10 Tips For Attracting And Retaining The Best Tenants!

December 8, 2021

One of the primary concerns of a good property manager is maintaining occupancy in all of the properties they manage. High occupancy is a result of resident retention. Winning the loyalty of current and prospective residents is a key piece in maintaining a high occupancy rate. Location and luxury amenities may seem like home runs for keeping residents, but this isn’t always the case.

Additionally, a picture-perfect neighborhood will certainly attract prospective residents right off the bat. It is what happens behind the scenes that really make the true difference. An attentive, professional property manager and leasing team can set the tone for how the entire tenant-property manager relationship will go. Trust, credibility, reliability, and rapport with new and existing tenants will be what drives success in both new leases and renewals.

In addition, we have compiled a list of our Top 10 tips to attract & retain the best tenants!

1. Be Easy to Reach and Responsive

A good property manager sets the stage with creative options for communication. This does not mean that you are on call 24/7, but that your tenants know you will be responsive if they need to reach out, for instance. If your tenants feel as if you aren’t responsive, they may give up. This can lead to larger issues down the road that you may not be aware of.

2. Build Professional, Flexible Lease Terms

If a tenant feels like they are locked into never-ending rules, regulations, and fees they may start looking to move. Maintaining positive communication and being flexible to reasonable requests can make a world of difference.

3. Create Personal Relationships

No one likes to feel like a number in a database. Starting the interactions off right with a positive impact will create lasting relationships between tenants and their leasing team. Helpful welcome packets, personal notes, or cards at the holidays and birthdays, and planning small events will create a sense of community & makes tenants want to live there.

4. Make Improvements To The Property

Inexpensive upgrades can make a property feel brand new again. This can look like a fresh coat of paint, installing new technology, new landscaping, or upgrading appliances. One of the personal touches that can go a long way is letting a resident choose their preferred color of paint(within reason). This will make their house feel like their own and they will likely take pride in their residence.

5. Observe Fair Housing Practices

Treating all tenants fairly and equally is one of the best things that you can do to retain your best residents. This ensures that you don’t overcharge your tenants in rent and also prevents illegal discrimination.

6. Conduct Routine Inspections

Creating a schedule for routine inspections at move-in will eliminate any confusion when the time comes. Additionally, a tenant may be putting up with a small problem in their home that they haven’t reported to you. Relying on tenant maintenance is ineffective to knowing the true state of your property. Conducting routine inspections will keep your property in tip-top shape and will keep your tenants happy.

7. Keep Up On Maintenance

The number 1 reason tenants choose to move out is a slow response to maintenance requests. From a tenant’s perspective, they are not in control when something goes awry and they rely on responsible property management teams to alleviate the problems quickly.

8. Make Rent Collection Easy

Having a reliable and user-friendly platform to collect rent is one of the most valuable tools a property manager can have. Reminders and receipts can be sent to tenants so that rent payments are received in a timely manner.

9. Conduct Thorough Tenant Screening

A property owner and management team only want to retain tenants who are responsible, maintain their home, and pay their rent on time. One way to get a good idea of if someone will be a good fit is to conduct a thorough screening. This will include a credit check, financial credentials, and a background check.

10. Respect And Prioritize Privacy

Tenants want and deserve to live somewhere peaceful and where they feel respected. This means that if you must enter a property, with the exception of urgent emergencies, you should always give at least 24 hours’ notice. This allows the tenant to prepare and also make arrangements if there is a pet on-premises.

This is only a small list of ways that you can attract and retain the best tenants! It is our mission to provide excellent service to you when it comes to your most valued asset and do it with the highest quality of customer service, tools, technology, and expertise in our industry! Visit us at https://rentwisepm.com/free-rental-estimate-boise/ to receive a free, no-obligation, estimate on what your home may rent for! Our motto here is LESS HASSLE, MORE HAPPY when it comes to owning a rental property!

Rental Listing Scams: How To Spot Them and How to Avoid Them

November 10, 2021

Rental Listing Scams happen more often than we’d like to think about. The world is at our fingertips on the internet, and scammers will use this to their advantage. Scammers know that finding the right apartment or home is hard work, and that good deals may be hard to pass up!

Whether you are moving to a new city or just shopping around for a new home, you will be considering the costs associated and the location of the property. Also, consider that the listing that you may be viewing could be a scam.

How To Spot Rental Scams

They want a security deposit or rent paid before you’ve met or signed any documents

Our world has changed a lot over the last few years. It is not uncommon to do business strictly over the phone or through email these days. If you are out of town or unable to do a drive-by of the rental listing, ask someone you trust to view the home and ensure it matches the listing. In addition, at the very least, set up a virtual meeting to meet the owner or property manager.

The advertised price is much lower than comparable properties in the area

One of the surefire ways to spot a scam is that the price will be significantly lower than other homes for rent in the area. Scammers know that in today’s world, everyone is seeking out a good deal. Do some research on the surrounding areas and the average rental cost.

There is a charge to view the home

A property manager, property owner, or agent will never charge you to view a home. There are instances where a management team could vet the potential residents prior to viewing a home with a few questions to ensure that they are qualified residents. This protects the listing parties from scams as well.

The owner or agent uses very high-pressure sales tactics and pushes you to rent the property right away

The rental market is very competitive today. But, not so competitive that you should ever feel pressured to sign a lease without the ability to view the home whether virtually or in person. Listing agents understand that the market has shifted and rentals go quickly. Agents also understand that future residents are entitled to viewing a home prior to signing any documentation or paying anything.

They hijack ads

Scammers are sneaky. Another tactic used may be that they will find a legitimate real estate listing and change the email address or other contact information. The altered ad could include the correct name of the listing agent, but with incorrect contact information. Scammers have even gone as far as hijacking the correct email addresses on rental sites.

They tell you that you have to wire money

The most certain way to tell a rental scam is that the listing requires you to wire money. Wiring money is the same as sending cash, and once you send it, there is usually no way to get it back. Property owners, managers, and agents are typically flexible in how they will accept funds for security deposits, fees, first month’s rent, etc. Scammers will only accept wire-transferred funds.

How to avoid rental scams

Get the terms of the rental in writing, including fees, rent, and maintenance.
Do some homework on the owner, property management company, and listing. If the names are different, or there is no contact information, this is likely a scam.
Ask to view a copy of the lease that is to be signed by the property manager and/or owner.
Check out other listings in the area and see how they are worded and how the photos look. If there are big discrepancies, this is a red flag.

Reporting Scams

Rental Scams are a huge deal. Don’t feel bad if you fell for one, it can happen to anyone! Stopping scammers is so important and there are many resources available. The Federal Trade Commission asks that you report any scams to them at ReportFraud.ftc.gov

You never have to worry about being scammed here at RentWise Property Management. Honesty, Integrity, and Transparency are our core values. We build great relationships with all of our property owners and our residents to ensure that everyone is having the best experience. To learn more about how we do business, visit us at rentwisepm.com/rentwise-property-management/

Happy Halloween in the Treasure Valley 2021

October 27, 2021

It’s the most wonderful time of the year! At least we think so. Fall landscapes, crisp air, and of course living in a community where Halloween is a BIG deal! So much so, that we needed an entire post to fill you in on all the amazing things happening around the Treasure Valley. We should always note that before attending an event, please check out their information regarding COVID-19 protocols. Safety first! Now, let’s get into the spooktacular fun!

October 28

Downtown Nampa Annual Halloween Trick or Treat

From 4-7:00 PM in the beautiful downtown Nampa area- be sure to check out this Annual Halloween Event. There will be an 80’s tribute band, bounce houses, vendors, food trucks, axe throwing, a flash mob, AND a scavenger hunt! This sounds like an event not to be missed!

Sienna Halloween Festival and Trunk-or-Treat

Located at Sienna Elementary School in Meridian this super fun Halloween Festival is happening from 5-8:00 PM! There will be food trucks, best trunk contests, barrel train, crafts, carnival games, rock wall, mechanical bull, and of course trick or treating!

October 29

Kids Halloween Yoga Party with Jesse

Located at True North Yoga in Kuna, this yoga Halloween Party for kids from 4-4:45 PM. Wear your Halloween costume and be ready to practice poses that correspond to popular Halloween characters such as bats, spiders, zombies, ghosts, cats, scarecrows, and more! Recommended for ages 4-12 years old. 15 students total for social distancing.

High Fitness Monster Mash

Located at N. Discovery Place in Boise from 5:30-8:30 PM, this Monster Mash is a family-friendly Halloween event! Featuring pumpkin decorating, cookie decorating (and eating), games and a photo booth, followed by a fun High Fitness Class for everyone!

12th Annual Shocktoberfest

Located at the Peppershock office in Nampa, Shocktoberfest Client & 18th Anniversary Celebration will begin at 5:00 PM. This event will be in person as well as virtual via Zoom. There will be ghoulish treats, boo-oze, costume contests, and more!

80’s Halloween Party

Located at the Ironwood Bar & Grill in Garden City, this Spooky 80’s party will begin at 8:30 PM. There will be food and drink specials, prizes for the best Halloween costumes all while dancing to your favorite 80’s hits!

Kids GLOW Night: Halloween

Located at Fire & Ice Pottery Studio in Caldwell from 6-9:00 PM. Available for ages 6-15, there will be dinner, dessert, games, and crafts! $50 per child with a sibling discount available.

October 30

McNabb’s Annual Halloween Carnival

Located at 123 Banner Street in Nampa, this annual Halloween Carnival will be providing tricks and treats from 3-8:00 PM. Featuring carnival games, face painting, concessions, prizes, raffles, costume contests, carousel rides, and more! The games, concessions, and crafts are all FREE! Purchasing a raffle ticket helps to fund this wonderful event year after year.

Trick or Treat the Market

Located at the Nampa Farmers Market on Saturday, October 30th. Happening from 9:00 am-1:00 PM- rain or shine! On the final day of the 2021 season, bring your kids, enter a costume contest, snap a selfie with fun backdrops, and trick or treat in a family-friendly, safe environment!

The 4th Annual Halloween Bar Crawl- Boise

Check-in time is from 4-6 PM at the Cactus Bar Boise. Headlining as the SCARIEST bar crawl ever, there will be exclusive drink specials, amazing local food, waived cover fee at all venues, professional photographer, amazing after party, AND a $1,000 Grand Prize Costume Contest!

Homes of Idaho Trunk-or-Treat Caldwell

Beginning on Main St. in Caldwell, this Trunk-or-Treat event is happening from 3-6:00 PM. There will be tons of trunks, candy, food trucks, a photo booth, a costume contest, and a DJ!

The Fabulous Chancellors Annual Halloween Ball

Located in The Riverside Hotel’s Grand Ballroom– doors open at 7:00 PM from this fantastic Annual Halloween Ball. Enjoy classic Rock’n’Roll hits, music, dancing, and costumes! 21+ event. Enjoy dinner at the Riverside Grill and there will be a no-host. bar service available throughout the event. Room package specials are available.

October 31

Hull-o-Ween Paddle & Party

Hosted by Idaho River Sports, this annual Hull-o-Ween Party is from 11a-2:00 PM. There will be cider & Halloween treats provided. Dress up and paddle on the pond for a chance to win prizes for the best costume! The parade and costume judging begins at 12:00 PM.

A Throwback Halloween

Located at Treasure Valley Skate and happening from 6-9:00 PM, skate to your favorite old school hits while dressed in your favorite themed costumes! This is a family-friendly event & masks are required.

Ten Mile Trunk-or-Treat

Located at the Ten Mile Community Church from 5:30-7:00 PM. This family-friendly event will provide a safe place to have fun, gather some candy, and work your way through the maze!

Whew! We are currently trying to figure out how to attend each of these events- they all sound amazing!

As you can see, living and doing business in the Treasure Valley is WONDERFUL! Let us show you how owning a rental property here can be easier than you think with the right partner in property management!

Ultimate Guide To Preparing Your Property For Winter

October 13, 2021

Winter is coming! I know, Fall just arrived, right? It is hard to believe that it is almost time to talk about snowy days and crisp air. Property Managers are always thinking ahead, so it is time to tackle some strategic planning before the snowflakes fall. We have created this ultimate guide to help you get ahead of the seasons and avoid any snowy situations.

Planning ahead for the winter months is one of the most important parts of maintaining a property, especially a rental. Tenants depend on their property managers and property owners to keep their homes safe and secure when inclement weather hits. Not only does being proactive keep future costs down, but it also protects you from a potentially costly liability. Here are some of the best tips to ensure that your property is in tip-top shape before the seasons change:

Have Your Furnace and Chimney Inspected & Cleaned

Tenants typically don’t think about the HVAC system in their home until it is time to turn them on. One of the largest dangers, when the seasons change, is a faulty HVAC system or a malfunctioning fireplace. This is a recipe for disaster as both can cause fire and release carbon monoxide into the home if they are not performing properly. While your inspection is being done, it is a good idea to ensure that the ductwork is clean and that the chimney is free from debris. This takes us to our next suggestion.

Inspect Smoke & Carbon Monoxide Detectors

With cooler weather comes the use of the furnace and/or fireplace if your property has that feature. Tenants are asked to test their smoke & carbon monoxide detectors each quarter. One of the largest hazards in the cooler months is fire or carbon monoxide poisoning. The fireplace and the furnace have been lying dormant for many months and the tenant will likely assume they are functioning just fine and turn them on.

Clean your gutters

Fall is awesome and beautiful but also can leave a mess at your property. Another suggestion to prepping your property for winter is to ensure your gutters are free of leaves, branches, and other debris. If your gutters are full, it will weigh the gutters down. Also, ice may accumulate in the gutters from improper drainage. The extra weight from snow/ice/debris may cause the gutters to fall off your home while damaging the exterior in the process.

Inspect The Roof

The extra weight of snow and ice on a roof that is not in great shape can act like a ticking time bomb. This may cause leaks or even collapse of the roof into your rental. Having a certified roofing contractor giving your roof a good once-over will ease your mind and inform you of the remaining life of your roof.

Drain Sprinklers and Wrap Exterior Pipes

Draining sprinkler systems and wrapping exterior pipes and spigots will prevent leaks and frozen pipes. Standing water in pipes or irrigation systems will almost certainly freeze. This causes the pipes to crack and sometimes burst which in turn can cause water damage and a large mess to clean up!

Trim Trees

This is a tip that sometimes gets overlooked. Snow and ice love to sit on tree branches. If there is a tree close to your property you do not want the tree to break and fall on the property or other exterior features.

Inspect Exterior for Trip and Fall Hazards

Inspecting and repairing any trip and fall hazards is one of the most important steps you can take in getting your home ready for winter. Cracked sidewalks, broken handrails, loose decking are all liabilities and require your immediate attention. This is true anytime, but especially when mother nature is in control in the winter.

Check Trim on Doors and Windows

Increased drafts inside a home will cause the HVAC system to work harder. This means added wear and tear on your furnace and your property which will result in additional costs sooner than later. Having an energy-efficient home not only protects your pockets from a costly HVAC replacement, but it also keeps your home in great shape by keeping the elements outside where they belong.

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!

What To Consider When Adding A Roommate To Your Lease

September 29, 2021

There are many reasons why you may want to add a roommate to your existing lease. Maybe your existing roommate is getting married or moving out of state, or you just need someone to share your rent. This is very common. Many times, there are great advantages to adding someone new to your household. This includes sharing utilities, expenses, and having company. Allowing someone to reside in your household without taking the right steps is not only considered illegal subletting but can set you up for eviction and/or fees and fines. There are a few boxes that you need to check before allowing someone new to move into your home.

Check your lease

First things first, you need to check your lease to see the protocol for adding a new tenant. It is likely that your proposed roommate will have to complete a new rental application and go through the screening process. Once they sign an application, they are now legally responsible for the rent, just as you are. Furthermore, it will help to know what you have to do on your end to make sure you are following the agreement you signed.

Are there fees?

Additional tenants occupying a property can mean more wear and tear so there may be some costs associated with adding a roommate. Here at RentWise, we request a $250 fee to process the application, screen the proposed tenant, and completed the required documentation needed to update the resident’s file.

Communicate with your property manager

Communication is always key in maintaining a healthy relationship- especially when it comes to the professional managing your property. Talking with your property manager prior to committing to a new household resident will save you all a logistical headache. Your property manager will appreciate a heads up that you are considering adding a tenant and will be more open to working with you.

Be sure that you choose your new roommate wisely

Last but not least, make sure that you have truly thought out your decision to add someone new to your residence. Having a new roommate can be exciting, but may not actually be the best choice in the long run. Once you complete the steps to add a roommate, it is a hassle to undo them. Releasing a roommate requires you to submit income statements and additional documentation. This will show your property manager that you are able to handle the lease requirements on your own.

If you want to know more about our services, reach out to us at 208-949-3083 or courtney@rentwisepm.com. Less Hassle. More Happy.

SW Idaho NARPM Q2 2021 Vacancy Survey

September 15, 2021

The Southwest Idaho Chapter of the NARPM(National Association of Residential Property Managers) has released its findings from the Q2 Vacancy and Rental Trends survey. The report is as of June 30, 2021. This survey tracks key performance indicators and market trends for single and multi-family homes in the Ada and Canyon County region. There are a total of 9,740 units managed between the counties with a total of only 145 vacancies.

Q2 Vacancy Survey Results

The rental market has seen some very intriguing trends this quarter! The 2nd quarter closed out strong with a market vacancy rate of 1.66%. The data collected indicates that vacancy rates have decreased by 2.64% from the 2nd quarter of 2020! This is exciting news but also shows the vacancy rate may be approaching its eventual plateau.

Rental Rates

Ada County single-family rental rates increased this quarter by an average of $177 per unit. However, multi-family rental rates increased an average of $129 per month in the second quarter. The overall marketed rent rate for the combined single and multi-family comes in at $1,679 per month.

Canyon County rental rates showed a lower increase in the second quarter of 2021 than the first. The rental rates for single-family homes showed an average increase of $58. This puts the average rental rate at $1,398 per month. The current data illustrates that rental rates in Canyon County 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 Q3 results! If you would like more information on this report or would like to discuss how we can use our motto of “Less Hassle, More Happy” to assist in making the most of your investment, visit us here!

« Previous Page
1
…
4
5
6
7
8
…
13
Next Page »