investor Archives - Page 3 of 8 - RentWise Property Management

Building credit as a renter

September 2, 2020

Do you wonder how you can build your credit as a renter? Have you ever heard the saying; you must have credit to build credit? In order to get a loan, you need credit history; however, the only way to build credit history is to take on debt with credit cards and/or loans. What if your one of many who do not want to start off in debt in order to build your credit? Here at RentWise Property Management, we feel the same way! We are excited to say that RentWise Property Management has partnered with Appfolio and Experian RentBureau to report our tenant’s positive rental payment history to their credit without running up unnecessary debt.

According to Experian’s RentBureau, they incorporate on-time rental payment data reported to Experian RentBureau into Experian credit reports.

Rental payment information will be included as part of your standard credit report and may be incorporated into certain credit scores. The inclusion of positive rental payment history within Experian credit reports allows you to establish or build credit history through timely rental payments.

What this means for our residents is for every on-time payment made, within 24-hours Experian RentBureau receives a notification of another payment made. This data can be accessed by other management companies during the tenant screening process for payment verification’s and most importantly continuous on-time rental payment data may be incorporated within Experian credit reports used by credit granting institutions like banks, credit unions, auto finance companies, and telecommunication providers.

This partnership is just one of many programs that RentWise Property Management provides to our residents. So if you are asking yourself how can I get started building credit while renting a property, head over to our available property page by clicking here to see if there is a home that works for you today and start building your credit with your first on-time payment.

If you would more information about this or any of our services contact us at 208-949-3083. Less Hassle. More Happy.

NARPM Q2 2020 Vacancy Survey

August 26, 2020

This quarters NARPM survey was published a little later than expected but the numbers are in and they are interesting. This year has been curious to say the least and housing is just one area that has been affected by this years pandemic. 19 property managers participated in this quarters survey of almost 7,700 single family and multi-family properties throughout our Treasure Valley. Take a look at some of the numbers below. To read the full report, click here!

Unit Managed

Number of Vacancies

Vacancy Rate

Ada

5569

238

4.27%

Multiple

Single

Canyon

3681

1888

2117

161

4.37%

4.08%

3.78%

Multiple

Single

1740

377

2.93%

7.69%

Grand Total

7686

318

4.14%

The data collected indicates that the trends in both Ada & Canyon county vacancy rates increased 1.32% from 2.82% in
the 1st quarter of 2020 to 4.14% in the 2nd quarter of 2020. Ada County increased 2% and Canyon County increased
.78% this 2nd quarter of the year.

If you would like more information about this survey or how RentWise can be of assistance with your rental needs please reach out at 208-949-3083 or email courtney@rentwisepm.com. Start living with Less Hassle, More Happy when it comes to your investments!

Tenant Benefit Bundle Package

August 9, 2020

RentWise Property Management has rolled out a new benefit bundle package that was designed to provide protection and convenience to all our tenants. This program is meant to ultimately save our tenants time and money. We have partnered with three companies to provide you with some great products. The benefit bundle will be billed on your account each month that includes property liability services, as needed pest care, and a furnace filter delivery program.

Property Liability Insurance

We have partnered with Appfolio and Great American Insurance Company to provide $100,000 in additional property liability coverage. There is no setup costs, no deductible, and the policy is only $9.50 per month. This policy covers accidental tenant caused damages resulting from: fire, smoke, explosion, falling objects, riot or civil commotion, water damage, back up or overflow of sewer, drain, or sump.

Standard Coverage Pest Care

We have partnered with Pestcom, a local Idaho company, to provide you with standard coverage pest care. The plan benefits are onetime, as needed treatments for infestations with interior and exterior coverage. This plan covers a variety of issues; such as cockroaches, fleas, wasps, ants, spiders, earwigs, crickets, elm seed bugs, box elders, bees, yellow jackets, hornets, ticks, carpenter ants, clover mites, rats and mice trapping or removal of racoons, rock chucks, and squirrels.

However, we know that some of our residents would prefer to have a full coverage plan that includes quarterly preventative applications. So, for an additional $15.00 per month, we can place you on the full coverage service.

Furnace Filter Delivery

We know how easy it is to forget about changing out furnace filters, we also know what a hassle it is to run to the store to purchase a new filter just to find out that the filter just purchased is the wrong size, so we have partnered with Second Nature where you get the exact number of filters you home needs in all of the right sizes automatically delivered to your door every 3 months. All that is required of you is to place the filter in the furnace and start enjoying reduced energy usage and cleaner air to breathe.

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. Less Hassle. More Happy.

Forbearing rents in these uncertain times

April 22, 2020

Forbearing rents during these uncertain times has been a top subject matter in our industry these last few weeks. Should an owner offer a forbearance, should they offer rent discounts or should they do nothing? Here at RentWise, we believe that preparation is the key to getting through this pandemic and economic struggles our community is facing so we are handling the issue head-on to ensure our clients and our tenants are being served in the best possible way.

We have created a form we want to share with anyone who needs it. It has been unbranded, covers the logistics of a repayment plan as well as options for both tenants and clients based on the need. We want to help ease the struggle to make sure you have your bases covered from a legal standpoint while still allowing leniency to those who need it during this time. You can find this form by clicking here as well as information on how RentWise is adapting to serve our current and future clients.

We wish you all the best and hope you are staying safe and healthy!

Want more information about our services? Visit our full website at www.rentwisepm.com, email us at courtney@rentwisepm.com or call 208-949-3083/

Q1 2020 Vacancy Survey

April 22, 2020

Curious about what our local market is doing when it comes to rentals? Rentwise is a member of the Southwest Chapter of NARPM, the National Association of Residential Property Managers, which conducts a vacancy survey quarterly to deliver important data on the trends we are seeing here in the Treasure Valley. The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units in Ada and Canyon County. You can find out more about Idaho’s premier organization of residential property management professionals at www.swidaho.narpm.org.

A snap shot of the Q1 2020 Vacancy Survey Results:

Survey Respondents
Property Management Companies: 22
Total Homes: 6,060
Single Family 2,893
Multi-family 3,167

	Unit Managed	Number of Vacancies	Vacancy Rate
Ada	4695	130	2.77%
Multiple Single Canyon	2437 2258 1365	66 64 41	2.71% 2.83% 3.00%
Multiple Single	730 635	8 33	1.10% 5.20%
Grand Total	6060	171	2.82%

	Average Price
Ada	$1,565
Multifamily	$1,058
1 Bedroom	$894
2 Bedroom	$1,103
3 Bedroom	$1,178
SFR	$1,609
2 Bedroom	$1,363
3 Bedroom	$1,517
4 Bedroom	$1,946
5 Bedroom	$2,955

Canyon	$1,101
Multifamily	$858
1 Bedroom	$698
2 Bedroom	$782
3 Bedroom	$1,093
SFR	$1,161
2 Bedroom	$981
3 Bedroom	$1,321
4 Bedroom	$1,179
5 Bedroom	$1,650

Combined	$1,333

To Sum it up:

The data collected indicates that the trends in Ada & Canyon county vacancy rates increased .99% from 1.83% in the fourth quarter of 2019 to 2.82% in the first quarter of 2020. Ada County increased 1.22% and Canyon County increased .47% this first quarter of the year. The slight increase in vacancies overall occurred in Canyon County dwellings.

Ada County single-family marketed rental rates saw the greatest change by increasing monthly rent by $147 per unit. Multi-family units in Ada County also decreased by an average of $35 per month per unit in the first quarter of 2020. The overall marketed rent per unit increased by $155 per month in Ada County making the average marketed rent rate $1565 per month.

In Canyon County rental rates were marketed at an increased overall monthly rate of $19 putting the average at $1101. Multi-family homes had the largest decrease in marketed monthly rents by $91per unit and single-family units decreased by $53 per unit. Although units are dropping in price in Canyon County the market is displaying more availability in large homes with 4 bedrooms or more, over previous quarters. Overall vacancy rates have decreased by .52% from 1st.

If you would like to discuss this survey and its importance or how RentWise can help with your investments give us a call at 208-949-3083 or email Courtney at courtney@rentwisepm.com. Owning and investment can be LESS HASSLE. MORE HAPPY. Let us help.

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.