It Did What? 8 Secrets About the Best Things to look for in a Rental Property

  

623-748-7800

info@rpmwestvalley.com

www.rpmwestvalley.com

Real Property Management West Valley specializes in property management services and therefore we are constantly being asked where and what are the best properties for rental homes.  The where question is very difficult to answer because it really depends on the price the investor is willing to spend as well as what annual return versus appreciation they are looking for.  The what is a much easier question to answer and as such we have compiled the following list for properties within metro Phoenix:

1. Single story single family homes are the best properties to purchase due to the incredible heat here in the summer - tenants are afraid to take on the electric bills on two story homes.

2. Three and four bedroom single family homes tend to rent very well

3. Try to purchase homes that have larger square footage for bedroom count.  For example, a 1700 sq. ft three bedroom is much preferred to a 1300 sq. ft three bedroom.

4. You won't always get more rent for an additional bedroom AND sometimes it may be more difficult to rent.  For example, a 1700 sq. ft four bedroom means that the bedrooms are going to be really small given that 1700 sq. ft is really more the size of a three bedroom.  Chances are this type of home will sit on the market for a while. 

5.  Condominiums and town homes will have greatly increased market time since they compete against single family homes, other condos and town homes as well as apartments.  Also, the apartment market tends to offer crazy move in specials with no deposit and half off first months' rent.  

6.  The less landscaping the better!  We recommend desert in the front and just rock (that's right no plants or trees) in the back.  

7.  When it comes to pools make sure they have a second fence right around the pool and don't just rely on the main block fence around the entire property.  Also, keep in mind that the increase in rent usually just about equals monthly pool services so it is a wash.  Having a pool however if in the right location can definitely decrease marketing time.

Lastly, if you wouldn't live in the home than chances are good qualified tenants wouldn't live there either.

For more information on our phoenix property management services please contact us today!

City of Phoenix offers educational classes for landlords.......

 The City of Phoenix is the only city that offers a certified Landlord/Tenant Counseling Program in the state. If you are a new landlord than knowing the rules and requirements of tenant management is imperative. Additionally, you may be having some difficulties understanding the Arizona Landlord Tenant Act in its' entirety.  One major responsibility of the counselors at the program is to put on free workshops that educate residents on the Arizona Residential Landlord and Tenant Act. The three-hour class features experts from many departments within the city including a speaker on fair housing issues, lead paint, crime and the city’s top eight code violations. The class is fully educational for landlords and tenants.  The program consists of three counselors who work for the city but educate landlords and tenants across the state on the state laws regarding landlords and tenants. The counselors are not attorneys so they do not offer advise or mediation but they can provide excellent information especially if you are currently deciding if becoming a landlord is for you.  For more information about the clases contact:

Landlord/Tenant Counselors Program
Neighborhood Services Department
200 W. Washington St., 4th floor
Phoenix, AZ 85003
Phone: 602-534-4444
Email: landlord.tenant.nsd@phoenix.gov
Questions or comments

And for a free copy of the Arizona Landlord Tenant Act visit the Arizona Secretary of State at www.azsos.gov.

For more information on Phoenix Property Management Services contact us at info@rpmwestvalley.com or 855 748 7841. 

INTEREST RATES AND YOUR RENTAL

INTEREST RATES AND YOUR RENTAL

Even though interest rates have risen over the summer they are still well below rates in the past causing home purchases to be very attractive.  Additionally, those who are now three years from their foreclosure can now purchase again and in some cases people who did short sales just two years ago can also purchase and unfortunately these individuals have been making up our tenant applicant pool for the last several years. Now landlords are faced more frequently with less qualified applicants which of course greatly increases the chances of damages and or rent not being paid.  Here are a few suggestions for landlords in order to mitigate your risks:

1. Take the maximum amount of security deposit allowed in your area.  In the Phoenix metro area for example it is 1.5 the monthly rent amount.

2. Require the full security deposit to be paid up front prior to move in.

3. Require several references on each application including family members with phone numbers and email address and don't be afraid to call the phone numbers to be sure they are correct.

4. Complete property inspection regularly in an effort to catch any issues sooner rather than later.

5. Price the property at or slightly below market rent in an effort to attract the more qualified tenant.

6. Be sure your property looks the best that it can for all prospective applicants.

Lastly, although no landlords like for their property to be vacant, don't rush into approving an applicants who really don't have the track record of paying housing and bill payments on time.