Reports

What happens when your property manager gets a maintenance call at 5:00 PM on a Friday afternoon on a holiday weekend from a tenant that has no hot water! We handle it. With the help of some amazing vendors of course. In this case, the water needs replacing.

Typically, the next call is to the homeowner with the quote to replace that hot water heater. His reply…..”I can purchase a hot water heater at the big box store for $700.00 … why is it so much more than that?”

Property Maintenance is usually by far the top pain point for owners with their property managers.

This question piqued our interest, so we started calling around to different companies and plumbers to see what they charge & if our client is really getting the best bang for their buck.

What did we find when it came to replacing a water heater?

We called 3 well known Treasure Valley HVAC companies and they provided verbal estimates to replace a 40-gallon hot water heater. These prices ranged from $1300 – $1500.00.

All 3 Treasure Valley vendors were all using a plumber’s grade Hot Water Heaters and all 3 include new drain pan, flex piping, expansion tank and disposal of the old unit.

During these calls, we developed a wealth of understanding of hot water heaters.

There are many differences between a plumber’s grade hot water heaters and a box store graded water heater. The plumber’s grade offers better efficiency and is made with better materials that offer a longer life span. A plumber’s grade hot water heater will typically last between 12 – 14 years and the box store one typically lasts 8-10 years. A typical warranty for the plumber’s grade is 2 years standard and then you can purchase additional plans that extend the warranty up to 10 years. A box store warranty is about 6 years, but it is a limited warranty and the items that usually break are not covered so you have to purchase the part and pay labor rates.

So not completely satisfied with that information, I reached out for a few other options outside of an HVAC company:

• One plumbing company will come out and install a hot water heater for $450.00; however, they will not pick up or dispose of the old one. This means I would have to arrange for the water heater to be delivered to the property and then picked up once it has been replaced.
• One box store will install a water heater through a contracted plumber. However, there is a $45 consult fee and a basic install starts at around $239; the turnaround time is 7 – 10 days which is not feasible in an occupied rental in Idaho.

So how does a big box store compare to a local HVAC company?

So, let’s just put some prices together if we had the plumber install the hot water heater. I go to the big box store, and I purchase the hot water heater for $700.00

What else do I need:

Expansion Tank – $30

Flex Piping – $30

Drain Pan – $30

Plumber to Install – $450

Handyman to dispose of old hot water heater $90

Disposal Costs – $100

Permit – $55

That all totals $1490

Did you know a permit is required in the state of Idaho for water heaters to be installed?

• Ada County and costs $55
• Canyon County it is $40

An expansion tank, new flex pipe/fittings and a new drain pan are required in the state of Idaho if not already present or damaged which costs roughly around $100.

Our HVAC vendor installed a plumber’s grade 40-gallon hot water heater with all parts, materials, permits, disposal, and labor (including the initial work order for the diagnosis) for $1390.00. (this is not a set price, just an example and varies depending on materials needed) Plus, we know that we used a trusted, locally owned company that has been in business for 30+ years and they will continue to be around if any issues arise.

At RentWise Property Management, we promise that we make every effort to act in our client’s best interest in every front.

Interested in learning more about our services and how we can provide you with this type of service? RentWise Property Management. Less Hassle. More Happy.

Most people don’t really think about insurance when it comes to tenants renting and property management. Most of us have more insurance than we know what to do with. Life, home, auto, the list goes on. It provides us protection and peace of mind. Renters Insurance is no different, just not as widely known. At RentWise we REQUIRE every tenant to carry renters insurance with minimum liability coverage and a recommended personal property coverage. We audit and monitor this coverage twice a year and have policies in place to secure coverage when a tenant fails to. Why is this so important?

A real story about how renters insurance changed a family’s life. 

Once upon a time, there was a yellow 2 story house where a young family lived with 2 kids under the age of 10, Mom & Dad and their faithful companion animal at the end of a cul-de-sac in Canyon County. On July 3^rd, Dad was excited about the upcoming holiday. Like most Dad’s, he couldn’t wait to see his children’s eyes light up with wonder as he lit off a few fireworks before the big day. Getting close to bedtime, Dad made sure to fill up a bucket full of water and place those burnt fireworks inside to make sure they were “out”. Off to bed, they all went until they were awoken by the screaming of the smoke alarms in the middle of the night. The house was on fire.

This really happened to one of our tenants. One of those fireworks was not submerged fully and the house burnt down almost entirely. I was made aware of what had happened the next morning and immediately called the tenants to see how we could help. By the time I spoke to them they had already spoken to their insurance carrier and had an appointment to meet him the very next day.

They lost everything, including their dog. As I walked up to the house to meet with all parties, fire department, mitigation company, insurance adjustors and the tenants I tried to imagine how overwhelming this all must be for them. We exchanged a few words and then……their agent just handed them a check for $30,000.

How does renters insurance protect the tenant AND the owner?

Less than 48 hours later these tenants walked away with a check for $30,000 to start again. That’s not all, they had liability insurance to cover the owner as well, our clients paid NOTHING out of pocket for this accidental tragedy, they barely even had to sign anything. The home was sold, to the mitigation company actually, then rebuilt and sold again!

The entire experience was both difficult, heartwarming and educational for everyone involved but the truth is, there is no such thing as having too much insurance. I am a believer.

We take managing properties very seriously from onboarding to exit for clients and tenants alike. If you would like more information about our services visit our website or give us a call! Less Hassle. More Happy.

We get a lot of mixed feelings about allowing pets in rental properties from our clients. Does Fido freak you out? We agree, it’s a risk, but in our industry, its a common need to find housing that is “pet-friendly”. We want to tell you what our philosophy and policies are when it comes to pets and animals. It’s not always black and white.

What you should know about allowing pets in your rental property.

First, you should know that the Federal Fair Housing laws aren’t “negotiable” when it comes to pets, companion animals, emotional support animals, and service animals.

Second, those are all very different things. Without getting into the actual verbiage just know that we know the law frontwards and backward and we are here to navigate the situation based on those laws on your behalf. Each animal must “apply” just as their person must apply. They are asked to provide the required documentation such as vet records, animal reports, legitimate diagnosis letters, photos, tags, and any other pertinent information.

Third, once we determine what “type” of animal it is we act accordingly. We have addendums for EVERYTHING. That animal regardless of determination is held to the same behavior standards as any animal would be. They do not get a free pass even if they are companion/emotional/support animals. We perform “pet checks” throughout the term of the lease to ensure that the animal is not damaging the property in any way. If they are, we handle that too!

How we help to protect your investment

We collect non-refundable deposits & charge pet rent when applicable. We have you covered on this front. Don’t want to allow pets? That’s ok too, just know that it narrows the interested applicants down to a fraction and not allowing “pets” does not apply to companion, emotional or service animals. They do get a pass if properly documented.

So in closing, just say no to pets? We think a better option is to say yes and trust that we have your back. We do not want destructive animals in your house any more than you do so we do everything we can to prevent and oversee the situation so that you don’t have to!

If you would like more information about this or anything else related to property management, visit our website at www.rentwisepm.com or give us a call!