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Should You Hire a Professional Property Manager?

So you have purchased a rental property. Congratulations! Or maybe you own multiple rental properties that you’ve been self-managing for an extended period of time. And you’ve been tossing around the idea of hiring a professional property manager. Not all rental properties require property managers. If you are beginning to feel stressed, overwhelmed, or even a little confused about how to handle a situation, it may be time to start talking with an expert in the business.

According to Businesswire, 51% of investment property owners work with a property manager and another 24% are actively searching for a professional property manager. The rental market is booming across the United States and more investors are utilizing property managers than at any time in the past. But, what exactly does a property manager do? Property managers handle much more than just collecting rent for you each month. Here are some of the top responsibilities that a professional property manager will take care of for you.

Marketing Your Rental

Property managers are experts at marketing investment properties. They are trained professionals in real estate. It is their priority to get a rental property tenanted quickly. Not only will they take professional photos of your property for marketing, but they also have access to many tools that non-real estate professionals do not have access to. If you are on your own, it can be a huge headache to try and market your property. Platforms such as Facebook and Instagram make it easier in some ways, but you can’t always guarantee that the responses are legitimate.

Finding Quality Tenants

Pivoting off of the last statement of receiving legitimate responses to a rental listing, property managers are responsible to thoroughly screen applicants. Finding quality tenants can feel like an uphill battle. You don’t have to make that climb alone when you have a property manager on your team. Property managers handle background checks, credit checks, references, income verification, pet verification, drafting the lease, and more. All of this will be included in your property management agreement and can take a huge weight off of your shoulders.

Day-To-Day Management

You may have noticed that some of the everyday tasks of managing your rental can add up quickly. Property managers assist with shortening your to-do list. In fact, property managers actually make your to-do list virtually nonexistent! Your property manager will handle things such as collecting rents, handling tenant requests, scheduling routine maintenance, bookkeeping, and accounting! Your property manager will essentially turn your stresses into successes!

Maintenance

If you are a lucky investor, your property won’t need any major repairs any time soon! You can bet on the inevitable, however, that your tenants will make a call to the maintenance team at some point. Since you have been self-managing, it is almost certain that you have received a late-night call or text from a tenant with an emergent situation. You will never appreciate your property manager more, than when you don’t have to jump out of bed and respond right away. Property managers have a list of fully vetted and insured contractors that they can call on-demand to handle any maintenance issues. In some property management agreements, you are required to keep a reserve on file so that maintenance issues can be addressed quickly and efficiently without reaching you for pre-approval.

Evictions and Legalities

Last, but certainly not least, your property manager will bear the responsibility for any legal issues that could arise. There are many laws that are specific to protecting the tenant and landlord. Your property manager is required to stay on top of any changes and updates to these laws. If your tenant wants to break a lease early, or an eviction situation has come up, your property manager will know just how to handle this. If you are self-managing, you may be unsure how to proceed and have to constantly consult an attorney. Your property manager thankfully has systems in place to avoid additional legal expenses.

There are many reasons why you may be considering hiring a property manager. Maybe you are a new investor. Maybe you have another job. Maybe you are having issues finding and retaining quality tenants. Whatever the case may be, you can guarantee that a professional property manager will be on your team and work hard to ensure your rental remains profitable. If you would like more information on our property management services and receive a free rental estimate, visit us at www.rentwisepm. RentWise can handle all the details of managing your property. We provide COMPLETE property management in Boise, Star, Meridian, Nampa, Caldwell, Eagle, Kuna, and Middleton.

Top Amenities On A Renters Wishlist That Make A Profitable Rental Property

According to a recent survey from the U.S. Department of Housing and Urban Development, there currently are 100.9 million people living in a rental home. The rate of homeownership has steadily declined over the past few years and younger generations are opting to rent vs purchasing a primary residence.

The majority of rental properties are owned by individual investors rather than large corporations. This opens up a large window for a personal touch and value add when an individual investor is involved. Large corporate areas may create every rental unit they own to be uniform with the same features. An individual investor has the flexibility to tailor some amenities and upgrades in a rental property according to demand and market trends. When it comes to rentals, knowing what your tenants want and like will not only quickly secure tenants, but retain them as well.

There are obvious amenities that all of us would love to offer, such as a balcony view over the ocean. This list is focused on the things that are largely able to be controlled by an investor.

Top Amenities on a Renters Wishlist

1. Parking

If you’re renting in an urban area, parking can be somewhat of an issue. For tenants who have cars, especially in a community, parking is of the utmost importance. No one likes to come home from a busy day at work, after spending time in a traffic jam and having to worry about parking 20 minutes away from home. Designated parking also makes your tenants feel safer and secure because they will always be familiar with the area and surroundings.

2. A Good Pet Policy

According to the III- Insurance Information Institute, 70% of American households, or 90.5 million people own a pet. It is no surprise that people love their furry friends. Renters are no exception. Having a policy in place where you allow pets will eliminate some of the stress for a tenant searching for a home. Being smart and having a thorough pet screening policy is the best way to protect yourself as a property owner. Having a flexible pet policy will secure tenants quickly.

3. On-Site Laundry

In today’s world, it isn’t always feasible to spend a few hours a week at a local laundromat. Loading your car up and traveling to a laundromat is not only a hassle, but can also create unnecessary stress with the additional cost. Having a washer/dryer in the unit would be an ideal situation for most renters. At a minimum, offering a few on-site washers and dryers, even if they are paid, will suffice and fill that void. In most residential areas, I think it is safe to say that many people would not even consider renting a place without access to laundry facilities.

4. Outdoor Areas

This one isn’t always within your control. As a property investor, keep this one in mind when purchasing a rental property. Many renters will be satisfied with any outdoor space whether it is a balcony, deck, or porch. Not only is an outdoor area an extension of the property, but it also can pack some really big value if the space is kept in great condition. If your property doesn’t have a great outdoor space, look toward community areas such as parks and recreation nearby.

5. Storage Space

While it can be expensive and challenging to modify an existing floorplan to create additional storage, you can always get creative. Adding additional shelving units in closets creates extra storage space. Ensuring that kitchen cabinets have ample shelving inside to maximize storage space is a huge bonus. Over-the-door hooks and racks will allow for shoe storage, towel storage, and even odds and ends. Also, if you plan to update your bathroom vanities, be sure to select one that has maximum drawer and cabinet space.

6. Appliances

The majority of renters will not come into a property-owning a full set of appliances. Including an oven, refrigerator, and dishwasher in your tenant package will certainly add immense value and attract quality tenants quickly.

7. Air Conditioning

Air conditioning is probably one of the most desirable amenities, especially in hot and humid climates. If your property does not currently have an air conditioning unit, you may need to consult with an HVAC specialist and put it into your budget. Consulting with a specialist may cost more upfront, but it pays to do it right the first time so that yearly maintenance costs will be lower. If your property lacks the capacity for a central air conditioning unit, exploring other options such as providing a window unit, or an individual room cooling system may be the next best thing.

These are just a few of the top amenities that renters across the United States have expressed as being valuable in their search for the perfect home. If you’re looking to rent your home and would like a free estimate on what your property would rent for, we can help! Additionally, we can provide professional and expert service to your tenants, such as a designated maintenance team, easy ways to pay rent, credit for on-time payments, and more! The RentWise motto is ‘Less Hassle, More Happy’ and we stand by that in every interaction we have with property owners and tenants alike!

Taskmasters: Who Are They and Why Do We Use Them?

 

Property management is a multifaceted industry. Between onboarding new clients, resident applications, inspections, maintenance requests, and more- our days are busy! Have you ever wondered how we get it all done? I’ll share one of our secrets with you: utilizing a preferred vendor, Taskmasters. Our mission is to provide excellent service and do it with the highest quality of tools and technology. We strive to be the best. And using a specialized service such as Taskmasters allows us to focus on our property owners and residents and meet their needs in record time. 

So, who are they? Taskmasters Idaho provides additional expertise to our arsenal of professionalism and efficiency. RentWise manages many types of properties. We believe our vendors are the best in the business and take our service to the next level. Furthermore, Taskmasters specializes and assists with a wide variety of property management services, here are a few that we may utilize: 

Sign/Lockbox placement or drop off

Notice services such as placing 24-Hour and 3-Day Notices to enter the property with the resident

Move-out condition report

A final move-out condition report is indisputably one of the most important functions of a property manager. An unrushed, thorough condition report after a tenant vacates a property is in the best interest of all parties involved. Not only does the report include a floor-to-ceiling inspection with a written survey, but it also includes photos of any notations made. This allows us to compare the initial move-in condition report to the final move-out documentation. 

Exterior Surveys

Visual surveying of a property needs to be completed from time to time. This helps us to address any compliance issues and allows us to act quickly to remedy the situation.  Exterior surveys include a photo of each property and a compliance form sent to us if there are any issues spotted. Additionally, while this survey is being completed, there is no disturbance to the resident or owner and it is a quick and efficient way to confirm that the property is kept in great condition. 

Pet Checks

We love pets! However, sometimes pets can cause damage. A pet check includes a photo of the pet as well as a visual survey of the property for any damage. This protects our residents as well as the property owner. 

Vacant Property Checks

Keeping an unoccupied home safe and secure between showings is imperative! Conducting vacant property checks helps to provide our property owners with peace of mind that their investment remains in tip-top shape for the next resident.  The checklist includes: plumbing checks and testing functionality, ensuring that the home is secure and locked, confirms that utilities are on and functioning, removing any flyers or debris from the front entry, verifying signage, visually inspecting for pests. 

Our motto here at RentWise is “Less Hassle, More Happy”. We believe that you should love what you do and have fun doing it! Not only do we love our clients and our residents, but we also love our team of vendors too! Let us show you how hiring the right property manager can be a game-changer for your investment! We can’t wait to connect with you! Read more about our property management services, and give us a call at (208) 949-3083!

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.

 

Self Showing Lockboxes

Self-showing lock boxes became very popular after several agents where attacked and even killed in our industry as well as the real estate industry. Unfortunately this has become something that happens more often than people probably know (or want to know) so we initially started using self-showing boxes for the safety of our staff.

Most property managers do not have the staff available to have more than one person at a showing at a time. I will admit that I have definitely felt a little “uncomfortable” during a showing from time to time. We also found that utilizing the self-showing services helped us rent properties much faster than before. We had a pandemic if you will, of missed appointments, no shows and difficulty coordinating schedules with all the other responsibilities we have as property managers.

Utilizing this technology enables us to be more efficient with our time and energy, focusing on qualifying tenants, managing maintenance and being more available to our existing clients and tenants.

Below are the questions and answers from an existing client who was concerned about our showing method. His reply: “Thanks for clarifying things for me. I can see both sides. It makes me more comfortable that you are able to work the lock remotely. It seems to provide some assurance that the access for people is not unlimited. Let’s continue the process as is. Thanks Mike”

Q & A’s:

Do you change the code after each showing? Each person that accesses the property is given a unique code to do so after they answer a series of questions about themselves and uploads a copy of their photo ID to the system. That is how we track who/when someone accesses the property.

Do you have to go there physically to do that or can you access the digital lock remotely? We assign lockboxes to the property remotely, and codes are assigned remotely.

Are there any cameras recording and/or warning visitors that they are being monitored? There are no cameras. There are several signs hung throughout the property to ensure that lights are turned off, doors are locked and they key is placed back in the lockbox. When we perform vacant house checks we have a checklist of several items we monitor to ensure all things are the way they need to be.

If someone duplicates the key while the rest in his party is viewing the house, would that allow them access at a later time? I can not say that this is not a potential issue however it has never happened. The viewing code is only good for 1 hour. When we perform vacant house checks one of the items we check is if there is a key in the lockbox. Typically several people are viewing this house over the course of a day or few days so we would be notified very quickly if a key is missing. Again, that has not happened. A potential applicant must go through a process to receive a code and most criminals do not go to that kind of trouble.

I am sure there are many more possibilities that I am not thinking about right now, like squatting, cooking up meth, stealing the appliances etc. Who would be liable for the damages and any claims arising from those activities? Either your home owners insurance or our liability insurance would handle any issues that would arise on that front. If we were to find a squatter in the property we would take the steps to have them removed asap obviously. Idaho does not have laws that “protect” squatters. We have not had an negative incidents to date using the self showing boxes. We have heard all of the stories and which is why we have taken steps to ensure that these things do not happen. Once an application is approved the lockbox is disabled and only vendors or staff can access it. That typically takes between 3 to 10 days lately.

Maybe things haven’t happened around here yet, but the “Big City” is moving into Boise as we speak. Watching Portland, Seattle,Chicago ……. inner cities and now suburbs burn and get looted without consequences makes me wonder how much to trust anyone. I have to assume that I bear all the risk? You do not bear all the risk, our insurance is aware of our practices and they are quit common across the united states with property managers. We have taken every precaution we can to ask the right questions, set the limitations on showings and we check our vacant properties on a regular basis.

If you would like more information about this or how we can help make owning an investment property Less Hassle, More Happy, we would love to speak with you. Give us a call at 208-949-3083 or email courtney@rentwisepm.com.