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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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!

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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.

 

 

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Best Property Management Companies

Best Property Management Companies 2019
Best Property Management Companies 2019

Real Property Management Phoenix Valley is excited to announce its’ placement on the “best property management companies” list for 2019.  The list was released by Expertise and can be found here.

Expertise uses proprietary research and a selection process to identify the best property management companies in the Phoenix area.  They use the following criteria in their selection process:

  1. Reputation: a history of satisfied customers giving excellent recommendations about the services they have received from Real Property Management Phoenix Valley
  2. Credibility: including the fact that Real Property Management Phoenix Valley has had their location for over thirteen years.  Additionally, key staff members such as the Designated Broker has been in the Phoenix real estate market for almost twenty years
  3. Experience: Real Property Management Phoenix Valley are truly masters of their craft of Phoenix real estate & Phoenix property management.  This experience comes from managing other peoples properties as well as the fact that the staff own their own rental properties so they truly understand the experience from the property owner’s point of view
  4. Engagement: Real Property Management Phoenix Valley has a customer response protocol which far exceeds others in the area.
  5. Professionalism: Real Property Management Phoenix Valley provides qualify work from leasing properties in fourteen days or less to detailed inspections.

 

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Phoenix Rental Market

Phoenix property manager
Phoenix property manager

As Phoenix property managers, we are going to provide a realistic overview of the current Phoenix rental market.  Although the media has been claiming that the rental rates are rising sky high in the area this is definitely not true to for all segments of the market.  For example, we spoke to a landlord last week who has a 2600 sq ft 4 bedroom 3 bath home in the Verrado, Arizona area which he has been renting for a few years.  He reached out to us as a potential Phoenix property manager because he is unhappy with his current company.   In this situation we like to determine what services the client is missing with their current management company.  Through out the discussion we realized that his only unhappiness with his current manager is the fact the home was still on the market.

The most recent tenants had been paying $1695.00 and were only in the property for a year.  He had the property now listed for $1895.00.  His logic was that he hears on the media how “hot” the Phoenix rental market is and therefore is sure that the 11% increase in price is justified. Unfortunately it is not!  The good news is that if you own rental property that is renting between $900 – $1200 a month then there has been an increase between 6-10%.  However, the bad news is that if your property rents for over $1500 then the rental amounts are pretty flat.

Here are a few examples of rental increases that we have experienced: Surprise 3 bedroom, 2 bathroom 1681 sq ft home in Bell West Ranch went from $1199 – $1299 which is an 8% increase from 2018-2019.  In Laveen  a 4 bedroom, 3 bathroom 1835 sq ft home in Country Glen went from $1299 $1399 which is a 7.7% increase from 2018-2019.

In conclusion the media of course is wrong and all rents aren’t skyrocketing in the Phoenix market.  Additionally, no matter how good a property manager is they can’t rent a property that is priced outside of the market rent.

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Mesa AZ Property Manager

Our Mesa AZ Property Manager completed a rental study comparing the 85205 Mesa zip code to Mesa in its’ entirety.  All rental market figures for the 85205 zip code as well as all for Mesa were taken from closed rental data from the Arizona MLS from 2016-2019 (Year to Date).  The chart below outlines the number of rented properties, average rent and average days on market.  What our Mesa AZ Property Manager found is that overall the 85205 zip code brings in a lower monthly rental rate than Mesa as a whole. However the increase for 85205  from 2016 to year to date was 28%. Additionally, the average increase for the same time period for Mesa was 14%. Interestingly, the average days on market is pretty similar for both.

Mesa, AZ Property Manager rental study of 85205 zip code versus Mesa overall

The 85205 zip code has a population of approximately 39,858. It is located north of main street, west of Val Vista, east of Power and south of McKellips.  Additionally it has a median home value is $124,800 and median household income is $44,469 this zip code is an attractive city for rental property ownership.
Further information about the city of Mesa, Arizona… 
  • Median household income is $48,259 a year.
  • Mesa is the 3rd largest city in Arizona
  • The overall median age is 35.9 years
  • For every 100 females there are 97.5 males.

For more information on Mesa, AZ visit our informational page or visit the world wide population review.

 
 
For all of your Phoenix Real Estate & Phoenix Property Management Needs Contact:
Real Property Management Phoenix Valley
www.rpmphoenixvalley.com
602-358-8130
info@rpmphoenixvalley.com 
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4 Reasons to Buy a 4-plex

Top Reasons to Purchase a 4 Plex in Phoenix Az

Are you thinking about buying an investment property? If so, have you considered multi-family properties?  Does the number of units scare you away?  If so there are many good reasons to consider purchasing a multi-family property.  Here we highlight the top four reasons to buy a 4-plex:

  1. The top reason to buy a 4-plex in Phoenix or elsewhere is because it instantly gives you four doors which equals more income.  Most likely you will have more income on a monthly basis from a 4-plex as compared to the income that you would earn from owning a single-family home.  Also it decreases your risk of vacancy.  If you live in one unit that chances are you won’t have a month in which all three other units are vacant.
  2. Great Financing Options ! With a 4-plex you may  qualify for an FHA loan if you plan on living in one of the units. With an FHA loan you can purchase a property for as little as 3.5% down and this allows you to be an investment owner with not much out of pocket cost.  Also, this allows you to save money for times of vacancies or repairs.
  3. Get to live for free.  If you plan on living in one of the units of the four-plex you may have all of your expenses covered on a monthly basis with the rent that you collect from the other three units.
  4. Great Practice for Owning Larger Multifamily Properties. Starting with a four-plex is a great way to get experience to then expand your investment portfolio into larger muli-unit properties.

For information on valuing multi-family investment properties such as 4-plexes visit here.

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Phoenix MultiFamily Property Management

Phoenix multifamily properties

 

 

 

 

 

 

Property evaluations are one of the most important aspects of Phoenix multifamily property management.  Part of our Phoenix multifamily property management includes our six step evaluations.

Step 1: Know your local marketing conditions by using the Freddie Mac Apartment Investment Market index found here.  This index provides useful information such as property price changes, employment changes as well as information on housing permits.

Step 2: Determine the unit mix meaning the number of studios, one, two and three bedroom units in the building.  Then know your area so for example if your building is near a college than studio units will be desirable.  However if your property is in an area with mostly young families than three bedroom units will probably be more desirable.

Step 3: Know your market rental rates by completing a rental survey.  With this step be sure to use rented units in your area with similar amenities.  If you are only able to find vacant comparable homes through Zillow or Trulia be sure to adjust the rate by at least 15% due to their inaccuracies.

Step 4: Estimate your costs by determining if you need a property manager or if you can self manage.  Also, look at capital costs such as new HVAC’s (especially in the Phoenix market) as well as roof replacement.  Keep in mind that overall costs should be between 35-50% of gross operating income.

Step 5: Calculate the CAP rate which is the net operating income divided by the current market value of the building.  The current market value is what you could sell the building for today for cash.  Be sure to contact a Phoenix multifamily property manager to help with this information.

Step 6: Determine why the property is listed for sale.  A good reason would be retirement.

 

 

 

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Phoenix Property Management Podcast

Top 4 “Must Haves” on the Lease Agreement

 
The second podcast in our three part series on Lease agreement “Must Haves” is now available! 




For all of your Phoenix Real Estate & Phoenix Property Management Needs Contact:
Real Property Management Phoenix Phoenix
www.rpmphoenixvalley.com
602-358-8130
info@rpmphoenixvalley.com 
Follow us @RPMPhoenixValley 
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