Promoting Your Property

Aside from photo’s being worth a thousand words, prospective tenants want details in the property description. This is a very important promotional part of advertising and will get your property the attention necessary for rapid leasing. Step back; take a serious and honest look at the property. Next, follow these tips to write a powerful tenant grabbing description for your next rental ad.

Why Did You Buy It?
When first viewing the property what did you like about it? It’s much the same for prospective tenants, they see what you see. Does it have a great location, striking curb appeal, a perfect floor plan, or special charm and character?

Be Detailed and Descriptive
Provide tenants with as much information as possible. Be honest and clear in your description boasting the strong points yet downplaying any negative aspects to fill their imagination with accurate information. If the property has a great space, tell them in details that will peak their interest and want to view your property.

Create a Mood
Be sure to explain the lifestyle of the property and area. Does it include easy access to shopping, close to a bus line, is the property located on a culdesac, is the area quiet, are the area schools top notch and within walking distance, is it located close to social activities such as parks, theatres, restaurants? Elaborate on the area and its finest qualities.

Remember who will be reading your property description; you only get a few seconds to interest a prospective tenant and must make it count.

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Appraisal

How should a landlord or property manager determine how much rent to charge for their property?
A property appraisal can be easily obtained which is an expert judgment as to the value, evaluation of its worth, significance, or status of the property. A property appraisal provides a rental rate or value gauging how much to charge for rent or the rent amount a tenant may be willing to pay. An appraisal consists of the value or rental rate of a ‘like’ property in the same area.
For those choosing to search for appraisal information themselves the following information may help alleviate any uneasiness; replaced with information and knowledge of the rental market.
First, write down the amenities of the property. Asking yourself does the property come with a washer/dryer, type of heat, fireplace, kitchen appliances, garage, carport, or yard and the number of bedrooms and bathrooms.
Next, look in the immediate neighborhood for like properties searching first for the same number of bedrooms and bathrooms, then for matching amenities from your list. Write down the amenities of each property and the rent amount being currently collected. Match your property with amenities of other properties.
When completed, take a look at how your property matches up. Better, not as nice, or equal? Match your rent to like properties, adding more for additional amenities taking away for lesser amenities. Search on-line sources reflecting the rental rates in your area to gain additional insight into your rental market. When completed, your property would have had an appraisal and you are also solidly informed and educated about your property and the area rental market.

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CONTINGENCY LEASE

What is a contingency lease? A leasing technique by which a tenant signs a lease agreement called a contingency lease prior to approval in the application process. The tenant is required to pay the application fee, rental deposit and sign the lease resulting in the rental unit then becoming theirs unless they are denied via the application or screening process. There is typically no recourse for the tenant other than to seek legal representation if they change their mind or clearly did not understand what they were signing.

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No Pet Policy

Depending upon the type of housing in which the tenant resides, their right to a reasonable accommodation falls into one or both of the following statutes:

The Fair Housing Act applies to all forms of housing, whether for sale or rent. The exception to this rule include (a) buildings with four or fewer units where the landlord lives in one of the units, and (b) private owners who do not own more than three single family houses, do not use real estate brokers or agents, and do not use discriminatory advertisements.

A tenant requesting an animal in a no pet property is required to provide to the landlord, manager or owner in writing a request for a reasonable accommodation. The request should state the tenant has a disability and explain how the requested accommodation will be helpful and necessary in order to use and enjoy the rental property. In addition, the tenant should include a note from his or her service provider, such as a doctor or therapist, verifying the need for the support animal.

If for any reason, a landlord or property manager believes additional information or verification needs to be obtained consulting an attorney is advisable.

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VACANCY RATE 2010

Southwestern Idaho NARPM (National Association of Residential Property Managers) conducted a survey to show vacancy rates among single family homes and Multi-family units (2-15) in Ada and Canyon County. The survey results show vacancy rates by type (Single family 1, 2, 3, 4 and 5+ bedroom; Multi Family studio, 1, 2, 3+ bedrooms.) The properties surveyed were occupied or vacant as of Sep 23rd, 2010. Of the surveyed property managers, 21 companies responded. This equated to 4154 units, of which 1895 are single family homes and 2259 are multi family, from 2-15 units.


AVERAGE RENTS are by type and size. Fluctuations in rent follow vacancy trends, typically lagging 6-9 months.  Rents steadily increased in 2007 with historic low vacancies and again in 2009 as owners were displaced from their own homes. More and more are looking to rent as they work to rebuild their credit. The rental market will continue to strengthen for years to come as more owners are displaced, true investors seize the opportunity to grow their long-term portfolio and people recognize Boise as a favored place to live.

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Cooler Weather

A concern for heating safety in a rental home is the use of the fireplace and the emission of carbon monoxide due to poor ventilation. Burning materials in a fireplace such as wood, charcoal, and kerosene emit an odorless but very poisonous gas called carbon monoxide. The effects of carbon monoxide exposure vary from feeling sick and with enough exposure can result in death.

For most homes, the fireplace is the most likely source to introduce carbon monoxide into the home. To ensure the fireplace is safe and properly ventilated have the fireplace cleaned and checked annually. All property managers. should have installed in each rental home a carbon monoxide detector. This is much like a smoke detector price and installation is also much the same.

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Does your tenant have a criminal background?

If you don’t know how or where to check these records you may not be getting accurate or complete information. It’s important to know for sure, as the property manager, landlord or owner could be held responsible for renting to someone with a criminal background.

If there are any criminal activities directly or indirectly affecting other tenants the owner or property manager can be, and has in previous legal battles, been held accountable for tenant actions. Doing complete and accurate research serves as your protection.

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Space Heater

Space Heater

Space heaters are popular and work well in heating a small area of your rental home or apartment. Space heaters are not meant to replace the heating system but to help with additional warming of a small area in the home. When using a space heater, very simple but extremely important rules, must be followed to ensure your safety.

Here are some rules:

1. Never leave the heater unattended.
2. Use a wall plug only. Never use an extension cord or worn outlet.
3. Turn the heater off while sleeping or otherwise unable to visually keep an eye on the heater and its functionality.

Remember space heaters are a leading cause of fire with 1 in 10 starting by improper use of a space heater.

Always use the heating system in the home or apartment as your main source of heat. If a problem occurs or questions arise about its safety contact your landlord or property manager, heating and cooling service company or the local fire department.

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Habitable Rental Home

As a landlord, you have the responsibility of providing a habitable rental home and have an unwritten warranty that the premises will remain habitable. That means you must provide basic services to all your tenants. A residence must have heat, power, and plumbing, no problems with the structure that could be a danger to anyone living or visiting the property at any time.

If a tenant complains, and you are the landlord or property manager, ignoring or refusing to make necessary repairs you are in violation of the habitable law. Trying to get the tenant to move by shutting off services or locking them out of the property will only result in a judgment against you. Make sure your property is in good repair and not in violation of the habitable law. If you have any questions contact your attorney for sound legal advice.

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Has the Treasure Valley housing market hit bottom?

Home sales are still down, but at least one builder says some buyers who have held back are starting to surface.  The home-buying tax credit is out. Market-timing bargain hunters are in.

Statistics released Monday by the Intermountain Multiple Listing Service showed 654 home sales reported in the Treasure Valley in August, a 33 percent decline from the year's high-water mark of 975 set in April. That's when the $8,000 federal tax credit had first-time buyers scrambling to make offers on homes.

Sales have been trending downward since the incentive package expired at the end of April. The median price of a home in Canyon County fell to $85,000, exactly half what it was in January 2007. The median is the midpoint, with half of all homes selling for more and half for less.

"It's pretty bad right now," said Shaun Tracy, a real estate agent with Boise RE/MAX. "August should be one of the strongest sales months of the year. But it was below January's numbers, which is usually one of the worst months of the year."

Still, at least one ray of sunshine is piercing the gloom of Valley home sellers, home builders and real-estate agents. The median price of a new Ada County home is down from July but up from August 2009, because some higher-priced homes are selling.

Lars Hansen, director of development for Brighton Homes in Boise, said the increase is being driven by buyers who have been waiting to buy at the bottom of the market and worry they will miss it if they don't act now.

"There are a lot of people with cash who have been sitting on the sidelines who think this is the time to buy," Larsen said.

New-home costs are also rising because of higher costs for materials including sheet rock, petroleum-based products used in housing construction, and hardwood flooring.

"The clearance sale is over in terms of what's left in a supplier's warehouse," he said.

The median price of a new home in Ada County climbed to $185,000 last month, an almost 6 percent spike from August 2009. But it was down from $212,000 in July.

New-home sales in Ada County at 59 were off 37 percent, compared with 94 a year ago. Overall, 421 homes sold in the county, up from 392 in July but down from 521 in August 2009.

Canyon County had 233 sales last month, up from 221 in July and better than the 219 transactions year ago. Sales improved as prices fell. The median price in August was off 23 percent from $110,000 a year ago.

Most local governments reported a decline in the number of residential building permits they issued in August.

Meridian, for example, issued 18 single-family permits last month, a two-thirds drop from the 57 issued in July. Boise's 17 permits last month were 32 percent below July's total.

Mile Pennington, an agent with John L. Scott Real Estate, said that after the first eight months of 2010 both Ada and Canyon counties are about 500 sales ahead of the same period a year ago. The total is skewed by the federal incentive program, which created "an artificial market," he said.

"Now it's anybody's guess what's going to happen the rest of the year," he said.

Don Hubble, owner of Hubble Homes in Meridian, said some potential buyers are reluctant to pull the trigger on a home purchase because of continuing economic uncertainty.

"Interest rates are about 4.2 percent for a 30-year, fixed rate mortgage," Hubble said. "It's a pretty strange market when you can own a house for less than you can rent one, and more people aren't buying."

Any uptick in sales will likely have to wait until the unemployment rate starts to fall, said Jenifer Gilliland, building manager with Boise Planning and Development Services.

"Our analysis shows there is a direct relationship between permitting and unemployment," Gilliland said. "We're going to be moving along this same path as long as unemployment languishes at around 10 percent. When unemployment comes down you'll see more activity."

Joe Estrella The Idaho Statesman

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What is a Lease?

A lease is a written contract or agreement renting land or building to another person. The lease or written contract is conveying property to another for a specified period of time, determined by the parties involved, in consideration of rent or other compensation for such property. A legal agreement on paper assigning property or contract to rent.

Learn more real estate terms and definitions at http://www.wordsnterms.com/

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What is a Flat?

A flat is an apartment or suite of rooms on one floor forming a residence, chambers, co-op, condo, crash pad, floor-through, go down, joint, lodging, pad, railroad apartment, rental, room, rooms, suite, tenement or walk-up. Used primarily as a British term.

View all real estate definitions at http://www.wordsnterms.com/

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FIREPLACE SAFETY

With our recent cooler weather upon us it is time to think about winter heating and using the fireplace. In rentals with a fireplace, the property manager must have the chimney inspected and cleaned for safety, after leasing, the tenant is to take on the responsibility.

Fortunately, fireplace maintenance is not difficult or time consuming. Once per year hire a chimney inspector and to assure the fireplace is functioning correctly and is clean with no safety issues. The cost for an inspection is relatively inexpensive and takes no more than 30 minutes. You will feel safe and be safe burning wood all winter long.

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Words n Terms of the week....Kitchenette

Kitchenette:  A tiny kitchen area that is often built into the side of another room, such as in an efficiency apartment and often referred to as a galley kitchen or an eat- in cook’s room.

Words n Terms of the Week.....Property Management

Property Management: the operation of a property as a business, including rental property management, rent collection and home maintenance repairs.

http://wordsnterms.com/

SMOKE DETECTORS

Smoke detectors are great security feature and are a required safety measure for all rental properties. A smoke detector should be installed in each bedroom, hallway and kitchen. Whether the smoke detector is battery operated or hard wired they are a security requirement and must be well maintained to ensure adequate safety is achieved. Property managers are to always check and recheck every smoke detector in each of their properties prior to leasing. Mark the battery with its date of installation, as well as, maintain a record of smoke detector checks. When leasing a property check the smoke detectors function again. Notify new tenants of their maintenance and importance and in spite of everyone’s efforts, never rely exclusively on a smoke detector to alert you of smoke or a fire; always have an alternate plan for escape in the event of an emergency.
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NOISE MONITORING

Disturbing noises such as slamming of doors or objects being dropped on the floor do carry from one rental unit to another. Everyone must be courteous and think of those who live around, beside, above, and underneath.

Remember, its city ordinance but is also stated in your lease called “Quiet Hours” which begin at 10 pm thru 7 am everyday of the week. If you are a victim of a loud neighbor, you should attempt to work things out with them. If this doesn’t work, then put your complaint in writing in a police report. After a noise complaint is filed with the police and the noise continues, the property manager can then become involved resolve the problem with an eviction being the ultimate and final result.

Property managers must always keep detailed notes on all complaints for any future legal proceedings or tenant complaints and conflicts.  The easiest thing to do is to be courteous and respectful of others.

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Chimney and Furnace Fires

While most property management companies defer this type of maintenance to the owner or ignore it all together, we believe this to be a safety requirement and schedule service and maintenance annually.

• While fire presents a year-round risk, chimney and furnace fires are the causes of fires most frequently in the winter months.

• The residential structure fire problem represented approximately 81 percent of all fire deaths and 79 percent of the injuries to civilians in 2006.

• Between 1997 and 2006, an average of 3,090 civilians lost their lives and another 15,340 were injured annually as the result of residential structure fires, according to the Consumer Product Safety Commission.

• 43 percent of home fire deaths occur in homes without smoke alarms.

Approximately 25,000 residential fires begin in a fireplace or chimney every year.  Why? Over time, a layer of unburned creosote (a carbon-based residue on the walls of the chimney) and can eventually catch fire. The solution is to have a chimneysweep clean and inspect your chimney annually.

An annual inspection of the furnace and broiler is just as important for general maintenance and as a safety check. Never store flammable items near the furnace, broiler, fireplace, woodstove or water heater and share this information with your tenants. Many are unaware of these hazards and the more information is shared, the safer every rental home or apartment will be. Obviously, a better relationship is developed with your tenant.

Request your property management company schedule a professional inspection each year of all fuel-burning home heating systems, including furnaces, boilers, fireplaces, wood stoves, water heaters, chimneys, flues and vents. Many furnace and chimney sweeps will schedule a maintenance review on an annual basis, offering a discount for advanced scheduling. This service is scheduled with the property manager then with the tenant. During this inspection, each smoke detector should be checked and repairs or replacement (which should be done every 10 years) made at that time.

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Words N Terms

Visit http://www.wordsnterms.com/ your leading free online Dictionary and Thesaurus made up of an extensive database of words, terms and phrases used in Real Estate contracts and rental home and apartment leases. Supplying trustworthy, extensive definitions; Words N Terms is beneficial to every tenant, landlord, Property Manager or Real Estate Agent.  Words N Terms Dictionary and Thesaurus is updated regularly with word definitions written in simple language to aid in strengthening your knowledge and understanding of the Real Estate business.

For any questions on real estate terms go to http://www.wordsnterms.com/

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FICO isn't your only score

Checking your credit score can be done at any one of the three credit bureaus Experian, Equifax or Trans Union. Each bureaus office FICO credit scores using the formula developed by Fair Isaac but the difference is each give their score a different name. Equifax is known as the Beacon, TransUnion; Empirica and Experian go by Experian/Fair Isaac Risk Model.

To complicate matters further each bureau will give a different score due to the bureaus not sharing data. One credit agency may use more account information than another, using details such as the type of account, payment history or credit limits and balances due. This reflects a different score.

Due to such differences, it is useful to obtain reports from each bureau. Most loan companies will obtain all three but work from the average number. It will pay off to monitor your credit report throughout the year making corrections when necessary. Obtain new credit sparingly.

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Successful Roommate Guide

If you are considering a roommate its best to agree to some basic ground rules from the beginning and address any problems before they arise.

Rules for Roommates:

1. Start out fresh. Move into a new place together with the new roommate. There is no previous knowledge or seniority.

2. Have only one roommate. In a difficult situation arises, there is discussions with one person not two or more. The old theory of two against one would be eliminated.

3. Never live with a bet friend. Becoming roommates with a friend’s friend is reasonable due to the distance in the relationship.

4. Spend some time with the prospective roommate. Find out things they like, dislike, their regular habits, and how they like to spend their time. You wouldn’t be happy living with someone who likes to stay up late and party when you go to sleep early.

5. Trust the vibes. If you don’t get that warm and fuzzy feeling drop them like a hot potato and move on. Never stop using your “crazy detector”. Life is too short to deal with folks in that situation.

6. You sign the lease and your roommate signs a roommate agreement. Speak to your landlord or property manager to understand their policies. If the roommate doesn’t work out you have the option to move them out. If they too are signers on the lease you are stuck with them through the term of the lease agreement.

7. Define ‘clean’ in the roommate agreement. Everyone has different idea of what clean is or could be. This issue can cause serious problems if there is not a clear mutual understanding and in total agreement.

8. In the roommate agreement add the chores list. Each person is clear about their responsibilities and what is expected of them.

9. Put everything in writing. Rent, lease term, cleaning, pets, people, parting, working any and everything possible. Both parties sign and date. Provide your landlord or property manager a copy.

10. Enjoy living in your new home.

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Violation Forms

There are three types of notices a landlord uses when a tenant is in violation of the lease agreement.

1. The first, for non-payment of rent is “Pay Rent or Quit” notice or referred to as a Three Day Notice. Typically, giving the tenant three days to pay the required rent including any and all late fees stated in the lease or to vacate the property. If the rent is not paid according to your lease agreement eviction proceedings can then be initiated. Landlords cannot collect rent or any part of monies owed and evict at the same time.

2. The “Cure or Quit” notice informs the tenant they are in violation and specifically what the violation is and where it is stated in the lease agreement. Correction is typically required to be completed within five to thirty days. This notice, for example, can apply to maintaining the yard or cleaning an eyesore at the property. Landlords or their property manager, also if stated in the lease, may have the violation corrected at the tenants expense. This process must be clearly stated in the lease otherwise, enforcing such payment may be difficult to enforce.

3. An “Unconditional Quit” notice is used when tenants have no opportunity to make amends at any level. They are required to vacate the property or you can at that time begin eviction proceedings. This notice can be given at anytime during the lease term.

Posting these types of notices can at times be stressful if not uncomfortable. Hiring a process server to hand deliver and post the required notices can be helpful in ensuring legal and proper service has been accomplished.

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Summer Watering at Your Rental

Whether or not the owner pays for the water at the rental home or is paid by the tenant an explanation of appropriate water usage should be determined.
Many renters are uninformed and uneducated as to the best times and amounts to water their lawn or flowerbeds. It is the responsibility of the property manager to explain the correct manner for maximum results without being hit by skyrocketing cost.
If you are in doubt as to the best way to water your property, consult with your local water department. Their office can give you the best advice for your area taking into account temperature, soil type and varying watering techniques.
Your local water company will also come to the property and test your sprinkler system to assure the tenant isn’t watering too much. They can measure the output and you will be able to adjust the timer for maximum efficiency at minimum cost.
Be aware, when landscaping your property check with your local nursery for drought resistant plants and other types needed a minimum amount of water.

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RENTAL SCAM

Properties in foreclosure are owned by the bank and typically the bank doesn’t do anything to it for several months. They won’t try to rehab or sell it and the property will be left sitting as if abandoned. This practice leaves a vacant property vulnerable to be quit claimed and listed by someone else as the owners of the property. This practice is illegal but sometimes difficult to catch especially when the banks fail to post a notice of default or list the property in the MLS as a short sale or foreclosure.
Adding to the mix, a prospective tenant, someone searching for a home would have no idea this illegal process has occurred. The prospective tenant applied to rent the property, paid the required fees, signed a lease agreement and moved into the property believing they are dealing with the owner or property management company. What then? If this happens to you as a renter, your only recourse is to try and get the funds paid to lease the property returned and move on. This may be a difficult task as the rightful owner or a registered property manager is not involved and only the person who is involved and that is the person running the scam.
Renters need to obtain more information and review property listings in your area of interest. Ask the person leasing the property how long they have owned or managed the property, ask how long the property has been vacant, if possible, speak to neighbors asking questions about the home, property owner or Management Company or go to the extent of checking the property owner records at your local court house.

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How to improve your credit score

1. Don't apply for lots of credit cards. A credit inquiry can lower your credit score by five points.
2. Requesting your personal report won't hurt your score.
3. Avoid applying for credit cards from companies that don't set a spending limit or won't report your limit to the credit bureaus.
4. Don't cancel credit cards. Keep accounts open to ensure a longer credit history. If you can’t afford the monthly payment pay it off and stop using the credit card.
5. Limit the percentage of available credit you use to no more than 30% of your net monthly income. Paying off the amount each month will still reflect the amount charged and excessive spending will hurt your credit score.
6. If you don't have a credit history, start one by obtaining a secured credit card and managing it responsibly.

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Making Extra Income

You are looking to remodel your current home or property to create additional income. Generally, zoning authorities and subdivision stipulations are set up to be very cautious when reviewing such additions to a property.
Here are a few things to consider when seeking community approval.
1. How will the additional traffic affect the neighborhood as a whole and more importantly, on the block of our location?
2. Where will the parking be located and how will it affect my immediate neighbors and the appearance of the street?
3. If the addition is to my home how will it affect my residence and street view?
4. If the addition is a separate apartment or bungalow how will a new residence affect my current residence?
5. The cost of the completed project versus the potential rental income. How do they balance? Is this project cost effective?
6. How will the results of such a project affect the property for resale?
When reviewing these options for a remodel, it will become more apparent what the effect of such a project will have for you and your neighborhood. Be sure to evaluate the pros and cons prior to jumping into a remodel project. Consult a qualified Realtor and property manager, as well as, a real estate attorney with any questions and their advice will assist in all of your decisions for becoming a landlord.

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Welcome Packets

Provide your tenant with information of what you expect from them is the best way to eliminate future problems. A tenant welcome packet establishes this relationship in writing making your rules clear and concise.

Include the Welcome Packet with the Lease Agreement:

1. A welcome letter establishing a professional, positive working relationship.
2. Copy of the lease agreement including all addendums and inspection forms.
3. A short concise list of rules. Develop a list of your rules that you can and will enforce.
4. An up-to-date list of area phone numbers for utility companies, phone, mail, hospitals, fire departments, and local police department.
5. Be sure to include a copy of the required Lead Paint Pamphlet with every lease on properties built on or before 1978. Be sure this item is included in your lease agreement and the tenant signs in acceptance.
6. Provide basic information about renters insurance; this item should be stated in the lease agreement and tenants should be required to acknowledge such notification.

Allow sufficient time for signing the lease and review of all paperwork including the welcome packet. Answer any questions in a pleasant yet professional manner. Following these steps will establish a stronger relationship with your tenants and a clear understanding of your expectations.

For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com

Mountain Ridge Property Management - Your Rental Home Resource

Why Prohibit Smoking?

Allowing smoking at your rental property can be a cause of complaints by your non-smoking tenants. Drifting smoke to, or inside of, a non smoking unit or the simple spread of the smell to a non smoking unit can be a source of problems. This can also cause a renter to require you, as the owner or manager, to move them to a smoke free unit at your expense. If the tenant is disabled or has health issues of any kind being subjected to second hand smoke can cause a habitability issue. Reading up on the Fair Housing Guidelines learning your states habitability rules can be especially helpful.
Aside from these issues, the cost of cleaning and repairs are saved when requiring your property to be non smoking. Non-smoking means to not allow smoking of any kind inside or outside the property. A smoking tenant, including their guests, must be located completely off of the property at all times when smoking.

For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com

Your Boise Property Management Rental Resource

Appliance Installation

Many installers or those in home repair don’t think to mention items that need to take into consideration when remodeling or updating your home or rental property. These items can save you thousands of dollars in repair and or replacement costs. Ask your property manger to check for the following items making sure your rental property is safe and maintained correctly.
When having an appliance installed, be sure it can be removed easily for service. Flexible hook-ups for dishwashers and gas ranges can make repair jobs less labor intensive. Also, leave extra electric cable when installing electric wall ovens and cook tops. This will minimize the time the technician spends on the job and reduce the cost to you.
Dishwashers
If your kitchen floor is being installed or replaced, make sure that the floor beneath the dishwasher is the same height as the open area of flooring. Once installed, there may not be enough clearance to remove the dishwasher for servicing. The only alternative will be to lift the whole countertop off of the cupboards to remove the dishwasher, a needless expense.
Wall Ovens
When installing a wall oven below countertop level; be aware that small children could be exposed to a burn hazard. Wall ovens do not have to conform to the same temperature standards that regular ranges do. This is because they are designed to be installed above counter height.
Washing Machines
When installing a washing machine, be sure water shut-offs can be reached easily. Also ensure the water hoses are anti burst and are long enough to remove the appliance when necessary. A floor drain may also be necessary should the water pump or motor fail.
For safety, never leave an appliance operating when you are not home.
For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource

A Lending Decision

Having properties for rent and the market a bit soft makes it important to locate a new tenant as fast as possible. With properties in top condition and lowered rents in place we were ready to go. With thoughts of filling some vacancies we advertised in several local hot spots and soon received a call to show a property to a woman and her child. She wandered through the first apartment then the second, returning to the first. She was quiet at first, but then began discussing the home with a friend that came along as support. They discussed where to place furniture and how wonderful the yard would be for the child to be able to go outside and safely play and for her to do some gardening.
She decided to apply for the property. After an hour we had a prospective tenant with a completed application and well on our way to filling a vacancy. This was exciting.
Returning to the office the screening process began. The first thing was to obtain a credit report. It’s on our website and spelled out on the rental application we do tenant screening on every adult applicant. We require a through screening be done and charge a fee to the tenant for that service. Tenant screening is very important and every landlord or property manager should either do it themselves or hire a company to verify a prospective tenant’s credit worthiness, rental history, criminal background and general character of the applicant. It’s a bad idea to lease to anyone with too much debt or bad debt or has any negative findings in other areas of the process. Those are a landlord or property managers golden rule or at least should be.
In all the years of working in property management and conducting tenant screening, a credit report has always included information whether it is a minor or major item of credit or comment there has always been something on a credit report. This applicant was 30 years old with a child; it’s assumed some type of credit would appear on this report. To our amazement and disbelief she had no credit. She was nonexistent in the world of credit. What should be done when accepting or denying a prospective tenant and their ability to rent this property?
This is what was determined. Our policy is to have a minimum credit rating and to demonstrate the ability to pay rent with any and all utilities or fees during occupancy. Also, they must come with a good record in all other areas. But, the credit report has always been a major area to weed out the keepers and rejects so to speak. Where does this applicant land with this issue?
We determined without a credit history we had no way to determine her ability to pay. Even obtaining raving reviews from the current landlord, friends and family the problem remained as to her credit worthiness. It doesn’t mean she would be a bad or good tenant, it means we cannot verify her credit worthiness. Also, if we indeed rented to her and later went into default for rental payments, we would not be able to locate her to collect past due payments. In order for us to offer tenancy, she would need to apply for credit. It may be necessary for her to have someone cosign on her behalf, of which we don’t accept, or be added to a joint account for a period of time. In a short time she will have a credit history upon which to base her credit worthiness and be a great candidate for a new rental.
For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource

LOCATING A GOOD TENANT

Use a home rental application collecting the required information to perform a complete tenant screening process. The fee for this service is typically charged to the tenant.
Engage the services of a reputable tenant screening company.
Order a complete report, including credit history and score, tenant history, employment verification, eviction search and nationwide criminal search. In most cases, the tenant pays the fee for this service.
Set your boundaries and policies before attempting to rent your property. Don’t be a charity for the many stories you are apt to hear. Rent to financially stable, good rental history, clean background persons. Do not make exceptions.
Make your expectations known clearly and up front before making an offer to rent. Do you allow pets, inside or outside smoking, date the rent is due and payable, late fees, tenant lease term, yard care, guests, payment of utilities. Each one of these items and others you may include must be provided in writing, signed and agreed to by all parties. No exceptions can be made to this very important policy.
Use a detailed form as a move in condition. This form is to note each and every defect the property has prior to moving in a tenant. You can go through the property with the tenants or allow them to fill out the form sending it to you within a set time limit. Take photos or a video of the property showing the defects along with the move in form. These items can be of great assistance if you end up in court. Save every piece of documentation.
If the renting process seems to overwhelming hire a property management company to compete the renting process for you. Inquire in your area, locating one best suiting your needs.

For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource

LOCKSMITH

When renting a new home whether it be newly built or a residential rental home or apartment home make sure your locks are rekeyed. You’re Realtor or Property Manager should have rekeyed the door locks after the previous tenant vacated, but to be sure, this very important job is completed, contact a locksmith and do the job yourself. Be sure to have the locksmith rekey the current locks and make additional keys for the property manager. If you neglect to give news keys to the property manager the responsibility for the cost to rekey the property a second time could easily be yours.
Property Managers are to rekey their properties every time someone moves out but many don’t due to the expense. Tenants should take on this task to reassure themselves it has been done. Providing the manager new keys, as well, is a very minimal cost.
Look through the phone book for a local locksmith or ask your new neighbors or property manager for their recommendation; it’s worth every penny for the added security.

For additional information on this and other renting articles, please visit our web site at www.mrpmrentals.com/

Mountain Ridge Property Management
Your Boise Rental Home Resource

How to Screen a Tenant

When locating a prospective tenant use great caution in screening out the problem tenants and troublemakers from quality tenants.
Search for tenants that pay their bills on time, follow the rules, and are hassle free for the neighbors and especially the property manager.
Be sure your rental application asks for the following information:
References: Should include references from landlords or property managers for a minimum of the past 3 years.
Income: A tenants income should be three times or more of the monthly rent. Roommates should qualify separately. The reasoning is if one occupant should move out the remaining tenant can afford the rent solely on their own.
Evictions: Permit no evictions, no matter the situation.
Criminal Records: Allow no tenant or occupant with a criminal record consisting of a felony drug conviction, violence of any kind, or sexual misconduct on any level to live at your property. Failure to check every tenants criminal record could result in the occurrence of criminal activity at the property and mean any illegal activity could end up as your responsibility and a future lawsuit.
Credit Report: A credit report should be clean of collections, judgments and late payments. With today foreclosures, some re-evaluation in this area may be necessary. But, be cautious.
Verification: Be positive of each person living at your property. Get a photo ID of each person 18 years and older. Know the names and ages of each minor person under the age of 18.
Review your Rules: Review your policy for no animals, no smoking, etc. Making sure the prospective tenants are clearly aware of and understood the expected behavior when renting your property.
Date and sign each page of the application. Do your homework, screen each occupant and the chances of locating a great tenant will be in your favor.

For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/

Mountain Ridge Property Management
Your Boise Rental Home Resource

Search and Research

So you are ready to move into your own place. First, you will need to decide where you’re going to live. Here are some considerations that should be taken into account. Distance from work, school, church, family, friends and the cost of commuting versus convenience to your favorite locations.

First, the distance between your prospective rental home and where you work is very important. How do you plan to get to and from work? Will you be walking, biking, riding the bus, car pool and how long of a commute are you willing to make? What amenities are in the area and are they safe and reliable?

When first visiting a potential apartment or house, notice how it feels. Are you comfortable outside, as well as, inside? Is the neighborhood clean and well maintained? Speak to the landlord and any neighbors to gain more insight into the area. Do your homework and feel comfortable about your new home.

Spending time doing some research will pay off with staying longer at this rental property and be much happier living there too.

For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/

Your Boise Property Management Rental Resource