Frequently Asked Questions from Property Owners:
HOW LONG DOES IT TAKE TO GET MY RENTAL PROPERTY ON THE MARKET IN BOISE, EAGLE, MERIDIAN OR NAMPA?
We can usually go from an email or phone call to online advertising for your rental within a day, once we have a signed management agreement. A quick phone call, email, or meeting will get the process started!
DO YOU CHARGE A SET-UP FEE? LEASING FEES? ADVERTISING FEES?
DO YOU CHARGE A MONTHLY MANAGEMENT FEE IF MY PROPERTY IS VACANT?
No! We will never charge you a property management fee during vacant periods! Of course our goal is to not let any of our rentals be vacant at any time, but this can occur.
WHY SHOULDN’T I MANAGE MY PROPERTY MYSELF?
Lots of owners choose to manage their property themselves and some of them are successful. With the time involved in finding great tenants, collecting rents, arranging repairs and leasing units, most owners have found that their time is more valuable spent elsewhere. A good property manager will make you more money on your investment, not cost you money. Other important considerations are the legal aspects of property management. In the litigious society that we live in, a property owner can ill afford to handle a problem tenant in an incorrect manner. Professional property managers are well versed in landlord tenant law, and are abreast of the constantly changing Federal and State mandates governing them.
WHEN CAN I EXPECT TO GET PAID MY RENT PROCEEDS?
We know how important your rent proceeds are. For this reason, we want to get your money to you as fast as possible. Rent proceeds are Direct Deposited into your bank account around the 10th day of the month. Your monthly statement is emailed and also available through your online account at that same time.
HOW DO YOU KEEP ME UPDATED ABOUT MY TENANTS AND RENTAL PROPERTY?
GreatWest Property Management makes it easy for you to know what is happening with your rentals! We use a variety of communication methods to ensure we maintain our business relationship with our owners. Our commitment is to answer the phone during normal business hours, and if we miss your call, we will call you back within that same business day, or at the beginning of the next business day!
We will contact you on the phone from time-to-time, or as often as needed, but we also know that you have hired us so you don’t have to worry about your property. As we start to work together, we will have a better understanding of your preferred method of communication. In cases where our owners aren’t accessible by phone, we are also able to use other methods such as text or email.
We leverage technology as much as possible. For this reason, our staff is provided with mobile devices that allow them to send/respond to email even if they aren’t in the office.
Once we have a signed management contract, you will receive a link to your personal online account via our web site! You will have access to all important documents, including your Management Agreement, the tenant’s Lease Agreement, maintenance work orders, full financial reports and much more! You will also receive email communication through this account and be able to keep track of our communication in 1 convenient location.
HOW DO YOU HANDLE EVICTIONS FOR RENTAL PROPERTIES LOCATED IN BOISE, MERIDIAN, EAGLE OR NAMPA?
Because we do a very thorough job during the pre-screening/screening of our tenants, our eviction rate is extremely low.
But, it’s also important to know that tenants can look great on paper but can still cause problems.
We understand that an empty rental property causes additional stress, so our first approach will always be to collect outstanding rents and coach the tenant to correct any lease violations before considering eviction. If, in the end, eviction is the smartest business decision, you can rest assured that our staff knows the laws to expedite the process to help get your rental property back on track!
WHAT INFORMATION DO YOU REQUEST FROM A TENANT APPLICANT?
Our background check consists of the following:
Public record search
Criminal background check
DO YOU OFFER A DISCOUNTED RATE IF I HAVE MORE THAN ONE RENTAL PROPERTY?
At GreatWest Property Management our goal is to provide you with fees and services that are easy to understand and are clearly stated… with no hidden fees!
As well, we are committed to delivering the same best-in-class service to all our clients, big or small. Although you might appreciate a discounted price today, we don’t believe you will appreciate a lower quality of service tomorrow.
With this approach, we are proud of our fee structure because we know our competition and we know the price/value equation of the fees that we charge for the services we provide.
WHAT FACTORS DO YOU CONSIDER WHEN DOING A RENTAL ANALYSIS?
Our strategic approach to marketing your rental property will deliver the results you desire. We consider many factors as we formulate a viable marketing strategy for your Treasure Valley rental property.
On an ongoing basis, we gather and analyze local and regional market data that directly and indirectly impacts all aspects of your rental property.
Here are just a few of the key market data points we monitor by city, neighborhood and unit type:
Rental inventory levels
High, average, and low rent prices
ARE YOU A MEMBER OF NARPM?
Yes, we are full professional members of the National Association of Residential Property Managers (NARPM). We are also Realtors and members of the Institute of Management Accountants (IMA).
WHAT IS YOUR FEE STRUCTURE FOR BOISE RENTAL PROPERTY MANAGEMENT AND NAMPA PROPERTY MANAGEMENT?
Some companies charge you a percentage of the rent price even if the tenant doesn’t pay rent, or if the unit is vacant.
Our philosophy is different….”We don’t get paid if you don’t get paid”.
Also some require a minimum monthly management fee if your Boise rental does not generate a high monthly rent price. This means you may end up paying significantly more for property management services than you thought!
We will never charge you more than 8% regardless of the rent price and you are never charged if your unit is vacant or if your tenant doesn’t pay rent!
HOW DO I KNOW YOU WILL SELECT A GOOD TENANT FOR MY PROPERTY?
Our criteria is high when it comes to choosing our residents. Our screening procedure takes into account an applicants credit history, employment history, stability, and prior rental history. Our thorough background checks result in better qualified, financially stable residents. This in turn creates a lower turn-over factor and premium rents.
IS THE COST OF PROPERTY MANAGEMENT DEDUCTABLE?
Yes, the cost of management services are deductible, just like your mortgage interest, property taxes and the cost of repairs. (See your tax advisor for details.)
WILL I HAVE TO PAY FOR PROPERTY REPAIRS?
Yes, just as you would if you were to manage the property yourself, you are still responsible for maintaining the property. The advantage of allowing the property manager to handle the maintenance issues of your investment property are extensive. We have the capability of negotiating with vendors for discount prices based on volume. These savings are passed directly to the property owner. We also have in-house maintenance for general repairs, and an on call emergency service for those late night repairs that just cannot wait until business hours.