On Tuesday, I was thrilled to inform the seller of Waikoloa Colony Villas 2404 that their condo had officially sold. Congratulations!
When I first put the successful vacation rental condo on the market, I needed to schedule showings between multiple renters while collaborating with the seller, buyer agents, and property management team. I worked tirelessly to keep everyone in the loop at all times, a process that required superior communication: a key component in rental property sales.
What About Future Rental Reservations?
With the real estate market evolving over the past few years, an influx of interested parties keep their eye on the real estate market as their interest in rental property is piqued. When buyers first begin looking into a short-term rental property, most seek out the corresponding rental history and presence of any future reservations.
Some properties that sell with future rentals say either:
- Future reservations must be honored.
- Future reservations can be negotiated.
- Future reservations do not need to be honored.
*Please note that even if you decide to honor all future bookings, there is no guarantee renters will see this through.*
Colony Villas #2404 was managed by a professional management company and was sold with future reservations. The buyer elected to go with their own professional management company, and a property manager viewed the condo during escrow to offer recommendations. It was a pleasure to work with professionals on both sides of the sale in pursuit of a smooth transfer of future rentals for both the buyer and seller.
Who Has Ownership of Reviews?
One important thing to note about a rental property purchase is that not all reviews transfer: especially concerning this specific sale, with two property managers on either side. Property managers own these reviews, and some companies claim they own future reservations (which is good to know if you cancel with them!).
So Many Small Details to Consider
Buying and selling a home is not easy. So many tiny details matter, especially when transferring future rentals between guests. Honoring these guests and not invading their space is a challenge but truly important. With limited access to the home during escrow, proper preparation and organization go a long way.
These crucial details include considerations such as:
- How many Spectrum cable boxes are needed or returned?
- Are all keys and codes available for transfer to the new owner?
- Do any personal items need to be removed?
- Who will transfer the short-term permit to the new owner?
- Is there a leased parking stall? Does the HOA need to credit the owner?
About the Condo Community
Waikoloa Colony Villas is so popular with long-term renters and homeowners thanks to three primary factors:
- All condos include an attached garage directly into the kitchen for easy unloading (looking at you, Costco members!).
- There is plenty of extra parking in the complex, including extra spaces residents can lease. This is rare on the Island!
- Two large pools are offered for resident enjoyment, one on each side of the complex. This configuration is fantastic because neither pool gets very busy, and all condos are located close to a pool.
Assisting the seller of this rental property was an honor, and their review of my services truly humbles me.
“We have worked with numerous realtors over the years having bought and sold close to twenty properties. Leeana was the best realtor we have ever worked with. Her professionalism, knowledge, ideas, communication and responsiveness were the best you could ask for. She made what can be a difficult process much easier. We highly recommend her.”
– Seller of Colony Villas 2404
If you have questions about selling or buying a rental property here on the Big Island, let’s schedule a call so I can share my relevant experience and have the honor of helping you out!
With the warmest aloha,
Leeana
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