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Thanksgiving Hosting: Balancing Safety and Fun in Your Home

Thanksgiving is a time to come together with family and friends to express gratitude, share a delicious meal, and create lasting memories. If you’re the lucky one hosting this year’s festivities, your priority is to ensure everyone’s safety and, of course, to have a great time. We’ll guide you through hosting a Thanksgiving celebration that’s not only fun but also safe for everyone.

 Plan and Organize

Before the big day arrives, create a plan. Start with a guest list and consider dietary restrictions or allergies. Organizing ahead of time allows you to prepare a well-balanced menu and ensure everyone’s needs are met.

 Food Safety

Food is at the heart of Thanksgiving, but it’s also a potential source of foodborne illness. Follow these tips:

  • Thaw Safely: If you’re cooking a frozen turkey, ensure it’s thawed in the refrigerator, not on the counter.
  • Proper Cooking: Cook poultry to an internal temperature of 165°F (73.9°C) and use a food thermometer to be sure.
  • Leftovers: Store leftovers within two hours and consume them within a safe timeframe.

Fire Safety

Thanksgiving often involves a lot of cooking, so be mindful of fire safety:

  • Keep Flammable Items Away: Ensure kitchen towels, pot holders, and curtains are away from the stovetop.
  • Fire Extinguisher: Have a working fire extinguisher nearby.
  • Never Leave the Kitchen Unattended: Stay in the kitchen when cooking and turn off the stove when done.

Home Safety

Make sure your home is safe for guests, especially if you’re expecting children and elderly family members:

  • Clear Walkways: Remove any clutter and tripping hazards.
  • Secure Rugs: Ensure rugs are non-slip or use rug grips to prevent falls.
  • Proper Lighting: Make sure the pathways are well-lit, especially if guests arrive after dark.

Alcohol Responsibly

Thanksgiving often includes alcohol, so encourage responsible drinking. Provide non-alcoholic alternatives for designated drivers, and keep an eye on your guests’ alcohol consumption to ensure everyone stays safe.

Entertainment

Keep the mood festive with fun activities and entertainment. Plan a few games, or encourage guests to share stories of gratitude. These moments can make your Thanksgiving gathering truly memorable.

Be a Gracious Host

Thanksgiving is a time for gratitude, so be a gracious host. Welcome your guests warmly, provide comfortable seating, and make them feel at home. This will set the stage for a joyful and memorable celebration.

Clean-Up

Once the festivities are over, ensure a thorough clean-up. This prevents accidents and makes your home safe and welcoming for future gatherings.

Hosting Thanksgiving can be a delightful and safe experience with the right preparation. By following these tips, you’ll be able to focus on creating cherished moments with your loved ones, knowing that everyone is in good hands and can fully enjoy the holiday. Have a happy and safe Thanksgiving!

The Role of Property Managers in Real Estate Investing

Real estate investing can be a lucrative endeavor, but it often comes with a range of responsibilities that can be overwhelming for property owners. This is where property managers step in. Their role is more than just collecting rent; they play a crucial part in the success of your real estate investments. In this blog, we’ll explore the significant role property managers play in real estate investing.

1. Tenant Acquisition and Screening:

Property managers are experts at finding and screening tenants. They can help you attract quality renters, reducing the risk of rent defaults, property damage, or legal issues. Thorough background checks, credit assessments, and rental history verifications are part of their tenant screening process.

2. Setting Competitive Rental Rates:

Property managers conduct market research to determine the optimal rental rates for your properties. They ensure you maximize your rental income while remaining competitive in the local market. This expertise can significantly impact your return on investment.

3. Handling Lease Agreements:

Lease agreements are legal documents that protect both landlords and tenants. Property managers ensure these agreements are comprehensive and comply with all local and state regulations. They also handle lease negotiations, renewals, and terminations.

4. Rent Collection and Financial Management:

Collecting rent on time is crucial for maintaining a steady income from your investments. Property managers take care of this task, sending out reminders, and handling late payments. They can also manage property-related finances, including paying bills and taxes.

5. Property Maintenance and Repairs:

Maintaining your property’s condition is essential for preserving its value. Property managers oversee regular maintenance and respond promptly to repair requests from tenants. This proactive approach ensures the property remains in excellent condition.

6. Legal Compliance:

Navigating the complex landscape of landlord-tenant laws and regulations can be challenging. Property managers stay up-to-date with these laws and ensure your property complies with all relevant regulations. This minimizes the risk of costly legal disputes.

7. Emergency Response:

Property managers are on-call to handle tenant emergencies, such as plumbing issues, electrical problems, or security concerns. Their prompt response not only keeps tenants satisfied but also prevents potential damage to your property.

8. Tenant Relations:

Maintaining positive relationships with tenants is crucial. Property managers act as intermediaries, addressing tenant concerns and ensuring their needs are met. This fosters a more harmonious renting experience.

9. Marketing and Advertising:

When a property becomes vacant, property managers handle marketing and advertising to attract new tenants swiftly. Their expertise in showcasing the property’s strengths can reduce vacancy periods.

10. Investment Strategy and Planning:

Experienced property managers can provide valuable insights into your real estate investment strategy. They can advise on property acquisition, expansion, and even exit strategies, helping you make informed decisions.

Professional property managers are invaluable partners in real estate investing. Their expertise in tenant acquisition, financial management, property maintenance, and legal compliance can make the difference between a successful and stressful investment experience. By entrusting your properties to skilled property managers, you can optimize your returns and enjoy the benefits of passive real estate investing.

Looking for Boise Property Management for your rental property? Give us a call today at 208-949-3083 or find out what your home will rent for with our FREE Rental Estimate.

SW Idaho NARPM | Q2 2023 Vacancy Report!

Have you ever wondered how to gauge the vacancy rate of a particular market? Further, have you ever wondered what the vacancy rates are based on the type of property you invest in? Well, you are in luck if you are investing in the Treasure Valley! 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 2023 Q2 Vacancy and Rental Trends survey. The report is as of March 31, 2023, with 20 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 5,207 managed between the counties, with a total of 287 vacancies.

 

Q2 Vacancy Survey Results

The number of vacancies in this report increased by 107. However, the reported number of rentals managed significantly increased by 409 homes. The 1st quarter of 2023 closed out with an overall vacancy rate of 5.11%. The data collected indicates that vacancy rates are beginning to level out.

Rental Rates

Ada County single-family rental rates increased this quarter by an average of $24 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $1,977 per month. To compare, that is a 1.23% monthly rental rate increase based on the Q1 2023 Vacancy Survey.

Canyon County rental rates showed a significant rental rate decrease this quarter! The rental rates for single-family homes showed an average monthly decrease of $137. This puts the average rental rate at $1,550. The current data illustrates that rental rates in both Ada and Canyon Counties come in lower for multi-family properties than single-family homes.

 

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 survey results that will be coming out in Summer 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!

Resident Benefits Package | Benefits So Good, You May Never Want to Leave

Every resident deserves to feel secure and supported in their home. That’s why we’re excited to share our Resident Benefits Package by Second Nature, which includes a variety of valuable services!  At RentWise Property Management, all of our residents get the #1, most-awarded experience for tenants!

What is a Resident Benefits Package & Who is Second Nature?

 

Filter Delivery Service

Our residents will automatically receive their HVAC filter delivered right to their door! This saves up to $250 per year and helps to maintain the integrity of the HVAC system for efficiency.

Credit Building

We’ll report every rent payment that you make so that you can continue to build your credit! We also can report up to the past 24 months for an immediate boost in your score. This will come in especially handy if, down the road you decide it’s time to purchase a home. Lenders love to see a strong credit history and timely payments being made.

$1M in Identity Protection

1 in 4 Americans are victims of identity fraud. All adult leaseholders get $1M in identity protection!

Resident Rewards

Each time you make an on-time rent payment, you’ll be rewarded! Residents can earn gift cards and substantial savings while shopping in the marketplace!

Additional Benefits for Residents

Want to learn more about our services or how to become one of our happy tenants? Contact us at 208-949-3083 or check out our website at www.rentwisepm.com.

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

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:

  1. 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.
  2. 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:

  1. Clean the Filter Regularly. Clean the filter regularly to ensure that food particles and other debris aren’t clogging up the system.
  2. Don’t Overload. Overloading the dishwasher can cause the system to run inefficiently and can cause it to overheat, leading to damage.
  3. 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.

  1. 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.
  2. 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.

  1. 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.
  2. 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.
  3. 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

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!

Our Location:

RentWise Property Management
925 N Main St. (drop box only)
Meridian, ID 83642

Mailing Address:
P O Box 191208
Boise ID 83719

Contact Us:

Office: (208) 949-3083
Fax: (208) 953-7870
E: office@rentwisepm.com