Wednesday, 19 July 2017

Phoenix Property Management - Top 3 Things to Prep Your Phoenix Rental Home For Monsoon Season!


It's certainly that time again when the Phoenix skies begin to cover with clouds in the afternoon and before you know it the thunder is deafening and the lightening is blinding....what we Phoenician's call Monsoon Season!  During this season traffic becomes a mess as the dark clouds roll in and getting out of your car makes you look like a drowned rat BUT let's not forget what these nasty storms can do to your Phoenix home.  As a result we have put together the top three things that can be done to prep your Phoenix rental home for monsoon season.

1. Have your roof thoroughly inspected by a professional roofer who can advise of broken roof tiles and leaks.  Have any repairs completed on your roof by end of May before the monsoon season starts.

2. Hire a professional landscaper at the beginning of June to remove all branches from near the property and to remove any trees that could potentially hit the property if struck by lightening.  Additionally, stake down any young trees that could be uprooted by the storm.

3. Check drainage around the entire property.  Have you ever noticed when it rains there are pools of water in the yard?  If so, be sure to get those evaluated as you may need to have your grounds leveled to avoid possible flooding.

In summary, monsoon season can be a very dangerous and expensive time in Phoenix so it is best to prepare your Phoenix rental home prior to the beginning of the storms.

For all of Phoenix Property Management & Real Estate needs contact: 
RPMWV Phx 623-748-7800 * info@rpmwvphx.com * www.rpmwvphx.com

Wednesday, 12 July 2017

Phoenix Property Management Advertising your Phoenix Rental Home


Enjoy our latest podcast which discuss the best items to highlight in the advertisement for your Phoenix Rental Property.  Tip regarding bedroom count is provided at the end!



Wednesday, 28 June 2017

Phoenix Property Management - Rent Statistic Check




How hot is the Phoenix Real Estate market???  Well, perhaps not quite as hot as you think....at least on the rental market side.  The basis for our investigation is Rent check which is the publication issued by ARMLS using transactions that were listed on the Multiple Listing System (MLS).  More specifically we are going to look at rental comparisons from May 2016 to May 2017.  

2,290 total units rented in May of 2016 with an average lease amount of $1505; median lease price of $1340 and an average days on the market of 26.  In comparison; 2,082 total units rented in May of 2017 with an average lease amount of $1153; median lease of $1383 and an average days on the market of 27.  These numbers indicate that on average rental prices have increased about $50.00 from 2016 - 2017 which is a nice increase but not the $100's of dollars that some sources may have you thinking.  Also, properties that are listed over market rental price are still sitting as well as properties that do not show their best.  

In conclusion, to place qualified tenants in a timely manner the best option is to use a Phoenix Real Estate professional who can correctly assess rental rates based on occupied rental homes in your area and who can assist with prepping your property for the market.

For all of your Phoenix Real Estate& Phoenix Property Management needs be sure to contact RPMWV Phx www.rpmwvphx.com 623-748-7800

Monday, 19 June 2017

Phoenix Property Management - Union Hills Manor, Phoenix





In our latest podcast we provide an indepth anaylsis of the Phoenix rental ranges for Union Hills Manor Phoenix and why such sites as Zillow & Trulia list rental ranges that are so far from the actual rental amount.


For all of your Phoenix Real Estate& Phoenix Property Management needs be sure to contact RPMWV Phx www.rpmwvphx.com 623-748-7800

Wednesday, 14 June 2017

Renter's vs Homeowner's Insurance - Phoenix Property Management




Both types of insurance are extremely important so here we will break down the similarities and differences between the two:

Similarities:

1.Both offer coverage of personal belongings in cases of fire, theft & natural disaster 

2.Both offer liability coverage meaning that you have protection against lawsuits from damage caused to a third-party such as a visitor.

3.Both offer supplementary living arrangements so should your home become uninhabitable the insurance pays for living expenses such as food, accommodation and travel.

Differences:

The only significant difference between renter’s insurance and homeowner’s insurance is that structural features such as walls, fixtures and plumbing are the responsibility of the homeowner. Renter’s insurance only covers the rental liability and their personal belongings.  

It is important that both tenants and landlords read policies in full to be sure they have the best coverage for their needs.

And for all of your Phoenix Real Estate& Phoenix Property Management needs be sure to contact RPMWV Phx www.rpmwvphx.com 623-748-7800

Wednesday, 7 June 2017

How to avoid melting in the Phoenix Summer Heat!




Phoenix has officially hit triple digits so summer is here!  Here are some tips on beating the heat:

1. Invest in a Yeti mug (or something similar) - they have ones as big as 64 oz and it will keep your water cool all day long!

2. Buy black out curtains for windows in your home that receive direct sunlight - you'll be amazed at your AC savings!

3. Make sure to take pets out only early in the am or early evening once the sun has gone down - be sure to bring water with you for both you and your pet!

4. Plan a quick COOL weekend getaway over the summer - just a few days of relief can really help you get through the summer heat!

5. Check your tires and wipersCheck your wipers as well as your tires this month. It is typical for Phoenix to have summer monsoons and rubber dry rots in desert climates. Tires are more prone to crack and leak long before you wear out the tread. Plus, you don’t want to get caught in a sudden downpour and find that your wipers are crumbled strips flailing and scraping on your windshield. *Make sure your engine coolant and water levels are correct for the season too! *

Be sure to use plenty of sunscreen and visit the link below to find the best swimming pools in the valley!





And for all of your Phoenix Real Estate& Phoenix Property Management needs be sure to contact RPMWV Phx www.rpmwvphx.com 623-748-7800

Wednesday, 31 May 2017

Phoenix Property Management - Phoenix Rental Ad Scams




Unfortunately “Rental Scams” are very popular in the Phoenix rental market. There are several scams such as non-existent properties advertised online as well as vacant properties that have been broken into and the scammer has changed the locks. The most common that we see in the Phoenix rental market is where someone takes a rental property advertisement and changes the contact and other information in the ad so that you contact that person rather than the property manager who is really advertising and renting the home out.  This scam happens all of the time on craigslist making craigslist one of the worse places to looking for a rental home.

If you are the person looking for the rental, here are the red flags you should look for:

1. Price - if the rental price is well below all other properties in the area and/or well below market than you know right away that the ad is probably fake.  
2. The Lister only accepts cash - almost no property management companies except cash.
3. The Lister can't meet to show you the property and/or doesn't have a local office location
4. The Lister asks for money up front before meeting to show you the property and/or before signing a lease
5. There is no application process in place

To protect yourself against these scams be sure to visit the website of the property management company to find the listing there as you can be sure the information will be accurate there.  

If you do unfortunately get scammed be sure to contact law enforcement and file a report. You should also contact the owner of the source where the fraudulent advertisement was posted. Additionally, file a complaint with the Federal Trade Commission (FTC). More information can be found by clicking on the link below:




And for all of your Phoenix Real Estate& Phoenix Property Management needs be sure to contact RPMWV Phx www.rpmwvphx.com 623-748-7800


Wednesday, 24 May 2017

Phoenix Property Management - Evictions



Evictions are never pleasant. The reasons for eviction vary dependent on the individual or situation. With “no-cause” evictions being targeted by cities and states as being unlawful and unfair, and ultimately being removed as options to landlords this leaves only for cause eviction proceedings. So, which of the following are cause for an eviction?

1.Noise Complaints

2.E-Cigarette Use

3.Medical Marijuana Use

4.Landscape Damage

5.Unpaid Rent

6.Unauthorized Pet

7.Any of the Above

The answer which may be surprising is #7 Any of the Above!

Although any of the instances above could end in eviction proceedings, most are considered “curable” under the law.  For example, noise complaints can be rectified by turning down the TV or stereo volume;  an unauthorized pet can be approved to stay with fees paid or removal from the premises; landscape damage can be corrected; etc. Unpaid rent can even be paid with late fees. The only exception  would be lease language that specifically states drug or e-cigarette use on the premises is grounds for immediate termination.  However, this too is open to interpretation by the judge that would hear the case.

When considering an eviction, it is imperative to seek counsel to ensure you have covered your bases and have the proper documentation and back-up to win your case.  Although evictions are never pleasant, we at Real Property Management WV Phoenix strive to guide you through the process with as few head and heartaches as possible.

And for all of your Phoenix Real Estate needs be sure to contact RPMWV Phx www.rpmwvphx.com 623-748-7800

Wednesday, 17 May 2017

Appreciation of Phoenix Real Estate During 2016 & Predictions for 2017

May Podcast Available Now!!!



And for all of your Phoenix Real Estate & Phoenix Property Management needs be sure to contact RPMWV Phx www.rpmwvphx.com 623-748-7800

Thursday, 11 May 2017

Top 5 Things to do in Phoenix in the Summer!


Summer is right around the corner which in Phoenix that means temps as high as 120 degrees so we have compiled the list of the top 5 things to do to beat the heat!

1. Go to a D'Backs game!  What a great way to spend 3-4 hours in lots of cool AC while being entertained AND eating some great junk food.

2. Visit a spa! Phoenix is known for having some of the best spa's in the country.  What's great about the spa is you can spend the day enjoying all of the amenities such as pool, amazing food, locker room with great smelling lotions & soaps AND in between enjoying a relaxing massage or facial.

3. Visiting a city outside of Phoenix such as Sedona, Flagstaff or Prescott where temps can be down as low as the '70's in the summer so its a great way to escape the heat.

4. Hang out at a water park!  Phoenix is a mecca of water parks so you can find them in almost every city and it's a great place to spend the day with your family.

5. Spend the day floating on the salt river....just be sure to go early before it gets really crowded but it's a great way to float your worries away.


And for all of your Phoenix Real Estate needs be sure to contact RPMWV Phx www.rpmwvphx.com 623-748-7800

Wednesday, 3 May 2017

To Buy a Phoenix Rental Property with a Pool or to Not To Buy......






That is definitely an important question in the Phoenix rental market when summer temperatures often reach over 110 degrees!  Although there are several factors to consider in this posting we will take a look at the maintenance.  If your Phoenix rental property has a pool then the first thing you need to consider is who will be responsible for the weekly pool maintenance.  We always recommend that our property owners take on that cost to ensure that the pool is properly maintained.  There are two main reasons for this; first if the pool isn't well maintained the repairs can get extremely costly.  Second if you leave the pool services to the tenant they most likely will try to take care of the pool on their own rather than paying a pool service which again can lead to very costly repairs ultimately for the home owner.  The good news is that you can usually make up the cost for the monthly pool services with the rent.  On average in the Phoenix rental market, a house with a pool will garner approximately $100.00 more than a home without a pool and on average pool services in the Valley run between $80 - $100 so typically the two items are a wash.

Unfortunately, as the home owner you do need to budget for some typical pool expenses that occur outside of the routine weekly services.  Three such examples are:

Draining and refilling the pool to refresh the water. The usual indication for this is increased chemical requirements and aggressive algae buildup. When all your natural minerals in the water are depleted, it's time to change out the water.  Here in Phoenix, we have one of the worst water sources in the country with very high levels of calcium that damage the pool, pool equipment, and the various faucets and plumbing equipment both inside and outside your home.  The typical cost to drain and refill a pool is roughly $300-$500 and fortunately only needs to be done on average every 5-7 years.   
Changing out the pool filters and baskets Depending on your system, this will cost anywhere from $400-$1000 and happens every 4 to 8 years depending on the outside factors as described above. 
Cleaning the filters Depending on your pool equipment system, you may need to clean out the pool filters approximately every 6 months.  On average the cost is between $85 - $120 per clean out.
There are certainly perks to having a Phoenix rental with a pool.  During the spring/summer and fall months your rental property will be in high demand as all Phoenix residents look to escape the heat.  Additionally, when you are ready to sell your Phoenix home, your home value will certainly be higher with than without a pool.  In conclusion, when looking for your Phoenix rental home purchase be sure to way both the costs and benefits to determine which property is right for you.

RPMWV Phx has been offering full service Phoenix Real Estate & Phoenix Property Management services for over 20 years so let our experience assist you with your Phoenix rental needs.  623-748-78001 www.rpmwvphx.com

Thursday, 27 April 2017

Smoking in your Phoenix Rental Property - Yes or No??



RPMWVPhoenix Property Management has a strict no smoking policy in place that our owners appreciate. However some DIY Landlords fail to often fail to have a smoking policy. We would recommend everyone have a firm No smoking policy to protect their Phoenix Rental Property.  
With E-cigarettes being touted as an effective means to quit smoking tobacco, their use is on the rise. It is easy to spot a person using an E-cigarette from the cloud of vapor surrounding them, whether it be in a public place or in a residential area. Although it was initially considered harmless, E-cigarette smoking can leave deposits of hazardous substances and can result in expenses from cleaning the filmy residue left behind. Because of this potential for damage to your Phoenix rental property, we advise that owners of single-family rentals prohibit E-cigarette usage, just as you would prohibit other forms of smoking. The cost to re-mediate the damage caused could be quite costly. 
Residue is one of the primary reasons landlords should not allow E-cigarette smoking inside their Phoenix rental properties. The vapor emitted from E-cigarettes leaves behind a filmy residue on windows, mirrors, doors, walls and carpets that is tough and expensive to eliminate. (This is very similar to regular cigarettes but a bit more difficult to remove). With the risk of damage and added expenses to your rental home turn over cost RPMWVPhoenix thinks it is best to have a firm No Smoking Policy in terms of your lease.
Aside from its hard-to-remove residue, E-cigarette smoke consists of chemicals that can be a hazard to the body. Research shows that vapors from these cigarettes are toxic. According to an analysis conducted by the FDA, the vapor expelled from this device contains hazardous ingredients such as diethylene glycol, nitrosamines, and nicotine. Other sources also found carcinogenic substances like formaldehyde and benzene in some devices.
An article posted on landlordtalking.com talks about other issues with E-cigarettes. The article takes about two recent incidences of car fires due to the E-cigarette battery charger. As well as a man who recently reported that his own charger suddenly caught fire in the middle night while he slept. This event forced him to leave his apartment causing damage. These types of fires are well documented with devices that use Lithium Ion batteries such as E-cigarettes, cell phones and laptops.
Once you have the facts about E-Cigarettes it should be clear that a No Smoking Policy should include the use of these devices as well to protect your Phoenix Rental Property.

Wednesday, 19 April 2017

Security Deposit Dispositions

Listen to our latest podcast about Security Deposit Dispositions & Phoenix Property Management




RPMWV Phx has been offering full service Phoenix Real Estate & Phoenix Property Management services for over 20 years so let our experience assist you with your Phoenix Real Estate needs.  623-748-7800 www.rpmwvphx.com

Wednesday, 12 April 2017

Vetting Phoenix Tenants Properly To Protect Yourself and Your Phoenix Rental Property



Vacancy in your Phoenix rental property is an emergency. A vacant property bleeds cash in the form of lost rent and utility costs. Landlords know this and they feel the acute pain when the mortgage payment is due, but no rent is coming in to cover it. Just like flinching from a hot stove, many do-it-yourself (DIY) landlords recoil from the pain and try to remove the pain by placing the first resident who comes along. But at what cost?  In many situations, this is like jumping from the frying pan into the fire. A poor tenant placement can mean rent still doesn’t come in to pay the mortgage. But worse, because the property is now occupied, a paying resident cannot be placed. Cost also comes in the form of property damage caused by a poor resident placement.  Even though the cost of a poor placement is so great, a survey conducted by Boston based research firm Liminality Inc. found that:

      Only 44% of DIY landlords conduct sex offender checks.
      Only 51% of DIY landlords conduct criminal background checks.
      23% of DIY landlords sometimes or never conduct credit checks.
      Only 51% of DIY landlords contact past landlords for references.

Good vetting can mean that there are a couple more days of vacancy. However, the cost of good vetting far outweighs the cost of a bad resident placement in your Phoenix rental property.

Here are some examples of RPMWV Phoenix Property Management vetting out poor residents that would have been placed without a good process:

      We found from a previous landlord that the applicant had started multiple fires at the property during their tenancy.
      From a Phoenix criminal check we found an applicant with multiple drug related convictions.
      An applicant had a wad of cash, but no monthly income.

In all of these examples, without a vetting process and a set of standards, landlords would have rented to them. Each of them had money. In some cases, they even pulled it out and showed us, “Look, I will give you this if you let me move in.”

DIY landlords also get a higher number of unqualified applicants looking at their properties. Why? We have people call us and ask if we will accept someone with a felony. The tenant community knows that professional managers have a better screening process. Therefore, unqualified applicants try to find the DIY landlords that they know likely won’t check their background.

Here are the checks that RPMWV Phoenix conducts on every applicant over the age of 18:
      Verify Income greater than 2.5-3x rent
      Credit check
      National criminal check
      Phoenix Criminal check
      Sex offender check
      Check social media accounts
      Previous Landlord references

Criminal activity committed in Phoenix does not show up on national criminal checks. RPMWV Phoenix has to make a special request at the courthouse to pull Phoenix criminal records. Even some professional managers don’t take this important step.

While vetting is important, equally important is how the checks are interpreted and used for qualifications. All qualifications must be fairly and equally applied so the manager or landlord doesn’t run afoul of fair housing laws.

RPMWV Phx has been offering full service Phoenix Real Estate & Phoenix Property Management services for over 20 years so let our experience assist you with your Phoenix rental needs.  623-748-78001 www.rpmwvphx.com

Wednesday, 5 April 2017

Professional Property Management vs. DIY – Advice for Phoenix Homeowners



Sometimes, landlords, property owners, or homeowner associations (HOAs) decide they want to save a few bucks and do all the phoenix property management on their own. That can be fine in some situations, particularly for smaller buildings where the landlord or board has an abundance of free time. But there are always a lot of bases to cover.

When you hire a professional phoenix management company, we bring a tremendous amount of knowledge, experience, and manpower to help you stay current with all the various aspects of management… whether it’s legal compliance or city government issues, day-to-day maintenance issues and utilities work, and even keeping an eye on the books – helping you recover costs and reduce your expenses.

On a daily basis, we’re in touch with all of these different areas of management. Unless managing properties is all you’re doing all day long, you’re almost always better off hiring a professional team to handle the management for you. If you’re not doing this full time, then there’s a good chance that you WILL miss something, and that WILL end up costing you a lot of money.

This is a common problem we see with homeowner associations. It seems easy enough… you simply have to collect the dues, pay the bills, attend your board meetings, and that’s it. What could go wrong? But it doesn’t take long before you find out you’re in for a lot more headaches than you bargained for. A lot of DIY boards don’t know that they aren’t following the latest laws and ordinances (like the Davis Sterling Act and other laws that govern the management of homeowners associations). It’s not a problem… until it is a problem.
Here’s an example. A DIY landlord or a homeowners association might have Bob the Gardener taking care of all the landscaping at the property. Bob is probably a great guy, and maybe he’s worked for you for 10 years. But he’s not licensed. And you’re concerned that a professional management company will tell you to get rid of Bob and hire a licensed and insured contractor, or they’ll want you to make Bob an employee so everything is done correctly.
If you’d rather not do that, you’ll stick to managing the property on your own. But then one day, Bob gets fired or stops working and decides to file a workers’ compensation claim or a wage and hour lawsuit. When this happens, the DIY landlords and property managers wish they had a property management company guiding them and helping them to avoid these landmines.

Doing property management on your own is a not a bad thing, but we often hear from former DIY folks who have long grown weary of doing all the work themselves. And we often see rookie mistakes that could have been avoided. 

If you’d like to talk more about the benefits of professional property management – about how we can help save you time, energy, and money with the management of your property – please contact us at RPMWV Phx.

RPMWV Phx has been offering full service Phoenix Real Estate & Phoenix Property Management services for over 20 years so let our experience assist you with your Phoenix rental needs.

Wednesday, 29 March 2017

2017 Outlook for Phoenix Landlords



As the leading Phoenix property management company, RPM is pleased with the release of the 2017 economic outlook for landlords. Here are some of the things that a Phoenix property owner can look forward to throughout the year.

Rising Rental Rates
Rental rates have increased for an extended period of time now; however, in 2017 these rates will continue to surpass the rate of inflation. Currently a three bedroom single-family rental home rents for an average of $1459 nationwide, but it is predicted this will increase to over $1500 in 2017. Inflation is predicted to exceed 2 percent this year, but will still lag the year over year rental increase of 4.8 percent.

Low Vacancy Rates
Vacancy rates were at 5.2% at the end of Q3 2016, which was slightly lower than the same period of 2015. We expect to see this number remain stable throughout 2017 as rental increases will stabilize demand.

Mortgage Rates on the Rise
The Federal Reserve announced that it will most likely continue to increase rates throughout 2017. We expect that the once 3% mortgage will increase to over 4% in 2017.

Foreclosures Remain Low
Currently, at 2.6% the foreclosure rate is the lowest it has been since August of 2007. This rate is expected to remain low in 2017 which will make it a challenge for investors to find those exceptional deals.

Housing Prices Increase Faster than Inflation
Through September 2016, home prices nationwide saw an increase of 5.39% and are likely to continue to grow in 2017. However, with increasing mortgage rates, homeowners looking to find a new home will find it more expensive which will make them hesitant to make a move. People staying where they are will limit the number of existing homes for sale.

How will these predictions affect your property investment in Phoenix? Overall, the market looks good for the industry in 2017, and landlords can look forward to another prosperous year.
RPMWV Phx has been offering full service Phoenix Real Estate & Phoenix Property Management services for over 20 years so let our experience assist you with your Phoenix rental needs.

Wednesday, 22 March 2017

5 Top Tips for Organizing Your Phoenix Rental Properties!




By in large, Phoenix landlords have busy lives and often times struggle to maintain organization with all of the different aspects of their worlds.  However being organized can be a key to being a successful Phoenix landlord so here are RPMWV Phoenix's 5 best tips for Landlord Organization!

1. Create a file for each property you own and be sure to label it clearly with the property address.  Within each folder,store all documents related to the property such as HUD statements, mortgage records, property tax records, insurance documentation, copies of rent payments, expense records, and anything else that pertains to it.

2. Be Meticulous with tax records. Within each property file, have a folder dedicated to tax documents and include every expense receipt, mileage log, cancelled check, and any other instance in which money is involved.  Along with the receipt, keep a log of all activities.

3. Make digital copies Spend some money on a fast and efficient scanner and place it on your desk. Sync it up to your computer and create digital folders for each property (just as you have in your filing cabinet). Each time you get ready to file away a new document, scan it and save it in the accompanying digital folder. For added security, store these folders in the cloud so they’re accessible. 

4. Carry folders in your car. Once you have a folder system setup in your office, it’s pretty easy to stay organized. You just open the folder and drop the document in. The problem is that you aren’t always at your desk. As a landlord, you spend a lot of time in your car driving around from property to property. In the time between getting a document and getting back to the office to file it away, a lot can happen. This is why experienced landlords carry some sort of mobile filing system in their vehicles.  With a mobile filing system, you can give any and all documents temporary storage. 

5. Clear your desk at the end of the day. As a rule of thumb, you should clear your desk at the end of every day. Clutter seems to build on itself and you run the risk of creating piles of documents if you don’t get things filed away each day. If you make it a daily habit, it’ll only take a few minutes. 

6. Make good notes. Nothing is worse than going through a folder, knowing that you have the document you’re looking for, but being unable to locate it. Most of the time, this happens when you forget what a document looks like or what specific file the information is in. One way to avoid these issues is to place sticky notes on thick documents to recap what information is contained within.

RPMWV Phx has been offering full service Phoenix Real Estate & Phoenix Property Management services for over 20 years so let our experience assist you with your Phoenix rental needs.