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First Rate Property Management Blog

NARPM Travels

NARPM Travels

Last week I was in Concord California attending a property management training conference. I learned a lot of things, but the advantages and uses of social media was the most intriguing. So, I’ll be studying it and if it can benefit us in renting up properties and communicating with our tenants, First Rate Property Management will most likely move in that direction. This week I’m in Denver, Colorado. I return for 2 days this weekend and then will leave to Atlanta, Georgia where I will be teaching ethics and leadership classes, and hopefully attend a few classes for myself.

Boise Rental Market

First Rate Property Management’s vacancy last week was 3.2% and improved over the past week and is now only 2.8%. In response to the outstanding vacancy, First Rate Property Management has reduced our renewal incentives to $150 plus carpet cleaning for a 12 month lease and $75 for a 6 month lease plus carpet cleaning. Additionally, I am encouraging our owners and employees not to be so quick to start offering incentives. And lastly, I want to see rents moving upwards. Maybe we’ll be back in the market where we pre-leased most of our properties, offered no move-in incentives, and higher rents. That would be great.

Property Tax Assessments

Between trips, I met with two Ada County Tax Assessors, one who specializes in apartments and the other who does residential, to get an idea what to expect this year. Your property values will be lower, but will they be low enough? In May, keep an eye out for your 2010 tax assessment which will be mailed to you. I’d be happy to assist you in appealing your tax assessment, but we have a short window to do so, so please contact me right away if you have concerns about your properties value.


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