Ola Properties get paid on a Commission Basis. This means that if your home is vacant, we don’t get paid. As a commission, we charge 10%, plus tax (GET) of the base monthly rental rate. In addition, we charge a Leasing Fee of an additional 10%, plus tax (GET) for the first month that we place a tenant, so the first month’s commission would be 20%, plus tax (GET). We do not charge a re-leasing fee if tenants renew their lease or if for any reason we need to write more than one lease in a 12 month period.
Are there any other fees I must pay other than your management fee?
Hawaii considers income from the rental of property as taxable income. Therefore, the Owner must pay General Excise Tax (GET) on the gross monthly rent. The current GET rate on Oahu is 4.5%. If desired, Ola Properties can withhold, file and pay your GET for a small fee.
Who pays for advertising my home?
There is NO Charge to you for advertising your home. Our technology and expertise allow us to offer advertising of your property at no additional cost to you. We advertise through our own website, Zillow, Hot Pads and many other websites. As Realtors, we are also able to advertise rentals on the Honolulu Multiple Listing Service (MLS) at no charge.
How do you screen potential tenants for my property?
When a prospective tenant is interested in your property, Ola Properties conducts a very thorough screening process. The screening starts as soon as we speak to the potential resident on the phone or meet them at the home, taking the time to get to know them and their needs. If we feel they are the right fit for your home, we then proceed with credit and criminal background checks, as well as employment, prior landlord, eviction, personal references and ID verification.
Do I Need to Hire a Licensed Agent as a Property Manager?
The Short Answer is “No” under certain conditions. Please see our video below.