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Our mission at Team Lally is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

What Is the No. 1 Mistake That Investors Make?

Most real estate investors make the same mistake. They don’t increase their rent.

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We've been receiving a lot of questions about this topic lately, so today we want to talk to you about investment properties.

The most common mistake investors make is not raising the rent. They put a tenant in place and keep the rent the same for years. The rent covers the payments, and if they pay on time, it's a win-win. Right? Wrong. When tenants get comfortable with their rents, their other expenses tend to eat up their leftover income. When it's time to get them out, they will have a hard time finding a comparable property at the rent you've been charging them.

Get a professional rental analysis.
It will be a challenge having them vacate the property when it’s time to sell, but we have a very easy solution. Get a professional rental analysis.

Raising your rent to market rates may even cover the management fees. We highly recommend Duke Kimhan and his staff at Hawaii Pacific Property Management. Let them take the call for a clogged toilet on Super Bowl Sunday. We use them for our own investment properties and they could be a great fit for you if you're thinking of investing in Hawaii real estate as well.

If you have any questions for us, don't hesitate to give us a call or send us an email anytime. We look forward to hearing from you.

Homeowners Are Suing Zillow

Today we want to talk to you about Zillow and—their Zestimates!

A lawsuit filed by a homeowner in Illinois could affect homeowners here in Hawaii. There is a woman claiming her home is valued at $626,000 and Zillow estimates her home is worth $562,000, a $64,000 difference!

Our good friend Barbara Corcoran was on Good Morning America talking about this. You can see Barbara's interview here.

The homeowner who filed the lawsuit feels that the typical buyer will look at Zillow’s Zestimate and think her home is worth less. Zillow responded by saying that a “Zestimate is a starting point to determine a home’s value, and isn’t an official appraisal."

Now you may be asking yourself, is Zillow the place to start when determining the value of your home? Well, Barbara says it is a starting point, but not a reliable starting point. She recommends contacting a real estate agent who knows what they are doing or getting an appraisal as opposed to depending an algorithm for your home's value.
Zillow's fault factor is about 5%.
Homebuyers use Zillow to determine value, but don’t know that the fault factor is roughly 5%. One in 20 homes is Zestimated at less than they are actually worth.

Our advice is to give us a call so we can put our expertise of selling hundreds of homes every year into determining the value of your home so you can sell it for the most amount of money in the least amount of time. There is no obligation at all—we are just here to help.

If you'd like to know what your home is truly worth or you're thinking of buying or selling real estate, give us a call or send us an email soon. We'd love to hear from you.

How Team Lally Impressed Nancy

“Well I went down to their office, and I went into a room and they showed me a little video and then out came the Realtor and talked to me and from that point on they just did a wonderful job. I was leaving Hawaii with a person that was in a wheelchair and it was very hard to do it all but they just helped me immensely. You know with somebody in a wheelchair it was hard going, and I had to ship my dogs and cat over and left the house in a mess. But they got it all clean and he was there when the painters came and when the carpet company came and when the cleaners came and he supervised everything so my house sparkled. Working with Team Lally was a first. You know I’ve sold other houses and bought houses, [but] when they first saw me they asked, “What’s your opinion of a Realtor?” And I said, “They don’t do much for their money.” But they did a lot for their money this time, I was very impressed."