Choosing a Property Management Company in Maui?
Finding the team to meet your goals can be difficult. Here are 5 key questions to ask when determining if a residential property management company is right for you.
1. What is your specialization?
Property Management can be commercial or residential. Within residential, there are multiple areas of specialization: short-term vacation rentals, long-term rentals, association management, and second home care management.
When choosing your team, you want to work with people that specialize in your segment. At Maui Property Managers, we specialize in long-term rentals and second home care management.
2. What technology do you use?
In the modern era, property management companies should use technology for effective workflow management. There are numerous tools available to property management companies, and this is what they should do: property marketing, online rent collection & remittance, financial reporting, vendor management, maintenance management, and document management.
Maui Property Managers utilizes Buildium, a robust property management technology that services more than 10,000 property management companies in North America. This ensures we provide industry-leading data security, payment technology, and workflow management for our clients.
3. How do you retain tenants?
Without tenants, a property is accruing costs while generating no income. Effective property management companies can limit vacancy events through being successful in two areas: tenant placement and tenant care.
Effective tenant placement is utilizing an enhanced screening process to verify intentions for use, income, credit, criminal background, delinquencies, identification, landlord references, and workplace references. Choosing the right tenants leads to longer tenancies.
On-going tenant care is ensuring your property manager is taking care of tenant requests for maintenance and repairs in a timely manner and by professional contractors. Poor maintenance management is the leading cause of tenants breaking lease or not re-signing.
Maui Property Managers retains tenants by utilizing industry-leading Enhanced Tenant Screening. We spend resources upfront to make sure we recommend the right tenant. Once selected, we pair them with our minimum lease length of 2 years, with 2-year extensions and no month-to-month contracts.
Maui Property Managers has a 24-hour policy for maintenance scheduling. This means that within 24 business hours of receiving a request for repair or maintenance, we will have contacted and scheduled the relevant service contractor. A safe, maintained home leads to longer tenancies.
4. How do you manage maintenance and repairs?
Property owners want to make sure their properties are maintained responsibly. Repairs and maintenance should always be conducted by licensed, insured, and registered contractors.
If a contractor conducts work without insurance and that work leads to property damage or personal harm, a property owner could find themselves unable to recoup that cost from insurance providers or be personally liable for harming a tenant.
Maui Property Managers works with preferred vendors who are licensed, insured, and registered for all major areas of property care: plumbing, electrical, gas, landscaping, minor & major repairs.
5. What are your fees for your services?
Property Management fees for long-term residential rental management are typically 10% of monthly gross income, plus additional fees for marketing, leasing, re-leasing, and a % of repairs and maintenance. Some Management companies will also offer discounted rates for multiple properties under management. It is important to know exactly what to expect on your financials.
Maui Property Managers charges 10% of monthly gross income, with no additional fees. This includes everything from tenant placement up to ongoing scheduling and maintenance. We do not markup vendor bills, and all receipts are always available in our Owner’s Portal.
Finding the right property management company is critical to optimizing returns and maintaining the health of a real estate asset. Spending the time upfront to make the right decision will save you time and energy in the long run.
An effective property management company should ‘make property easy’.
Brayden Bullen – Founder – Maui Property Managers