage the TAT. Thankfully, your Kona Coast property manager can help you understand how to apply GET and TAT taxation to your rental property.
Property management isn't free. However, the increase in your profits—and your peace of mind—far outweighs the cost of a professional property manager.
There's No Question: It's Time to Hire a Kona Coast Property Manager!
Be sure to ask yourself these critical questions before hiring a property manager. However, if you don't live on the island—and you plan to add more properties to your portfolio and increase your income—there's no question: it's time to hire a property manager!
Not all property management companies on the Big Island can provide the same level of service: make sure you choose the right one! Hawaiian Dream Properties has experience managing Kona Coast rentals—and the resources in place to improve your profits. Our expertise enabled us to put together a FREE guide for landlords interested in finding the property manager right for them!
When you download your copy, you gain access to insider tips on what to look for in your property management partner. When it comes to your Hawaiian Dream, don't settle!