RentWise Property Management

TENANT PORTAL
OWNER PORTAL
MAINTENANCE
(208) 949-3083

      

SW Idaho NARPM Q2 2021 Vacancy Survey

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! 

 

 

 

 

Utility Companies For The Properties That We Manage

 

Moving in made easy! Here at RentWise, we understand that moving into a new home can come with its own set of stressors. Our goal is to make our residents’ move-in process as seamless as possible for the tenant and property owner! Also, as experts in the property management industry, one of the things we pride ourselves on, is being prepared! Our lease agreement includes many different segments of information regarding utilities and requirements. The details help to assist in making the transition between residents a breeze! 

When a lease has been signed,  the resident has 48 hours to return the Utility Transfer Form to our office. Furthermore, to make things simple, we ensure a properties’ utilities will be active between residents For convenience, we ask that the utilities be transferred into the residents’ names within 3 days prior to moving in. In the Treasure Valley, there are several utility companies that support the properties we manage. 

Here are the main utility companies that we work with:

Idaho Power Company

www.idahopower.com 

(208) 388-2323 or (800) 488-6151

Start, Stop or move your service here.  

New requests to start, stop or move service are processed within 24 hours of the next business day. If you are starting service, your first bill may include a setup fee of $20.
Idaho Power Company has a convenient online portal that you can pay your bill, track and compare energy use, update your account information, and more! 

Intermountain Gas Company 

https://www.intgas.com/

(208) 377-6840 or 800-548-3679

Start, Stop, or Move your service here.

Please note:
Do not use the online forms if you need service within the next two business days.  Intermountain Gas Company has a convenient and user-friendly website for its customers to pay bills, track usage, request level pay, and more!

City of Boise: Wastewater & Trash/Recycling

https://www.cityofboise.org/departments/public-works/utility-billing/utility-billing-residential/

To set up a new service, please call (208) 608-7460
Your utility bills can be paid online, through auto-pay, in-person, over the phone, or by mail.

SUEZ Water Idaho

https://www.mysuezwater.com/idaho/standard-home

Email: suezidcustserv@suez-na.com
Phone: (208)362-7304
You can use their 24/7 self-service options to quickly obtain your account balance, pay your bills, and confirm your information.

Our motto is “Less Hassle, More Happy” and we strive to be the best in the business! If you are looking for a group of experts who know how to help you make the most of your investment, contact us today! 

Taskmasters: Who Are They and Why Do We Use Them?

 

Property management is a multifaceted industry. Between onboarding new clients, resident applications, inspections, maintenance requests, and more- our days are busy! Have you ever wondered how we get it all done? I’ll share one of our secrets with you: utilizing a preferred vendor, Taskmasters. Our mission is to provide excellent service and do it with the highest quality of tools and technology. We strive to be the best. And using a specialized service such as Taskmasters allows us to focus on our property owners and residents and meet their needs in record time. 

So, who are they? Taskmasters Idaho provides additional expertise to our arsenal of professionalism and efficiency. RentWise manages many types of properties. We believe our vendors are the best in the business and take our service to the next level. Furthermore, Taskmasters specializes and assists with a wide variety of property management services, here are a few that we may utilize: 

Sign/Lockbox placement or drop off

Notice services such as placing 24-Hour and 3-Day Notices to enter the property with the resident

Move-out condition report

A final move-out condition report is indisputably one of the most important functions of a property manager. An unrushed, thorough condition report after a tenant vacates a property is in the best interest of all parties involved. Not only does the report include a floor-to-ceiling inspection with a written survey, but it also includes photos of any notations made. This allows us to compare the initial move-in condition report to the final move-out documentation. 

Exterior Surveys

Visual surveying of a property needs to be completed from time to time. This helps us to address any compliance issues and allows us to act quickly to remedy the situation.  Exterior surveys include a photo of each property and a compliance form sent to us if there are any issues spotted. Additionally, while this survey is being completed, there is no disturbance to the resident or owner and it is a quick and efficient way to confirm that the property is kept in great condition. 

Pet Checks

We love pets! However, sometimes pets can cause damage. A pet check includes a photo of the pet as well as a visual survey of the property for any damage. This protects our residents as well as the property owner. 

Vacant Property Checks

Keeping an unoccupied home safe and secure between showings is imperative! Conducting vacant property checks helps to provide our property owners with peace of mind that their investment remains in tip-top shape for the next resident.  The checklist includes: plumbing checks and testing functionality, ensuring that the home is secure and locked, confirms that utilities are on and functioning, removing any flyers or debris from the front entry, verifying signage, visually inspecting for pests. 

Our motto here at RentWise is “Less Hassle, More Happy”. We believe that you should love what you do and have fun doing it! Not only do we love our clients and our residents, but we also love our team of vendors too! Let us show you how hiring the right property manager can be a game-changer for your investment! We can’t wait to connect with you! Read more about our property management services, and give us a call at (208) 949-3083!

Benefits of having a Virtual Property Management Company

One trend that you may have heard a lot about recently is having a “Virtual Office.” As your property manager, we strive everyday to ensure that we are providing outstanding, convenient, unmatched service to our clients and residents. We are able to continue to do this by being a virtual business.
There are many reasons why going virtual is beneficial, here are 5 reasons below:

The ability to manage properties
anytime, anywhere

Being virtual affords us the ability to assist and manage our properties from anywhere in the world. The market is always changing. We are able to update property metrics and listing information instantaneously. We are able to market properties quickly and update our social media information. This is a surefire way to know that the business can continue running smoothly no matter what is going on in the world around us. 

Keep operating costs down

We do not have a brick and mortar office. This allows us to source the funds elsewhere that we would otherwise be spending on building upkeep; such as maintaining reasonable property management fees.  We invest in the highest quality of applications and technology to provide a seamless experience for our investors and residents. This includes a revolutionary owner and tenant portal to pay rent, submit requests and view importation documentation. 

Communication

Communication is one of the largest components of successful property management. Being virtual allows us to take this to another level. We have the ability to reach all of our clients and tenants at once.  We are able to send out financial reports and updates to our investors in real-time. This makes it easier for property managers to make recommendations and maximize your earning potential based on market trends. We always keep your bottom line in mind. Being virtual cuts back on vacancy times due to the effectiveness of electronic screening and leasing. 

Documentation

Our property management team has the ability to access all documents and records from their own workstation. This keeps our service consistent and efficient.  Any announcement, request, or interaction comes with a time stamp. As a result, we are able to keep thorough records and document each interaction as it happens, to avoid any misunderstanding.  Through our state of the art software, we track maintenance requests and send out status information quickly. Additionally, we are able to send out digital invoicing and collect rent digitally for accurate record keeping. All of this is done to maintain consistency and continuity for our clients. 

Health and Safety

Nothing is more important to us than keeping our clients safe and secure. The past few years have proven challenging for every industry. Here at RentWise, we were already running as a virtual property management company prior to COVID-19,  so there were no adjustments needed to continue our daily responsibilities. Running a virtual office minimizes daily staff, walk-in, and vendor contact. This is exponentially important as we are all able to maintain a healthy work environment by keeping our distance. Keeping ourselves as well as our residents, investors, and vendors healthy is a guarantee that we can continue providing consistent service without delay. Our virtual dynamic also affords us the opportunity to conduct training on a more frequent basis. 

 

It is our ultimate goal here at RentWise to be the best in the business. We take pride in our team and the properties that we manage. If you would like more information on how we can help make owning an investment property “Less Hassle, More Happy”- we would love to speak with you! Give us a call at 208-949-3083 or email courtney@rentwisepm.com

The importance and types of insurance for property management and vendors.

Managing the property of clients can be very rewarding. As professionals, we always have the best interest of our clients in mind. We must also consider many factors, such as awareness of all of the potential risks we may face and how to protect the business. The risks may vary but can include vandalism, theft, legal and/or lawsuit compensation, fire, and so on. Having adequate insurance coverage helps to protect our assets and keeps the business running. 

We also require the vendors that we hire to supply insurance. This protects the property owner, property management, the tenant, and of course the vendor. This may include auto liability or a general liability policy. Ensuring that each one of these vendors has adequate coverage in line with their type of business operations is key. 

Some examples of insurance for a property manager and vendors include:

 

Property Management

  • Professional Liability Insurance(Sometimes called Errors and Omissions insurance or E&O) The types of claims that fall under professional liability may include:
    Tenant Discrimination- a potential or current tenant claims that property wasn’t rented to them or faced harassment based on race, color, religion, sex, sexual orientation, marital status, children, or national origin.
    Wrongful Eviction- While the lease is still valid, a tenant believes they were unlawfully evicted. They may sue for damages such as the cost of moving, lost wages, the cost of the replacement lease/deposits, etc.
    Property Damage by Error-failure to inspect fire extinguishers and fire caused damage to the property where it could have been prevented with a fire extinguisher. Failure to investigate complaints or maintenance requests(such as noise, pets, pet, plumbing) that may result in further damage to property.
  • General Liability Insurance-The types of claims that fall under General Liability may include:
    Property damage- The example is similar to the Professional Liability claim. Damage was caused to the property whether it be a failure to inspect, investigate or mitigate. It also includes accidentally damaging a tenant’s property during a showing or walk-through.
    Resident injury- This includes failure to maintain safe public premises for tenants and guests such as handrails, trip and fall hazards, snow and/or ice removal (depending on the lease contract) electrical hazards, environmental hazards.

Vendor/Contractor 

  • General Liability Insurance– sometimes called Commercial General Liability Insurance. Two of the main concerns with a General Liability Policy are:
    Property Damage– a vendor damages the property while performing a service or maintenance request. This could be accidental or negligence.
    Customer or tenant injury– ie: if you tripped over a vendor’s toolbox and needed medical attention.
    Commercial Auto Liability- covers property damage or injury caused by a vehicle used on the job.

 

Our Why

As a property management team, we act on behalf of the owner and treat the investment as if it is our own. We are experts in property management as this is all we do, so rest assured it is our only priority.  Learn more here about the benefits of doing business with an experienced, dedicated, team of professionals who take pride in the success and protection of our clients.

 

 

 

 

Bi-annual preventative maintenance assessments on every property we manage.

We care about our clients and are committed to continued satisfaction. We understand and appreciate that as your property manager, you are entrusting us to be the voice and eyes for your investment. Inspections or assessments may seem like a burdensome task, but we believe in being proactive.

The majority of property owners don’t live in their rental property buildings or even nearby, so they turn to us to ensure that regular and routine inspections of the property are conducted. This helps to make certain that their property is being well taken care of and that anything beyond the scope of expected wear and tear is addressed quickly and efficiently. Proactive assessments also help to improve resident satisfaction which leads to better resident retention. 

 

Here are a few benefits of a property assessment on a bi-annual basis:

  • Ensures that residents are following the lease terms and that they are taking care of any tenant-required maintenance tasks (lawn care, pet care, etc.)
  • Helps to identify, monitor, and mitigate any safety hazards on the property that could potentially be a liability (electrical wires, trip, and fall hazards, handrails, smoke/carbon monoxide detectors)
  • Establish if there are any serious concerns such as leaking or busted plumbing, missing shingles/roof leaks/life of the roof, pest control, windows, HVAC, and prevent any existing damage from getting out of control and costing the property owner more as time goes on

 

If you’re in the market for a property manager that will work with you to keep your investment profitable and ensure it remains well maintained, call us today at 208-949-3083. Click here to receive a free rental estimate and a detailed report on your property.