investment management Archives - Page 2 of 13 - RentWise Property Management

We Love Our Clients!

March 16, 2023

At RentWise Property Management, our only focus is property management. We are not a franchise. We are a local homegrown company with years of combined experience in the industry. Founded in 2009, we have grown to one of the premier choices for property management in the greater Boise area! We didn’t do it alone, however.

Owning a rental property is one of the most significant investments that many will make in their lifetime. Our sole mission is to provide excellent service to you regarding your most valued asset and do it with the highest quality of customer service, tools, and technology. Our team is consistently continuing our education and perfecting our expertise.

Whether you are a property owner, a vendor, or a resident in one of the properties we manage, you become part of our family when you do business with RentWise. We value your opinions and feedback more than you can imagine. Our team takes every piece of information you provide to heart, and we base our business around what works best for our clients.

We would love to hear from you about your experience working with RentWise Property Management. Whether you would like to leave us a Google Review or email us directly at office@rentwisepm.com, we want to connect! Considering renting your property? Schedule a free consultation with RentWise!

We are very proud of the relationships we’ve built over the years. Here is what just a few of our clients have said about us:

“Always prompt and so friendly!” – Brad S.

“We have not rented from RentWise but we have been a vendor for this company. Carly is very responsive to emails and text messages. They are quick to pay their invoices. It has been a great working relationship between them and our business.” – Jennifer Z.

“I highly recommend RentWise Property Management services to anyone looking to rent their home to gain back time and piece of mind. As a customer for 3 years, the management team has done a great job of communicating with the tenants, resolving problems in a timely manor, and being transparent when issues arise. They even successfully advocated on our behalf for a full water heater replacement after the unit broke a week outside of the warranty window.” – Cory M.

“Best company I’ve rented from. They respond quickly to all maintenance issues and are very considerate regarding other issues that have arisen during my time working with them. They communicate well and have been reasonable.” – Bethany M.

Appliances in a Rental Property | Caring For and Maintaining Your Investment

February 24, 2023

Rental Property Owners who provide appliances to their tenants are taking a big step to ensure their tenants have a comfortable and enjoyable living experience. These appliances can be as simple as a refrigerator, stove, or washing machine or more complex items like a dishwasher, air conditioner, or clothes dryer. Having these appliances available to tenants can make a big difference in the quality of life for those living on the property. Not only does it make living in the property more convenient, but it can also help save tenants money in the long run as they won’t have to purchase and maintain their own appliances.

Investing in quality appliances for your tenants helps you to maintain a competitive edge and, in turn, results in higher rents. Unfortunately, not everyone will treat your investment with the same care that you would. While it is impossible to watch tenants 24/7, it’s important to understand which appliances are prone to damage and when you can expect to replace them.

We’ve covered a few of the top appliances and how you can make the most of your investment.

Refrigerator

The refrigerator is one of the most common pieces of rental property that tends to receive damage. Refrigerators can experience a number of issues, from dents and scratches to water damage and even potential issues with the compressor. Most refrigerators are designed with a life span of 10-20 years, so if it’s an older model, it may be due for an upgrade.

Here are some things that tenants can do to increase the lifespan of the refrigerator with minimal issues:

Keep Things Dust Free. Always ensuring that the refrigerator is clean and remains free of dust will help to keep the compressor running smoothly. This can be accomplished by vacuuming the coils, and wiping down the interior and exterior surfaces of the fridge. Additionally, keeping the fridge away from heat sources and pulling the unit from the wall to maintain a safe distance will keep the fridge from working too hard.
Overstuffing. Poor circulation in a refrigerator and freezer comes from packing the units to the max. It is a great idea to notice where the interior fans are and ensure that your groceries are not blocking any of them. This will help prevent the motor from overworking and burning out too quickly.

Dishwasher

Another appliance that often requires attention is the dishwasher. Dishwashers can suffer from various issues, including clogged drains, rusting, and issues with the heating elements. Dishwashers tend to last around 9-12 years, and here are some things you can do to make the most of this handy appliance:

Clean the Filter Regularly. Clean the filter regularly to ensure that food particles and other debris aren’t clogging up the system.
Don’t Overload. Overloading the dishwasher can cause the system to run inefficiently and can cause it to overheat, leading to damage.
Run a Cycle with Vinegar. Running a cycle with a cup of vinegar every few months can help to reduce the buildup of limescale, rust, and other materials.

Stove

Stoves usually last around 12-15 years with the proper care and attention. If you’re renting a home with an older model, it’s important to keep an eye on it. There are a few tried and true ways to keep your unit in tip-top shape for many years.

Keep it Clean. Make sure to clean your stove and oven regularly to remove any grease or residue that can build up over time. Be sure to use a stove/oven safe cleaner to ensure that you are not damaging the cooktop or interior of the unit. Cleaning the drip pans often. Further, be sure to check the door seal. This keeps the oven from working overtime and protects the heating elements.
Regularly Inspect the Burners and Heating Elements. A quick once-over at least twice per year will help to address any functionality issues.

Washer & Dryer

Washers and dryers typically last around 10-15 years , so it’s important to be mindful of the age if you’re providing these appliances to renters. Staying on top of regular maintenance will ensure that your washer and dryer have a long and productive life.

Don’t Overload. One of the most common maintenance issues with a washing machine is that they can go off balance from time-to-time. Filling the unit with the proper amount of laundry and not overloading will help to prevent this.
Clean the Vents. Ensure that the venting of the dryer is cleaned out at least twice a year and that the lint trap is emptied after each use.
Inspect the Water Hoses. It’s important to ensure that the water supply hoses are inspected every six months and replaced every five years.

It’s important for landlords to plan for wear and tear in a rental property. Regularly inspecting the flooring and appliances, as well as establishing a preventative maintenance plan, can help reduce the need for repairs and replacements. By taking the time to plan ahead, landlords can save time and money in the long run.

In Conclusion, here at RentWise Property Management, our entire focus is providing a positive experience for both our residents and our property owners. We complete Bi-Annual Inspections on every property we manage so that we can get ahead of any concerns. To learn more about our property management services, visit us at www.rentwisepm.com

SW Idaho NARPM | Q4 2022 Vacancy Report

February 9, 2023

The final results of 2022 are in! Each quarter the NARPM Southwest Idaho Chapter conducts a vacancy survey with data sourced from local property management companies! This is to help investors gauge property performance and vacancy rates in the respective county that their rental properties are in.

The Southwest Idaho Chapter of the NARPM(National Association of Residential Property Managers) has released its findings from the 2022 Q4 Vacancy and Rental Trends survey. The report is as of December 31, 2022, with 25 respondents. This survey tracks key performance indicators and market trends for single and multi-family homes across the Ada and Canyon County region. There are a total of 7,738 managed between the counties, with a total of 270 vacancies.

Q4 Vacancy Survey Results

The number of vacancies in this report decreased by 44 units. However, the number of rentals managed significantly decreased by 1,280 homes. The 4th quarter of 2022 closed out with an overall vacancy rate of 3.49%. The data collected indicates that vacancy rates are beginning to level out. Between Q3 and Q4 of 2022, the vacancy rate only increased by .01%, respectively.

Rental Rates

We are finally seeing the rental rates level out. Ada County single-family rental rates decreased this quarter by an average of $201 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $1,914 per month. To compare, that is a $111 or -5.48% monthly rental rate decrease based on the Q4 2021 Vacancy Survey.

Canyon County rental rates continued to show a rental rate decrease in the fourth quarter of 2022. The rental rates for single-family homes showed an average monthly decrease of $116. This puts the average rental rate at $1,714. The current data illustrates that rental rates in both Ada and Canyon Counties come in lower for both single and multi-family properties.

Rental Rate Comparison By County

Here are some of the key metrics for review that are broken down by respective counties.

Stay tuned for the Q1 survey results that will be coming out in Spring 2023. If you have more questions about how we can help maximize the return on your investment property 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!

How to Declutter Like a Pro: Making the Most of Your Rental Space

January 26, 2023

Decluttering is scientifically proven to reduce stress, increase the ability to focus, and helps to combat feelings of depression. If you’re a renter, then you know how difficult it can be to keep your living space organized and clutter-free. It’s easy to let things pile up over time, especially when you don’t own the space and don’t plan to stay in it for too long. But don’t worry because there are plenty of simple and effective decluttering tips you can use to help you keep your rented space organized!

Take a walk through your home and identify the items you don’t need. This might include anything from clothes and shoes to old magazines, DVDs, and even furniture. Make a list of all the items you plan to get rid of, and then decide what you’ll do with them. You might choose to donate them, sell them, or simply throw them away.

Once you’ve identified the items you don’t need, it’s time to start organizing the things you do want to keep. Take advantage of vertical storage solutions like shelves, bookcases, and over-the-door hooks to maximize your space and make it easier to find things. You can also use bins and baskets to store items that don’t need to be seen.

When it comes to bigger items like furniture, try to choose pieces that won’t take up too much room. Invest in multi-functional items like an ottoman with storage, a coffee table with drawers, or a futon that can be used as both a sofa and a bed.

Finally, don’t forget to keep your living space tidy regularly. Make it a habit to take 10-15 minutes each day to pick up clutter, dust, and vacuum. This small investment of time can make a big difference in the overall appearance of your home.

Here is a breakdown of our 10 Favorite Decluttering Tips:

Donate, sell, or give away any items you no longer need or use.
Create a designated spot for frequently used items, like keys, phone chargers, and mail.
Utilize storage bins or baskets to keep items like blankets, pillows, and books organized.
Utilize vertical space with shelves and racks to store items like spices, canned goods, and cleaning supplies.
Use drawer and cabinet organizers to keep items like cutlery and dishes orderly.
Invest in furniture that has additional storage like ottomans, armoires, and sofas with built-in drawers.
Hang items like coats and hats on wall hooks, or in closets.
Utilize the back of doors to store items like cleaning supplies and scarves.
Consolidate similar items, like craft or office supplies, into one storage container
Label storage containers, shelves, and bins to make items easier to find.

If you’re like us, we love a good list or guide to help with visual progress. Here are two fantastic guides to help you on your journey of a wonderfully organized home.

If you would like to know more about how RentWise Property Management does property management, visit us at www.rentwisepm.com, where we make finding your dream rental a LESS HASSLE, MORE HAPPY experience!

We hope these decluttering tips help you keep your rented space organized and clutter-free. Good luck!

Winter Preventative Plumbing Essentials | Pro Tips to Protect Your Pipes in the Winter Months

January 2, 2023

The general rule of thumb when it comes to plumbing freezing in the winter is that if the temperature outside drops below 32°F (0°C), the pipes inside your home may be at risk of freezing. If the temperature drops significantly lower than that, such as in the teens or single digits, it’s even more likely that your plumbing could freeze.

Generally, a frozen pipe can burst in as little as a few hours if the temperature is cold enough and the pressure is high enough. To help prevent this from happening, it’s important to keep pipes from freezing in the first place by insulating them, keeping the temperature of your home above freezing, and ensuring that pipes are properly maintained.

To keep your home’s plumbing safe during the winter months, here are some tips that you should consider:

Insulate Exposed Pipes

Uninsulated pipes in exposed areas like the attic, crawl spaces, and garage are especially vulnerable to freezing temperatures. Make sure to use proper insulation materials to protect them.

Fiberglass insulation, foam insulation, and heat tape are all excellent options for insulating plumbing to keep it from freezing. Fiberglass insulation comes in rolls that are easy to install around plumbing pipes. Foam insulation comes in pre-cut shapes and sizes that fit around pipes and can be sealed to the wall with caulk. Plumbing heat tape is an electrical heating element that is used to keep pipes from freezing in cold climates. It is a self-regulating, insulated cable that is wrapped around the pipe. When the temperature drops below freezing, the heat tape turns on, providing just enough heat to keep the pipes from freezing.

Keep Cabinets Open

If you have exposed pipes within your cabinets, keep the doors open to allow warm air to circulate. If you notice a drip or any signs of water, turn off the water shutoff valve and immediately put a bucket down to ensure that your space does not flood.

Disconnect Water Hoses and Insulate Outdoor Faucets and Spigots

Make sure to disconnect all water hoses from exterior faucets and spigots to prevent freezing. If you have outdoor faucets, make sure to insulate them with specially designed covers or wrap them in foam insulation. You can easily find these on Amazon or at your local hardware store.

Inspect for Leaks

Check your property for any signs of water leaks or dripping faucets, as these can lead to frozen pipes. Furthermore, if you are not going to be at home for more than 24 hours, you should consider having a third party frequently check your home for any signs of compromised plumbing. If you notice any signs of water spots, report those to your property manager and maintenance coordinator immediately.

Maintain Consistent Indoor Temperatures

Generally, it is recommended that you keep your thermostat at a minimum of 65°F to prevent plumbing from freezing. If your home cannot maintain a consistent temperature due to a power outage, it is important to take measures to protect your home’s plumbing to avoid costly repairs. It is recommended to keep each faucet at a slow drip to relieve water pressure and prevent freezing.

Know Where the Main Shutoff Valve Is – In case of an emergency, it’s important to know where the main shutoff valve is located so you can quickly shut off the water.

If you are renting your home, be sure to have the steps to file a maintenance work order handy.

Our top priority at RentWise Property Management is to care for your home as if it were our own. We know your investment is important to you, and you want it maintained both financially and physically. As you can see, there are many effective ways to protect your property. We care about our property owners and tenants just like our friends and family. We would love to have you as part of our RentWise Family! For more information on how we make things “Less Hassle, More Happy”- visit us here!

Merry Everything From RentWise Property Management!

December 12, 2022

From all of us at RentWise Property Management, we wish you the MERRIEST Christmas and HAPPIEST and Healthiest New Year!

2022 has been an exciting year! Another year in the books has blessed us with the opportunity to continue serving our investors, residents, and our tight-knit community! We are cherishing the holidays more than ever now.

The holiday season allows us to say ‘Thank You’ to our investors, residents, vendors, and friends. The truth is that we are thankful for you EVERY day. We couldn’t do it without your trust, dedication, and commitment. Each day we get to continue on the journey of being your choice for property management is the best day ever for us. RentWise Property Management started as a dream in 2009 and has continued to grow and thrive, thanks to your support!

Each holiday season RentWise Property Management supports a local organization. Giving back to our local community is very near and dear to our hearts. This year our team contributed over 2,500 personal care items to Oliver’s Gift– a local organization created in memory of Oliver Smith, who lost his life to mental illness in 2019. Oliver devoted his time, energy, and faith weekly to making care packages for the less fortunate. This year, Oliver’s Gift aimed to create 1,000 care packages to give to homeless people and veterans throughout the local community. ❤️

Our vision has always been to be the best possible version of what it means to be a property management company in our area and beyond! We want to spread our ethics, best business practices, and influence across the globe by continuing to learn and educate ourselves and others to be the best they can be! Thank you for being there for the past 13 years, growing with us, and sharing us with your friends and clients.

From the bottom of our hearts, we wish you all success, laughter, and health throughout the entire new year! We have big plans and are excited about what will come in 2023!