At Wave Property Management, we go beyond the standard property management functions of rent collection and tenant placement. We’re here to help you earn more and spend less on your investment property. We’re the experienced, resourceful partners you need when it comes to leasing, managing, and maintaining your most valuable assets.
If you’re not sure what to expect from a full-service Boise property management company, we have a few things you should be looking for when you start working with us or any other property managers.
Preparing for the Rental Market
First, your management company should evaluate your property and talk to you about its potential rental value and what you will need to do to prepare it for the rental market. This might be something as simple as a fresh coat of paint or the installation of new floors. Maybe you’ll need better landscaping or upgraded appliances. We’ll explain why these things matter and provide the vendors and contractors who can do excellent work quickly, for cost-effective rates.
Pricing your rental home is a big part of property management. We will conduct a comparable market analysis based on what other homes similar to yours have rented for in the recent weeks. We’ll take into consideration your home’s unique features and amenities, and we’ll settle on a rental rate that’s both profitable and competitive.
Leasing Your Boise Rental Home
You should expect your management company to attract, place, and retain good tenants. This will require an intentional marketing strategy, which will likely be built around online advertising. You should expect a commitment to communication, immediate follow-up with prospective tenants, and an awareness of the local market.
You’ll need a thorough application and screening process that follows all fair housing laws. Expect your property managers to screen tenants, collect move-in funds, sign the lease agreement, and take care of the move-in inspection, which will document the condition of your property before the tenant takes possession. You should receive an inspection report that includes photos, notes, and signatures from both your property manager and your new tenants.
Rental Property Maintenance and Repairs
Property managers are expected to respond to routine and emergency maintenance situations, and they should also keep an eye on preventative maintenance. Replacing systems such as air conditioning units and water heaters every few years will become expensive and hurt your ROI, so count on your property manager to monitor their condition through frequent inspections and a team of responsive service providers.
Vendor relationships are important in Boise property management. You can expect your management team to partner with preferred vendors who offer discounts and provide outstanding workmanship. You need a property manager to respond to emergencies 24 hours a day.
Lease Enforcement and Rent Collection
Enforcing the lease is an important part of property management, and you should expect that rent will be paid on time. Most property managers will offer tenants an online payment system, which ensures the payments are made securely, conveniently, and on time. This means you can expect your payment to come through in a timely manner.
Another important expectation is that your property manager will enforce your lease. This means holding tenants accountable if rent is paid late, an unauthorized pet is discovered, or the home isn’t being maintained.
Transparent Accounting and Reducing Risk
Full-service property management includes staying up to date on all the laws pertaining to your rental property and your tenants. There are laws that concern service and support animals, security deposit returns, and habitability issues. Legal mistakes can be expensive, and you want to avoid those.
Regular accounting statements should also be available to you. You should expect your Boise property managers to provide clear and detailed statements that reflect the income and expenses associated with your property.
These are some of the expectations you should have whenever you’re working with Boise property managers. We’d love to tell you more about how we can help you have a successful investment experience. Please contact us at Wave Property Management.
Wave Property Management is a full-service leasing and management company serving Boise as well as nearby communities such as Meridian, Garden City, Nampa, Mountain Home, and Caldwell. We work with new rental property owners as well as established investors with growing real estate portfolios.