Aloha!
Here is your Choice Advisors Property Management third quarter newsletter! We're excited to bring you the latest updates, insights, and trends in property management on Oahu. In this edition, we'll explore essential tips for property owners, and share the importance of property maintenance. Thank you for entrusting us with your property management needs, and we look forward to serving you better with each passing season.
As we approach the end of 2023, the rental market on Oahu continues to thrive, boasting resilient rental rates with occasional upticks in specific areas. The visual representation below encapsulates the comprehensive long-term rental statistics thus far. In this dynamic landscape, the average rent for 1-bedroom units stands at $1,943, 2-bedroom units command a rate of $2,560, and 3-bedroom units allow owners an average of $3,463 a month return on their investment. These figures not only reflect the current state of the market but also offer insights into the evolving housing trends on the island.
WE COULDN’T HAVE DONE IT WITHOUT YOU!
We are extremely grateful and honored to share with you that we have been ranked #6 for Hawaii's Fastest Growing Companies for 2023 with a growth rate of 402.02%! This accomplishment would not be possible without you, our clients. Mahalo for your trust and referrals!
Oahu Quarter 3 Rental Stats Report
Preserving Property Value: 3 Essential Practices for Long Term Success
Maintaining the value of your property is not just about aesthetics; it's a strategic investment in your asset's longevity and market appeal. Here are three key practices that can help you retain and even enhance your property's value over time:
1. Regular Inspections by a Property Inspector
One of the most effective ways to preserve your property's value is through routine inspections conducted by a professional property inspector. These inspections serve as a proactive measure to identify potential issues before they escalate, ultimately saving you time and money.
Receiving a comprehensive report detailing the condition of your property, complete with photographs and detailed descriptions of any concerns. This allows you to address issues promptly, preventing small problems from becoming costly repairs. An inspector's keen eye can catch issues such as water damage, structural issues, or potential hazards that might not be immediately apparent to the untrained eye.
2. Mid-Year Reviews Conducted by Your Property Manager
A mid-year review, conducted by your property manager is part of our services offered by Choice Advisors Property Management, and is a valuable tool in ensuring your property remains in top-notch condition. This review involves assessing the overall performance of the property, from the functionality of appliances to the general wear and tear of the interior and exterior.
By conducting mid-year reviews, your property manager can address any emerging concerns and implement preventative maintenance measures. This not only enhances the property's aesthetic appeal but also contributes to its overall longevity. Regular reviews are also an excellent opportunity to engage with tenants, fostering a positive landlord-tenant relationship and ensuring that everyone is on the same page regarding property maintenance.
3. Streamlined Repair Requests Through Tenant Portals (Buildium)
In today's digital age, technology plays a crucial role in property management. Our tenant portal with Buildium can be used for repair requests which significantly streamlines the maintenance process. Tenants can easily report issues, attach photos, and provide detailed descriptions through the user-friendly online platform.
The advantage of our tenant portal is the efficiency it brings to the repair request process. Landlords and property managers receive timely notifications, allowing them to address problems promptly. This not only satisfies tenants but also prevents minor issues from escalating into major repairs, safeguarding your property's value.
In conclusion, a proactive approach to property maintenance is key to retaining its value over time. Regular inspections, mid-year reviews, and leveraging technology for repair requests are integral components of a comprehensive strategy. By investing in these practices, you not only protect your property but also ensure its sustained market appeal and financial viability.
CAPM Tip: Update Your Passwords!
When changing your passwords, keep these tips in mind:
- Use complex passwords with a mix of letters, numbers, and symbols.
- Avoid easily guessable information like birthdays or common words.
- Use a unique password for each account.
- Consider using a reputable password manager to keep track of your passwords securely
We Provide Commercial and Multi-Family Management
Whether you own a retail space, apartment complex, condominium or a single-family dwelling, our experienced team is equipped to handle every aspect of property management, from tenant screening and leasing to maintenance and financial management. With our commitment to exceptional service and attention to detail, we look forward to assisting property owners in maximizing the value and profitability of their investments across various property types. For more information contact us at propertymanager@choicehi.com or call 808.784.4488.
Our Website Property Search Feature
We are happy to announce that we have launched our Choice Advisors Property Management website! This site allows both Tenants and Owners 24/7 access to valuable resources and information about the Oahu rental market.
2023 CAPM Promotion
As a token of our appreciation for your loyalty, we would like to offer a special promotion for 2023. If you refer someone who uses our property management services in the new year, we would like to thank you with a gift voucher for $150 to be used toward our property management services in 2023. This is just one way we can show our appreciation for your referrals.