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Phoenix Property Manager Statistics

Phoenix property management statistics place Real Property Management Phoenix Valley on several “Best of” lists!

Tens of thousands of property owners nationwide trust local Real Property Management offices to manage their investment properties nationwide. As a result, we are North America’s largest residential property management organization. Real Property Management Phoenix Valley has been successfully serving the Phoenix area for over 13 years. We exceed property owners expectations year after year and are consequently on several “best of” lists including expertise and propertymanagement.com. Here is a break down of our Phoenix property manager statistics that make Real Property Management Phoenix Valley so successful.

1. We average an occupancy rate of 97-99% so only 1-3% of our homes are vacant and available at anytime.  This leads to less “downtime” for our property owners
2. Less than a 1% eviction rate. Eviction success rate is attributed to our triple filter tenant screening program
3. 88% tenant retention. This number far exceeds the Phoenix industry average because Phoenix tends to be a very transient city.  Furthermore this statistic means less turn over costs to the property owner.
4. 92.5% of homeowners have NO out of pocket turn over costs at tenant vacancy! This includes tenants who were in the property 5+ years!
5. 99% of our tenants fulfill their lease agreement the full term

Our Phoenix property manager statistics don’t lie but instead produce “best of” property management services in the Phoenix metro area. So before you sign with any other firm, give us a call to discuss your property management needs. We know that you will see Real Property Management Phoenix Valley is the number one choice for residential property management in Phoenix and surrounding areas. Our service areas include Phoenix, Scottsdale, Avondale, Glendale, Cave Creek, Peoria, Surprise, Goodyear, Laveen, Tolleson and more! 602-358-8130

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Rent Prices in Surprise vs. National Rent 2016-2019

This comparison looks at National rent prices vs Surprise rent prices from 2016-2019.

Real Property Management Phoenix valley has built a chart to show key figures so that you can get a good idea of how rent in Surprise, AZ has increased compared to the national increase in rent prices.

The below chart includes the following Surprise rental property rates based on rent cost per square foot times 2000 square feet. The national rent figures were provided by Zillow.

The data for Surprise  was collected from the Arizona MLS for unfurnished, non-vacation, detached homes.

There are some very interesting numbers in this chart. Over the last 4 years, rent prices in Surprise increased at a rate 18.7% greater than the national rent increase (23.9% Average Rent Increase in Surprise vs. a 5.2% National rent increase). The rent price in Surprise has increased $330 from 2016 to 2019. A 2000 sq foot property in Surprise fair rent price in 2016 was $1340 vs. $1660 in 2019. The average rental price Nationwide was $1,489 in 2016 vs. $1,566 in 2019. Rental rates nationwide have increased gradually but in Surprise you can call them very Surprising.

If these numbers have motivated you to purchase investment properties listen to our podcast below which includes our property investment purchase cheat sheet

 

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Tempe Property Management

Tempe Property Management
Tempe Property Management

Our Tempe Property Managers rented a home in the Nu-Vista 6 community in the 85282 zip code in just 20 days!!!  Nu-Vista 6 community is an accessible subdivision in Tempe that is very close to the I-10 & 60 freeways !  It is located approximately 12 miles from downtown Phoenix and only 7 miles from Phoenix Sky Harbor airport. The community consists of mostly single family and attached homes such as condos and town homes.  Most homes are between three to five bedrooms  and two to four bathrooms – making them perfect for the Tempe rental market! The square footage of the homes range from 1,260 to 2,356  sq. ft. Most homes were built between 1952 to 1962 and have since been remodeled.  The home is located in The Dromedary District (Mill/Southern) in Tempe.  Also, it is  conveniently located to several big box retailers including Walmart. For all of these reasons Nu-Vista 6 is a great community for Tempe property management.

The home that we recently rented was almost 2000 square feet and a single level. It features a diving pool in the backyard, large covered patio in the front and fresh new paint.  The home first rented in 2016 for $1600.  The home just rented for $1895 for an 18% increase.  For information about our Tempe property management services contact us at 602-358-8130 or by email info@rpmphoenixvalley.com.

To be your own successful Tempe Landlord watch our video on the 4 tips to success

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Rent Prices in Surprise 2015-2019

This comparison looks at Surprise rent prices from 2015-2019.

Real Property Management Phoenix valley has built a chart to show key figures so that you can get a good idea of what is the fair rent in Surprise, AZ and how rental property prices in Surprise compare with the national Consumer Price Index.

The below chart includes the following Surprise rental property data points from left to right– Year, Number of Properties Rented, Average Sq. Ft. of property, Rent Price of Property per sq. ft, Percentage of Rent Price Increase year to year, Average Days on the Market and the national CPI from year to year.

The data was collected from the Arizona MLS for unfurnished, non-vacation, detached homes.

There are some very interesting numbers in this chart. Over the last 5 years, rent prices in Surprise have increased at a rate that is 5x the national CPI (7.6% Average Rent Increase vs. 1.5% Average CPI increase). The rent price per square foot has gone has increased 21 cents from 2015 to 2019. A 2000 sq foot property in Surprise fair rent price in 2015 was $1249 vs. $1673 in 2019. Rental property inventory in Surprise took a 23% decrease in 2016 but has remained relatively stable since then.

If these numbers have motivated you to purchase investment properties listen to our podcast below which includes our property investment purchase cheat sheet

 

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Tenant Repairs

To charge the tenant or to not charge the tenant; that is the question!  Recently we had a local appliance company out to a property we manage in Mesa.  The tenant repair issue was a foul smell from the washer.  The invoice came back and said “washer is working well at this time.  Told tenant to run some citric acid through the washer to help with mildew smell”.  We then charged the tenant for their visit.  The tenant was extremely upset and contacted the appliance vendor directly.  After that conversion suddenly a revised estimate appeared.  The new estimate stated that the cost could be up to $500 to repair.    There was no further explanation so we called the company.  They explained that for this tenant repair they would need to take apart the pump to clean out a build up of soap. We questioned how they had arrived at this diagnosis without going back to take the washer apart.  Turns out Real Property Management Phoenix Valley is one of the only property management companies who will hold a tenant responsible for a repair they cause!  According to the appliance company all of the other companies they work with automatically charge the homeowner.  Here are a few examples of repairs that tenants should pay for:

  1. Putting bones and/or other objects down the garbage disposal that causes it to break
  2. Not aligning garage door sensors thereby the door won’t close
  3. Replacing smoke detector batteries
  4. Replacing air filters
  5. Replace light bulbs
  6. Resetting GFCI outlets and or breakers

If you are unsure if a repair is the tenant’s responsibility you can refer to the AZ Landlord Tenant Act.

 

For all of your Phoenix Property Management & Phoenix Real Estate & Phoenix Property Management Needs Contact:

Real Property Management Phoenix

www.rpmphoenixvalley.com

602-358-8130

info@rpmphoenixvalley.com

Follow us on Twitter

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Goodyear Property Manager

Goodyear Property Management
Goodyear Property Management

Real Property Management Phoenix Valley manages rental homes valley wide.  Our Goodyear property management team  just rented a property in Canyon Trails in less than one day!  Canyon Trails is located south of the I-10, east of Estrella Parkway, North of Lower Buckeye and West of Citrus.  It is located in the heart of Goodyear.  Home building started in Canyon Trails in 2001 and continues today.  The homes there range from two to six bedrooms and two to five bathrooms.  The community consists of track homes so the lots tend to be small and are all less than one acre.  Goodyear offers many activities including hiking, biking, relation with spas and Spring Training. .

Our Goodyear property management team first rented this three bed/two bath, single story rental home in 2013 for $895.00 and it took nine thirty five days to place a qualified tenant.  Furthermore, in 2015 we saw the home rent for $950 and took 25 days.  In 2017 the home rented for $995 in 9 days.  In 2018 we were able to get $1095 in 5 days.  Final this month, 2020  we were able to get $1195 in 6 days!  The 2020 rental price represents a 34% increase from 2013.

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Rental property inspections

Rental Property Inspections

Real Property Management Phoenix Valley has been managing Phoenix rental homes for 14 years.  Through our experience we have created the six successful steps of rental property inspections.  We will share those steps with you in this blog.

Step One: Review your lease agreement.  Note how many occupants should be residing in the home.  List the number of minors vs adults and if there are pets.  Also, make note of the responsibilities.  For example is the tenant responsible for the landscaping?  Who is responsible for the appliances?  Lastly note which appliances belong to you versus the tenants.  All of these notes will make your rental property inspection move smoothly.

Step Two: Use a dedicated inspection form.  Break out the form by room and be sure to include the garage, front & back yards.  The more detailed the form the more thorough the inspection will be.

Step Three: If your tenant is home wear headphones.  Don’t let them distract you from the task at hand.

Step Four: Complete the rental property inspection in an organized manor.  In each room take pictures first and then stop to complete your form.  This will help to make sure you don’t miss anything.

Step Five: Be mindful of things that might be strategically placed to make you miss things.  For example, be sure to move a throw rug even if you just fold it in half because it may reveal stains on the carpet.  Also, try to move back sheets that might be covering up windows because you may find broken blinds underneath.

Step Six: Check ALL ceilings as they may reveal roof and/or plumbing leaks.  Check and change air filters and/or smoke detector batteries if needed.  Check the front AND back of all doors to look for any holes and to see what might be hiding behind the door on the paint and/or baseboard.

For an example of an inspection form please listen to our podcast.

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Phoenix property manager success!

Phoenix property manager success!
Phoenix property manager success!

Our Phoenix Property Managers rented a home in the Dynamite Mountain Ranch community in just 2 days!!!  Dynamite Mountain Ranch is a premium subdivision in North Phoenix very close to the I-17 freeway and tons of shopping such as the Shops of Norterra & Happy Valley Town Center!  It is north of Jomax and east of I-17 .  The community consists of 1045 single family homes.  Most homes are between three to five bedrooms  and two to four bathrooms. The square footage of the homes ranges from 1,522 to 4,204 sq. ft. The amenities at Dynamite Mountain Ranch complement the community’s natural environment. There are numerous parks with playgrounds and covered picnic. There is a basketball court and the Sonoran Loop Trail that provides just over three miles of well-kept trails for hikers and horseback riders. For all of these reasons Dynamite Mountain Ranch is a great community for Phoenix property managers.

The home that we recently rented was over 2400 square feet with four bedrooms and two and a half bathrooms. All of the bedrooms were upstairs making the first floor a large main living area.  The home feels very private since it backs up to an open area with no other homes.  This is the first time that the home is being rented.

Dynamite ranch is located approximately 28 miles from downtown Phoenix.

 

For all of your Phoenix Property Management & Phoenix Real Estate & Phoenix Property Management Needs Contact:

Real Property Management Phoenix

www.rpmphoenixvalley.com

602-358-8130

info@rpmphoenixvalley.com
Follow us @RPMPhoenixValley

To become a successful Phoenix Landlord listen to our podcast with our 4 steps!

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Phoenix Rental Lease Agreement

Phoenix Rental Lease Agreement
 Phoenix Rental Lease Agreement

One of the most important items a  landlord will have is their Phoenix rental lease agreement.  The more detailed and specific the agreement the better for both the property owner and tenant.  In this blog we will discuss four important components of the lease including occupant names, late fees, legal notice fees & appliances.  The lease agreement should include all property owner names and the full address.  Additionally, it should include all occupant names include minors.  Real Property Management Phoenix Valley suggests listing minors as well as their date of birth.  We also recommend obtaining that information from the lease holder in writing.  This information will be very valuable for when you complete a property inspection.  We suggest taking this information with you to the inspection so you can verify that only the people on the lease are residing in the home.  This will help you to recognize if there are any unauthorized occupants in the property.

Next let’s address late & legal notice fees.  Late fees should be specified as a per day amount versus one lump sum after the due date.  This way the tenant has incentive to pay the rent as close to on time as they can.  The daily late fee amount should be somewhat substantial so that the tenant has incentive to pay on time.  Also, we do encourage a grace period of one to two days but not much longer.  This ties into our next component of legal notice fees.  Spell out in the lease agreement that the tenant is responsible for any legal notice fees.  This way if the tenant doesn’t pay the rent you can charge them back for the cost of serving them with the legal notice of an eviction. The tenant will have between 5-10 additional days to pay rent.  For this reason you do not want the grace period to be longer than two days.

Final for this blog we will address appliances. The lease agreement should list which appliances the home owner is including in the property.  It should also spell out which appliances the landlord will fix and which the tenant is responsible for.  Keep in mind that the landlord will always be responsible for the stove, built in micro and dishwasher.  However very often the tenant is responsible for the fridge, washer & dryer as they tend to be optional appliances.

For more information on our lease “must haves” visit our blog/podcast page to listen to our two additional segments.

For more specifics on our Phoenix rental lease agreement “must haves” tune into our podcast below.

 

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Switching Phoenix Property Management Companies

Switching Phoenix property management companies can seem like an overwhelming task.  Additionally, home owners may be concerned that things like security deposits could get lost in the shuffle.  Real property management phoenix valley has created the following check list to assist with a successful change.  The first part of the check list is for before you terminate your current property management contract.  The first thing is to read the terms and termination clause in your current agreement.  This section will let you know how much notice you need to give your current property management company.  Additionally it will let you know if there are any fees association with cancellation.  We recommend starting the cancellation process when you are within 45 days from your current contract ending.  Prior to submitting your cancellation notice make sure you have all executed lease agreements, renewals and addendum.  Next check your records for paid invoices.  Make sure you have copies for new ACs, water heaters and appliances.  Lastly make sure you have your TPT license number and online logins if applicable.  (TPT stands for Transaction Privileged Tax License).  Be sure to terminate your agreement in writing.

The second part of switching Phoenix property management companies are items needed after notice has been given.  These items include all tenant contact information and keys to your property.  Also, ask how they will handle the transferring of the tenant’s security deposit.  Will they send you a check or the new property management company?  Request a copy of the tenant signed move in inspection.  Lastly ask for a copy of the tenant’s ledger.  The tenant ledger will show how much of a deposit the tenant actually paid and whether they have any prepayments of rent on file.  Any prepayments should be sent back to the tenant.

 

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