Who pays for advertising?
Our website and approximately 100 listing sites are included in the management fee. Currently we have found that utilizing Kona Coast Property Management’s website along with Craigslist has been sufficient. However, if additional print or paid advertising is needed, we will provide more information about available options and their rates upon request.
How much security deposit do you collect?
Hawaii’s Landlord-Tenant Code allows only the equivalent of one month’s rent as a security/damage deposit. The code also allows for a separate pet deposit that can equal up to one month’s rent. (This deposit would not apply to tenants with service animals.)
How do you screen prospective tenants?
We require an online application from each applicant over the age of 18, a clear credit record— score of 630 or higher is considered acceptable, good references from present and past landlords, and sufficient income from present employer. A criminal background check is also completed. With this information in hand, we can make a reasonable decision about the likelihood that an applicant will comply with the terms of the rental agreement.
We have a very diligent screening process for our applicants before they become Kona Coast Property Management tenants. Because of our tenant screening procedures and quick response to any irregularity, our property management program has few late rents or eviction problems.
What Happens If My Tenant Breaks Their Lease?
When the tenant breaks their lease, they are responsible for all expenses incurred to re-lease the property. The expenses include: the rent amount for the remainder of time before the expiration of the lease, fee paid to Kona Coast Property Management LLC for a new lease, any additional advertising costs or costs directly relating to the re-leasing of the property.
What Happens When the Tenant Doesn’t Pay Rent On Time?
Rent from all residents is due in our office on the 1st of the month. If rent is not received by the 1st of the month, the tenant is contacted and we send the tenant a 5-Day Notice to Pay or Vacate. In the event rent is still not paid, legal action will begin to evict the tenant.
When Should I Expect My Monthly Report and ACH (Direct Deposit) Payment?
The closing cycle of our monthly bookkeeping takes place on the 15th of each month. All owners are given access to their online portal where they can view their account balance by the next business day. At this same time, your ACH (Direct Deposit) payment is also transferred into the specific bank account of your choice. If the 15th falls on a weekend or holiday, your ACH payment and your monthly statement may be finalized on the next business day.
Should we furnish our residence or leave it unfurnished?
Many tenants who plan to rent long-term prefer unfurnished homes. Unfurnished homes (with major appliances only) can rent as easily as furnished properties and present less of a maintenance problem for the owner.
Tenants who are new to the island occasionally need a furnished place to live until they can get settled. Our property manager will discuss options with you during your first consultation. If you do decide to furnish, be sure you don’t leave behind anything that you are especially fond of. With rental property, there is always the possibility of damage. Please remember if an owner supplies an item in the furnished home, it will need to be maintained and remain in working order.
Can we prohibit smoking or pets at our property?
It is important to note that according to Fair Housing Laws and Regulations, pets and smokers are not protected classes here in Hawaii. All of our properties are non-smoking properties and we include this rule in every lease. We work with each owner individually on the possibility of accepting pets at their property on a case-by-case basis. Comfort or Service Animals are protected and are not considered pets. Families are a protected class and we do not discriminate based on family-structure.
How Should I Plan For My Insurance Coverage?
We advise all property owners to consult directly with their insurance agent to be certain they are carrying adequate insurance for their property needs. We require that Kona Coast Property Management LLC be named as additionally insured on your insurance policy for all properties we manage. We encourage all tenants during the move-in process to obtain Renter’s Insurance. This is also noted in the lease that the Owner’s Liability Insurance does not cover the tenant’s personal belongings, or any loss they might have during their tenancy. If they choose not to obtain Renter’s Insurance, we have another option called Tenant Liability Insurance that is provided through our software (please inquire for more information). Either way, we require all tenants to have some form of insurance to protect your investment property.
What does a property manager do?
A property manager is a contracted agent who is hired by an Owner to manage the day-to-day operations at the rental property. Their exact responsibilities will vary based on the type of property they are managing and the terms of the management contract. A property manager is not an onsite, residential manager.
KCPM property managers are responsible for, but not limited to, collecting monthly rents, disbursing funds to owners with appropriate reports, screening potential tenants, marketing the property and conducting showings, distributing appropriate notices, coordinating maintenance issues between tenants and vendors, manage move in and move out’s, conduct midterm inspections and having a firm knowledge of the Hawaii Landlord Tenant Code.
KCPM manages the relationship between the owner and the tenant.
What type of licensing and training does a property manager need?
Property management is a regulated profession, with high standards for practitioners. In most states, a valid license is needed to practice, with requirements varying by state. For more information, please go to http://cca.hawaii.gov/.