At Elite Pacific Properties, we do more than help our owners find tenants and collect rent. We also want to help you maximize what you earn on your luxury Oahu investment property. The years of experience we have in this market have allowed us to come up with some strategies for earning more and spending less on your rental property.
If you’re ready for your investment property to perform better, we hope you’ll contact us. Until then, check out some of these ideas we have for maximizing your Oahu rental property income.
Avoid Vacancy and Turnover Costs
One of the largest costs faced by real estate investors is a long vacancy. You’re not earning any money on a property that isn’t occupied. When you have a short-term vacation rental, you want to make sure there’s a steady stream of renters who are in place, even in slower seasons. With your long-term rental, it’s important to attract tenants who will continue renewing their leases, eliminating the cost of turnovers and vacant homes.
The best way to avoid vacancy is to price your property correctly and to demonstrate that you provide value and service to the people who rent your home. Make sure you study the competition before you attach a rental value, and compare what you offer to what those other homes offer.
Once the home is priced accurately, utilize an aggressive marketing and advertising strategy to get tenants into place quickly. Good renters will help you earn more on your rental property, and they’ll also help you preserve the condition of your property.
Keep Your Property Updated and Well-Maintained
Luxury homes require excellent maintenance. The condition of your home has a major impact on the amount you can charge in rent and the pool of tenants who are competing to live there.
Good tenants will be willing to pay more for a home that’s clean, functional, and attractive. Offer special features and custom upgrades to really maximize your rental income and attract the best possible pool of renters. Conduct routine inspections and pay attention to every detail. Repair and replace anything that’s broken or not in perfect condition.
Once you have someone renting your home, make sure you’re responsive to their repair requests and maintenance needs. Even minor issues should be taken care of right away; this will ensure your property doesn’t fall into disrepair or accumulate deferred maintenance, and it will also increase your tenant retention rate by keeping your residents happy.
When you provide a high-quality home, you can ask for and receive higher rents.
Work with Professional Oahu Property Managers
The most important thing you can do to earn more money on your luxury rental property is to work with a professional Oahu property management team. Your property managers will help you earn more income, rent to better tenants, and be proactive when it comes to maintenance. Property managers ensure rent is collected on time, keep you in compliance with all state, federal, and local laws and regulations, and understand how to effectively inspect, maintain, market, and care for your rental home.
We take care of tenant retention and tenant relationships, and we also have the resources to access the best and most cost effective vendors and contractors.
Contact us at Elite Pacific Properties, and let’s start earning more on your luxury Oahu rental home.