Looking for property in the beautiful Treasure Valley? You’re not alone. As of December 2021 Boise, Idaho is officially leading the country in population growth for the fifth year in a row.
With all four seasons, scenic drives through the Sawtooth and Rocky Mountains, and plenty of space for building, it’s no wonder why people are flocking to the Boise area.
Whether you are a tenant looking for a rental home or you are a landlord looking for investment property, professional property management is a must in the Treasure Valley.
Luckily, at DJW Property Management, we know a thing or two about Idaho and we are eager to help you find your next investment property and/or rental (although we highly recommend our services of course!)
Below are 12 questions you should be asking your future property management company before deciding on who is best for you.
1. What services do you offer owners?
Being a property owner is hard, especially if you are unfamiliar with the Treasure Valley area. Some homeowners live here in Idaho, while others own property that needs to be maintained from afar. With a Boise property management team, you benefit from having an experienced middle man to help maintain your investment.
Your Boise property managers should be able to market, lease, facilitate rent collection and maintain your rental property with minimal involvement from you.
In respect to residents, property managers should provide a thorough tenant screening, handle all maintenance requests, and conduct comprehensive property inspections.
2. What is your property marketing strategy?
On average, your investment property should be on the market no more than 4 weeks. Any longer, and that may mean that your boise property manager is having trouble finding tenants.
In order to maximize your investment, your property should be listed on multiple rental websites. At DJW for example, we use software that allows us to advertise your rental property across 15 different high traffic websites.
3. What is your vacancy rate?
This question is critical in determining who your property management team will be. If there is a high vacancy rate, that could mean that the property managers are inexperienced or that clients have had a bad experience (possibly with communication or maintenance)
A low vacancy rate, on the other hand, will let you be certain that your rental property is a priority and that your property managers have listed your home in the proper places to qualified residents.
4. Do I pay even if the property is vacant?
The simple answer- yes. This is why you want an experienced Idaho property management team who has a low vacancy rate.
The management fees that you pay get allocated to many different departments including and especially property marketing. It takes time to quickly rent investment properties to a qualified tenant.
5. How many units do you manage?
People tend to trust companies that oversee a large amount of rental properties more than companies that oversee a smaller amount— there are pros and cons to this.
When managers are responsible for too many properties, there is a major risk of negligence. Property marketing can move slower than needed and finding a qualified tenant may take a long time if someone is too busy to answer their phone.
On the other hand, too few units could equate to inexperience or poor managing skills. You want a property management team who has time to put your needs first while also being able to juggle multiple properties.
6. How do you determine the rental price?
Idaho home costs have been one of the many drawing factors in people moving to Boise and the surrounding Treasure Valley area. When speaking with your Boise property management team, it’s important to know and agree upon the best way to maximize your profits as a landlord/ homeowner.
7. How often do you raise/lower rent?
It’s important for property owners to understand how their boise property management team views renting relationships with tenants. Some people do not believe in raising the rent on tenants who take care of the home, make payments on time, and have little to no maintenance needs. These people have lived in the home for a long time.
It’s important to clarify with your team whether you agree with this rent collection and adjustment tactic and then choose a managing team with the same philosophy as you.
8. How do homeowners get paid?
Knowing when to expect payment after rent collection is also an important question to ask. This will help with managing expectations of revenue.
9. How do you manage maintenance requests?
Individual phone calls and multiple emails can easily get lost in the mix. Many companies now utilize and prefer to make requests through their company website in order to ensure that your home is provided with the quickest maintenance and care.
10. What is your turnaround time when responding to inquiries?
Speaking of having time…. it’s important to manage expectations before signing up with a property management team. Oftentimes, companies provide clients with an owner portal website as a way to contact and make requests.
A common complaint with property managers is that they do not return calls or emails quickly enough. By understanding the urgency and frequency of inquiries made, the relationship you have with your manager can start off on the right foot.
11. Do you offer financial reporting?
Every property management team should provide financial reporting services regarding your investment. Transparency of expenses is essential to trust in the services. Reports should include:
- Balance Sheet
- Monthly Income and Expense Sheet
- Accounts Payable
- Tenant Receivables/ Prepaid
12. What sets you apart from other companies?
At DJW, we pride ourselves on our ability to perfectly match homeowners to tenants. Before we lease to potential tenants, we provide a thorough tenant screening service. We invest time in researching their rental history and make note of any delinquent accounts before we lease to any tenant.
We pride ourselves on managing safe, well-maintained homes that attract quality renters. We personally oversee residential, single family homes, duplexes, fourplexes, apartment complexes and manufactured home communities. Plus, we are competitive with our prices! Contact us today!