- How do you determine what fair market rent is?
Every week we analyze what current market conditions are based off of currently available units, coupled with what comparable's have recently rented for.
- How does your tenant screening process work?
Our Rental Application, which is in full compliance with Fair Housing laws and the Landlord-Tenant Code, helps us to gather detailed information on applicants. We verify current and past employment as well as current and past landlord references. We also access tenant credit reports to evaluate their history of paying bills on time, and check for any past evictions. And, like mortgage companies do when applying for a loan, we look at debt to income ratios to determine if the tenant is capable of handling their rental payment.
- What is General Excise Tax (GET), and do I have to pay it?
This is a tax specific to Hawaii, and is levied on virtually all business activities conducted throughout the State, including the rental of real estate. This tax is imposed on gross rental proceeds. On Oahu the GET is 4.5% effective January 1st, 2007. All other islands are taxed at 4%. The difference is due to Oahu’s planned Mass Transit System. If you currently are engaged in the rental of real estate, you need to have a GET license number. If you do not have it, let us know and we can help you obtain one. Here is an informative link provided by the State of Hawaii: http://state.hi.us/tax/a7_faq.htm.
- What are your rent collection and disbursement policies?
Rent is due on the 1st of the month, typically with a 3 day grace period. This grace period can sometimes vary depending on specific tenant circumstances, which you will be made aware of. After rent is collected, various property-related expenses are paid out of rental proceeds. These expenses include any bills to be paid on behalf of the owner as outlined in the Management Agreement, as well as any advertising or repairs related to the unit. After these expenses are taken care of, any remaining rental proceeds are then distributed to the owner on the 10th of the month (exact day can vary based on owner’s location and if electronic deposit is being utilized.)
- What if I have more questions not covered on your website?