What is the monthly cost of your property management services?
RentWise Property Management charges a percentage of the monthly gross rental income collected. The percentage that you pay can vary depending on the terms and conditions that are negotiated. We do offer a discount for multiple properties managed. Call our office directly to discuss your options in more detail at 208-949-3083.
Do you require renter to carry insurance?
Yes! We require renters insurance on every property we manage with a minimum of $100,000 liability to protect your investment. Proof of such insurance must be provided prior to a tenant taking occupancy and RentWise Property Management must be listed as an additional interest. That means that we receive notification of any default in payment and allows our staff to communicate with the insurance company directly should a claim be filed during occupancy. Renters insurance is verified at each lease renewal period. A renewal will not be allowed without proof of continued coverage. We recommend a minimum of $30,000 personal property and $100,000 liability to all our residents.
How does your company advertise rental properties?
We use visible signage at the property (if desired) and post available rentals not only to our website and Facebook page but over 2 dozen affiliate websites online. Potential tenants can apply in about 5 minutes. Our state of the art technology and integrated website allows us to post to multiple marketing sites with just one click ensuring that we are working smarter and more efficiently than most of our competition. These sites include but are not limited to: Craigslist, Zillow, Trulia, Aparments.com, Rentbits.com, RentalHomesPlus.com, Rentlinx.com, HotPads.com, RentalHomePro.com and more! We also have a large community of real estate agents that trust our services and refer potential tenants to our company on a regular basis!
How do you pay owners once the rent has been received?
We typically use ACH to pay our clients/owners and automatically direct deposit funds into your account between the 10th and the 12th of each month. This allows us to credit funds to any account in any state. If you prefer a paper check your funds will go out in the mail between the 10th and the 12th of the month.
Do you have a set-up fee?
We have a one-time set up fee of $150 per owner, not per property. This is an administrative fee to cover the time and cost of setting up a new account/property which includes but is not limited to contacting all utilities, HOA’s, walk through evaluation, repair recommendation list, handling those repairs, keys, photographs, bank account set up and any other needs specific to your property.
How do you handle maintenance and repairs?
Our software allows tenants to log into their portal and enter a maintenance request 24/7 which sends a notification to our staff immediately. You will receive an email notification that a work order has been submitted and asked to be on standby in case we need your approval or input. We require all vendors to receive approval on any work that exceeds $150. We make every effort to troubleshoot any issues that arise by asking for details of the maintenance request including pictures if necessary. In cases of emergency our maintenance staff is ready to dispatch the appropriate vendor and notify you accordingly. Our vendors are professional, licensed, insured and are prepared to handle any issue that arises. We negotiate the best rates to ensure you get the best return on your investment!
Are you a member of any Property Management Organization or other accredited organization?
RentWise Property Management is a professional and board member of the National Association of Residential Property Managers (NARPM) and the local Chamber of Commerce. We participate in local fundraisers as often as possible & volunteer as community opportunities arise. We are partners with a local homeless shelter contributing time and materials as needed thru NARPM and are also a member of IMPACT CLUB which is a local non-profit donating thousands to local community needs.
Do you perform inspections of the property during tenancy?
Yes, we do quarterly front exterior inspections of each property to ensure that our company & HOA standards are being met. If your property does not have an HOA we follow the same guidelines when driving by as if it did. We provide warnings to tenants who may be in violation of our standards and follow up within the allotted time to ensure the issue was resolved. We also perform bi-annual interior inspections. We note all items of concern as well as address preventative maintenance issues such as caulking or HVAC servicing. We take that time to remind our tenants of their responsibilities in maintaining your investment such as filter and smoke detector battery changes.
How does your company qualify a potential tenant?
Once an application is received we thoroughly review all the aspects, making sure that the applicant has initially provided and complied with our basic requirements. We then pull a credit and nationwide background check, eviction and rental history report, verify employment and income and contact previous landlords/property managers for rental references. We have contingencies in place for applicants who don’t meet our minimum requirements to ensure we are compliant with all the national and state laws while continuing to protect your best interests as an owner. Find all the details at our Application Processes and Policies.
Equal Housing Opportunity
RentWise Property Management is committed to the Equal Housing Opportunity Laws, and we do not discriminate against anyone on the basis of Race, Color, Religion, Sex, Handicap, Familial Status, National Origin or Age.
How are utilities handled?
Unless otherwise stated in your Management Agreement or restricted by property limitations, all utilities used on the premises are paid for by the tenant with the exception of annual irrigation. New tenants are advised to notify the appropriate utility companies to have service turned on in their name prior to occupying the property. During periods of vacancy, utilities are transferred into RentWise Property Management’s name, and the resulting usage will be charged to the owner’s account.
Can I use my own vendor such as a plumber or HVAC company?
While we make every effort to accommodate any reasonable request regarding warranty work or long time vendors you may have worked with such as a plumber or HVAC company our policy is to use our vetted, trusted and insured vendors when maintenance issues are submitted. If you are notified of a certain repair and you would like to use the HVAC company that installed a new unit last year that is still under warranty we are happy to arrange that on your behalf. However, we do require that the vendor supply us the property documentation and that the maintenance request is handled in accordance with our company expectations as well as in accordance with Idaho Landlord Tenant Laws. There are numerous concerns in using a vendor that has not been vetted by our staff. We would need to check their references, verify their licenses & insurance, and then set them up with a W9 in our accounting system to be IRS compliant. Second – there is a an aspect of additional liability when using an “outside vendor” if there is a dispute or damage caused during the visit to the property. If you would like to call our office we will be happy to discuss this in more detail.
What do you do if they are not maintaining the property as they should?
We give our tenants an opportunity to correct any situation that may arise and typically they do. However if a problem persists or there is not communication we place the tenant on a “plan of action” which details what the issues is, the time period they have to address/repair it, when we will return to follow up and what the consequences are if they do not comply. Those consequences vary depending on the situation.
How are maintenance expenses handled?
Every effort is made to control the cost of maintenance needed for a property while maintaining its value. Tenants are required to notify our office of any and all issues that may arise with the property even if they are at fault. If the estimated cost of repairs exceeds the maximum allowed in your management agreement one of our staff will call you for approval to move forward with the repairs with the exception of an emergency. We understand that it can be upsetting to see unexpected expenses on your monthly statement so we make every effort to keep you in the loop of any requests that come through our office. We ask that owners pay a $200 maintenance reserve upon the signing of the management agreement.
What type of properties do you manage?
We specialize in Single-Family homes, Duplexes, Town Homes, and small apartment complexes.
Are there administrative fees or other services charges?
We can accommodate almost anything an owner asks of us, however there can be a cost associated with a request if it falls outside of our typical scope of management. All of our fees are clearly noted in our management agreement because we believe full disclosure and fair compensation are both important aspects to our industry and our code of ethics. We are happy to discuss any section of our management agreement or fees with you. Just give us a call or shoot us an email.
How are lease renewals and rent increases handled?
Unless we receive written notification or instruction from an owner at least 45 to 60 days PRIOR to a lease expiration, lease renewals are handled at the discretion of RentWise. When making a decision to renew a lease or increase the rent of an existing tenant we consider several factors. Market conditions, location of the property, condition of the property, time of year, length of tenancy and payment history. While we do not have a standard on the monthly rent increase amount it is typically between 1-3% of the monthly rent. Tenants are informed of a lease renewal offer, rent increase and/or change in terms between 30 and 45 days prior to the lease expiration. There are times when a tenant needs to go to a month-to-month lease agreement. These situations are handled on an individual basis and terms are set accordingly such as a $100 rent increase or a short term agreement that considers all parties best interests.
Didn’t find an answer to your question?
Contact us at 208-949-3083 or by email at Courtney@rentwisepm.com.