Property Management | CENTURY 21

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Property Management


 

Rental Property Management Information

Century 21Homefinders of Hawaii's goal is to relieve the property owner from the problems associated with property management and to maximize the return of your property.  We are a full service real estate company, with a progressive Rental Department.  Century 21Homefinders of Hawaii manages over 300 rental properties on the island of Oahu and Hawaii, and strictly adheres to the Hawaii Residential Landlord-Tenant code.

The following are some of the more common concerns or questions property owners have when choosing a professional property manager.

Initial Setup:  We require a $250 owner's reserve/retainer.  This is to cover any incidental costs for minor repairs, advertising expenses, and for any potential future emergencies.  Once we receive the Property Management Agreement and the owner's reserve, we can begin immediate advertisement and place of a tenant in your property.

Rental Rates:  The rent amount will ultimately be what the market will bear.  We will keep you posted on the response from the ads and prospective tenant's comments about your property.

Initial Inspection With Owner:  We will suggest ways to get your property in a condition ready to be rented.  One of these suggestions will be to have your carpets professionally cleaned so that we can demand all tenants upon vacating also have it professionally cleaned.  General cleaning and any repairs that may be necessary are among our suggestions.  These steps will help get you more qualified and better tenants.

Insurance:  You must contact your insurance Agent to notify him that your property will be used as a rental.  Century 21Homefinders of Hawaii needs to be added as additional insured.  Please inquire of your insurance agent about loss of income coverage too!

Advertising:  We advertise in the daily papers and rental guides.  All costs are the owner's responsibility and will be paid from your account.  As a Century 21office, we also get a lot of rental inquiries on the phone every day as well as a number of walk-ins.

Tenant Selection:  Each prospective tenant must fill out a rental application.  A background check is made from the information provided.  We submit to the Credit Bureau of the Pacific for a credit report.  We check their references with prior landlords and verify income and employment.  Once we have a qualified prospective tenant, we will contact you, the owner, to discuss our selection.   

Check-In/Check-Out:  We conduct thorough on-site inspections before a tenant takes occupancy. At this time, digital pictures are taken.  We also inspect the property every 6 months as needed during the lease and immediately after he vacates.  If there are any repairs needed, you, the owner, will be notified.    When a new tenant is selected for your property, he receives a current inspection report and, if appropriate, an inventory list.  When he moves out, this careful documentation and the pictures help us identify any damage not due to normal wear and tear and charge it to the tenant.  This helps protect both your property and your pocketbook.

Repair and Maintenance:  When repairs are necessary, we will initiate work for the owner.  If the costs exceed the balance of your account, you will need to send payment immediately so we can proceed with the repairs.  In an emergency, we will initiate work to prevent further damage to the property and notify you as soon as we can.  We oversee all repair and maintenance work done for your property and work with you to establish an orderly long-range maintenance plan. 

Financial Statements:  To keep you fully informed about your property, we send you a property statement each month which reports income detail for the month along with a copy of invoices for any work done on your behalf that month.  Statements are processed around the 10th to the 12th of the month depending on weekends and holidays.  At the end of the year, you will receive a summary of the year's business activity for your property.

Fee Schedule:  We charge the following for our property management services:

  • Monthly fee:  Management fee is 10% of the income collected.  There is a $50 minimum. 
  • Initial Tenant Fee:  For placing a new tenant in a property, there is an additional 10% fee for the first month.  Each time your tenants change, the 10% Finder's Fee is charged for the first month.  The total fee charged the first month when placing a new tenant in a property is 20%.
  • HawaiiStateGeneral Excise Tax:  If you choose to have Century 21Homefinders of Hawaii withhold and pay this tax on your behalf, the tax is 4%.  

Failure to receive rent:  If rent is not paid within 5 days of the due date, we will do our utmost in collecting the delinquent rent and late fees.  If the rent is uncollectible we will send a late rent notice and you will be notified.  After the necessary time has passed from the receipt of the late notice by the tenant, you may secure an attorney to start eviction proceedings. 

Equal Opportunity:  We adhere strictly to the policies set forth by the Department of Housing and Urban Development and the Equal Opportunity Act to ensure that no one is wrongly discriminated against in selection of clients or tenants.


Member of:
CENTURY 21 Homefinders of Hawaii

Hilo, HI   -  808.935.7119