RentWise Property Management

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10 Tips For Attracting And Retaining The Best Tenants!

One of the primary concerns of a good property manager is maintaining occupancy in all of the properties they manage. High occupancy is a result of resident retention. Winning the loyalty of current and prospective residents is a key piece in maintaining a high occupancy rate. Location and luxury amenities may seem like home runs for keeping residents, but this isn’t always the case.

Additionally, a picture-perfect neighborhood will certainly attract prospective residents right off the bat.  It is what happens behind the scenes that really make the true difference. An attentive, professional property manager and leasing team can set the tone for how the entire tenant-property manager relationship will go. Trust, credibility, reliability, and rapport with new and existing tenants will be what drives success in both new leases and renewals.

In addition, we have compiled a list of our Top 10 tips to attract & retain the best tenants!

1. Be Easy to Reach and Responsive

A good property manager sets the stage with creative options for communication.  This does not mean that you are on call 24/7, but that your tenants know you will be responsive if they need to reach out, for instance. If your tenants feel as if you aren’t responsive, they may give up. This can lead to larger issues down the road that you may not be aware of.

2. Build Professional, Flexible Lease Terms

If a tenant feels like they are locked into never-ending rules, regulations, and fees they may start looking to move. Maintaining positive communication and being flexible to reasonable requests can make a world of difference.

3. Create Personal Relationships

No one likes to feel like a number in a database. Starting the interactions off right with a positive impact will create lasting relationships between tenants and their leasing team. Helpful welcome packets, personal notes, or cards at the holidays and birthdays, and planning small events will create a sense of community & makes tenants want to live there.

4. Make Improvements To The Property

Inexpensive upgrades can make a property feel brand new again. This can look like a fresh coat of paint, installing new technology, new landscaping, or upgrading appliances. One of the personal touches that can go a long way is letting a resident choose their preferred color of paint(within reason). This will make their house feel like their own and they will likely take pride in their residence.

5. Observe Fair Housing Practices

Treating all tenants fairly and equally is one of the best things that you can do to retain your best residents. This ensures that you don’t overcharge your tenants in rent and also prevents illegal discrimination.

6. Conduct Routine Inspections

Creating a schedule for routine inspections at move-in will eliminate any confusion when the time comes. Additionally, a tenant may be putting up with a small problem in their home that they haven’t reported to you. Relying on tenant maintenance is ineffective to knowing the true state of your property. Conducting routine inspections will keep your property in tip-top shape and will keep your tenants happy.

7. Keep Up On Maintenance

The number 1 reason tenants choose to move out is a slow response to maintenance requests. From a tenant’s perspective, they are not in control when something goes awry and they rely on responsible property management teams to alleviate the problems quickly.

8. Make Rent Collection Easy

Having a reliable and user-friendly platform to collect rent is one of the most valuable tools a property manager can have. Reminders and receipts can be sent to tenants so that rent payments are received in a timely manner.

9. Conduct Thorough Tenant Screening

A property owner and management team only want to retain tenants who are responsible, maintain their home, and pay their rent on time. One way to get a good idea of if someone will be a good fit is to conduct a thorough screening. This will include a credit check, financial credentials, and a background check.

10. Respect And Prioritize Privacy

Tenants want and deserve to live somewhere peaceful and where they feel respected. This means that if you must enter a property, with the exception of urgent emergencies, you should always give at least 24 hours’ notice. This allows the tenant to prepare and also make arrangements if there is a pet on-premises.

This is only a small list of ways that you can attract and retain the best tenants!  It is our mission to provide excellent service to you when it comes to your most valued asset and do it with the highest quality of customer service, tools, technology, and expertise in our industry! Visit us at https://rentwisepm.com/free-rental-estimate-boise/ to receive a free, no-obligation, estimate on what your home may rent for! Our motto here is LESS HASSLE, MORE HAPPY when it comes to owning a rental property!

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

Things to Know About Owning Rental Property in Idaho

Have you been thinking of owning rental property in Idaho? There are many reasons that people choose to become owners of rental properties. Some people want extra income to save money or pay down debt. Others also enjoy possible tax advantages that come with rental income. Homes appreciate in time, and holding ownership and renting is an excellent option for those that know what they are doing. If you are new to owning rental property we suggest you seek guidance and use property managers such as us to help.

There are different types of residential homes to invest in, such as single-family home, condo, or a townhome. The option is yours, especially in Idaho. Moneyinc.com shared an article on top places to live in Idaho that you can check out, and Boise was named top places to live in 2019 by Livability.  But what should you know about owning a rental property before you buy? Here are three (3) things you should consider when owning a rental property that we hope you find helpful.

 

Do your research on location. 

Before you purchase a home with the intention to rent it, make sure you do plenty of research. A couple of things you want to look into are if the property has the potential to generate income. Or, for that matter, be highly rentable. Take into consideration to look at the neighborhood, the current market for rentals. You also want to consider the age of the home as well. Consider doing a thorough evaluation of the property in question first before you buy. 

 

Set aside money for expenses.

Old homes aren’t the only homes that might require you to invest in more than just the mortgage. Depending on your research, like we talked about above, there will always be things that might come up that would be the owner’s responsibility. Some may come at the beginning of your investment. Simple repairs or upgrades like paint, new carpet, or new landscaping can help make your property easier to rent and increase property value. 

 

Understand the landlord-renter rights/laws. 

Owning a rental property is different, and guidelines can change from state to state. There are laws you should be aware of and understand when becoming a landlord in Idaho. Make sure if you know them and follow them if you are renting out on your own. Working with a property manager like RentWise Property Management can help alleviate any additional time and stress you might have when it comes to this. Consider allowing someone to manage your property if you are new or looking for a little more of a turn-key experience. 

 

These are just a couple of the things we find a lot of first-time homeowners find themselves asking. We find that many potential landlords spend time researching and trying to understand the opportunities behind owning a rental property. If there are questions we can answer, we would love the opportunity to help you in your decision-making and answer any questions that might make you feel uneasy about purchasing and managing an investment property. Contact us today at (208) 949-3083.

 

 

 

 

 

 

 

Paying Rent Online

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.

 

What will my property rent for?

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.

 

Self Showing Lockboxes

Self-showing lock boxes became very popular after several agents where attacked and even killed in our industry as well as the real estate industry. Unfortunately this has become something that happens more often than people probably know (or want to know) so we initially started using self-showing boxes for the safety of our staff.

Most property managers do not have the staff available to have more than one person at a showing at a time. I will admit that I have definitely felt a little “uncomfortable” during a showing from time to time. We also found that utilizing the self-showing services helped us rent properties much faster than before. We had a pandemic if you will, of missed appointments, no shows and difficulty coordinating schedules with all the other responsibilities we have as property managers.

Utilizing this technology enables us to be more efficient with our time and energy, focusing on qualifying tenants, managing maintenance and being more available to our existing clients and tenants.

Below are the questions and answers from an existing client who was concerned about our showing method. His reply: “Thanks for clarifying things for me. I can see both sides. It makes me more comfortable that you are able to work the lock remotely. It seems to provide some assurance that the access for people is not unlimited. Let’s continue the process as is. Thanks Mike”

Q & A’s:

Do you change the code after each showing? Each person that accesses the property is given a unique code to do so after they answer a series of questions about themselves and uploads a copy of their photo ID to the system. That is how we track who/when someone accesses the property.

Do you have to go there physically to do that or can you access the digital lock remotely? We assign lockboxes to the property remotely, and codes are assigned remotely.

Are there any cameras recording and/or warning visitors that they are being monitored? There are no cameras. There are several signs hung throughout the property to ensure that lights are turned off, doors are locked and they key is placed back in the lockbox. When we perform vacant house checks we have a checklist of several items we monitor to ensure all things are the way they need to be.

If someone duplicates the key while the rest in his party is viewing the house, would that allow them access at a later time? I can not say that this is not a potential issue however it has never happened. The viewing code is only good for 1 hour. When we perform vacant house checks one of the items we check is if there is a key in the lockbox. Typically several people are viewing this house over the course of a day or few days so we would be notified very quickly if a key is missing. Again, that has not happened. A potential applicant must go through a process to receive a code and most criminals do not go to that kind of trouble.

I am sure there are many more possibilities that I am not thinking about right now, like squatting, cooking up meth, stealing the appliances etc. Who would be liable for the damages and any claims arising from those activities? Either your home owners insurance or our liability insurance would handle any issues that would arise on that front. If we were to find a squatter in the property we would take the steps to have them removed asap obviously. Idaho does not have laws that “protect” squatters. We have not had an negative incidents to date using the self showing boxes. We have heard all of the stories and which is why we have taken steps to ensure that these things do not happen. Once an application is approved the lockbox is disabled and only vendors or staff can access it. That typically takes between 3 to 10 days lately.

Maybe things haven’t happened around here yet, but the “Big City” is moving into Boise as we speak. Watching Portland, Seattle,Chicago ……. inner cities and now suburbs burn and get looted without consequences makes me wonder how much to trust anyone. I have to assume that I bear all the risk? You do not bear all the risk, our insurance is aware of our practices and they are quit common across the united states with property managers. We have taken every precaution we can to ask the right questions, set the limitations on showings and we check our vacant properties on a regular basis.

If you would like more information about this or 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.