Overview of RPM WV Phoenix Online Owner Portal System

Listen in for a comprehensive overview of RPM WV Phoenix's online owner portal for the Phoenix investment property owner.

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Knowing Where to Buy Your Metro Phoenix Rental Property

The old adage of “location, location, location” still stands today when it comes to Phoenix rental properties. There are a lot of ways you can go wrong with the location, even in ways that you can’t imagine. When selecting a good rental property, Real Property Management WV Phoenix in Phoenix, Arizona advises sizing up a few key aspects of the area to determine whether the property is a worthwhile investment.

Get to Know the Locals

Take some time with the people in the area. Real Property Management WV Phoenix in Phoenix, Arizona will evaluate the quality of surrounding neighborhoods, check for significant numbers of vacancies, and have a pretty good idea of the demographics of future tenants to assist you before moving forward with a property purchase. If you’re near a university, your tenants may consist mostly of students who might make a mess and leave fairly regularly. Knowing this can help you evaluate whether or not you would like to manage a property with consistent turnover such as student housing. Real Property Management WV Phoenix in Phoenix, Arizona will also use government and other resources to look up crime statistics and any other available information on registered offenders and crime history in the area that could help avoid making a poor purchase decision.

Think Like a Renter

After meeting with people from the neighborhood, you should have a better idea about the demographic of your future tenants and what some of their goals might be. The experts at Real Property Management WV Phoenix know that schools, public  transportation, shopping and job opportunities are important to these tenants. Doing a little research on education and employment options in the area will not only help you know if the location is a worthy investment, it will also help you in future marketing if you choose to purchase the property. Real Property Management WV Phoenix knows stable companies and quality schools will ensure the area does not lose its property value over time.

Go in with Your Eyes Wide Open

In the end, a property is never an investment if it does not turn the necessary profits. Real Property Management WV Phoenix in Phoenix, Arizona knows your long-term tax costs to better evaluate your somewhat predictable cost-profit ratios. Taxes can bleed you dry if you are not careful in understanding up front what is expected of your building type in that city. Each city can also have individual limitations on building permits or future development permits, so make sure you do your research. Doing this before you purchase the property will ensure you don’t find yourself stuck with a headache later.

RPMWV Phoenix offers real estate transaction and property management services.  For more information on our services contact us at 602-281-2884 or visit our full website at rpmwvphx.com

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The New Look of Tenant Screening for your Phoenix Rental Property

According to Real Property Management West Valley Phoenix, tenant screening for Phoenix is about to take on a whole new look. Whether you think of screening as a tool to protect yourself and your investment or as a dreaded part of being a property manager, it is absolutely critical for your success and safety.

Since background checks are performed for protection, there are several key factors your screening should include:

●      Income (after taxes) is 3X the monthly rent

●      Credit is clear of collections and evictions

●      Positive references from past landlords

●      Verifiable employment history

●      Criminal history is checked

Even as a Do-it-yourself landlord, it is important to establish clear rules for who you will and will not accept and stick to them. Tenants with a rough past often avoid renting from property management companies because of the stricter guidelines for qualification, however, if you are going to be completely fair (and lawful) in your requirements and avoid complaints, you must treat everyone equally by asking the same questions and not bending the rules for one person and not others. Phoenix investment property owners need to remember: it’s not personal, it’s business.

The next time you screen a tenant and are wondering about the screening process, remember that you are allowed to reject tenants with: bad credit history, insufficient income to meet the rent demands, previous damage to other units, consistent late rent payments,  poor job history. You cannot, however, reject an application for discriminatory reasons including: race, religion, nationality, gender, age, disability status, and/or familial status. Acting as a businessman instead of an emotional one will leave you with a better reputation as a Phoenix investment property owner.

The key to successful property management is consistency. Consistency in who you rent to, what questions you ask, and the screening process you put each tenant through will allow you to avoid possible lawsuits and Fair Housing Act laws.

RPMWV Phx offers full service Phoenix property management.  For additional information please contact us at 602-218-2884 or visit rpmwvphx.com

Phoenix Property Management Does come with an Instruction Manual

 

Throughout our 25 years of Phoenix property management, we have witnessed far too many hardworking families fail at the real estate investing game. We have watched as they consider investing as part of their retirement plans, find the perfect homes at the perfect times and perfect prices, make the offers, and never even stop to consider the fact that real estate investing is a JOB. And it’s not an easy one. They do not factor in the time they will spend at their properties, preparing them for tenants, showing,  leasing, responding to maintenance calls at all hours of the day (or night), dealing with tenants who don’t care for their properties, inspecting the land and homes to be proactive about maintenance, and possibly even dealing with evictions. When you factor all of those aspects into the purchase, it may seem like a daunting task to be an investor, and may cause you to question why people even do it in the first place.

Enter the Instruction Manual

With the right team and council behind you, Phoenix property management does not need to be an overwhelming burden. As the leading property management company in Phoenix we know what it takes to be successful. We have witnessed, far too many times, when people bite off more than they can chew in this industry, but we have also been present for success stories. In fact, we wrote the book on successful property management…literally.

If you are considering taking the leap into the world of rental property investment, don’t.  At least not right away, Instead, make sure that you are properly educated and have thought everything through - that’s the best way to be successful.

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Rent Cycle for Real Property Management West Valley Phoenix

Real Property Management WV Phoenix is the Phoenix property management company that knows the leasing cycle from rent-ready to lease renewal. An important first step in that cycle is having your property rent-ready. Understanding what it means to have your property ready to show and move in can significantly reduce the number of vacancy days your property has. Real Property Management WV Phoenix takes the steps to prepare a rental property before it is ever shown to prospective tenants or even advertised will have greater rental success.

When a unit is vacant, we immediately suggest that you have the property re-keyed. This is often a legal requirement in many places because it keeps your future tenants safe from theft and burglaries. You have no idea who could have the key that your old tenants had. The safety of your tenants should always be a priority and should be taken care of long before someone moves into your rental. Changing the locks is a important safety precaution for you and your prospective tenants, even when the property is empty. Install a lock box that holds the key for the convenience of future showings with leasing agents.

Now is also a great time to take care of any repairs and/or remodels you have to do to the property. This includes any outdoor or indoor work, and anything that might have been destroyed by the previous tenants. However, make sure that all cleanup is done before showing a home. Keep the utilities on so that prospective tenants can really see what the property looks like in any weather and at any time of day. Always remember safety and take care of any broken windows, mold, broken locks, and exposed wires.

Before you set that rent rate, Real Property Management WV Phoenix can complete a rent market analysis to determine the best rental rate for your specific location and unit. When your home is professionally cleaned and all appliances checked and in working order, you are getting closer to being rent-ready.

Finally, take a good look at your property from the curb. Does it have that curbside appeal that will give the positive first impression you want. Just a little initial effort will make a big difference towards your leasing your property quickly and ensuring your investment is giving you a return.

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Rejecting prohibited forms of your Phoenix rental payment

As we have reviewed in other blogs, Arizona law (A.R.S. § 33-1371) allows landlords to reject rental payments that are not for the full amount due.  Additionally, we have addressed why as a Phoenix Landlord you shouldn't accept partial rent payments - main reason being that you often don't get the rest of the payment or if you do it is so late that then the resident doesn't have any funds to pay the next months' rent.   However, did you know that as a Phoenix Landlord you may reject payment attempts by your resident - even if it is the full amount due at that very moment - when the payment form is one that is not permissible under your lease agreement (for example not allowing payment by personal check).  Refusal is performed by returning the incorrect form of payment directly to the resident, but what do you do if it was a night-drop or mailed payment?  In these circumstances, you can use a modified version of your rent demand notice keeping in mind that you must declare your rejection of the non-conforming payment attempt, describe the exact problem with that payment tender (e.g., by not paying via certified funds on or after the 5th day of the month), and inform the resident that he/she still has the obligation to pay the rent in full via the proper format - and do so within five days. There are two caveats here.  First, rejecting the incorrect form of payment with a written note will not be sufficient to place the resident on formal notice that he/she has not paid the rent.  The non-payment of rent notice must be prepared in writing and either hand-delivered to the resident or sent via certified U.S. mail to the residence and must always be issued prior to commencing an eviction action for non-payment.  Second, if you have already issued a non-payment of rent notice and the resident tries to pay with the non-conforming payment offer, do not use this form - because you will end up restarting the "cure-or-quit" clock. Use of this notice will hopefully be rare, but it is nice to know that you do have an option if your tenant pays with the wrong wrong payment type. RPMWV Phx offers full service property management in the Phoenix metro area. Please contact us for additional information about our services rpmwvphx.com

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Should You Allow a Co-Signer For Your Phoenix Rental Home????

Most of the time the answer will be a very loud NO!  Co-signers by definition are individuals who guarantee rental payment however they will not be residing in the property.  Rental applicants need co-signers because they can't qualify for the home on their own usually due to financial limitations.  The result is you end up with a tenant who has little to no financial responsibility for the rent payment and therefore often times shows little to no responsibility to the upkeep of the property.  Typically this leads to increased issues with your HOA if you have one and moderate to sever damages when the tenant vacates.

There is one exception to this rule for Phoenix investment property owners whose property is near a University such as in the metro Phoenix area we have Arizona State University in Tempe.  Properties in this area almost always guarantee a co-signer because often times the applicant is a full time student with no verifiable income and usually the co-signer is the applicants parent (s). However be careful around some vocational schools such as in Phoenix we have MMI which is a Motorcycle school in which case many students are older than your "typical" college age.  Additionally, you will probably find students working on bikes in your garage and driveway creating again HOA issues and damages.

In conclusion, the best way to protect your Phoenix rental property is to say "NO" to co-signers!


RPMWV Phx offers full service Phoenix property management with Phoenix property managers who are ranked #1 in the Phoenix area.

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