Monday, September 18, 2017

The Current Market

For over a year now, many rental proeprties on Oahu have had to lower rental prices in order to get renters. Our market is directly affected by the military presence here - more soldiers and their families have been moved off island than have come in. In addition, new batches of housing have become available on base for those families that are here - which has significantly decreased not only the demand in the rental market but also the money available from renters.

Keeping a higher price means your property will most likely sit vacant longer. In the past when demand was higher than supply, we would get multiple applications for one property, and properties would rent in one to two weeks.

Today, when we show a property, we get feedback that the potential tenant is looking at 5-10 other units that same day/week, and we have seen many rentals sit for several months empty. It's rare to receive applications these days, and we are not the only company seeing this. This is being seen across the island for all types of properties and from all property management companies.


Having a nice unit in a good location will not be enough to get a good renter these days. Price is one of the biggest factors because of the large amount of inventory. Keep this in mind when pricing your rental unit in today's market. 

Amanda Frazier, R, RMP (RB-21435)
Cornerstone Properties

Property Manager and Chief Operating Officer 

Friday, November 4, 2016


The Top 14 Things Landlords Wish Tenants Knew


 (Taken from: http://time.com/money/3697636/landlord-tenant-renters-tips-advice/) 


In this business, it's a lot about people management more so than property management - communication is key, and knowledge is golden. 

An article from Money Magazine put it so well... 14 things Landlords wish their Tenants knew. Let's take a look at their insight:

"1. Pay your bills on time. 
Seems fairly obvious, I know, but many tenants believe they can pay every other bill before they pay the rent. Want to stay on our good side? Please pay your rent on time.

2. Always try to be polite. I will, too. Being polite and calm really does go a long way. You would not like it if I left you snarky or angry screaming messages on your voicemail. I know sometimes issues can seem to linger on and on, but we really are doing our best to get things resolved.
3. Listen to our instructions. We tell you things for a reason. If we show you how to trip a breaker or turn a gas valve off, listen. It may just save your butt. If we tell you there will be a hard freeze tonight and to please let your faucet drip, don’t call us the next day and complain that your pipes have frozen and you need to do laundry. I can’t control the weather, so you will just have to wait until it warms up.
4. Help us. We try to take care of our properties, but we can’t be everywhere all the time. Is there something we need to know about? Tell us. Is something broken? Let us know. Help us by being our eyes and ears.
5. Tell the truth. Did you or your kid flush something down the toilet and stop it up? Then tell us the truth so we can get the problem resolved as quickly as possible. After a dozen years in this business, we can almost always determine the culprit anyway.
6. Please just leave me a message. If we do not answer your call, do not hang up and call over and over again. There are times we simply cannot take your call. How do you think we are going to feel when we finally answer you after you have called five times in a row? It had better be a matter of life or death.
7. Understand that we have a lot going on. Sometimes other tenant’s issues may take priority. We know about your issue, and we will get to it just as soon as we can. We might for example need to make sure everyone has heat before taking care of your dripping bathroom sink.
8. If you get in a bind, talk to us. Communication is key! Tell us what is going on. Did you lose your job? Has your roommate gone off the deep end? We have been there before, and we know what it is like. But if you do not talk to us, there is no way we can help you. Please do not put your head in the sand and hope whatever problem you are having will go away. It will not, and things will only get worse.
9. Treat my property and the people who do work for me with respect. You would not believe how many people are just plain rude to the people we send over to try and fix their problems. Plus, how do you think we are going to react if we see that your place is a mess or that you are causing damage? Disrespecting our properties or our help is a sure way to create an adversarial relationship.
10. Work with me. We know you have a busy schedule. So do we, and trust us, we want your issue resolved as quickly as possible too because we have a dozen or so more to deal with. It all goes much easier if you work with us on times and arrangements. You might have to put up your dog for a day or allow us into your apartment on your day off. We hate to disturb you, but we will be done and out of your hair just as soon as we can.
11. Trust me. We are not going to steal your stuff or try and stiff you. Yes, we know some landlords might, but not us. If we say we need to get into your home, it is for a legitimate reason.
12. Follow the rules. They are there for a reason. They were explained to you when you moved in, and you agreed to follow them. It just makes life harder for all of us if you choose to ignore them. If you could not live with the rules, then you should not have moved in.
13. Respect your neighbors. Would you appreciate a loud party the night before you need to make a major presentation at work or before your final exams? No, you would not. Remember that you live in an apartment building, and you have neighbors — sometimes very close neighbors. Think about how your actions might affect them. I’m not saying do not have any fun; just try to be considerate.
14. Hide your weed. Just please do this. It is technically against your lease, and you really never know when there will be an emergency and who will need to access your place. [the only exception to this by State Law is Medical Marijuana which is still Federally illegal. If your lease states NO SMOKING, you CANNOT smoke marijuana even if it is under a Medical license.] 
A lot of the above is just common courtesy and common sense. But for those few — and you know who you are — please review and follow the above and let’s make your stay with us as pleasant as possible."