Should You Turn Your Rental Into A Smart Home? | Considerations Before Making The Switch

July 20, 2022

The world around us is surrounded by technology that is constantly evolving. Investment property owners are following the trends, and some have been converting their rental properties into ‘smart homes’. The technology industry has created devices that range from video doorbells, voice-activated appliances, noise control, flood detection, and more! While smart home devices were created for convenience, they can sometimes feel a little intimidating. Additionally, smart home devices can come at a cost as they are in high demand. So, is converting your rental property to a smart home the best choice? Let’s take a look at some of top considerations associated with adopting smart technology into your rental.

What is a Smart Home?

Simply put, a smart home is a home equipped with lighting, heating, and electronic devices that can be controlled remotely by a phone or computer. Smart home technology allows you to control almost every aspect of your home at the touch of a button.

Types of Smart Home Technology

The most commonly used smart home technology devices control lighting, security, appliances, and temperature control.

Lighting– The resident has the ability to set schedules for turning lights on and off, dimmable light features, and control energy output, all from a hub or smartphone device. Smart lighting also eliminates the need for additional outlets and wall switches due to the smart lights’ ability to be plugged in anywhere.
Security- Smart Home security is the largest component of adopting a ‘smart’ lifestyle. Smart home security allows the owner and resident to view live footage of their property when away, receive notifications and alerts, detect carbon monoxide or potential fires, trigger alarms to local police and fire departments, and remotely lock doors and windows.
Appliances– Many new appliances on the market are equipped with smart data technology that will provide maintenance alerts and recalls and provide the ability to request service.
Temperature Control– Possibly the most commonly seen facet of smart technology. Temperature control or ‘smart thermostats’ have taken the smart technology market by storm. Smart thermostats provide the ability to remotely control a home’s temperature by lifestyle sensing, programming schedules, and adjustments based on the local weather.

Why Should a Landlord Invest in Smart Technology?

The next generation of renters is among us. Millennials are more tech-savvy than generations prior and expect the accessibility and convenience of technology at their fingertips. Converting a rental property to a smart home is a value-add amenity for many potential tenants. Additionally, many rental shoppers may have smart home technology at the top of their requirement list. The added technology may create somewhat of a niche market when advertising to future tenants. This can also work in the owner’s favor as more technology and amenities equals the ability to market a higher rent for their respective property.

Benefits of Smart Home Technology

Smart home technology has huge benefits for both the renter and the property owner. Tenants enjoy the ability to set temperature control schedules, turn lights on and off, and get alerts from their appliances, such as when the dishwasher cycle is complete. This can help to keep their utility bills low and help with month-over-month budgeting.

Property owners can immensely benefit from smart home technology by ensuring that their investment remains in ideal condition. Landlords who provide utilities as part of their benefits package can maintain energy efficiency in their rental with smart thermostats. Smart technology can also track necessary maintenance in the home, which can save thousands of dollars down the road if they were not made aware of an underlying issue.

Concerns with Smart Home Technology

The largest concern surrounding smart technology is maintaining privacy. Smart technology can store a lot of data regarding a tenant’s habits, daily activities, and even where the tenant is located in the home. This may raise some serious concerns for potential residents. Owners can mitigate this risk by vetting smart home providers to ensure that data is stored securely.

Another concern that falls on the owner of the property is the cost surrounding converting to a smart home. According to homeadvisor.com, a full smart home conversion can cost anywhere from $10,000 – $150,000, depending on the features you are requesting.

Smart technology can be a great way to make your rental property more efficient and convenient for tenants. Well-managed smart technology can make a landlord’s job much easier! With some research and uncovering your needs as well as your tenants, you can create a positive tech experience for everyone

Are you currently looking for homes to rent in the Treasure Valley area of Idaho? Our lists are continuously updated, and houses move quickly here at RentWise Property Management. Feel free to check out our current listings!

Creative Temporary Gardening | Tips for Renters to Keep Your Landlord Happy!

June 22, 2022

Summer has arrived, and you are seeing all of the gorgeous flowers and plants lining the porches and decks of all of the surrounding homes. Am I right? In addition to looking beautiful, planting flowers and plants have some huge health benefits. Not only is gardening a great way to get some exercise, but it also can help to reduce stress and anxiety. If you are renting your home, you may also be wondering how you can achieve optimum green space without compromising the terms of your lease. There are many creative ways you can incorporate temporary gardening into your rental. The best news is that when you’re ready to move, you can take all of this with you! Here are a few tried and true options for temporary gardening.

Mini Porch Greenhouse

Our first option is this Tiered Mini-Greenhouse from Amazon. This is is an all-season structure that you can place indoors or out. It contains 5 tiered shelving options and provides a PVC cover to contain the humidity and moisture required for successful gardening. This small but mighty mini greenhouse won’t take up much space at all on your porch or in your backyard and easily stores when you are ready to move or take it down for the winter months. This is the perfect way to grow herbs and small vegetables in individual pots without having to worry about making space in your yard if you have one.

Raised Garden Bed

Raised garden beds are a fun option to incorporate greenery and plants into your landscape without having to do much digging. You can buy a manufactured raised garden bed at any garden supply store. Also, if you are ready to take on a DIY project, you can make one yourself with a little sweat equity, such as this one.

If you choose to purchase a raised garden bed with a higher elevation, this can be handy for keeping wildlife out of your fruits and vegetables. Additionally, raised garden beds that rest on the ground can be a great way to create a temporary landscape option. Raised garden beds are often more productive than if you were digging in the ground due to better drainage and the soil gets warmer quicker. One consideration with the ground option is to ensure that once you are ready to remove, you aren’t placing the bed over existing grass or landscaping. This could cause potential damage that may result in your landlord holding you responsible for remedy.

Verticle Stacking Planters

Verticle gardens such as this one from Home Depot are all of the rage in the world of temporary gardens! They are easy to install and easy to remove at the end of the season. Verticle gardens fit well in the corner of a deck or porch. Vegetables such as tomatoes, peas, and squash grow best in verticle gardens such as this. One thing to keep in mind is that these planters don’t drain as well as other conventional options so you must monitor for moisture containment and soil rot. Also, if not careful, this could leak on your neighbors below if you are on the second story.

Over-The-Rail Planter Boxes

Over-the-rail planter boxes are one of the absolute easiest ways to spice up your curb appeal and increase your plant presence without causing any damage. This will be a surefire way to make your landlord pleased! There are so many options for these planters including plastic, wrought iron, and wooden, and many different mounting options. If you have a deck or porch with a railing, these are the perfect option for you! Typically, sun-loving plants will thrive best in these planter boxes. Be sure that your planter box has drainage holes to ensure that moisture isn’t staying stationary on top of your railing.

Upside Down Gardens

Last, but certainly not least on our tips and tricks list of temporary gardening options are the quirky and visually appealing upside-down gardens! These hit the market as an ‘As Seen On TV’ product several years ago and have picked up a ton of steam with consumers trying to grow fruits and vegetables in an easy, mess-free, damage-free, environment. The planters are made of high-quality felt and are washable and reusable. The success of upside-down gardening comes from the shape of the hanging planters and that they promote excellent drainage and prevent root entanglement. This is the perfect option for a renter who doesn’t have a lot of space to grow fresh fruits and vegetables. You can hang these planters from a shepherd’s hook or from your porch or deck with no damage!

Making your rental home feel like your own can sometimes feel like a challenge. If you have a porch, balcony, deck, or small yard, there is a surprising amount of space that you can get creative with temporary gardening options. Greenery, flowers, fruits, and vegetables are one way that you can personalize the exterior of your home to your liking, all while keeping your landlord happy!

We fully support making your house feel like a home. If you are a prospective tenant in the Treasure Valley, our team would love to speak with you. Additionally, we can help you navigate through your home search and application procedures! View our available listings and schedule a time to view your dream home here! Our motto here at RentWise Property Management is LESS HASSLE, MORE HAPPY!

SW Idaho NARPM Q1 2022 Vacancy Survey

May 25, 2022

The Southwest Idaho Chapter of the NARPM(National Association of Residential Property Managers) has released its findings from the 2022 Q1 Vacancy and Rental Trends survey. The report is as of March 31, 2022. 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 10,352 units managed between the counties with a total of only 241 vacancies.

Q1 Vacancy Survey Results

The rental market has seen some very intriguing trends this quarter! The 1st quarter of 2022 closed out strong with a market vacancy rate of 2.33%. The data collected indicates that vacancy rates have increased marginally by 0.75% from the 4th quarter of 2021! 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 $226 per unit, per month. However, multi-family rental rates increased by an average of $124 per month in the first quarter. The overall marketed rent rate for the combined single and multi-family comes in at $2,085 per month. To compare, that is a $519 or 33% increase per month based on the Q1 2021 Vacancy Survey.

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 monthly increase of $85. This puts the average rental rate at $1,747 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 Q2 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!

Rent-Ready: What does that mean?

May 11, 2022

Whether this is your first time as a landlord or you have been renting out your investment property for years, you have likely heard the term ‘rent-ready.’ You might be thinking, “my property is in awesome condition,” or “my home is new construction.” Even if this is true, not all homes are automatically ready to rent. Getting a property rent-ready means that you are taking the time to ensure that it is in the proper condition to be on the market.

If you have hired a professional property manager, their team will walk you through the steps to get your rental prepped for your next tenant! So, before you list your property, we will walk you through a few necessary steps! Attention to detail will attract fantastic tenants and maximize rents collected.

Inspection Time

Taking the time to inspect the property thoroughly will prevent more significant issues. When you walk the perimeter of your home, this allows you to check every inch, top to bottom.

Turn on all of the faucets, check for leaks, and run the garbage disposal.
Test each outlet and light switch to ensure they are functioning correctly.
Inspect each appliance, ensure they are working, and replace them as necessary.
Check for blemishes on the walls and ensure that the paint looks clean and fresh.
Test the locks on each window and make sure they open, close, and seal properly.
Review the carpet’s condition and ensure that there is no damage to the seams or corners.
Test all of the utilities in the home; HVAC, Water Heater, Water Softener, etc.
Double-check all doors to ensure that they close correctly and that the seals are in good condition.

Taking the time to perform this inspection on the front end will undoubtedly save you time on the back end if any issues arise. Ensuring that all of the main components of a property are correctly functioning will make for happy tenants when they move in!

Curb Appeal

More than likely, the first thing that a prospective tenant will do is drive by the property once they see your listing. You’ll want to keep the outside of the home looking as flawless as possible! The exterior of your home is your first impression and can make or break a deal.

Keep the lawn mowed and tidy.
Rake any leaves.
Trim trees that could pose a risk to your property.
Check the fence and make any repairs to loose boards; restain if necessary.
Paint the exterior of the home and any doors.
Inspect the roof and ensure that there are no missing shingles or tiles.
Plant some greenery or flowers, and lay mulch.
Remove any trash or debris.

Make A List Of Necessary Repairs

Once you have inspected the property inside and out, you may have found a few things that need your attention. Most property managers have a team ready to assist with getting these repairs handled quickly and efficiently. Allowing your property management team of vendors to conduct maintenance repairs may even be part of your property management contract. Getting repairs completed will get your home on the market and rented faster!

Clean, Clean, Clean!

You’ll want to hire a professional cleaning crew to conduct a deep clean on your property. This will include baseboards, light fixtures, under and behind appliances, bathrooms, windows, blinds, and more! It is also a good idea to have all of the floorings in the home professional steam cleaned as well. You do not want any stains, pet odors, or discoloration on the floors.

Deep cleans are crucial to effectively listing your property. Tenants will not want to move into a dirty home, especially a house with the previous tenants’ dirt and dust. A home that is not spick and span will sit vacant for much longer.

Time To Rent & Work With Professional Property Managers

Once you have completed the rent-ready checklist, it is time to list your property! If you do not have the resources or the time to dedicate to tenant turnover and rent-readiness, then it is time to work with a professional property manager. Property managers have the knowledge and expertise necessary to get your property rented quickly. Property managers will determine comparable rents in the area, tenant screening, lease preparation, property showings, and collect security deposits.

If you would like more information on how we can make the rent-ready process LESS HASSLE, MORE HAPPY- visit us at www.rentwisepm.com

Egg-stra Special Easter Events In The Treasure Valley to Spend With Your Peeps

April 13, 2022

Spring has hopped right in and it’s time to plan for some Easter family fun! We have compiled a list of some of the top Easter events across the Treasure Valley!

Pictures with The Bunny

Visit Boise Towne Square for an egg-citing visit with the Easter Bunny! Photos are available daily and you can reserve your spot here!

SPRING EGGSTRAVAGANZA

Visit the Indian Creek Plaza in Caldwell on April 16th from 11:00- 3:00 pm! Children will enjoy hunting for over 20,000 thousand eggs, meeting the Easter bunny, our Homes of Idaho ‘cutest chick’ contest, and other children’s activities. The whole family will enjoy our spring market with local crafts and yummy treats!

Flashlight Easter Egg Hunt

On April 15th, the Nampa Parks & Recreation Department has added a twist to your traditional egg hunt . . .hunting in the DARK. Bring your own flashlight and search the park for every last egg! Available for ages 13-17, it begins at 9 pm! $3 fee per participant. Register here!

Easter Egg Swim

Come play in the water and enjoy fun games, activities, and hunting Easter eggs while you swim at the Harward Rec Center in Nampa! Register for your spot, here!

Ages 4-12
April 16
1-2pm OR 2-3pm
Member Free; Non-Member $4

Boise New Hope Church Egg Hunt & Pancake Feed

Join the Boise New Hope Church for their Annual Egg Hunt & Pancake Feed on April 16th from 9-10:30 am! Located at 8585 West Overland Road, Boise Idaho 83709

Chamber of Commerce Eggstravaganza

April 16th, 12 pm-2 pm

Join the Star Chamber of Commerce’s Easter Eggstravaganza! From 12 pm to 2 pm at Hunter’s Creek Park! FREE Community Event! Easter egg hunts, large-scale inflatables, face painting, and much, much more! Click here for details and directions.

Tree City Church Easter 5k/3k & Easter Egg Hunt

All are invited to a day FULL of fun activities on April 16th! Register for the event here!

5K (Run) & 3K (Walk) begins at 11:00am.
Easter Egg Hunt (4th grade and younger) begins at 12:00pm.
Block Party to follow with Food Trucks, Inflatables, Games, and so much more!

We love the Treasure Valley community and hope this gives you some fun-filled ideas for your Easter weekend! From all of us at RentWise Property Management, we wish you all a blessed weekend filled with happiness!

Should You Hire a Professional Property Manager?

March 30, 2022

So you have purchased a rental property. Congratulations! Or maybe you own multiple rental properties that you’ve been self-managing for an extended period of time. And you’ve been tossing around the idea of hiring a professional property manager. Not all rental properties require property managers. If you are beginning to feel stressed, overwhelmed, or even a little confused about how to handle a situation, it may be time to start talking with an expert in the business.

According to Businesswire, 51% of investment property owners work with a property manager and another 24% are actively searching for a professional property manager. The rental market is booming across the United States and more investors are utilizing property managers than at any time in the past. But, what exactly does a property manager do? Property managers handle much more than just collecting rent for you each month. Here are some of the top responsibilities that a professional property manager will take care of for you.

Marketing Your Rental

Property managers are experts at marketing investment properties. They are trained professionals in real estate. It is their priority to get a rental property tenanted quickly. Not only will they take professional photos of your property for marketing, but they also have access to many tools that non-real estate professionals do not have access to. If you are on your own, it can be a huge headache to try and market your property. Platforms such as Facebook and Instagram make it easier in some ways, but you can’t always guarantee that the responses are legitimate.

Finding Quality Tenants

Pivoting off of the last statement of receiving legitimate responses to a rental listing, property managers are responsible to thoroughly screen applicants. Finding quality tenants can feel like an uphill battle. You don’t have to make that climb alone when you have a property manager on your team. Property managers handle background checks, credit checks, references, income verification, pet verification, drafting the lease, and more. All of this will be included in your property management agreement and can take a huge weight off of your shoulders.

Day-To-Day Management

You may have noticed that some of the everyday tasks of managing your rental can add up quickly. Property managers assist with shortening your to-do list. In fact, property managers actually make your to-do list virtually nonexistent! Your property manager will handle things such as collecting rents, handling tenant requests, scheduling routine maintenance, bookkeeping, and accounting! Your property manager will essentially turn your stresses into successes!

Maintenance

If you are a lucky investor, your property won’t need any major repairs any time soon! You can bet on the inevitable, however, that your tenants will make a call to the maintenance team at some point. Since you have been self-managing, it is almost certain that you have received a late-night call or text from a tenant with an emergent situation. You will never appreciate your property manager more, than when you don’t have to jump out of bed and respond right away. Property managers have a list of fully vetted and insured contractors that they can call on-demand to handle any maintenance issues. In some property management agreements, you are required to keep a reserve on file so that maintenance issues can be addressed quickly and efficiently without reaching you for pre-approval.

Evictions and Legalities

Last, but certainly not least, your property manager will bear the responsibility for any legal issues that could arise. There are many laws that are specific to protecting the tenant and landlord. Your property manager is required to stay on top of any changes and updates to these laws. If your tenant wants to break a lease early, or an eviction situation has come up, your property manager will know just how to handle this. If you are self-managing, you may be unsure how to proceed and have to constantly consult an attorney. Your property manager thankfully has systems in place to avoid additional legal expenses.

There are many reasons why you may be considering hiring a property manager. Maybe you are a new investor. Maybe you have another job. Maybe you are having issues finding and retaining quality tenants. Whatever the case may be, you can guarantee that a professional property manager will be on your team and work hard to ensure your rental remains profitable. If you would like more information on our property management services and receive a free rental estimate, visit us at www.rentwisepm. RentWise can handle all the details of managing your property. We provide COMPLETE property management in Boise, Star, Meridian, Nampa, Caldwell, Eagle, Kuna, and Middleton.