COVID 19 Update
Idaho’s response to COVID-19 is now primarily local or regional in nature. As of 8/26 data presented by coronavirus.idaho.gov stated: 30,780 cases to date. 305 new cases 8/26. 337 deaths. Mask wearing is mandatory in several Idaho cities and counties. “Stage 4 stay healthy” guidelines remain in place. https://rebound.idaho.gov/stage-4-stay-healthy-guidelines/. For case data and COVID-19 official state resources please visit https://coronavirus.idaho.gov/.
Change in Advertising Costs: What Our Owners Need to Know
By Athena Savoglou
As you know by virtue of being a property owner, advertising means a lot when selling a property, or conversely, looking to buy one. The advantage buyers and sellers have is the Multiple Listings Service which is available in every market in the United States. However, in the Idaho market, we don’t utilize the MLS to market rentals, so the use of independent Internet advertising is essential to the success of reaching prospective tenants and for tenants to find rental properties. The majority of our tenants have found our properties through advertisements we post though our syndication service, which publishes on real estate sites like Zillow, Trulia, and Hotpads. These one-time competitors are now all under the same ownership and together account for more than 50% of our tenant leads. Unfortunately, these sites have decided to start charging a fee to any business or individual that posts two or more rentals at the same time. Due to the increase in our operations costs these fees will inflict, it will be necessary to charge a slight increase in ad costs to the owners going forward. We have calculated an increase of $30 per month based on the fees we will incur over the average number of days our properties are on the market. Commencing September first your monthly advertising cost will now be $120 per month.
Although this is a regrettable development, there are a few upsides. Firstly, we are extending a courtesy six-day grace period where advertising stretches over two calendar months. If your ad starts within 6 days of the end of the month or ends within 6 days of the beginning of a month you will not be charged for that month. Secondly, your listings will actually get a boost as a result of this change. All three services will now be adding a “certified professional” feature, for all verified paid listings. This means that the site will only allow one listing for that specific address. As a result, prospective tenants weary of scams will be able to weed out all unverified listings by checking the “certified professional” box in their search. All of Realty Management Associates’ listings will be “certified professional” listings. Considering the prevalence of rental scams in the Boise area, this is a huge plus. Also, tenants that check the “certified professional” box, are more likely to be the serious, qualified tenants you are looking for.
We hope you see this as a positive – your listings will now be more secure and attract only legitimate prospective tenants.
We are expecting to send out some fall optional services out to vendors at the end of September for completion in October. Those would include Hot Water Heater Service, Landscape Clean-Up, Lawn Care, and gutter cleanings.
The maintenance updates only apply to those of you who have pre-ordered these preventative maintenance services. If you didn’t opt in for a service you read about in this newsletter, and would like to schedule a service, just email MacKenzie at firstname.lastname@example.org to let her know.)
Other questions? Please email email@example.com or call: 208-514-4864.
There are no new accounting updates this month.
If you ever have questions about your statement, please contact your property managers:
Spencer Henderson, firstname.lastname@example.org
DaNay Salas, email@example.com
If you have trouble logging into your client portal, please contact your property managers or Brandy Ker at RMAinfo@rentalsinboise.com.
This month’s tenant newsletter reminds tenants about the importance of renters insurance.
This month, we feature a crossword puzzle, the clues for which are hidden in our Reminders sections as well as the feature article.
Check out our tenant newsletter this month: https://rentalsinboise.com/property-management-blog/2020-september-tenant-newsletter/