Property Management Companies Kalihi Palama Honolulu Hawaii

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Are you a real estate investment property owner in or near Kalihi Palama Honolulu Hawaii? Ask yourself, do you know what your existing property management company is going to charge you next month?

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If you are in search of a flat rate real estate property management company in Kalihi Palama Honolulu Hawaii RentVestPM.Com welcome you! The number of property management companies in Kalihi Palama Honolulu Hawaii is quite substantial. However, whether you’ve had a positive or bad experience RentVest PM would like to show you how we make owning a rental property easy.

Precisely what do property managers in Kalihi Palama Honolulu Hawaii do? Have you any knowledge of what Property Managers do? The truth is they perform several functions, with the primary one being rent collection. Collecting rent might be a demanding task for many propery owners. The greater number of property they may have to manage, the greater the task it is to remain on top of rent collection, but property managers manage the whole rent collection process.

In addition they manage upkeep issues. By way of example, they could send a maintenance guy to do regular maintenance or arrange for maintenance services when they are required. All you have to do is approve of payments or pre-approve payments in advance, this way the manager of the property won’t need to contact you each time repairs has to be done.

Finding prospective tenants who can pay their rent punctually is an additional thing property managers do. They may do credit report checks, conduct interviews and perform a complete background check. They know what to look for in relation to choosing renters.

Bookkeeping is typically incorporated with the services offered by property managers. They are able to maintain accurate records, which is useful when the time comes to file taxes. Bookkeeping is not really a fun task, but it should be done and it must to be done properly, which is the major reasons landlords should use property managers.

Hiring a Property Management Company in Kalihi Palama Honolulu Hawaii!

Getting a property management firm can cost you money, but it can save you time and effort. In case you have real estate which you own and rent to clients, whether they are businesses or residents, then there are many things to care for. If it’s only a few units, perhaps you could keep on top of it all, but if you get more, things could get problematic very fast, and property management will be a full-time job, which happens to be something you were trying to escape or currently have.

A property management company stands between you and the tenents, handling talks with renters, repair requests, yard work, and even interviewing and evicting tenants when required. In exchange, the home management firm collects a portion of the rent for their time, before filtering the rest to you.

As a property owner, your profit margin falls, but your schedule is totally free. Also, worthy property management services are definitely worth the money considering how they may do away with horrid renters that cost money, maintain your properties in good condition, and look for stable tenants that lower your vacancy rates and provide you steady and reliable rental income.

RentVest Property Management domination more than 12 markets as taking many other property management companies in Kalihi Palama Honolulu Hawaii off guard. The truth is that Kalihi Palama Honolulu Hawaii investment property owners had been asking for a reliable property management company in Kalihi Palama Honolulu Hawaii for quite a while but it looks like that no one was listening. RentVest is the agency of chores for many real estate property owners throughout Kalihi Palama Honolulu Hawaii and we would like the opportunity to show you what makes us different. Those looking for additional information on the services we offer at RentVest Property Management please stopped by our property management experts blog.

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How Real Estate Management Companies, Property Managers and Landlords Can Increase Rent Prices With Minimal Tenant Loss

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Notifying tenants of an increase in the monthly rent price for your rental properties is usually a touchy matter, especially since a rent increase can create vacancies that will need to be marked and filled when tenants choose to move rather than pay a higher rent monthly rent. Your rental unit pricing is a big real estate management decision. It is also a crucial factor on whether or not tenants decide to move or stay, so it’s important to tread cautiously when it comes to rent increases.

You want to offer your rental units at the fair market price, but you also want to retain the reliable tenants you have and avoid vacancies. Experience has taught us that renewing leases with great residents who’ve proven themselves to be reliable and conscientious is usually more valuable than a rent increase.

Still, you may decide that a rent increase is necessary to cover rising costs and maintain profitability. In that case, you’ll need to decide how much the increase should be, which is typically between 3-5 percent. When notifying tenants in advance, you’ll want to write a cordial rent increase letter to your residents. Keep the tone warm and include a brief explanation for the increase. Here are some examples:

• Increased costs of maintenance supplies and services needed to maintain the community’s safety and security standards, clean, inviting common areas, and landscaping and green spaces.

Other valid explanations for rent increases:

• Cost of living increases
• Bring the rent up to market value
• Property improvement costs
• Property tax hikes
• Increased utility costs
• Increased insurance premiums

Rent Increase Guidelines for Real Estate Management Companies

Every state has specific laws for rent increases by which you much abide. If you offer rent -controlled housing, your options to increase rent are much more restricted.

Some of the regulations to review in your state, county or city laws for raising rent include:

  • Rules for rent-controlled housing
  • Frequency of rent increases
  • Language requirements in your lease regarding rent increases during the term of the lease
  • Maximum limit for rent increases
  • Number of days’ notice you must provide before rent increase begins

It’s important to do your homework and make sure you understand what property managers and landlords can and can’t do when deciding to raise rent prices.  Generally, unless the lease specifies otherwise, you cannot raise rent prices before the lease expires. Real estate management companies, property managers, and landlords must also deliver a written notice of a rent increase, usually a minimum of 30 days before the increase takes effect.

In many states, unless the apartment is rent-stabilized, you can increase rent by any amount you choose—there is no limit— but you risk losing good, reliable tenants if your price hike doesn’t represent fair market value or seems unreasonable. A growing number of states are moving toward enacting rent increase limits on behalf of tenants.

Writing and sending rent increase letter that is amenable to tenants

Communication is key. A rent increase letter complies with rules for informing tenants and officially documenting it. Your rent increase letter should be pertinent, professional, and written in a polite, approachable tone. You can search for rent increase letter sample templates to use as guidelines.

When writing your rent increase notice letter, personalize it to your community’s unique identity, bearing in mind that money is a sensitive issue, communicating with tenants on a personal level helps remind them that you value them as people. This is your best approach for encouraging them to stay, despite the rent increase. Great tenants appreciate great landlords too, and a great landlord is one who makes his or her tenants feel valued.

When writing the rent increase letter’s greeting, use the tenant’s name, rather than “dear tenant.” Also, use “Change in Rent Notice” in the subject line instead of “Rent Increase Notice,” since the former doesn’t immediately elicit a defensive reaction from residents. In the letter, make it clear that tenants can contact you with questions and provide your email address and phone number. Make sure to thank them for being a valued tenant. Sign off with a personable closing phrase such as “sincerely,” “Best Regards,” or “Many thanks.”

Important information you must include in your rent increase letter:

  • Tenant’s name
  • Property address
  • Property manager or landlord’s name and contact information
  • Date the letter is written
  • Date the rent increase will take effect
  • Amount of rent increase
  • Current rent price
  • Rent price after increase takes effect

You can also structure the letter like a contract and insert a form at the bottom for the tenant to complete, sign and return. Wording on the form should read:

  • I agree to accept the new monthly rent price, effective XX-XX-XXXX date. (If selected, you can the tenant send a lease renewal letter.)
  • I do not agree to accept the new monthly rent price and will vacate by XX-XX-XXXX date according to the lease agreement.

To send the rent increase notice letters you can either hand-deliver them to tenants or mail them individually via certified class mail with a return receipt. Don’t email these notices, as you need to ensure the tenant acknowledges that they received the letter to prevent potential confusion or legal issues later. Follow up with tenants via email or regular USPS mail. Email is the most efficient follow-up method.

Make it as simple as possible

Coordinating rent increases, facilitating communication, and managing potential tenant turnover can be complex touchy. A good real estate management company is well-equipped to handle this task—they keep up-to-date on market prices, are well-versed in writing rent increase letters and lease renewals, working (and negotiating) with residents, and handling turnover.

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