Posted Friday, December 11, 2020 by Corcoran Pacific
If you’ve decided to
rent out your Oahu property, you’ve made a great decision. The rental market in
Hawaii is full of stable, highly quality tenants, and
well-maintained homes are always in high demand. Whether
you’re renting out a home you’ve inherited or a
property you once lived in yourself, you’re probably
wondering how to get started.
At Elite Pacific Properties, we’re ready to help you get
started. All of this can be overwhelming if you’ve never
been a landlord before. Contact us, and we’ll keep the
process organized, professional, and stress-free.
These are some of your most important first steps.
Decide if You’re Renting for Long Term or Short Term
The first major decision you have to make is whether you want
a long-term lease or if you’d prefer to rent your
property out to short-term vacationers. There are pros and
cons to each scenario. Vacation rentals are always in demand
and you can get more money per-night, but they require a lot
more management and oversight. They’re also highly
dependent on the tourist season. The recent COVID pandemic has
not been great for short-term rental homes.
Long-term properties provide consistent income and stability.
You won’t earn as much on a nightly or weekly basis, but
you will be able to budget better, and you won’t have to
provide furnishings and linens.
Preparing to List your Oahu Rental Property
Before you can find a tenant and start collecting rent,
you’ll need to take care of a few housekeeping
Removing any of your own personal property from the house
and having it thoroughly cleaned.
Ensuring everything at the home works and functions the way
Pricing your home competitively to reflect the market and
Creating some curb appeal to make sure your home looks
attractive, welcoming, and move-in ready.
photos. Pay attention to lighting and angles and take more
pictures than you need so you can be selective.
Finding and Screening Oahu Tenants
Your rental property listing should go online so you can
attract as many potential tenants as possible. Use all the
popular rental sites, including Zillow, Trulia, HotPads,
Rentals.com, and Zumper, among others.
When tenants begin to call and text, it’s important to
be responsive and schedule showings. Walk your prospective
tenants through the property and answer their questions. Offer
them a chance to apply for the home, and then make sure you
know how to screen those applications.
Screening is especially important and you should check credit,
eviction history, and criminal backgrounds. You’ll also
need to verify income and employment, and we recommend you
talk to current and former landlords. Make sure you are
following all fair housing laws and documenting your process.
Managing and Maintaining your Rental Property
Once you’ve approved a qualified tenant who meets all
of your requirements and is ready to move in, your next step
is to manage a few additional leasing details, such as
collecting the security deposit and other move-in funds,
reviewing and signing a lease agreement that’s legally
enforceable and compliant with Hawaii’s rental laws, and
performing a thorough move-in inspection to document the
condition of your property.
When all of that is done, it’s time to set up
processes for things like rent collection, accounting, lease
enforcement, inspections, and maintenance. You’ll need
to be prepared to respond to both routine maintenance and
emergencies at your property. Make sure your tenants know how
to reach you at all times, and start developing relationships
with local vendors so you’ll have a team of plumbers,
electricians, HVAC technicians, and other repair people
available to help and familiar with your property.
We’d be happy to help you get started. When you’re
ready to rent out your Oahu property,
at Elite Pacific Properties.