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.

Assistance Animal Documentation

Are you concerned about a potential or current tenant giving you false assistance animal documentation? Yes, we were to for a while. The number of letters and notes we have received over the years from both legitimate and not so legitimate sources has skyrocketed in the last few years.

How can you know when an assistance animal letter is truly legitimate?

Well, thanks to a recent investigation led by HUD with the help of NARPM members and several lobbyists in our industry, websites that sell assistance animal documentation are under a microscope. While there is no “quick fix” to this epidemic of false documentation it certainly helps to weed out a tremendous amount of potentially false documents that can be purchased across the internet leaving property managers to sift through the legitimacy of the documentation while also being able to identify a tenant with a true need for an assistance animal.

What can you do to protect your investment?

Here is a list of items you can request from a current or potential tenant when it comes to assistance animals and/or pets.

  • Letter from a medical professional or a person in a position to know, dated within the last 12 months.
  • Verification that the animal is current on all shots/vaccinations.
  • Verification that the animal is licensed in accordance with city or state law.
  • You can ask; what service does the animal perform? (It is illegal to ask what the persons disability is.)

Here at RentWise, we use a third-party screening company called petscreening.com to verify assistance animals and/or pets. They gather all the proper documentation and ask the questions allowed by the ADA. It is a free service for anyone who has an assistance animal and a minimal cost to anyone who has pets.

If you are interested in reading more about this investigation we have provided the press release link below.

https://www.hud.gov/press/press_releases_media_advisories/HUD_No_19_162 

Would you like to learn more about our services and how owning a rental property can be LESS HASSLE, MORE HAPPY? Visit our website at www.RentWisePM.com or call us at 208-949-3083.

Why is my property manager sending me a 1099?

Why is my property manager sending me a 1099 form? This is a question we get from time to time and while not everyone agrees on the same answer it is, in fact, a necessary evil. At least for now.

 

Rental income reporting.

We know that no one really likes “tax time” and certainly not having to claim more income than they have to because it means owing the IRS more at times. Even so, it is income that must be reported somehow, to someone right? Oh, we wish it was that simple too but in the years spanning from 2010 and 2012, the verbiage used by Congress has made this issue even more controversial. Owning a rental property is considered a business in the eyes of the IRS. Or is it? This is the line that has yet to 100% be defined by Congress.

What is a 1099 MISC form?

To report rental income we provide our clients with a 1099 MISC form provided by the IRS. The purpose of this form is to report any rental income in excess of $600 in a year. However, it is still up for debate whether owning a rental is considered a “business” because owning a business implies that you are doing something for profit. What if this has no profit just yet? Well, there lays the gray line. Forbes published a great article written by a nationally recognized tax professional that explains in-depth the confusion behind the argument about reporting rental income. You can read the full article here.

In the end, we, as a business are required to report the rental income we collect on a client’s behalf.  We recommend talking with your accountant about how this form is used.

Have questions about our services or want to learn more about how to own an investment with LESS HASSLE. MORE HAPPY? Visit our website at www.RentWisePM.com or give us a call at 208-949-3083.