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Property Management Tips

Property Management Tips to Remember

Residential property is an invaluable asset and renting it out is a great way to earn steady income. It also accrues value on the property by bringing in incessant returns on the investment.

Although it can be very beneficial, owning and renting out property isn’t always a walk in the park. Rental property owners and landlords have to be both financially and psychologically prepared. Here are a few tips to take into consideration prior to renting out your investment property.

Business Decisions vs. Emotional Decisions.
A rental property owner might sometimes have an emotional attachment to their property, and this can be difficult to get rid of. However, it is key to be aware of the fact that the home is a business; it is an investment, and all the stipulated business guidelines apply.

Handling Tenants as Important Clients
A tenant living on your property is your client. Because of this, they should be approached with optimal customer service. This means that you should be responsive to their needs and aware of their concerns. Show them that you care about and value them as your tenant so as to encourage them to keep renting from you.

Comprehending Legal Risks and Requirements
Understanding the current local and Arizona State tenant/landlord and real estate laws will help you avoid any potential legal violations or trouble. The laws in place need to be followed to the letter.

Hire The Best Property Management Company in Phoenix – RPM EVOLVE!
At RPM Evolve, we’ve worked without countless homeowners across the Phoenix metro area, and we have the know-how and experience necessary to help you succeed. Not only can we help you manage properties that you may have an emotional attachment to, but we communicate with your residents, handle any maintenance, and so much more. We keep you protected from liability and legal issues that may arise, and help you keep your stress levels at a minimum.

Contact RPM EVOLVE online today for a quote, or call (602) 368-5730

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Property Management Tips

Marketing Tips For Vacant Rental Properties

Rental property owners know that the key to a good ROI is having a high occupancy rate in your rental properties. Expenses for the most part stay the same regardless of the property being rented. That’s why it is key to have a solid marketing strategy in place, to effectively fill vacancies when they occur.

For the very best results, let the property management experts at RPMEVOLVE handle marketing efforts for you. Our team fills vacancies quickly. We market your home across a number of listing platforms in Phoenix and surround areas, respond to inquiries, and schedule showings.

However, if you are currently self-managing your investment property, here are a few tips that might help.

Pictures & Detailed Descriptions
Prospective tenants generally want to get a good idea of a rental home’s layout. They like to be able to see the general space as well as the more interesting details. High-quality pictures allow them to picture their belongings in the space, to envision their life there, and decide if it will work for them or not. It is also an opportunity for you to present the aesthetic of the property: making sure everything looks clean and up to date will draw tenants to your listing.

Create a Listing on Rental Advertising Websites and Apps
There are many free rental advertising websites and apps, so you should consider creating a listing on these sites. Most of these usually have millions of visitors every single day, so you will have the greatest chances of finding suitable tenants when you list vacancies on a separate app or website than your own. Apps and websites such as Zillow, Trulia, and even Craigslist can be very helpful in marketing your rental unit. 

Networking
Spreading the word to your friends, family, community groups, or other close associates know, that you have a rental available is a fast and no-cost way to get the word out. Don’t underestimate the power of old fashioned word of mouth networking. People are generally happy to share opportunities with members of their own circles.

Rental Rates or Incentives
If your rental is still not getting much attention from qualified renters, check your rental rates to make sure they are competitive for the area of Phoenix in which your rental is located. If your rates are reasonable, consider offering an incentive or special offer like a reduced deposit, or a reduced rental rate to gain more attention and applications.

Marketing your rental properties can be a lot of work, so let us do it for you! Real Property Management Evolve has a team of trained professionals to effectively market your rental property and so much more.

Imagine the time you will save, and headaches you will avoid by letting our RPM EVOLVE property management team manage your:

  • Marketing
  • Tenant Screening
  • Rent Collection
  • Maintenance
  • Inspections
  • Financial Reporting
  • Evictions
  • Legal Guidance

Contact us online or call today for a quote! (602) 368-5730

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Phoenix Property Management

Welcome Gift Ideas for New Tenants

As a property owner or landlord, it can be a fun and beneficial idea to provide welcome gifts for your new tenants. Leaving a gift inside their apartment or home on the counter for when they move in is a good way to gain their appreciation and trust. The gifts can range from useful items to fun things that your residents will enjoy. Here are some gift ideas you could leave for your new residents:

Gift Ideas

  • Cleaning supplies
  • Non-destructive wall mounts (Command or Scotch Mounting Putty)
  • A selection of room deodorizers
  • Fun Gifts
  • Puzzles
  • A fruit and chocolate basket
  • Gourmet coffee sampler
  • Ice cream left in the freezer with a note on the door
  • A couple of nice towels in the master bedroom or bathroom
  • On move-in day, have a pizza delivered to them with a note saying it’s from the management

There are many appropriate gifts that can be given to new tenants in a rental property. First, it’s a good idea to get to know the tenants. Ask basic questions about all the proposed tenants. Engage the would-be tenant in conversation about their children or their job, etc. Once you have some basic information, you can consider what gift ideas best suit the tenants.

The best ideas are designed to fit the tenants, but if you cannot pinpoint information beyond what is on the application, give a general gift like white cotton towels or cleaning supplies. Most tenants will appreciate your efforts to reach out and your relationship will start out on a good note.

Keep the gift or gifts within a specific price point. A good estimate is about 1/10th of the first week’s rent. If the month’s rent is $1,000, look for a gift of around $25. Try to look for gifts that are gender-neutral, especially if both men and women are moving in.

The best welcoming gifts are disposable or edible. Avoid giving gifts that will not be utilized right away. Food can be eaten, cleaning and other supplies can be put to good use immediately.

Hopefully, these ideas will inspire you to create good, lasting relationships with your tenants. If the tenants know you care, they will take better care of your property and be more generally respectful to you. At Real Property Management Evolve, good manager-tenant relationships are of major importance. We can help you manage your rental properties while keeping you and your residents happy!

Contact us online today for a quote, or Call (602) 368-5730

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Phoenix Property Management

Increasing Revenue From Your Rental Property

Currently, there are more than 40 million rental units in the US, with an average rental property having a return on investment (ROI) of about 9.5%, as reported by the US Department of Housing and Urban Development (HUD). The bad news is that a good number of American landlords are earning way less than the industry’s average income due to losses and expenses, such as mortgage payment, maintenance, unoccupied properties, property taxes, and management costs. The most common reason rental property owners aren’t getting a high ROI is that their rental properties are not consistently rented out.  With this in mind, here are a few tips on how to keep good tenants happy, or to attract new tenants.

1) Enhance the Cosmetic Appearance of Your Property

Over time, your rental property will depreciate, experience wear and tear, and tenants will start to expect lower and lower rental payments. Worst case scenario, tenants may decide to relocate to other homes that look safer and more appealing. To increase your rental revenue and retain your tenants, it’s important to perform regular maintenance on the property, such as repainting the walls, landscaping regularly, and thorough cleanings in-between tenants.

2) Allow pets

According to the 2019 Pet-Friendly Housing Study, American landlords who allow pets in their rental units have a higher occupancy rate.

3) Pay a Utility

When a landlord or property owner covers a utility service, it can be very appealing to a potential tenant. Providing internet, cable, or covering water and sewage is very helpful to prospective residents on a tight budget.

4) Update Appliances

Making sure that your property has new and updated appliances, such as dishwashers, stoves and ovens, refrigerators, and laundry units are extremely beneficial to you and your tenants. Tenants are happier when their appliances work well, and efficient appliances save money on electricity, gas, and water bills. New appliances also allow you to charge a higher rent.

We hope that these tips help you maximize your revenue without overcharging your tenants. If you still need some extra help managing your Phoenix rental properties, whether it be maintenance or increasing your revenue, Real Property Management Evolve is here to help.

Contact us online today for a quote, or Call (602) 368-5730