Blog

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!

Read more

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.

 

Read more

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.

 

Read more

Phoenix Property Management Firm

Phoenix property management firm
Phoenix property management firm

Real Property Management Phoenix Valley is an industry leading  real estate sales firm and Phoenix property management firm.  We offer Phoenix residential sales as well as property management services.  Therefore, our clients are always asking us for what types of properties make the best rentals.  Here are four items to look for in a new rental purchase.

  1. One story home versus a two.  Because of the high heat in the summer Phoenix tenants are very cognoscente of electric bills.  For this reason a tenant will always chose a one story over a two story home.  Additionally, the smaller two story homes only have one air conditioning unit which can lead to the second story feeling very hot in the summer.
  2. A larger home with less bedrooms is preferable to a smaller home with more bedrooms.  For example, most tenants would prefer a 1700 sq ft three bedroom home to a 1700 sq ft four bedroom home.  The reasons are two fold; the three bedroom home will have more living space and each bedroom will be a larger size.
  3. Single family properties are preferable to condos and town homes  A single family home offers a lot more privacy as well as a back yard for kids and pets.  Also, single family homes face less rental competition; its’ only competitor is other single family homes.  In comparison condos and town homes compete amongst themselves and with apartments and single family homes.
  4. Three or four bedrooms is much preferred to a two bedroom even with a den.  Although a den can be used as an office tenants would prefer to have the third full bedroom.  With the third bedroom they have the option to still use as an office or use for a third occupant.

Definitely consult with a Phoenix property management firm if you can prior to purchasing a rental property.  Not only can we provide what to look for but we can also provide a realistic rental range based on tenant occupied rentals in the area.  This range can often be quite different to what a Realtor may state by looking at vacant homes on the market.  View a list of top Phoenix property management firms! 

For more information about our investment property cheat list listen to our podcast:

For more of our podcasts and videos check our our learning center!

Read more

Phoenix HOA Management

There are four types of Phoenix HOA management and deciding which is best for your homeowner’s association may require the community to take a deep dive into their needs.  The four types are self management, in-house management, financial-only management and full service property management.  We will provide a brief overview of each.The first Phoenix HOA management option is Self-management. With this option the community association utilizes volunteers to do all the work.  The board members do everything including collecting dues, issuing and following up on violations, creating the budget, hiring vendors for repairs and planning on meetings.  The benefit from this type of management is there are no management costs however there are several downsides.  High board turnover is very common as board members typically don’t have the time for all that is required.  Also, HOA compliance may be an issue as board members may not keep up on  Arizona HOA legislative changes.

Some associations with many members may choose to retain a property manager directly, meaning the association hires the manager as an employee. This is known as in-house Phoenix HOA management and is done because it is cheaper than paying for full-service management from a property management company.   The in-house management may be a volunteer.  However, in-house management can have its disadvantages. If your manager goes on vacation or gets sick, who will step up to fulfill this person’s responsibilities? Also, who is the manager accountable to?

The third Phoenix HOA management option is financial-only management, where the association’s Board of Directors makes the big decisions, but leaves the financial functions to a management company. Tasks such as pulling reports for financials,  processing HOA dues, and paying bills are all handled by the financial management company. They can also offer guidance on decisions and direction for a Board of Directors.  This is a great option for an HOA that is transition from self-management as it offers an introduction to professional property management.

The last Phoenix hoa management option is Full Service Property Management which removes as much of the burden off the Board of Directors as possible, making it the most expensive type of management. Will full service management, the management company does all the same things they would under financial management, plus much more. They help enforce violations, find and coordinate with vendors to complete maintenance issues, create budgets, assist with planning meetings and work very closely with the board to assist with voting measures. As an added bonus, a professional HOA management company has a check and balances system that strongly inhibits theft from the association.

In review; most Phoenix HOA’s utilize full service property management especially for the larger communities.  The really small communities (10 homes or less) tend to use self-management as the work load is manageable.  Interestingly a lot of HOAs that are struggling financially use financial-only management in an effort to save money however full services can really assist in getting things like an HOA dues increase passed which in the long run can help the HOA far more than the cost savings.

Read more

Avondale Property Manager Success!

Avondale property manager success!
Avondale property manager success!

Our Avondale Property Managers rented a home in Avondale’s Crystal Garden community in just 1 day!!!  Crystal Gardens is a premium subdivision in Avondale located south of Thomas, north of McDowell, west of Avondale Blvd and east of 107th.  The community offers lake view homes, walking paths, fishing, bird watching, two playgrounds and bike lanes.  The community consists of 905 homes and 27 acres of wetland.  The homes within the community have between three to four bedrooms on average and two to three bathrooms.  The square footage of the homes range from 1283 – 2893 and were built between 1998 – 2003 and as a result this neighborhood is perfect for those seeking single-family investment homes.  Additionally,  Crystal Gardens is a desirable area for Avondale property managers.

Our Avondale Property Managers first listed  the single level single family home which is 1240 square foot home in 2011 where it rented for $820, it then rented again in late 2012 for $845 and was rented until a new tenant was placed in November 2019.  In 2019 the home rented for $1095 and took just one day to rent.  The 2019 rental price represents a 34% increase from 2011.  This is a substantial increase for a two bedroom rental home.

Avondale is located approximately 18 miles west of downtown Phoenix. For more information please visit here.

 

For all of your Avondale 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

Read more

Chandler property management

Chandler property management - current home under management
Chandler property management – current home under management

Real Property Management Phoenix Valley offers residential property management services specializing in Chandler property management.  Chandler is part of the “east valley” within metro Phoenix.  According to the Multiple Listing Services (“MLS”) 1337 properties have rented in Chandler year to date.  1099 of those properties were single family, 151 were town homes, 55 were apartment style properties and 32 were classified as other.  Overall the single family homes took about 20 days to rent for a median rent amount of $1825.  The town homes on average took 25 days to rent for a median rent price of $1476.  Lastly the apartment style properties took 26 days to rent with a median rent amount of $1298. 

The Real Property Management Phoenix Valley’s Chandler property management team currently has a four bedroom, two bath single family home for rent in the 85224 zip code.  The 85224 zip code encompasses the area south of the 202, east of the 101, west of Alma School and south of western canal.  Year to date 174 properties have rented within this zip code.  119 properties have been single family with average days on market of 14 and a median rent of $1812.  35 have been town homes with an average days on market of 37 and a median rent of $1400.  Finally 16 have been apartment style properties that took 17 days to rent at a median price of $995.  

As Chandler property management specialists we can report that rental applicants in this area prefer single story homes.  Also, they look for alternatives to flooring such as wood or tile as it is easier to keep clean.  Some of the properties in this area were built in the 1980’s so upgrades may be needed.

 

 

Read more

Switching HOA management companies

Phoenix Community Currently Under HOA Management
Phoenix Community Currently Under HOA Management

Switching HOA management companies can be a daunting task however it can prove to be very beneficial and create a cost saving.  Here are things to look for when making the change as well as items that will be needed:

  1. Unfortunately most home owners are not that involved with their HOA so often times more than just a mailing is needed to inform them of the change.  When interviewing new management companies make sure they will call homeowners to advise of the change.
  2. Have a 30-45 overlap in services.  This will allow the new company to notify the homeowner’s of the change.  Additionally, the community will continue to have services while the new company is processing the change.
  3. Be sure to receive monthly financials for the last month the old company will be providing services.  Additionally, make sure you receive the final bank statement (often overlooked) so that the board and the new company know how final funds were allocated.
  4. Make arrangements to pick up the final checks from the current management company.
  5. Provide documents such as CC&R’s, By-Laws, financials, owner contact and bank statements to the new management company as soon as possible as it will assist with accounting set up.
  6. Obtain files for each homeowner so that any previous violations or communications transfer to the new company.
  7. Forward any special assessment information including ballots in case any homeowner’s dispute the assessment with the transfer.
  8. Provide an up to date delinquency list to the new manager so they can stay on top of outstanding accounts.
  9. Forward any outstanding work orders.
  10. Provide copies of any executed contracts currently in place.
  11. Provide invoices for reoccurring services such as landscaping .
  12. If applicable forward utility account usernames/passwords and account numbers (such as power, water, trash).
  13. Pass along any keys and/or access codes to any community areas.

Most importantly everyone has to remember to be patient as the total time too switch HOA management companies will take between 60-90 days.  For information about Real Property Management Phoenix Valley’s homeowner association services visit here.

Read more

Phoenix Real Estate Sales

Real Property Management Phoenix Valley Phoenix real estate sales
Real Property Management Phoenix Valley Phoenix real estate sales

Real Property Management Phoenix Valley is a full service real estate brokerage company.  Our services include residential property management, home owner association management and Phoenix real estate sales transactions.  Using a recent Phoenix real estate sale we are going to highlight why the correct purchase price is so important.

A client contacted us in August to list his Phoenix home for sale.  We provided a sales comparable market analysis that indicated the market sales price was between $235K – $245K.  The client decided (outside of our recommendation) to list the property at $275K.  We did explain that absolutely none of the market comparable properties indicated that market price was anywhere near that amount.  Additionally, we did advise that if we couldn’t find comparable properties to support his purchase price than most likely the appraiser wouldn’t be able to either.  The seller’s response was that “he knows that Phoenix real estate prices are skyrocketing”.

From the end of Aug to the end of Sept the client did authorize two price reductions with the last bringing the price to $259,999 on September 23rd.  The client did advise that if he didn’t receive any offers by Oct 1st he was taking the property off the market.  Much to our surprise an offer for $260K came in on 9/30/19.  The buyer wanted 2% seller concessions which the seller agreed to.  Next the buyer completed the inspection and made their formal repair requests.  Their requests were as nit picky as tightening outlets!  Unfortunately, because the buyers were purchasing so above market they were expecting the seller to make an eleven year old house brand new.  Their requests were as unreasonable as the sellers purchase price!  However after a few days of negotiating both sides agreed on repair items and the appraisal was ordered.

When we received the appraisal with a value of $240K we were not surprised.  We sent the seller a copy and he reduced the price to $255K.  As his agent we were obligated to present the offer to the buyer’s agent and they declined.  We would have been surprised if they had proceeded and agreed to pay $15K over market price.

With all of our Phoenix real estate sales we try to educate buyers and sellers to the current market prices so that educated decisions can be made.  We certainly can’t prohibit a seller from listing their home at a sales price they decide but we were very surprised that a buyer represented by an agent put an offer in without having any comparable properties to support the price.

For more tips on purchasing Phoenix real estate listing to our podcast “purchasing phoenix rental property”.  For recent Phoenix real estate sales statics visit the ARMLS statistics.

Read more

Litchfield Park Property Management Success!

Litchfield Park Property Management Success!
Litchfield Park Property Management Success!

Real Property Management Phoenix Valley specializes in property management and real estate sales valley wide.  Recently our Litchfield Park property management success took place in Dreaming Summit a large master planned community.  It consists of 1785 homes and approximately 80 acres of parks, natural wash, and landscaped common areas.  Dreaming summit is east of Litchfield Road, west of Dysart Road, south of Maryland Ave and north of Missouri and is close to Luke Air Force base.  Dreaming Summit residents have a Litchfield Park mailing address, however the community actually lies in the County Island of Maricopa. Property taxes in this area are lower however HOAs fee tend to be higher.  This is because the fire services are paid through the HOA because the services are through Rural Metro.  Additionally, police services are through the Maricopa County Sheriff’s office rather than through a city service.

The Litchfield park property management success story we are referring to is a three bedroom/two and one half bath 1800 sq ft two story home.  We first rented this property  in 2011 for $995.00 and it took twenty eight days.  In 2013 the home rented for $950 in eight days.  Last month the same property rented for $1295 in six days!

Fun Facts about Litchfield Park:

  • The median household Income in Litchfield Park is $97,848 which is the 3rd Highest in State!
  • Litchfield Park Festival of the Arts is expected to have over 100,000 visitors  this year.
  • The population of Litchfield Park is over 6000

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

Real Property Management Phoenix

www.rpmphoenixvalley.com

602-358-8130

info@rpmphoenixvalley.com
Follow us @RPMPhoenixValley
&

Follow @rpmwvphoenix

Read more