At Elite Pacific Properties, we consistently work with investors who live outside of Hawaii, and we understand the unique needs that come with owning a property you are not geographically close to. In these situations, there’s more at stake than rental income. You’re also pursuing the peace of mind that comes with knowing your Oahu investment is protected and well maintained.
Here are some important items to consider when you’re looking to protect your out-of-country investment properties:
Work with Exceptional Local Vendors
When you cannot take care of repairs and maintenance yourself, you’ll need a reliable team of vendors and contractors who can handle these things in your absence. You’ll want to establish and maintain relationships with a good general contractor as well as plumbers, electricians, roofers, HVAC technicians, landscapers, and cleaners. Look for providers who can offer fast service and a high quality of work. You’ll need them to respond to routine and emergency maintenance calls, and help you prepare your property during turnovers.
Stay Educated and Informed
You may not be living in Oahu, but you need to understand the local real estate market and the developing trends that shape the rental landscape. Things change quickly in Hawaii, and you’ll need to know what’s expected in terms of fair housing, rental values, and tenant requirements. When you’re not here yourself, make sure you’re staying up to date on compliance with local, state, and federal laws.
Market trends are critical to a successful investment experience. You cannot accurately price your property, market it well, or make relevant upgrades and updates if you are not aware of what your competitors in your neighborhood, or what tenants are looking for in their next rental home.
Professional Oahu Property Management
Partner with a professional Oahu property management company. This is a good idea for any real estate investor, but it’s essential when you live in another state or out of the country.
Local experts will do an excellent job of protecting your property. They’ll respond to emergency and routine maintenance issues, make sure you rent is collected on time, and provide you with real-time information on how your property is performing.
A property manager in Oahu will know the rental market well, help you keep up with laws and trends. They will also be there to answer tenant questions, respond to their requests, and promptly handle any property-related issues that come up.
Professional management offers peace of mind and protects your investment. You won’t have to worry about vacancies or tenant placement. You’ll have experienced professionals working on your behalf to provide maintenance, lease enforcement, and general guidance on the protection and promotion of your investment.
Frequent and Innovative Communication
Frequent, open and reliable communication with your property managers is crucial to effectively managing and protecting your real estate investment. Look for a company that provides an online portal where you can send messages, check statements, access reports and other important documentation. You’ll feel more connected to your property, and you won’t have to worry about what’s happening in your absence. And, if your property managers are communicating responsively and proactively with you, you’ll know they are just as available to your tenants.
We’d love to talk to you about your Oahu investment property, and the services our company can provide. For more information, please contact us at Elite Pacific Properties.