On Oahu, unlike in many other real estate markets, property management is a separate world from buying and selling real estate. So many rental homes and condos exist on Oahu that property managers specialize solely in managing properties and have little to no interaction with the sales market on a regular basis. Since renters are so plentiful, landlords rarely even offer a fee for an agent bringing a renter to a property. You will find that agents who manage property and Realtors who assist buyers and sellers full-time rarely have relevant information about each others’ sides of the business.
So, when it comes time to sell the property you’ve been renting out, is your property manager a good fit?
The Case For
– Your property manager is used to fixing things. Tenants can be rough on a property, and property managers have many vendors ready to make repairs. (But so do good Realtors.)
– Your property manager knows the home well, hopefully. If you feel they know your property quirks and condition inside and out, and the property isn’t a simple one, using your property manager can lead to a smooth sale, since so many items are required to be disclosed to a buyer.
– If your property manager is communicating with you promptly and well, by all means consider him. This will be the person you’ll be dealing with several times per week for a few months.
The Case Against
– Property managers are typically bogged down in repair issues, tenant troubles, and paperwork. That takes a lot of time away from studying and participating in the real estate market. When it’s time to sell, does your property manager know the market pace, current contract strategies, and consumer expectations?
Compare these two photos of home interiors
– Property managers are not typically skilled at marketing or home staging. It doesn’t take much to attract a tenant in Honolulu. A posting on Craigslist and some poorly-lit iPhone photos are enough to have tenants waiting in line to apply. Selling your home for top dollar, however, is another story. To yield the most money, your property needs to be cleaned, repaired, staged, and marketed by a company with international reach.
Compare these two photos of home exteriors
– Being priced appropriately for the market is key. I often see properties mis-priced by management companies. Overpricing is not easy to recover from, and underpricing means the seller doesn’t walk away with as much cash as possible.
– Realtors who buy and sell are excellent communicators because we’re used to dealing with buyers and sellers who expect instantaneous answers, especially in a fast-moving market like this one.
– Realtors who are always operating in the buying and selling market are always in contact with other agents and are keeping up those relationships. There’s a good chance they know someone who will bring your buyer.
A Realtor will bring a keen eye and attention to detail to your home sale, and will be mindful of the timeline of the transaction and your needs as a seller.