5 Ways Technology Is Making Property Management More Efficient

September 11, 2019

Technology has changed the world we live in – and the property management industry is no different. If you own a rental property, or if you’re considering turning a current home into an investment property, you need to be aware of how tech is making the property management more efficient. You also need to make sure that your property manager is making the most of these opportunities to help you maximize your investment.

Marketing Properties

With the proliferation of online platforms like Zillow, Trulia, Hotpads, and many more – it has become exponentially easier (and cheaper) to market available properties to keep your vacancy rates low. An easy to navigate website and an active social media profile also goes a long way toward effectively marketing properties for rent.

More Accurate Reporting

Technology has made reporting property earnings and making projections easier and more accurate. This in turn makes it easier for property managers to make proactive recommendations based on market trends to maximize your earning potential on your property. This technology has allowed our industry to create an accurate and real time story line of your investment property from the moment you purchase it to the day you sell it.

Easy Payment Options

Online billing makes collecting rent and distributing funds to your accounts much more efficient than the traditional paper billing option. Digital invoicing is easier for tenants too – making the whole process convenient and easy to track for everyone involved.

Electronic Leases

Online leasing documentation also streamlines the process of placing quality tenants. These things have revolutionized the way we do business, cut our vacancy times down to a fraction of what they used to be, increased the security of information received and sent, made way for unlimited amounts of documentation, information and resources.

Tenant Repair Portals

One key element to a successful rental property is tenant retention. It is better for the longevity of your investment to keep quality tenants happy on your properties. The ease of making repair requests online is one added convenience property managers can offer your tenants.

Let us show you how owning a rental property in the Treasure Valley can be easier than you think with the right partner in property management.

Not all investors are created equal.

August 28, 2019

Getting the most out of your investment property means understanding your unique needs as an investor. It’s also important to partner with a property manager who knows how to help you reach your goals.

What Should My Property Manager Cover?

You work hard for your money and equally as hard to decide how/where/when to invest it. If real estate is your avenue of choice for investment, you want to make sure you’re choosy about your property manager.

Investing in a rental property has its ups and downs, as well as pros and cons. An effective property manager will help you as the landlord, and navigate your way through that process. From picking up keys for you after closing, handling rent ready repairs, placing tenants, you want to be able to trust that your property manager has everything under control. Every nook and cranny, every aspect. You want your property manager to be your partner in progress.

What Questions Should I Ask My Property Manager?

When considering a property manager, it’s important to find someone who won’t just put you in a little box and leave you there. You want to make sure they ask the right questions, and keep you in the loop about what is happening at your property. Here are some questions you may want to ask:

Are you a licensed property manager? What are your certifications?
How many properties are you currently managing, and what type of properties are they?
What is your fee structure?
How do you send your reports, and what information do those include? Can I see a sample?
How are potential tenants screened?
Who handles the maintenance work?
How is rent collected?
How long is the management agreement for?
Do you have references?

It is vital that you find a property manager who can customize their services to you – not the other way around.

Making Sure Your Property Manager Understands the Industry

At the same time, you want a property manager who is more than just a “yes man”. You want someone who isn’t afraid to offer recommendations for improvement on the property, ensures that you adhere to compliance laws, and other issues as it fits your best interest. It’s important that they are able to explain the “why” behind these recommendations.

This is your property, your hard-earned investment. That’s a hard thing to hand off to another person to manage. You want to hire a property manager that has experience as renters, and as investment property owners – that way you can be sure they know the frustrations and hesitations.

You’ll want to find a property management team that has extensive experience in this industry, as well as business management, bookkeeping, real estate photography, and real estate marketing.

Ready to Learn More About Professional Property Management?

If you’re considering finding a property management for your investment rental – start with our property value tool!

Communication & Property Management

August 21, 2019

Communication can make or break any relationship. This is especially true when it comes to property management. From tenant repairs and new leases, to recommendations for improving profit margins on your rental – effective communication is key to success.

No one wants to be in the dark; and when they are – things get messy, confusing, and frustrating. Here are three key areas where you want to make sure your property manager has a clearly defined communications procedure.

Tenant Repairs

Tenant retention rates are a vital component to turning your rental into a profitable investment. When a client needs a repair, efficiency goes a long way toward keeping quality tenants in your rental. Your property manager should have an easy to use portal where your tenant can easily make a request, and get a response with a plan for repair quickly. This portal should enable the property manager to assign repair projects to trusted professionals who will perform the work according to your contract.

New Leases

You need to be kept up to speed on your properties and their vacancy rates. A quality property management team will have systems in place to notify you when leases end, and when new leases are signed. Staying on top of this process will help you make informed decisions about your property.

Lease Renewals

If you have a quality tenant in your rental, you’ll want to keep them there as long as possible. Your property manager should have a clearly defined communications procedure in place to notify you when that tenants lease is coming due for renewal. That way, you can make informed decisions on how to keep that well-paying, trusted tenant in your investment property.

A qualified property management team will provide you with as much information as possible to allow you to be as involved or as passive as you would like in managing your investment. Your input matters, and you also need to have a clear view of what’s going on to make an educated decision when reviewing recommendations regarding your rental.

Choosing the right property manager is essential to owning a profitable and successful investment, communication is the key to open that door.

Considering renting your property? Schedule a free consultation with RentWise!

Vacancy Report – Q2 2019

August 14, 2019

Vacancies are always at the forefront of any investors mind when it comes to property management. Each quarter, local property managers who are also members of NARPM (National Association of Property Management) contribute to and compile data collected for Ada and Canyon county in order to see the trending vacancy rates in our Treasure Valley. You can view the full report here, Q2 2019 Vacancy Report.

What is the purpose of a quarterly vacancy survey?

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. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county.

How does this compare to last quarter vacancy rates?

The data collected indicates that the trends in Ada & Canyon county vacancy rates increased .5% from 3.4% in the first quarter of 2019 to 3.9% in the second quarter of 2019. Ada County went up 1.7% and Canyon County went up 1.0% this second quarter of the year. The slight increase in vacancies overall occurred in single-family dwellings in Ada County.

What do rents look like in the second quarter vacancy report?

Ada County single family marketed rental rates saw a increase of $25 per month per unit. Multi-family units in Ada County also increased by and average of $50 per month per unit in the first quarter of 2019. The overall marketed rent per unit increased $84 in Ada County making the average marketed rent rate $1450 per month.

In Canyon County rental rates were marketed at an increased overall rate of $92 putting the average at $1159. Single family homes had the largest increase in marketed monthly rents by $250 per unit and multi family units increased by $127 per unit. The substantial increase in single family rents is likely due to the lack of units that were reported vacant so there was a decrease in data to average.

If you want more information, have questions about this report or you want to learn more about how partnering with the right property manager can make a difference, click here.