RentWise Property Management

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(208) 949-3083

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3 Things to ask a Property Manager

April 15, 2020

Hiring a property manager can be similar to car shopping. Is it big enough? Small enough? How much maintenance will be needed, how much will it cost me? It can be time-consuming and at times tedious but both are typically large investments that need thorough consideration.

So how are you supposed to know what you should ask a potential property manager?

After being in this industry for over 8 years, here are some of the questions I would suggest asking your potential property manager.

 

How do you handle maintenance requests?

This is the single most important question, in my opinion. It is what makes or breaks your relationship with your property management. Bleeding money is every investor or landlord’s worst nightmare. Finding a property manager that can articulate their process and execute it at the same time is imperative. Here at RentWise Property Management, we have not only documented our processes when it comes to maintenance we have a team behind us executing each step so that you remain informed about what is happening and/or needed at your property at all times.

How often do you go inside my property?

Seeing properties in person is the best and most efficient way to keep on top of the property’s condition. Performing consistent interior and exterior surveys are critical to ensure that situations at a property are caught fast to mitigate any long term damages saving you money in the long run. We perform bi-annual interior walkthroughs via a third party un-bias vendor that delivers a complete inspection report so that we can review and assess any issues that might have been discovered.

Do you require renters insurance?

Renters insurance has recently become very popular in the property management industry, however, we have required it since the beginning. We have story after story about why requiring renters insurance is so vital that we would be happy to share. Renters insurance has saved not only our tenants but our clients so much hassle and money. We require each tenant over the age of 18 to carry a minimum of $100,000 liability and we recommend each tenant secure personal property coverage as well.

Are you ready to start living with LESS HASSLE and MORE HAPPY when it comes to owning an investment property? Visit our website at www.RentWisePM.com or give us a call at 208-949-3083.

Filed Under: Financial, Investment Property, Maintenance, Property Investment, Property Management, Rental Properties, Uncategorized 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

Have you filled out the new 2020 W-4’s?

April 8, 2020

Did you know that the state and federal W4’s have changed for 2020?

Below is information provided from our local payroll company who made sure we had the new forms filled out to ensure our employees would not have any unexpected surprises next tax season. If you are in the market for a payroll company that is not only on top of all things payroll but do so with some of the best customer services we have seen. 

Important W4 information – Please inform your employees so they don’t end up with an unpleasant surprise when they file their 2020 taxes:

The federal W4 has changed dramatically for 2020.  Employees are not required to complete a new 2020 W4, but doing so will result in the most accurate withholding.  Please make sure that they thoroughly read ALL of the instructions and complete the form accordingly.  It is very important that they fill out step 2 correctly if they have a second job or if they have a spouse that also works.

Idaho state withholding no longer runs concurrently with federal withholding.  If an employee fills out a federal 2020 W4, they will also need to complete an Idaho W4.  Even if an employee chooses not to complete a new 2020 federal W4, it would be in their best interest to submit an accurate Idaho W4 if they don’t currently have one on file.

Both the new federal 2020 W4 and the Idaho W4 are available on our website at www.pes-wies.com

We cannot provide advice as to what an employee should claim on either W4.  Both forms have worksheets and instructions to guide an employee in filling them out.  There are also tax planning calculators available at https://www.irs.gov/individuals/tax-withholding-estimator and https://tax.idaho.gov/i-2033.cfm

Filed Under: Financial, Investment Property, 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

Heating & Cooling money saving tips!

April 1, 2020

 From one of our trusted vendors, straight to you, a few ideas and spring money-saving tips! 

Everyone loves to save money, and it’s a good idea to review different aspects of your budget now and again to see if there are more opportunities you have missed in the past. In the springtime, considering how you can reduce your energy bills is always a great idea.

According to the US Department of Energy (DOE), air conditioners use about 6 percent of all electricity in the country. You can read more about that here. This comes at a cost of roughly $29 billion to homeowners.

If you can reduce that usage in Boise, ID, you will be able to make a difference in our environment and save yourself some money as well. Take some of the following ideas from the professionals at Quality Heating & Cooling to heart and make some money-saving resolutions today.

Tune Up for Efficiency

All air conditioners work more efficiently if they have clean filters, enough refrigerant, spotless coils, and plenty of room for air circulation.

Although you can take care of some of these maintenance items on your own—clearing away fallen yard debris from around your outside condenser unit and regularly changing filters, you should engage one of our highly trained professionals to help inspect and clean your air conditioning components. Our experts can also check your ductwork and be sure you are not losing your cooled air before it reaches its destination.

By investing in regular maintenance, it’s less likely your unit will break down in the dog days of summer. That’s an extra bonus.

Work with Mother Nature

Find ways to use the outdoor conditions to your advantage when it comes to saving energy. For example, during the spring and the fall when nighttime temperatures cool down, open all your windows to let the cool breezes in.

Then, first thing in the morning, close your windows and pull your shades to trap the cooler air inside. You can also consider planting trees to shade your home in the future.

Circulate Indoor Air

Consider investing in floor fans or ceiling fans to help move your indoor air. Fans use a lot less energy than air conditioning systems and do a good job cooling down your home in moderate temperatures. You can also run the fan on your heating, ventilation, and air conditioning (HVAC) system or install a whole house fan that pulls in fresh air from the attic.

Relocate Heat Outside

The sun is not always the biggest culprit in generating indoor heat. How often do you find that your appliances are competing directly with your air conditioner?

Instead of turning on your oven or stove, consider grilling outside to keep that heat out of your home. Or get a little creative and find some great cold meals to prepare instead.

The clothes dryer is another heat producer in most Idaho homes. Instead of running your dryer, put that springtime sun and a laundry line to work.

Block and Reflect

Another idea to reduce the heat and associated energy bills is to invest in energy-efficient windows, seals, and insulation to keep the cold in and the heat out. You can also install light-colored window coverings to block sun in the warmest part of the day.

Energy-efficient, reflective roof tiles or a coat of lighter exterior paint can do wonders in reflecting the heat of the sun away from your home’s outside.

Rely on Technology

At the very minimum, install a programmable thermostat that will automatically adjust your temperature requirements while you are away or asleep. Smart technology is advancing each day, and in some homes, rooms can now detect when you are present in them and adjust the temperatures accordingly. You can also control and monitor air conditioning usage from afar using a smartphone.

Don’t Forget the Little Things

Every light that’s left on when not in use generates heat as well as all those electronic devices. Consider switching to LED lightbulbs and turning off electronic gadgets when they are not being used to save money and reduce heat.

Contact Us Today! Schedule an air conditioning tune-up or duct inspection, or to talk with us about other energy-saving ideas, call our Quality Heating & Cooling team at 208-377-3555 or request service online.

Filed Under: Financial, Investment Property, Maintenance, 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

Self-Showings during COVID-19 and social distancing

March 25, 2020

In light of all that is happening in our world right now pertaining to COVID-19 and the recent social distancing orders, we want to take this opportunity to tell you a little more about technology that we have been utilizing here at RentWise for almost 5 years. and how we use it to rent properties faster and more efficiently. While other property managers might be struggling to continue “business as usual”, this method allows us to continue to market and “show” properties giving prospective tenants the distance they need from others.

How does it work?

We use a software product called Tenant Turner which is a robust platform that tracks a slew of data on every click, code, and inquiry that comes our way. That software is linked to a Codebox, which is placed on the property with a keypad that opens the door to the lockbox where a single key to the property is found.  The software enables us to track where potential tenants are finding our ads and marketing. It also tracks pre-qualified tenants and feedback from potential tenants about the property. What they like, don’t like, concerns etc.  Before a potential applicant can view one of our properties they must enter their personal information, upload a copy of their driver’s license and answer several pre-qualifying questions.

Can someone just access my house anytime they want?

Our showing software allows us to set the hours that someone can access the property. We set ours between 8 am and 8 pm. This allows a potential tenant to view the home at their convenience to maximize the number of showings of your property. It is always difficult to coordinate and accommodate everyone’s schedules as we are all going in different directions most of the time. This technology allows people to comfortably tour the property without feeling rushed or inconvenienced.

Does this increase the potential of someone causing damage to my property?

We do not believe so. In fact, we actually think it minimizes that possibility because so much information is requested to schedule a viewing via our online software. As we said before, we collect personal data, a copy of their photo ID and the person must answer several pre-qualification questions before being given access.  Once that data is entered and they meet to minimum requirements the person receives a code that is good for one hour from the time they use the code. That data is kept in the software where we can track when the code was used to open the lockbox and when the lockbox was closed. We also enlist a third-party vendor to perform vacant house checks at all of our vacant properties between 2 and 3 times per week! The vendor checks the security and cleanliness of the property and reports back to our office.

Why not just show the property in person or to several people at a time?

First and foremost, safety. Especially with COVID-19, it is more important than ever to keep distance and promote the health and well-being of everyone we interact with. On that same note, as you might be aware, there have been several very scary and deadly incidents in our industry that occur during showings. Our employee’s safety & health are a top priority. Another reason we chose to do this is for efficiency. Potential tenants can’t always make the scheduled showing times and it can be difficult to accommodate different schedules. At times, people simply don’t show up at all and then others would just rather not see the property with other potential tenants present. We believe that when a home can be viewed in a relaxed and focused manner, a potential tenant can make the best decision for their family without the pressure or tension that comes with an open house style showing.

The self showing method is not for everyone, we understand. We have been utilizing this technology for almost 5 years with no incidents or issues. We can’t promise anything but what we can tell you is that we know we get more activity and rent properties faster with this method.

If you have more questions about self-showings 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 or send us an email at courtney@rentwisepm.com.

 

 

Filed Under: Investment Property, Maintenance, 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

Treasure Valley in 2020

February 19, 2020

There are big changes coming to the Treasure Valley in 2020, most of which stem from our valley’s fast-paced growth and the challenges that come with that growth. The Treasure Valley is a hot spot for residents all over the country and beyond and we are feeling the crunch on every front, especially when it comes to housing! From the widening of roads, new housing developments, to new mayors in 3 cities and several corporations that will call Idaho home soon, there is no doubt that 2020 will be filled with adjustments to accommodate all these changes and new opportunities.

What’s coming on the housing front?

There are several planned development projects from Eagle to Meridian scheduled in 2020/2021 bringing much needed affordable housing to the Treasure Valley. More than 1000 apartments and/or lofts are anticipated to be built in Boise alone. One of those projects is a new veterans apartment complex featuring 27 one-bedroom units and is scheduled to be completed in 2020 as well bringing much-needed housing for disabled and fixed income veterans. Four other apartment projects are on the agenda to start by the fourth quarter of 2020 and be completed in early 2021.

Another developer is planning to break ground in March for two new 4 story buildings in downtown Meridian that will provide 103 apartments with retail space available below just off of Main street. Meridian will also see a significant amount of road construction as the city works to widen both TenMile and Meridian Rd.

Eagle plans the annexation of Avimor which is expected to happen under the new Mayor and city council in Eagle and the Lofts by the River should be completed by February which will feature several 3 bedroom homes in a highly sought after location just off of Chinden area next to the Boise River.

As all the new housing arises, so will new job opportunities as Amazon and other large corporations focus on making Idaho their headquarters. You can read the full article from the Idaho Statesman about all the changes coming to our neck of the woods in 2020.

Looking for a property manager to manage your new investment? Or want to find out how owning an investment property in Idaho can be LESS HASSLE, MORE HAPPY? Visit our website or contact us today at 208-949-3083.

Filed Under: Financial, Investment Property, Legislation, Maintenance, 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

Using the right vendor for your rental.

February 12, 2020

Using the right vendor at your rental property is crucial to not only maintaining it but it also plays a huge factor in your profitability. If you use a property manager they should have a diverse and lengthy list of resources for any type of repair, service or need at your property. From the front yard to the roof to the back fence it will all need some type of attention along the way. Hiring a vendor for ANYTHING can truly be one of the most tedious but possibly the most important tasks on your to-do list if you self-manage.

We use these talking points and questions to vet and onboard a new vendor for properties we manage:

  • Is the vendor licensed, insured and bonded as required by their state/city?

    • We require a minimum of $1 million dollars of liability coverage for any vendor to be onsite at one of the properties we manage.
  • How does the vendor prefer to communicate?

    • In our industry, the faster the better, so we communicate mainly by email to ensure that our vendor request is delivered clearly and timely, so we need our vendors to do the same, communicate promptly and accurately.
  • Does the vendor have references?

    • Another property manager or self-managing owner is the best referral source however we also use references from other vendors that have worked with the vendor we are considering.
  • What are the vendor’s payment terms?

    • We negotiate this aspect if it does not fit our best practices. We find that most vendors are accommodating. Preferably we want 30-day payment terms to ensure that we have plenty of time to review invoices for accuracy before the vendor is paid.
  • What is the vendor’s hourly rates as well as emergency rates?

    • We don’t like surprises but we are very good at managing them so we want to know upfront what to expect for our clients.
  • How long has the vendor been in this profession?

    • This question is 2 sided – first we want to know that the vendor has the experience we need to get the job done, secondly we want to verify this with our secretary of state records, this is the first opportunity to build trust with the potential vendor.
  • How far out do you typically schedule work orders?

    • Depending on the trade (plumbing, HVAC, etc.) we typically expect a vendor to schedule an appointment with a tenant within 3 to 7 days with the exception of emergencies of course.
  • If you have multiple properties, don’t be afraid to ask for a discount!

    • When we vet out vendors we also make sure we get the best possible price for our clients without compromising our expectations!

If a vendor meets all those expectations…

We then collect proof of insurance, a W9 and we send a vendor out on a job. While we understand that mistakes do happen, our vendors are held to a very high standard of service. The time in which the work order is handled, prompt invoicing and tenant feedback determines whether we use that vendor again. Each job, property, and tenant is unique so choosing a vendor that has the skill set, knowledge, and versatility to handle the situation is vital.

If you have more questions about this or you want to find out more about our services and how you can have LESS HASSLE. MORE HAPPY when it comes to owning an investment property, visit our website at www.rentwisepm.com or give us a call at 208-949-3083.

Filed Under: Financial, Investment Property, Maintenance, 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:

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

    Mailing Address:
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    Boise ID 83719

    Contact Us:

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

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