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Hawaiian real estate can be a lucrative investment, but managing the properties is by no means a form of passive income. With the right property manager, though, real estate can feel like a passive investment. If you value your time and prefer to focus on your primary career, now is the perfect time to hire a professional property management company.

Maximize Profits This Year

Tax time is right around the corner, and compiling all the receipts from last year should provide a clear picture of each property’s financial health. As you go over this paperwork, consider how a property manager could have made each unit more profitable last year.

property managerFor example, did one unit sit empty for three months? Chances are a property manager could have rented it in a matter of weeks because they have access to resources that most landlords do not. Did you spend thousands renovating a unit following a disaster? Property management companies often work with local contractors to provide clients with the most affordable repairs possible.

Maximize Your Deductions

Since you can deduct management fees, hiring a property manager at the start of the year will allow you to maximize deductions and minimize headaches for the year. If you’re concerned about losing rental income despite the perks, review last year’s profits to determine if it makes financial sense.

Some management companies charge a flat fee per year while others ask for a small percentage of the rental income every month. Either way, a few simple calculations should reveal if you can take a more hands-off approach to your investment properties in 2018.

 

If you are looking for a reliable property manager in Maui, turn to the skilled and knowledgeable team at Classic Maui Properties. Based in Pukalani, they are proud to serve clients all over the island, and their team is led by a certified appraiser who has nearly 40 years of experience in Hawaii real estate. Visit their website to learn more about the property management services they provide, or call (808) 878-1001 to discuss your needs today.  

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