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Fire Safety In The Winter Months

The winter season brings beautiful scenery, fun activities, and traditions. It also means more time indoors. Spending more time indoors to stay warm and snug also comes with an increased risk of a fire in the home. The National Fire Protection Agency states that 48,530 house fires involving heating equipment occurred between 2014-2018 with nearly all fires occurring in December, January, and February.  Below, we have outlined some of the leading causes of house fires as well as some preventative measures to keep your property safe!

Portable Space Heaters

Portable heaters are involved in about 1,700 fires per year, resulting in about 80 deaths and 160 injuries, the Consumer Product Safety Commission estimates. When the weather turns cold, portable heaters are one of the quickest ways to supplement heat in a home. If you plan to use a space heater in your home, choose one that has been tested and certified by an independent laboratory and that will automatically shut off if the heater tips over. While you are using a space heater, plug it into the wall outlet, rather than using an extension cord or multi-plug adaptor. Place it at least three feet away from anything that can burn such as furniture, bedding, rugs, and clothing.  Be sure to turn it off and unplug it before you leave the room.

Carbon Monoxide

Carbon Monoxide is an odorless, colorless gas that can be fatal. Anytime a gas-fueled appliance is used, such as a gas furnace, there is, unfortunately, an increased risk of carbon monoxide poisoning. Fire protection experts recommend having your gas furnace inspected and serviced annually. Ensure that carbon monoxide detectors are installed in your home and test them once monthly. Avoid starting your vehicle inside your garage to get it warmed up as this can also release carbon monoxide into the home.

Keep Your Chimney Clean

There are over 25,000 reported chimney fires a year in the U.S. They are almost always preventable. Make sure that a Certified Chimney Sweep inspects your fireplace, venting, and chimney annually prior to lighting a fire.

Fire Extinguisher

In about 80 percent of property fires, a fire extinguisher is all that’s needed to put out a fire. It is estimated that thousands of lives are saved with fire extinguishers each year. Fire extinguishers have an expiration date of 10-12 years and need to be recharged after every use.

Electrical Outlets

Fires caused by electrical outlets are typically due to worn wiring behind sockets breaking off. Inspecting outlets every few years can prevent this from happening and the potential for fire. Additionally, if your home is over 20 years old, the electrical outlets will need to be replaced and are unlikely able to handle the workload of today’s electronics and technology. Avoid overloading electrical outlets as this is also a fire hazard.

Insurance Coverage

This one is not a fire prevention tip, but more so a preparation tip if the unexpected happens. Check with your insurance provider to make sure that there is adequate fire coverage on your policy regardless of you are a property owner or tenant. Reviewing your insurance coverage each year will offer peace of mind and prevent any surprises if something were to happen.

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.

 

 

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!

Five Tips To Avoid A Holiday Decorating Disaster

The holidays have officially arrived! Whether you celebrate Christmas, Hanukkah, Kwaanza, or all three- we share in your excitement! While you’re busy decorating the house, it is easy to get caught up in the fun and safety might be the last thing on your mind. Thankfully, we have put together a short list of our top safety tips to keep your home and your family safe and sound while decking the halls!

Christmas Trees

According to fire departments across the U.S., there are nearly 200 house fires each year caused by Christmas trees. If your family prefers a live Christmas tree, here are a few ways to make sure it remains safe in your home.

  • Keep your tree hydrated. A dry tree is 20x more likely to catch fire than one that is properly watered
  • Check the water every other day
  • Starting with a green tree, this shows that the tree is healthy and has proper hydration
  • Keep your tree away from heat sources such as outlets, candles, fireplaces, and heaters
  • Keep a fire extinguisher handy
  • Fake it! If you can, use an artificial tree. They are cost-effective and provide protection against fires
  • Check the lights for any exposed wires or sockets

Christmas Lights

  • Double-check for any frayed wires, exposed sockets, or missing bulbs. If you find any, replace them immediately
  • Don’t hammer, tack, or staple through any electrical wires. This can cause a short which may result in a fire
  • Keep lights away from curtains, furniture, and carpeting
  • Use heavy-duty extension cords and only use cords approved for outdoor use
  • Use a timer that automatically turns the lights off each night and if you are away from home, not only will this save on your energy bill, this will prevent lights from getting too hot
  • Do not use furniture as a ladder

Fireplace

  • Decorated mantles are gorgeous! Stockings, greenery, and tinsel are all flammable. If you plan on using your fireplace, consider moving these elsewhere
  • Look for fire-resistant decorations
  • Don’t burn wrapping or tissue paper in the fireplace, wrappings can ignite intensely and get out of control

Ornaments

  • Purchase unbreakable and non-toxic ornaments, if possible
  • Replace metal hooks with ribbon or string to avoid injury or choking
  • Try to avoid decorating the bottom of the tree to avoid small children mistaking it for candy and choking

Festive Plants

Plants are a popular hostess gift, but some of our favorites can be toxic to pets and small children.

  • Keep plants out of reach of pets and kiddos
  • Decorate with artificial greenery if possible
  • If artificial is not an option, try decorating with edible vegetables such as butternut squash

Here at RentWise Property Management, we understand how important time with family and friends is during the holiday season. Enjoy your loved ones and remember these safety tips and holiday decoration suggestions while you enjoy the holiday.

 

 

The importance and types of insurance for property management and vendors.

Managing the property of clients can be very rewarding. As professionals, we always have the best interest of our clients in mind. We must also consider many factors, such as awareness of all of the potential risks we may face and how to protect the business. The risks may vary but can include vandalism, theft, legal and/or lawsuit compensation, fire, and so on. Having adequate insurance coverage helps to protect our assets and keeps the business running. 

We also require the vendors that we hire to supply insurance. This protects the property owner, property management, the tenant, and of course the vendor. This may include auto liability or a general liability policy. Ensuring that each one of these vendors has adequate coverage in line with their type of business operations is key. 

Some examples of insurance for a property manager and vendors include:

 

Property Management

  • Professional Liability Insurance(Sometimes called Errors and Omissions insurance or E&O) The types of claims that fall under professional liability may include:
    Tenant Discrimination- a potential or current tenant claims that property wasn’t rented to them or faced harassment based on race, color, religion, sex, sexual orientation, marital status, children, or national origin.
    Wrongful Eviction- While the lease is still valid, a tenant believes they were unlawfully evicted. They may sue for damages such as the cost of moving, lost wages, the cost of the replacement lease/deposits, etc.
    Property Damage by Error-failure to inspect fire extinguishers and fire caused damage to the property where it could have been prevented with a fire extinguisher. Failure to investigate complaints or maintenance requests(such as noise, pets, pet, plumbing) that may result in further damage to property.
  • General Liability Insurance-The types of claims that fall under General Liability may include:
    Property damage- The example is similar to the Professional Liability claim. Damage was caused to the property whether it be a failure to inspect, investigate or mitigate. It also includes accidentally damaging a tenant’s property during a showing or walk-through.
    Resident injury- This includes failure to maintain safe public premises for tenants and guests such as handrails, trip and fall hazards, snow and/or ice removal (depending on the lease contract) electrical hazards, environmental hazards.

Vendor/Contractor 

  • General Liability Insurance– sometimes called Commercial General Liability Insurance. Two of the main concerns with a General Liability Policy are:
    Property Damage– a vendor damages the property while performing a service or maintenance request. This could be accidental or negligence.
    Customer or tenant injury– ie: if you tripped over a vendor’s toolbox and needed medical attention.
    Commercial Auto Liability- covers property damage or injury caused by a vehicle used on the job.

 

Our Why

As a property management team, we act on behalf of the owner and treat the investment as if it is our own. We are experts in property management as this is all we do, so rest assured it is our only priority.  Learn more here about the benefits of doing business with an experienced, dedicated, team of professionals who take pride in the success and protection of our clients.

 

 

 

 

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.