Oahu Rental Market Assessed By New NARPM President
By the end of 2009, real estate agents and property managers were reporting reduced rental rates and longer vacancy periods. Rental ads were typically including offers of “one month free rent” and rent reductions.
Darlene Higa (RA), RMP, the newly installed president of the Oahu Chapter of the National Association of Residential Property Managers (NARPM), attributes current market characteristics to consumer uncertainty about the economy.
“As property managers and real estate agents, we are constantly reviewing conditions of both local and global markets…and we believe that many prospective tenants, as well as buyers and sellers, are taking a ‘wait and see’ approach,” Higa said.
“Although the market appears to have stabilized and activity was starting to increase again in 2009, fore-closures continue to rise and banks have also seen an increase in short sales and ‘work-out’ plans. When a property is foreclosed upon, home owners may be forced to rent if they are not able to come to an agreement with the lender. This activity leads to competition among rental units.
Rental applicants are becoming more selective when viewing a prospective unit/home.
“As these and other changes occur in the marketplace, the education that NARPM offers and the opportunity to network with other property managers at our monthly membership meetings and national conferences become even more valuable as sources of information we can use to benefit our clients.
“Another important function of our NARPM Chapter is performed by the Government Subcommittee which tracks bills introduced in or passing through the State legislature that impact landlords and tenants. The Subcommittee plays an important role in reporting back to membership on these bills and providing testimony on behalf of the property management industry.”
NARPM Oahu Chapter Installs 2010 Officers
The National Association of Residential Property Managers (NARPM), Oahu Chapter installed its 2010 officers at a luncheon meeting held at the Japanese Cultural Center on January 12, 2010.
Darlene Higa (RA), RMP, a property manager with The Realty Company, Ltd., has been elected President. Other officers are: Vice-President – Laurene Young RMP of Lui & Young Realty, Inc.; Secretary – Cheryl Kunimoto of Marie Hansen Properties, Inc.; Treasurer – Pat Young RMP of Lui & Young Realty, Inc.; Past President – Primrose Leong-Nakamoto RMP, CRS, GRI, ABR of Nakamoto Realty LLC.
The National Association of Residential Property Managers is a professional organization that promotes, offers, and encourages education, designations, and networking as a resource to assist members with ideas, knowledge, and professionalism in their role as property managers.
A NARPM member must subscribe to a strict Code of Ethics and Standards of Professionalism. Designated members must complete certain experience requirements, as well as provide service to the general public with their knowledge on property management.
NARPM awards the (RMP) Residential Management Professional and (MPM) Master Property Manager designations to members who have met the specified requirements of experience and education.
The Oahu Chapter, the largest in the nation with approximately 166 members, holds monthly membership meetings with guest speakers and offers property management education to the general public at a seminar held annually in August. The 2009 seminar was sold out with 245 in attendance; another sellout is anticipated in 2010, so early reservations are encouraged.
See More Listings