RentWise Property Management

TENANT PORTAL
OWNER PORTAL
MAINTENANCE
(208) 949-3083

      

Forbearing rents in these uncertain times

Rentwise update announcementForbearing rents during these uncertain times has been a top subject matter in our industry these last few weeks. Should an owner offer a forbearance, should they offer rent discounts or should they do nothing? Here at RentWise, we believe that preparation is the key to getting through this pandemic and economic struggles our community is facing so we are handling the issue head-on to ensure our clients and our tenants are being served in the best possible way.

We have created a form we want to share with anyone who needs it. It has been unbranded, covers the logistics of a repayment plan as well as options for both tenants and clients based on the need. We want to help ease the struggle to make sure you have your bases covered from a legal standpoint while still allowing leniency to those who need it during this time. You can find this form by clicking here as well as information on how RentWise is adapting to serve our current and future clients.

We wish you all the best and hope you are staying safe and healthy!

Want more information about our services? Visit our full website at www.rentwisepm.com, email us at courtney@rentwisepm.com or call 208-949-3083/

Q1 2020 Vacancy Survey

Curious about what our local market is doing when it comes to rentals? Rentwise is a member of the Southwest Chapter of NARPM, the National Association of Residential Property Managers, which conducts a vacancy survey quarterly to deliver important data on the trends we are seeing here in the Treasure Valley. The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units in Ada and Canyon County.  You can find out more about Idaho’s premier organization of residential property management professionals at www.swidaho.narpm.org.

 

A snap shot of the Q1 2020 Vacancy Survey Results:

Survey Respondents
Property Management Companies: 22
Total Homes: 6,060
Single Family 2,893
Multi-family 3,167

 Unit ManagedNumber of VacanciesVacancy Rate
Ada46951302.77%
Multiple

Single

Canyon

2437

2258

1365

66

64

41

2.71%

2.83%

3.00%

Multiple

Single

730

635

8

33

1.10%

5.20%

Grand Total60601712.82%
Average Price
Ada$1,565
Multifamily$1,058
1 Bedroom$894
2 Bedroom$1,103
3 Bedroom$1,178
SFR$1,609
2 Bedroom$1,363
3 Bedroom$1,517
4 Bedroom$1,946
5 Bedroom$2,955
 
Canyon$1,101
Multifamily$858
1 Bedroom$698
2 Bedroom$782
3 Bedroom$1,093
SFR$1,161
2 Bedroom$981
3 Bedroom$1,321
4 Bedroom$1,179
5 Bedroom$1,650
Combined$1,333

To Sum it up:

The data collected indicates that the trends in Ada & Canyon county vacancy rates increased .99% from 1.83% in the fourth quarter of 2019 to 2.82% in the first quarter of 2020. Ada County increased 1.22% and Canyon County increased .47% this first quarter of the year. The slight increase in vacancies overall occurred in Canyon County dwellings.

Ada County single-family marketed rental rates saw the greatest change by increasing monthly rent by $147 per unit. Multi-family units in Ada County also decreased by an average of $35 per month per unit in the first quarter of 2020. The overall marketed rent per unit increased by $155 per month in Ada County making the average marketed rent rate $1565 per month.

In Canyon County rental rates were marketed at an increased overall monthly rate of $19 putting the average at $1101. Multi-family homes had the largest decrease in marketed monthly rents by $91per unit and single-family units decreased by $53 per unit. Although units are dropping in price in Canyon County the market is displaying more availability in large homes with 4 bedrooms or more, over previous quarters. Overall vacancy rates have decreased by .52% from 1st.

If you would like to discuss this survey and its importance or how RentWise can help with your investments give us a call at 208-949-3083 or email Courtney at courtney@rentwisepm.com. Owning and investment can be LESS HASSLE. MORE HAPPY. Let us help.

3 Things to ask a Property Manager

Hiring a property manager can be similar to car shopping. Is it big enough? Small enough? How much maintenance will be needed, how much will it cost me? It can be time-consuming and at times tedious but both are typically large investments that need thorough consideration.

So how are you supposed to know what you should ask a potential property manager?

After being in this industry for over 8 years, here are some of the questions I would suggest asking your potential property manager.

 

How do you handle maintenance requests?

This is the single most important question, in my opinion. It is what makes or breaks your relationship with your property management. Bleeding money is every investor or landlord’s worst nightmare. Finding a property manager that can articulate their process and execute it at the same time is imperative. Here at RentWise Property Management, we have not only documented our processes when it comes to maintenance we have a team behind us executing each step so that you remain informed about what is happening and/or needed at your property at all times.

How often do you go inside my property?

Seeing properties in person is the best and most efficient way to keep on top of the property’s condition. Performing consistent interior and exterior surveys are critical to ensure that situations at a property are caught fast to mitigate any long term damages saving you money in the long run. We perform bi-annual interior walkthroughs via a third party un-bias vendor that delivers a complete inspection report so that we can review and assess any issues that might have been discovered.

Do you require renters insurance?

Renters insurance has recently become very popular in the property management industry, however, we have required it since the beginning. We have story after story about why requiring renters insurance is so vital that we would be happy to share. Renters insurance has saved not only our tenants but our clients so much hassle and money. We require each tenant over the age of 18 to carry a minimum of $100,000 liability and we recommend each tenant secure personal property coverage as well.

Are you ready to start living with LESS HASSLE and MORE HAPPY when it comes to owning an investment property? Visit our website at www.RentWisePM.com or give us a call at 208-949-3083.

Have you filled out the new 2020 W-4’s?

Did you know that the state and federal W4’s have changed for 2020?

Below is information provided from our local payroll company who made sure we had the new forms filled out to ensure our employees would not have any unexpected surprises next tax season. If you are in the market for a payroll company that is not only on top of all things payroll but do so with some of the best customer services we have seen. 

Important W4 information – Please inform your employees so they don’t end up with an unpleasant surprise when they file their 2020 taxes:

The federal W4 has changed dramatically for 2020.  Employees are not required to complete a new 2020 W4, but doing so will result in the most accurate withholding.  Please make sure that they thoroughly read ALL of the instructions and complete the form accordingly.  It is very important that they fill out step 2 correctly if they have a second job or if they have a spouse that also works.

Idaho state withholding no longer runs concurrently with federal withholding.  If an employee fills out a federal 2020 W4, they will also need to complete an Idaho W4.  Even if an employee chooses not to complete a new 2020 federal W4, it would be in their best interest to submit an accurate Idaho W4 if they don’t currently have one on file.

Both the new federal 2020 W4 and the Idaho W4 are available on our website at www.pes-wies.com

We cannot provide advice as to what an employee should claim on either W4.  Both forms have worksheets and instructions to guide an employee in filling them out.  There are also tax planning calculators available at https://www.irs.gov/individuals/tax-withholding-estimator and https://tax.idaho.gov/i-2033.cfm

Heating & Cooling money saving tips!

 From one of our trusted vendors, straight to you, a few ideas and spring money-saving tips! 

Everyone loves to save money, and it’s a good idea to review different aspects of your budget now and again to see if there are more opportunities you have missed in the past. In the springtime, considering how you can reduce your energy bills is always a great idea.

According to the US Department of Energy (DOE), air conditioners use about 6 percent of all electricity in the country. You can read more about that here. This comes at a cost of roughly $29 billion to homeowners.

If you can reduce that usage in Boise, ID, you will be able to make a difference in our environment and save yourself some money as well. Take some of the following ideas from the professionals at Quality Heating & Cooling to heart and make some money-saving resolutions today.

Tune Up for Efficiency

All air conditioners work more efficiently if they have clean filters, enough refrigerant, spotless coils, and plenty of room for air circulation.

Although you can take care of some of these maintenance items on your own—clearing away fallen yard debris from around your outside condenser unit and regularly changing filters, you should engage one of our highly trained professionals to help inspect and clean your air conditioning components. Our experts can also check your ductwork and be sure you are not losing your cooled air before it reaches its destination.

By investing in regular maintenance, it’s less likely your unit will break down in the dog days of summer. That’s an extra bonus.

Work with Mother Nature

Find ways to use the outdoor conditions to your advantage when it comes to saving energy. For example, during the spring and the fall when nighttime temperatures cool down, open all your windows to let the cool breezes in.

Then, first thing in the morning, close your windows and pull your shades to trap the cooler air inside. You can also consider planting trees to shade your home in the future.

Circulate Indoor Air

Consider investing in floor fans or ceiling fans to help move your indoor air. Fans use a lot less energy than air conditioning systems and do a good job cooling down your home in moderate temperatures. You can also run the fan on your heating, ventilation, and air conditioning (HVAC) system or install a whole house fan that pulls in fresh air from the attic.

Relocate Heat Outside

The sun is not always the biggest culprit in generating indoor heat. How often do you find that your appliances are competing directly with your air conditioner?

Instead of turning on your oven or stove, consider grilling outside to keep that heat out of your home. Or get a little creative and find some great cold meals to prepare instead.

The clothes dryer is another heat producer in most Idaho homes. Instead of running your dryer, put that springtime sun and a laundry line to work.

Block and Reflect

Another idea to reduce the heat and associated energy bills is to invest in energy-efficient windows, seals, and insulation to keep the cold in and the heat out. You can also install light-colored window coverings to block sun in the warmest part of the day.

Energy-efficient, reflective roof tiles or a coat of lighter exterior paint can do wonders in reflecting the heat of the sun away from your home’s outside.

Rely on Technology

At the very minimum, install a programmable thermostat that will automatically adjust your temperature requirements while you are away or asleep. Smart technology is advancing each day, and in some homes, rooms can now detect when you are present in them and adjust the temperatures accordingly. You can also control and monitor air conditioning usage from afar using a smartphone.

Don’t Forget the Little Things

Every light that’s left on when not in use generates heat as well as all those electronic devices. Consider switching to LED lightbulbs and turning off electronic gadgets when they are not being used to save money and reduce heat.

Contact Us Today! Schedule an air conditioning tune-up or duct inspection, or to talk with us about other energy-saving ideas, call our Quality Heating & Cooling team at 208-377-3555 or request service online.

Self-Showings during COVID-19 and social distancing

In light of all that is happening in our world right now pertaining to COVID-19 and the recent social distancing orders, we want to take this opportunity to tell you a little more about technology that we have been utilizing here at RentWise for almost 5 years. and how we use it to rent properties faster and more efficiently. While other property managers might be struggling to continue “business as usual”, this method allows us to continue to market and “show” properties giving prospective tenants the distance they need from others.

How does it work?

We use a software product called Tenant Turner which is a robust platform that tracks a slew of data on every click, code, and inquiry that comes our way. That software is linked to a Codebox, which is placed on the property with a keypad that opens the door to the lockbox where a single key to the property is found.  The software enables us to track where potential tenants are finding our ads and marketing. It also tracks pre-qualified tenants and feedback from potential tenants about the property. What they like, don’t like, concerns etc.  Before a potential applicant can view one of our properties they must enter their personal information, upload a copy of their driver’s license and answer several pre-qualifying questions.

Can someone just access my house anytime they want?

Our showing software allows us to set the hours that someone can access the property. We set ours between 8 am and 8 pm. This allows a potential tenant to view the home at their convenience to maximize the number of showings of your property. It is always difficult to coordinate and accommodate everyone’s schedules as we are all going in different directions most of the time. This technology allows people to comfortably tour the property without feeling rushed or inconvenienced.

Does this increase the potential of someone causing damage to my property?

We do not believe so. In fact, we actually think it minimizes that possibility because so much information is requested to schedule a viewing via our online software. As we said before, we collect personal data, a copy of their photo ID and the person must answer several pre-qualification questions before being given access.  Once that data is entered and they meet to minimum requirements the person receives a code that is good for one hour from the time they use the code. That data is kept in the software where we can track when the code was used to open the lockbox and when the lockbox was closed. We also enlist a third-party vendor to perform vacant house checks at all of our vacant properties between 2 and 3 times per week! The vendor checks the security and cleanliness of the property and reports back to our office.

Why not just show the property in person or to several people at a time?

First and foremost, safety. Especially with COVID-19, it is more important than ever to keep distance and promote the health and well-being of everyone we interact with. On that same note, as you might be aware, there have been several very scary and deadly incidents in our industry that occur during showings. Our employee’s safety & health are a top priority. Another reason we chose to do this is for efficiency. Potential tenants can’t always make the scheduled showing times and it can be difficult to accommodate different schedules. At times, people simply don’t show up at all and then others would just rather not see the property with other potential tenants present. We believe that when a home can be viewed in a relaxed and focused manner, a potential tenant can make the best decision for their family without the pressure or tension that comes with an open house style showing.

The self showing method is not for everyone, we understand. We have been utilizing this technology for almost 5 years with no incidents or issues. We can’t promise anything but what we can tell you is that we know we get more activity and rent properties faster with this method.

If you have more questions about self-showings or would like more information about our services and how owning an investment property can be LESS HASSLE, MORE HAPPY,  give us a call at 208-949-3083 or send us an email at courtney@rentwisepm.com.