RentWise Property Management

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Benefits of having a Virtual Property Management Company

August 11, 2021

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

Filed Under: Financial, Investment Property, Maintenance, Property Investment, Property Management, Rental Properties, virtual Tagged With: boise, caldwell, communication, eagle, home, homes, inspection, investment, investment management, investment property, investments, investor, kuna, leases, management, meridian, middleton, nampa, professional, real estate, rentwisepm, treasure valley

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

August 4, 2021

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.

 

 

 

 

Filed Under: Insurance, Investment Property, Maintenance, Property Investment, Property Management, Rental Properties, Uncategorized Tagged With: boise, caldwell, eagle, home, homes, inspection, investing, investment, investment management, investment property, kuna, management, meridian, middleton, nampa, property managment, rental, treasure valley

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

July 28, 2021

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. 

Filed Under: Maintenance, Property Investment, Property Management, Rental Properties Tagged With: boise, caldwell, communication, investment, investment property, kuna, management, meridian, middleton, nampa, property managment, treasure valley

Top Reasons Why Real Estate Agents Should Partner with Property Managers

February 10, 2021

Why should real estate agents partner with property managers? 

 

We get questions like: ” Why wouldn’t an agent just want to do the property management themselves, and it just becomes another stream of revenue for them?”  There isn’t a short answer to that. Agents can do it themselves, but you will find many real estate agents don’t want to. Working with property management companies like RentWise Property Management in Idaho’s Treasure Valley area makes life for real estate agents easier. Real Estate agents find that partnering with property managers saves them time, money, and many headaches. If you are a real estate agent, you will find that working with a property management company might be what you are looking for. Here are just our top reasons you should partner with a company like RentWise, especially in Boise, Idaho, and the surrounding area. 

 

Increase your Customer Experience

As a real estate agent, you might feel like one fish in a vast sea, which can be pretty intimidating. You want to be known as the real estate agent to use. The agent that goes above and beyond even when it’s not your area of expertise. There’s nothing like receiving the best customer experience because you want to tell people about it when that happens. You want to share that business with your friends and family. Word of mouth is an incredible tool for a company. When you work with RentWise Property Management, we handle all the heavy lifting for you and your client. From picking up the keys, switching utilities, walk-thru punch list, and estimate coordination, we take care of it all. Therefore, giving you back the time to service more clients and leads us to our next reason. 

 

Increase your revenue and time:

You will find most real estate agents that aren’t partnering with property management companies are wasting a lot of time managing properties instead of building your real estate business. Many tasks come with property management; you have to deal with maintenance, rent collection, background checks, and applications coming in. Imagine getting that time back and investing it into showing homes currently on the market or increasing your leads. 

When you lose out on time like this, you also lose revenue. Real Estate Agents also have the potential to increase their income through partner programs. Partner programs like ours at RentWise encourages real estate agents not only to refer us their clients, but we promise to send them right back to you when they are ready to sell or purchase more properties. We also guarantee our agents a paycheck when their client signs a 12-month rental agreement.

 

Our personal goal at RentWise Property Management is to make you look good. Real Estate Agents have always been a large referral source. Contact us today, and let us show you how we create “Less Hassel, More Happy.”

 

 

Filed Under: Investment Property, Property Management Tagged With: boise, caldwell, investing, investment, investment management, investment property, kuna, meridian, nampa, partnering, property managment, real estate agents, rentwise, treasure valley

Paying Rent Online

October 7, 2020

Paying rent online has become the norm across the board these days however; the convenience of doing so comes at a cost for most tenants. While we here at Rentwise can’t control what the credit card companies and banks charge we do our best to mitigate any expenses we can. We do not upcharge these fees or charge any other fees related to paying rent online so having options is just one way we try to serve our tenants.

3 Ways to pay rent online:

Pay your rent with a checking account:

This is the most cost effective way to pay rent because it’s FREE! Simply log in to your tenant portal, plug in your checking account and routing numbers and you are all set! You can even set up auto pay if you don’t want to worry about paying your rent on time each month.

Pay your rent with a credit card:

This method comes with a 2.99% fee of the transaction amount. So if you rent is $1500 per month you would pay a fee of $44.85. We know some of our tenants like to rack up those air miles or maybe they are just short on cash one month, so this option is great for those satiations.

Pay your rent with your debit card:

This is a new feature that Appfolio just rolled out that enables a tenant to pay rent with a debit card, any amount, for a flat fee of $9.99. This is much more affordable than paying with a credit card so we are super happy about this change for our tenants.

If you would like to know more about how we can help make renting LESS HASSLE, MORE HAPPY please reach out to us! We are here to help! Call 208-949-3083 or email us at office@rentwisepm.com.

 

Filed Under: Financial, Investment Property, Maintenance, Pets, Property Investment, Property Management, Rental Properties Tagged With: boise, communication, hiring, home, investing, investment, investment management, investment property, investments, investor, leases, leasing, narpm, National Association of Property Management, professional, property investment, property managment, rental, rents, rentwise, rentwisepm, technology, treasure valley, vacancies

What will my property rent for?

September 23, 2020

What will my property rent for? The most asked question of any property manager I would venture to guess. (It’s either this or how much do you charge? That is an entirely different blog) Every investment transaction hinges on this factor so you can imagine how important it is to have the most accurate information as possible. We know there are a plethora of resources on the internet to assist any investor in determining what rents could be however, we would caution against making an investment decision based solely on the internet numbers alone.

Here are the 3 resources we recommend:

Rentometer – this website offers a rental estimate based on percentile and requires very little information about the property making it a quick and easy referral point, it is free to use up to a certain number of inquiries. We are not directly affiliated with this site but we do utilize it via a subscription service as a professional property manager which allows us unlimited access.

Zillow – oh how we have a love/hate relationship with Zillow but they are the largest resource for available rentals so it is a necessary evil to take a look. We find that Zillow is usually $50 to $100 within range.

A Real Life Property Manager – this is ultimately the BEST way to determine what your property will rent for. We as property managers have the most accurate real time knowledge and expertise to determine what a property will rent for based on the location, age, size, upgrades and nearby amenities. While online resources can consider a limited amount of these criteria, a local property manager who knows the area you are investing in is the best resource by far.

If you want to know more about our services or how we can help you get the most out of your investment reach out to us at 208-949-3083 or courtney@rentwisepm.com. Less Hassle. More Happy.

 

Filed Under: Financial, Investment Property, Maintenance, Pets, Property Investment, Property Management, Rental Properties Tagged With: boise, communication, hiring, home, investing, investment, investment management, investment property, investments, investor, leases, leasing, narpm, National Association of Property Management, professional, property investment, property managment, rental, rents, rentwise, rentwisepm, technology, treasure valley, vacancies

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    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

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