RentWise Property Management

TENANT PORTAL
OWNER PORTAL
MAINTENANCE
(208) 949-3083

      

Treasure Valley in 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.

Using the right vendor for your rental.

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.

7 Things to ask when hiring a property manager.

Looking for a new property manager is not an easy feat, so here are the top 7 things we recommend you ask. Not just because we want you to hire us if you find yourself looking for a property manager, but because no matter who you choose, we truly want you to have a great experience owning an investment property in Idaho.

Maintenance and Money.

In our experience with clients, there are very specific pain points for a majority of our clients when it comes to owning an investment property. Maintenance and Money. These questions relate to both of those and can really affect your bottom line when owning an investment property.

  • What types of properties do you manage?

    • We manage single-family and multi-family housing.

  • How often do you go into my rental property?

    • There is a walkthrough done bi-annually at each property we manage.

  • Do you require tenants to have renters insurance?

    • Yes, renters insurance is a requirement in our lease agreement for every tenant over the age of 18 and must have a minimum of $100K liability coverage.

  • How do you pay clients? (some pay in arrears, some pay in advance and that might be an unpleasant surprise once the property is rented)

    • Rents are received on the 1st of each month, no later than the 5th and paid to clients between the 10th & 12th of that same month depending on weekends and holidays.

  • How do you handle maintenance requests?

    • When we receive a work order request from a tenant our team reviews it, troubleshoots when possible and then dispatches it to a vendor as applicable. The client receives and email notifying them of the request shortly after. We await contact from the vendor at that point. We review & check on active work orders on a regular basis and any maintenance needed at the property over $150 must be approved by the client (with the exception of emergencies).

  • How much do you charge?

    • Our monthly management fee is 8% of the gross rental income however we do negotiate if a client has 3 or more properties/units.

  • Are there any other fees?

    • We have a one-time setup fee of $150 and it is $50 per bi-annual walkthrough which includes a full report at your request. That’s it, we like to keep it simple!

If you want to see our full list of FAQ’s just go to www.rentwisepm.com/owner-faq/. We also offer a few tips on what to ask if you are switching property management companies to ensure you get all the information you need for the smoothest transition, just click here.

A property manager usually wears a million hats so knowing where they stand on these aspects of managing your property means you can have peace of mind knowing that they are handling things just as you expected. If you would like to know more about our services you can either visit our website at www.rentwisepm.com or if you are ready to start living with LESS HASSLE, MORE HAPPY when it comes to owning a rental property in Idaho give us a call at 208-949-3083.

 

What will my property rent for?

Are you wondering the best way to determine the most accurate and competitive amount that your investment property will rent for in Idaho? This is typically a deal-breaker question when trying to choose where and how much to spend on a rental property. This is but only one item of consideration, there are so many other factors to consider like age of the home, location, nearby amenities. We have a free tool on our website to help with just that!

What is this tool?

In about 5 minutes or less, you can receive a full report showing all the statistics and accurate data you need to help make that decision. We know that you have better things to do than make phone calls or “google” things as they say and hope the data is correct. Our rental analysis tool has helped several realtors and clients make informed decisions about their potential rental property investment.

How important is the accuracy when it comes to our Idaho rental market?

This matters no matter where you buy but especially here in Idaho, where we are a bit of an anomaly when it comes to home prices and rentals alike, our housing market has significantly increased over the years and there is a definite need for available housing on a steady basis. Our valley is so diverse that just a mile or two can make a huge difference. As our population rises we see a need for balance and as a property manager, it’s important to us to provide quality and affordable housing at a profitable margin.

The rental analysis you can receive will provide you with a free rental estimate with accuracy guarantees. We always recommend checking multiple sources however, this tool will help zoom in and give you the market proper expectations for rentals in our area as it pulls data from a multitude of resources on the internet. We are always on standby as well so please feel free to reach out and confirm.

To utilize this tool you can click here. If you would like to learn more about our services and how you can have LESS HASSLE, MORE HAPPY when it comes to owning an investment property you can visit our website at www.rentwisepm.com or call us today at 208-949-3083.

Application Fee Cap in Boise City

The city of Boise has passed a new city ordinance applying a cap on application fees. This ordinance was passed just a few days ago and property managers across the Treasure Valley are processing how to proceed on this front.

You can read more about the ordinance in its entirety below. Here at RentWise, we know that properly screening potential tenants is one of the largest concerns for all investors so we want to assure you that we plan to continue screening applicants with the same standards as we always have regardless of the cost or fee changes. If you have any questions, we are always here to help answer them.

City of Boise Ordinance

City of Boise Ordinance
City Code Amendment
Council Office
150 N Capitol Blvd
Boise, ID 83702
(208) 972-8531
TO: Mayor and Council
FROM: Lisa Sánchez, Council Office
NUMBER: ORD-56-19
DATE: November 13, 2019
SUBJECT: Amending Title 5, Adding New Chapter 16, Residential Rental Application Fees
BACKGROUND:
As you are all aware, the vacancy rate for apartments and rental units in the City is at an all-time low, and our residents, especially our low-income residents, are struggling to find housing. The Grow Our Housing program is working to increase the number of units that are available, but the City is precluded under Idaho Code from placing any kind of caps or limits on rental rates.
Despite our limited tools, the City does have the capability to manage residential rental application fees. This would provide relief to residents who are searching for a new rental home who often pay high application fees for each rental-unit application they submit.
Currently, there is no limit in Boise on how much a property manager or management firm can charge a potential renter to apply for a unit. There are no criteria on how the applications will be judged, no designation for what the application fee is going toward, and not even an assurance that a unit is actually available.
Anecdotally, we are hearing that some property managers are charging up to $100 and are accepting far more applications from prospective tenants than they have units available. Some residents are paying even greater amounts applying for units that, by number of applications alone, they have no chance of getting. I have also been told by the Boise City Ada County Housing Authority that there is a risk to their federal voucher funds if the voucher holders are unable to obtain housing. The application fee costs are very much a barrier for these housing seekers. This makes an already tenuous and stressful financial situation even worse, especially for those among us who can afford it the least.
UPDATED PROPOSAL
After conversations with impacted parties, the Office of the City Attorney, the Director of
CITY OF BOISE
Community Partnerships, and the discussion that was had at the City Council Work Session on September 10 and the Public Hearing on October 29th, the ordinance has been updated and now includes: Require that, before an application can be taken or accepted, the criteria on which the application will be judged must be disclosed, along with the amount that will be charged for the application fee. If a property owner or management company is not charging an application fee, they are exempt from the requirements of this section. Require that property owners shall only advertise, take applications and screen applicants for units that will be available within a reasonable time period. If an applicant has been screened, the unit has been offered, and a deposit has been placed, it will no longer be considered available and no other applications will be allowed. If a unit is not available, the applicant will have the option to consent to be screened and placed on a waiting list. Designate that the amount that can be charged by any property management company for a unit in the City of Boise shall not exceed the actual cost of the screening process or $30, whichever is lower. The actual costs that are allowed are only hard costs for items such as background checks, credit report, etc. as written in the ordinance. Soft costs such as labor may not be charged as part of the application fee. The time frame in which application fees can be charged is defined as a reasonable time period before the unit will be available. An explanation and receipt detailing how the fee was used, and any copies of paperwork or correspondence that were generated as a result of the screening must be provided to the applicant. Stipulate that current tenants of a unit shall not be charged an application fee to move to another unit under the control of the same property owner. Further stipulate that violations would be an infraction, punishable by a $100 fine. Second or subsequent violations would be considered a misdemeanor and would also be punishable under those guidelines. Complaints of violation must be filed within six months.
I believe that this is a small but meaningful step to assist those in our community, many of whom are low income, who are in search of a place to live. I ask for your support in making this change.
FINANCIAL IMPACT:
CITY OF BOISE
Minimal. Some police enforcement action.
CITY OF BOISE
Ordinance NO. ORD-56-19
BY THE COUNCIL CLEGG, LUDWIG, MCLEAN, SANCHEZ, THOMSON AND WOODINGS AN ORDINANCE AMENDING TITLE 5, PUBLIC SAFETY, BOISE CITY CODE, BY ADDING A NEW CHAPTER 16, RESIDENTIAL RENTAL APPLICATION FEES – REQUIREMENTS AND PROHIBITIONS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Boise believes that everyone one of its citizens deserves safe, affordable and stable housing; and WHEREAS, the City of Boise is dedicated to ensuring that citizens of all incomes have adequate access to housing and are not having to overcome significant financial and regulatory barriers to achieve that access; and WHEREAS, special considerations must be given to the population pursuing rental housing, due to the barriers to that housing that historically and currently make it more difficult for citizens to secure suitable living arrangements; and WHEREAS, one such barrier is the rental application fee that a renter must submit along with their rental application. BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF BOISE CITY, IDAHO:
Section 1. That existing Boise City Code Title 5 shall be, and hereby is, amended to add a new chapter, 16, Residential Rental Application Fees – Requirements and Prohibitions, to read as follows:
Chapter 16
RESIDENTIAL RENTAL APPLICATION FEES – REQUIREMENTS AND PROHIBITIONS
5-16-1. Purpose. The City of Boise City, Idaho (“City”) finds that residential rental application fees should be regulated to protect applicants from unnecessary and predatory collection practices. The purpose of this Chapter is to establish rules and regulations for the collection and return of residential rental application fees within the City.
Residential rental application fees have recently become unduly expensive and not reflective of the actual costs of performing background and credit checks on potential renters. High application fees act as a barrier to segments of the population seeking to secure suitable housing.
CITY OF BOISE
All Boise residents should have access to housing without having to overcome excessive financial and regulatory barriers to achieve that access.
5-16-2. Legal Authority. Idaho Code sections 50-301 and 50- 302 authorize the City to exercise its police power for the protection of the public welfare, prosperity, health and peace of the City, its residents, and the community. The prohibitions set forth in this Chapter are intended to supplement and enhance, and not supersede, State landlord-tenant law and the Idaho Consumer Protection Act, as set forth in Idaho Code Title 48, Chapter 6.
5-16-3. Scope. This Chapter shall apply to all Residential Rental Units, as defined herein, within the boundaries of the City.
5-16-4. Definitions.
A. Applicant: A prospective tenant for a residential rental unit, who signs or intends to sign a lease or other contractual agreement in relation to the unit.
B. Rental Application: The written document used by a rental property owner to determine if an applicant is qualified to become a tenant of a residential rental unit.
C. Rental Application Fee: Any cost, payment, charge or any other kind of expenditure or renumeration, including administrative costs, that a residential rental applicant is required to pay in order to have his or her rental application considered by the rental property owner.
D. Rental Property Owner: The legal owner of a residential rental unit, and his or her agent or representative, including a property management company or its representative.
E. Residential Rental Unit (Unit): A building or portion of a building used as a dwelling for one or more persons that is offered for rent or lease for periods of time greater than thirty (30) days.
5-16-5. Disclosure of Application Criteria. Before accepting a rental application, a rental property owner must disclose to the applicant, in writing, the criteria on which the application will be judged.
5-16-6. Disclosure of Application Fee. Before accepting a rental application fee, a rental property owner shall disclose in writing to the applicant the rental application fee amount. The applicant shall not be charged more than the disclosed rental application fee for that application.
5-16-7. Availability of Units. Rental property owners shall only advertise rental units, receive applications, screen applicants, and accept application fees for rental properties when such rental properties are actually available and ready for occupancy or are expected to be available for occupancy within a reasonable time period; provided, however, that an applicant may consent to be screened and placed on a waiting list. For purposes of this Chapter, a rental unit is no longer considered available if a different applicant has been screened by the rental property owner, has been offered the rental unit and accepted it, and has placed a deposit on the rental unit. A rental unit may be considered available if a tenant of a unit has declared they will not be renewing a lease or have otherwise vacated the
CITY OF BOISE
property. Rental property owners shall document the date and time that deposits are placed on rental units.
5-16-8. Application Fees. Application fees for rental properties shall not exceed the actual cost of the screening process or thirty dollars ($30.00), whichever is lower. The actual cost of the screening process includes only the hard costs associated with a background check. Labor costs and other soft costs associated with application process must be excluded. Hard costs may include, but not be limited to, the following: national, state and local criminal background checks, credit reports, rental history records and/or reference checks, eviction records and/or employment verification. Each adult who intends to reside in a residential rental unit may be charged an application fee.
5-16-9. Disposition and Use of Application Fee. Within ten (10) days of receipt of an application fee, a rental property owner must provide an explanation for the disposition and use of the application fee and provide a receipt to the applicant detailing how the application fee was used. An application fee shall be refunded in its entirety if a rental property owner does not incur hard screening costs. A rental property owner shall also provide the applicant with any paperwork or copies of electronic correspondence generated as result of the screening process, to the extent permitted by State and Federal law.
5-16-10. Current Tenants. A current tenant of a residential property unit shall not be charged an application fee to move to another rental unit owned by the same rental property owner.
5-16-11. Penalty. A violation of this chapter is an infraction, punishable as provided in section 1-4-2 of this Code. A second or subsequent violation within one year of a prior conviction shall be a misdemeanor, punishable as provided in section 1-4-1 of this Code. A complaint filed under the provisions of this Chapter must be filed within ninety (90) days of the alleged violative conduct.
5-16-12. Exemption. The provisions of this Chapter shall not apply to any Rental Property Owner who does not charge a Rental Application Fee.
5-16-13. Private Right of Action. There is no private right of action that is created by this section or money damages available to any person based on this chapter.
Section 2. That this Ordinance shall be in effect immediately upon its passage, approval, and publication.
CITY OF BOISE
ADOPTED by the Council of Boise City, Idaho, on December 17, 2019.
APPROVED by the Mayor of the Boise City, Idaho, on December 17, 2019.
APPROVED:
David H. Bieter, Mayor
ATTEST:
Lynda Lowry, Ex-Officio City Clerk

If you are interested in learning more about our services you can visit our website at www.RentWisePM.com.

Knowing the Financials of your Rental Property

Are your financial statements for your rental property giving you what you need? One of our first questions to new potential clients is “what are your current pain points with your property manager?” One of the answers is always in regard to their monthly financial statements.

Do you have a clear picture of your property’s financials?

Knowing your properties financial health can seem overwhelming and tedious. Having the right KPI’s and property manager can help. From income to expenses, monthly, annual, balance sheets and 1099’s. There is a lot to track when it comes to owning an investment property.

It is important that they are easy to read, consistent and that you have a property manager available to discuss and answer any questions you might have.

How can your property manager customize your monthly statement so that it fits in line with your tracking system?

Maybe you want to track profit between properties? Or how much the market rent has increased? There are several monthly reports we can provide, such as:

  • Account Totals
  • Balance Sheet
  • Balance Sheet – Comparative
  • Balance Sheet – Property Comparison
  • Bank Account Activity
  • Bank Account Association
  • Cash Flow
  • Cash Flow – 12 Month
  • Cash Flow – Property Comparison
  • Cash Flow Detail
  • Chart of Accounts
  • Expense Distribution
  • General Ledger
  • Income Statement
  • Income Statement – 12 Month
  • Income Statement – Comparative
  • Income Statement – Property Comparison
  • Trial Balance
  • Trust Account Balance
  • Trust Account Detail

Monthly statements should be the snapshot of how your investment property is doing, how your money is being spent and how profitable the rental property is.

If you would like more information on how we can help or learn about our property management services just go to our website or call us at 208-949-3083. Less Hassle. More Happy.