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Phoenix

Property Management

Our team of local professionals at Mynd Property Management are different than other Phoenix property managers. Servicing the greater Scottsdale, Mesa, Gilbert, Peoria, Tempe, Chandler, and Carefree areas, we leverage real-time data to consistently better our services, providing owners with seamless management experience.

Customers working with Mynd can rely on us as their trusted partner, providing them with a healthy investment, and their residents with a happy home. Farming and mining were chief among Phoenix's greatest investments, now, it's residential real estate. It's time to make your real estate investment work for you.

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Mynd's rental income guarantee

Rental Income Guarantee

We protect your rental income

If we place a resident and they fail to pay rent at any time during their lease, we reimburse you up to $5,000 in lost rent while we resolve the situation.

Mynd's property damage protection guarantee

Property Damage Protection

WE PROTECT YOUR PROPERTY

If a resident we place moves out and leaves behind property damage in excess of their security deposit, we will cover the difference, up to $5,000.

Mynd's eviction protection plan guarantee

Eviction Protection Plan

WE PROTECT YOU

If a Mynd-placed resident fails to pay rent and an eviction is required, Mynd will cover the court costs and legal fees up to $5,000.

SELECT YOUR AREA TO VIEW PRICING

Pricing Plans That Suit Your Needs

CORE SERVICE PLAN

$69
Monthly Management Fee
100%
Rental Leasing Fee
$349
Lease Renewal Fee

AVID INVESTOR PLAN

$99
Monthly Management Fee
50%
Rental Leasing Fee
$299
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection

PEACE OF MYND PLAN

$139
Monthly Management Fee
0%
Rental Leasing Fee
$0
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection
checkmark - feature included
Property Damage Protection

Don't Take Our Word For It

Results You Expect

Your rental property is one of your most valuable assets. You expect concrete, tangible results, and Mynd delivers. We focus on measurable results that you can see.

Mynd offers faster leasing times

Faster Leasing

Quicker than average leasing times.

Mynd responds quickly to resident and owner communications

Quick Response

Less than 4 business hours for owners, less than 8 business hours for residents.

Mynd finds high quality residents

Quality Residents

Higher than average resident quality score (720+)

Mynd offers low delinquency rates

Low Delinquency

No need to worry about rental payments, less than 2% delinquency.

Mynd's high customer satisfaction scores show high resident satisfaction

High Resident Satisfaction

Consistently high customer satisfaction scores (Better than 4/5)

Mynd's NPS score shows higher owner happiness rates

Happy Owners

Net Promoter Score of 58 versus industry average of 7

Meet Your Local Superstars

We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.

Meet

Rebeccah

Portfolio Manager

Rebeccah has eight years of real estate and property management experience. She values her commitment to great communication with owners as well as residents. With her knowledge of the greater Phoenix area she is able to provide guidance to her owners on how to help make their portfolio successful.

Phoenix

Phoenix is the largest city in America to reside within a desert climate. It’s also the city with the hottest average temperature in the US, with 107 days on average topping 100°F! On top of that, Phoenix is the sunniest major city in the world! While holding records may be something to take pride in, these honorifics mean it’s of utmost importance that the AC in your rental units is always working, especially if your residents are elderly or infirm. Mynd’s property managers will make sure your air conditioning is properly maintained and will attend to any emergencies ASAP, no matter how sweaty they get!

Kate
Leasing
Kathleen
Accounting
Gina
Resident Services
Matt
Maintenance

Phoenix

Phoenix

1955 S Val Vista Dr, Ste 126
Mesa, Arizona 85204
United States

Mynd Property Management is local
(480) 999-5298

Phoenix

In July, Phoenix experiences the North American Monsoon, which means an increased amount of thunderstorms, and potentially flash floods and super intense dust storms. Our team will deal with these issue at your Phoenix rental property. Explore our resources below to learn how Mynd’s property managers monitor the weather so you never get caught in the rain and more!

When a tenant occupies a room for only a partial term (month, week, day, etc.), the amount a landlord charges is known as “prorated rent.” 


Prorated rent is charged only for the number of days the unit is occupied. It’s based on a monthly rate rather than daily since a daily rate tends to be pricier. 


Here’s everything you need to know about prorating rent.

Why prorate? 

If your tenant moves in or out in the middle of the month or sublets to someone else, then it’s practical to use prorated rent. For example, if your tenant moves in on the 15th, which they often do, you can charge them a prorated amount for those days and then set the regular rent due on the first day of their first full month.

Explaining prorated rent to your tenant


Prorating rent isn’t a landlord’s legal responsibility, but it does help establish a good relationship with your tenant. A good relationship is essential. It makes your tenant more likely to re-sign (reducing the likelihood of vacancies), recommend other potential tenants to your properties, be a good tenant, and follow any rules you may have (like your fire prevention tips). 

How do I prorate rent?

There are four methods to calculate prorated rent. 

A Quick Math Lesson

Prorated rent at a rental property

Before moving on to the actual formulas for calculating rent, here’s a quick high school math lesson about performing the proper order of operations for mathematical equations. You’ll need to know this because the formulas for calculating rent tend to require multiple operations.


  1. Parenthesis
  2. Exponents
  3. Multiplication
  4. Division
  5. Addition
  6. Subtraction


The mnemonic device for this is PEMDAS, or “Please Excuse My Dear Aunt Sally.”

Method 1: Number of Days in the Year

This is the most accurate way to prorate rent when dealing with a year-long lease. Here’s the formula. 


((Monthly Rent X # Months in a Year) ÷ Number of Days in a Year) X Number of Days the Tenant is Paying For = Prorated Rent


Here’s the formula with a move-in date of September 15th with a rent of $1,500.


( ( $1,500 x 12 ) ÷ 365 ) X 15 = $739.73


This formula is slightly more confusing than the monthly one, so your tenants may require more explaining. The extra amount of money you'd make isn't worth the effort because a confusing formula may make your tenants feel like something fishy's going on. Best to keep things simple.

Method 2: Number of Days in an Average Month


This formula is based on the number of days per month, given that 365 days per year divided by 12 months is 30.42 average days. Here’s the formula:


((Rent ÷ 30.42) x Number of Days Occupied) 


Here’s the formula for when your rent is $1,200 per month, and the tenant is staying for ten days.


($1,200 ÷ 30.42) x 10 = $394.50


Method 3: Flat 30 Days (Banker’s Month)

This method entails diving the monthly rent by 30, no matter how many days are in the month. In some states, like California, this is the exclusive method used to calculate prorated rent. Here’s the formula.


((Rent ÷ 30) x Number of Days Occupied) 


Here’s the formula for when your rent is $1,200 per month, and the tenant is staying for ten days.


($1,200 ÷ 30) x 10 = $400

Method 4: Monthly Rent

Monthly calculations at rental properties for prorated rent

This is the formula for prorated rent based on the number of days in the month. Here’s the formula:


(Monthly Rent ÷ Number of Days in the Month) X (Number of Days of Rent Being Paid For) = Prorated Rent


Here’s the formula with a move-in date of September 15th with a rent of $1,500.


( $1,500 ÷ 31 ) X 15 = $725.80


In addition to requiring less explanation formula, the monthly formula has the advantage of making your tenant feel like they’re getting their money’s worth since it frames their rent in the short-term rather than the long term.

Considerations for Prorating Rent

These are some things to keep in mind when calculating prorated rent. Which of these influences your calculations will impact how many days you divide your rent by in your calculations.


  • The number of days in the month.
  • Months with 30 days: September, April, June, and November
  • Months with 31 days: January, March, May, July, August, October, and December
  • Month with 28/29 days: February
  • Is it a leap year?
  • What day of the month are you billing your tenant?
  • What’s the number of days in the first month?
  • What’s the number of days in the second month?
  • How much are you charging per day for the first month?
  • How much are you charging per day for the second month?
  • What’s the number of billable days in the first month?
  • What’s the number of days in the second month?
  • What’s the official start/end date of your tenant’s lease?

Tips for Prorating Rent

Your prorating policy should be in writing or your lease agreement


If it’s a leap year, divide your prorated calculation by 366 days if you plan on using the yearly formula.


It’s not your responsibility to prorate rent if your tenant signs a lease for the first of the month but moves in on a later date. Similarly, it’s not your responsibility to prorate rent if your tenant chooses to move out earlier, but their lease runs to the end of the month.


Offer a prorated rent calculator on your website. 


Find out if your state requires you to use the flat 30 method for prorating rent.

Bottom Line on Prorating Rent

Keep your tenants happy when calculating prorated rent

Prorating rent is easy to do and an easy way for a landlord to start or maintain a good relationship with their tenant. It makes tenants feel like they’re getting their money’s worth and like the landlord is on their side. 


Unless you have to use the flat 30 option, the monthly method of prorating rent is a landlord’s best bet because it’s easiest to explain to the tenant. 


And a happy tenant is the best bet for a happy landlord.


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Thinking about purchasing a rental property in Tacoma, WA? Learn how looking at the rental statistics, the demographics, and having a local property manager as a partner can ensure you are looking at real numbers when deciding if the area fits your investment strategy.

Before investing in an area, you will want to look at the demographics, home prices vs rental prices, forecasted economic growth, and other important statistics to see if it fits with your investment strategy to help you reach your goals. Will the area give you the cash flow or appreciation you are looking for?

About Tacoma, WA

Tacoma, WA, one of “America’s Most Livable Cities”, is a port city on the Puget Sound and is known for being one of the most walkable cities in the US. From its beautiful waterfront to its numerous city parks that include the country’s second largest city park (700 acres), the area has seen a 12% population growth since 2010.

Tacoma property management

Tacoma offers more affordable investment opportunities than the Seattle area which can be expensive.  Cash flow opportunities are better in Tacoma because the prices of homes are not as high.  

Home prices in Tacoma

Median home price: $354,019

Home prices have gone up 9% in the past year.

 

Diverse types of renters

Commuters – Many choose to work in Seattle but live in Tacoma because it is more affordable.  

Students - Several universities are in the area including the University of Washington’s Tacoma campus, so there are a lot of student renters.  

Military - McChord Air Force Base is South of Tacoma, so there are military families renting in the area as well.  

Between the port, universities, military presence, and proximity to Seattle, Tacoma is a great area for investors looking for an area whose economy is being fueled by a diverse mix of industries.

 

Economy and industry in the area

Tacoma is the 7th busiest container-handling port and attracts businesses in multiple industries. It is known for its high-tech industry that includes Intel and Expedia which are headquartered there. Agricultural and forest products are also large contributors to the local economy.

  • Unemployment rate: 5.3%
  • Average income: $75,649

Tacoma has seen steady job growth over the last 10 years and expects 39.9% in future growth. With its strong industry presence and growth record, it is a great place to invest in rental property for less than a home in a Seattle would cost.

If you are considering investing in Tacoma, contact us at Mynd. We can help you determine if this market fits your strategy to reach your goals. If it doesn’t, we have offices in 19 markets and can help you find an area that does.

How to accurately set rent for my Tacoma, WA rental property

The rental market is cyclical, so you want to make sure you set rent to match today’s prices. Just because you rented your property for a certain amount 3 years ago doesn’t mean it will rent for that amount today. The price could be higher or lower depending on what the market says is the going rate. To avoid extended vacancy time, you will want to accurately price the property, so you are getting the maximum return while also filling the vacancy quickly.

Tacoma rental statistics

  • Median rent for a single-family home: $1750
  • More single-family homes available since 2007
  • 45% Renter Occupied
  • 55% Owner Occupied

Steve Rozenberg, Head of Investor Education for Mynd, says he sees this as a good, steady mix of renter/owner occupied homes which makes it a great market to have a rental property. You should always be able to find a renter.

Knowing the trends and statistics for the area is key to your success as an investor.  Consider hiring a local Tacoma property manager like Mynd who can help you determine the correct rent rate.  Mynd has access to proprietary information so you are getting current, accurate numbers to base your decision on. If you want to know what you can expect to rent your home for, Mynd offers a FREE rental analysis.

 

Why should I hire a property management company in Tacoma, WA?

What does a Tacoma property management company do?

They take care of the day to day operations required when you own a rental property such as:

Do you have the time to manage the property? How valuable is your time to you? If you are managing it yourself, do you know that you are doing it correctly and following the laws?

Landlords must comply with ever-changing laws and regulations

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you must evict a tenant, there may be new laws in place that limit how you can do that. If managing property isn’t your full-time job, you are more likely not up to speed on current laws such as:

  • 120 day notice to purchase property if you intend to change the use of the property
  • 60 day notice of no cause termination of a resident
  • 60 day notice of rent increase
  • Several tenant’s rights laws. For example, tenants can complain to the city of Tacoma about code enforcement violations.

There are a lot of laws that have to do with tenant’s rights, and you must be sure you comply. If you aren’t up on the laws, you may find yourself getting in trouble which can cost you $1000s in fines and court costs.

 

Consider hiring a Tacoma property manager

Our Tacoma property managers can help you make smart decisions and ensure your property is following the laws. Mynd has in-house counsel to help ensure your property is complying with the laws.  Contact us today at Mynd about property management in Tacoma or finding your next investment property in one of the19 markets we serve.

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As an investor, you want to know that investing in a rental property in Everett, WA aligns with your strategy and helps you achieve your goals. Identifying the right data and numbers to calculate your return is an important step in making an informed, smart decision.  Having a local partner like a property manager makes this process easier.

What kind of return do you want from your investment property?

Are you looking for monthly cash flow? Is the property you are looking at going to give you what you need to at least cover your expenses?  Are you only interested in appreciation or debt paydown?  Your strategy must be defined before you start looking for a property.  

About Everett, WA

Everette is a coastal city on the shores of Port Gardner Bay and is located 25 miles north of Seattle. It attracts families with its world class schools, over 30 city parks, and numerous outdoor sports, activities, and art experiences.

Everett population and home prices

  • Population: 111,000
  • Average age: 33
  • Median income: $57,999
  • Median home value: $362,000

 

The median income for the area is about average for the US, but the home prices are significantly higher than average. You might be able to make enough cash flow to cover your expenses, but you are more likely looking at making your money in appreciation.

Many of the homes in the area were built between 1970-2000.  Being older properties, they may require some maintenance or updates to attract a quality tenant and meet Property Code.

 

Everett Property Management

 

Industry and the Economy

  • Unemployment rate: 5.8%
  • Cost of living index: 116.2  (US average is 100)

Boeing’s 747, 767, 777, and 787 Dreamliner airplanes are constructed in the world’s largest building located in Everett, and they offer a popular tour of the facility. Everett’s proximity to Seattle is an advantage because it is going to be fed by the strong industry nearby.

Best neighborhoods in Everett

  • Darlington
  • Edgewater
  • Pinehurst
  • Riverside
  • Bayside
  • South Forest Park

When you buy a property in one of the more popular areas, you are probably going to see more appreciation. With an average age of 33, residents are likely families interested in the quality schools in the area.  They are also more likely looking homes with multiple bedrooms for their growing families.

 

Talk to an Everett, WA property manager about the local market and what trends they are seeing. They can answer questions like:

  • Is the city growing?
  • Are rents going up or down?
  • What is the average eviction rate?
  • What are the average days on market?
  • What is the average vacancy?
  • What type of homes are rented quickly? What are most people looking for?
  • Are there certain features people are looking for in a home?

These are the questions you want answered before purchasing a property, so you have the proper expectations. Contact us at Mynd for more information on the Everett area. They can tell you what types of properties are renting quickly, what renters are looking for, and more.

If Everett doesn’t fit your strategy, we can help you find a market that does. Mynd has offices in over 19 markets. Our local property managers can use Mynd’s proprietary data to help find you properties that match your strategy, whether you want to invest locally or diversify across several markets.

 

How to Accurately Set Rent for my Everett, WA Rental Property 

It is important to know what the market is dictating when setting rent for your Everett rental property. The goal is to get the right amount of rent while leasing it quickly, so pricing it right is critical.

Leasing has seasons

You might not be able to get the same amount of rent if you lease your property in the Winter (off season) vs the Spring/Summer months (peak season).

The economy can affect rent

If the industries in the area are in a downturn or upturn, that can influence the rent you can expect to receive.

Everett rental statistics

  • 42,000 housing units
  • 37% Owner Occupied
  • 67% Renter Occupied
  • 44% single family homes 36% Apartments
  • Median rent: 1,990
  • 48% of homes were built between 1970-1999

The rent amount will vary depending on the property type, square footage and number of bedrooms.  When comparing rents, look at properties that are the same as yours. Being that many of the homes are older, you may find you can get a little more money in rent by doing some updates to the property.

Mynd’s Everett Property Management company offers a FREE rental analysis so you can see what your property can expect to rent for.

 

Why Should I Hire a Property Management Company in Everett, WA 

When you own a rental property there are a lot of day to day operations to take care or not to mention all the ever-changing laws you must follow.  Should you continue to do this yourself or does it make sense to hire an Everett property management company?

 

Treat your investment like a business.

If you own multiple rental properties or plan to in the future, the tasks required increasingly take up more of your time.  Keeping up with all the laws you must comply with can become a heavy burden.  Maybe you got into investing because you wanted a safe, secure retirement investment or passive income, but you did not realize the amount of time that was involved in managing it yourself.  You thought you were gaining free time and ended up having a second job.

It is entirely possible that you will not end up where you hoped because you may not be doing something right. Not complying with a law could result in your ending up in court owing $1,000s in fines.  

Getting that great deal when you buy the property is only the first step in the process that leads to your success. Steve Rozenberg, Head of Investor Education for Mynd, thinks it is important to have a team to help you maximize your return.

 

What does an Everett property management company do?

They take care of the day to day operations required when you own a rental property such as:

They know the laws and regulations

You must follow Federal, state, and local Property Code that dictate how a property must be maintained. When it comes to fixing things in the property, who is responsible for them? The tenant or the landlord?  There are things you can’t ask on an application or during the screening process.

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you have to evict a tenant, there may be new laws in place that limit if or how you can do that.

Maintenance issues

Mold can be a problem in the Everett area due to the amount of rain it gets. You will need to make sure the roof, ventilation, and plumbing is in good shape to prevent mold.  There are laws that protect the tenant to ensure they have a safe home to live in. Property managers know what you have to do to comply with any laws in regards to Property Codes.

If you don’t have the time or desire to keep up with the laws and regulations, it might be a smart decision to hire a knowledgeable property manager.  Mynd has local property managers that know the laws to ensure you are following them as well as in house legal counsel.

A good property manager helps you make smart decisions and ensures your property is following the laws. Contact us today at Mynd about property management in Everett or for help in finding your next investment property in one of the 19 markets we serve.

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Why Invest in Phoenix Real Estate?

Residential real estate properties in Phoenix, AZ, great for investing!

Nicknamed the Valley of the Sun, Phoenix is the capital of Arizona and its largest city, with a population of 1.7 million people. Its home to four Fortune 500 companies: Avnet, Freeport-McMoRan, Republic Services, and ON Semiconductor. Phoenix is the fifth largest city in the United States, and it was also named the 12th largest metropolitan area by World Population Review.

The city is built on a mostly flat, desert landscape, aside from the surrounding mountain ranges. For residents, it offers a booming economy, job growth opportunities, a number of higher education insitutitions, and sunshine year-round (perfect for outdoor activities). There are many master planned communities throughout the three areas of Phoenix: North, Central, and South./p>

The largest industries in Phoenix are healthcare, retail, hospitality, and construction. Each year, more than 22 million people visit Phoenix, many flying in and out of Phoenix Sky Harbor International Airport, which is dubbed America’s Friendliest Airport and is one of the nation’s top 10 busiest airports.

Phoenix Rental Market Highlights

  • The median home price in Phoenix is $282,900 (lower than the national average of $231,000)
  • The local economy is getting a boost as more people move to Phoenix, which welcomed 25,288 new residents between 2017–18; Phoenix was the fastest-growing city in 2018
  • Phoenix consists of 15 villages with neighborhoods dispersed throughout the city
  • The Phoenix metro area accounts for Phoenix and its neighboring cities of Glendale, Tempe, and Scottsdale
  • Maricopa County, which includes Phoenix, has been the fastest-growing county in the nation for three consecutive years; the county added 81,244 people in 2018, an increase of 1.7% year over year
  • Job growth over the next 10 years is predicted to be 48.2% (higher than the national average of 33.5%)
  • The light rail connects Phoenix, Tempe, and Mesa (roughly 50,000 riders daily); expansion plans are in the works
  • The US Census Bureau estimates the city population will grow to 2.2 million by 2030
  • The Phoenix Biomedical Campus in Downtown is located on 28 acres, with expansion plans in the future
  • Large distribution centers that supply major cities like Los Angeles and San Diego

North Phoenix Rental Market Highlights

NoPho is home to the cooler-weather neighborhoods (popular especially among families) that line the 1-17 corridor from Noterra to New River. Many of the neighborhoods in North Phoenix are rural or suburban, with the Phoenix Sonoran Desert Preserve nearby featuring numerous mountain biking, horseback, and hiking trails.

There is generally a steady demand for homes in the North Phoenix region, with a lot of open space available for development—a new project to build 170 homes on 55 private acres near Anthem was green lit. Anthem and Norterra are known for their shopping complexes (Outlets at Anthem, Shops at Norterra, Happy Valley Towne Center). Rio Vista is a top choice for many real estate investors; it is largely undeveloped land with easy access to amenities in neighboring cities like Anthem (median home value: under $300,000).

Central Phoenix Rental Market Highlights

Central Phoenix (CenPho) is home to the Downtown area, which offers a mix of art, entertainment, and culture, as well as an abundance of mixed-use commercial buildings. Explore the Phoenix Art Museum, see the Diamondbacks play at Chase field, and choose from a huge selection of cuisines, all easily accessible with the light rail or even walking. Roosevelt Row is one of Downtown’s trendiest (and pricier with median prices at $438,000) neighborhoods, most popular among the younger crowd.

Both Deer Valley to the west and Paradise Valley to the east are popular neighborhoods to live, with top school districts and many amenities. Deer Valley is ranked the #1 neighborhood in Phoenix based on its affordable cost of living ($167,000 median home prices). It also has its own small airport, horse race track, and theme park. Paradise Valley is a small, affluent town northeast of the Sky Harbor airport, near Tempe and Scottsdale. With median home value at over $1.3 million, it features luxury hotels, spas, and golf courses, while families enjoy great schools and lots of outdoor activities including hikes and horseback riding.

South Phoenix Rental Market Highlights

South Phoenix comprises Laveen, South Mountain, and Ahwatukee Foothills, among other urban villages. Although separated from Phoenix by South Mountain, Ahwatukee has easy access to other East Valley cities via the I-10. The urban village, with median home values of just under $300,000, feels more rural than other areas since it supports developments that maintain the quiet and spacious atmosphere. Schools are above average and there are many things to do in the area. Northwest of Ahwatukee is the neighborhood of Laveen, where median home value is $178,000.

For more information refer to our Knowledge Center and visit our Phoenix, AZ Property Management page for local landlord tips and information. Our team has vast knowledge and experience in local Phoenix property management and can help you to have a better investment experience.

We educate on topics in the Phoenix area ranging from repairs and maintenance, finding rental properties, residents and leasing and much more. We look forward to furthering your rental property education!

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The topic they’re tackling today is whether it’s important to have a Phoenix property management company manage a rental home in this market.

Managing a Phoenix Rental Property is Time-Intensive

managing a rental property in phoenix

You might expect the answer to this common question would be yes, but actually, you don’t have to have a professional property manager if you own a Phoenix rental property. However, you need to know that’s a time-intensive process to manage your own income-producing property. Many people think that it will be easy to manage their own rental home. But, there is considerable time and expertise that needs to be invested, especially when the property is vacant or when things are in flux for one reason or another.

Leasing your Phoenix, AZ Rental Property

Maybe you have a good resident in place who is paying rent on time and there is no maintenance necessary. That sounds like a pretty easy tenancy, but it’s not usually like that. There are a lot of moving parts involved in the effective management of your home. So, you don’t need a property manager, no. But, if you decide to manage on your own, you’ll need to be prepared to:Answer that call from the tenant at 3 a.m. because the plumbing is backing up through the toilet at the house. Then, you’ll need to get someone out there to resolve the situation as soon as possible.

Make sure you know what to do if it’s the middle of summer and the air-conditioning stops working but you can’t find a vendor to fix the problem right away. Emergency responsiveness is only one of your duties as a self-managing landlord.

Phoenix Landlord and Tenant Laws The Landlord/Tenant Act is a 47-page document. You’ll need to know it line by line because if you don’t, residents can take advantage of you. They could find a loophole and take you to court, and then you’ll lose thousands of dollars just because you didn’t know the law thoroughly.

If you’re going to rent out a property without the help of a Phoenix property manager, do the research that’s required to stay compliant. Gather a good network of vendors who can respond to habitability issues right away.

Hiring an expert takes a lot of the pressure and liability off of you. So sure, you can manage. But there’s an asterisk next to that.

Here’s an analogy: can you fly yourself to Hawaii? Sure you can, but you probably shouldn’t. Unless you know how to fly a plane over water, you should leave the flight details to a trained airline pilot and not try to do it yourself.

Managing your Rental Property in Phoenix, AZ

Running Your Phoenix Rental Property Like a Business just like other real estate markets, Phoenix has its own set of habitability laws and codes. If you’re going to manage your own Phoenix rental property, you need to treat it like a business. Part of that is knowing and applying the law. You also need to have policies and procedures in place, and you need to follow those consistently. You also have to be available to your tenants. Know their rights. Know your own rights. Figure out how to run the business effectively and profitably. That’s a lot more complicated than it seems.

Smart investors know that they’re going to be more successful with a professional Phoenix property management company as part of their team. When you’re looking for property managers or any professionals to help you have a positive investment experience, make sure that everyone is aligned with your goals. You’re the investor. You’re the one setting the agenda and explaining what you are hoping to get out of your real estate investments.

Take your time when you’re hiring a property manager. Have a conversation. In fact, you should probably have several conversations before you hire a company. This is the same process you should follow when you’re hiring a Realtor or a contractor. Engage them in a conversation and make sure they understand your goals and your strategy. Make sure they have a plan to get you where you want to go.

Rental Property Maintenance in Arizona

One of the main challenges that investors run into is that there’s no pre-communication to establish the rules of the game. You need to do that. Find out how a property manager operates. Get to know their expectations and share your own. It’s a nuanced industry, and you need to set those expectations and develop a great relationship.

Maintenance, for example, will come with different expectations from owners, property managers, and residents. Make sure you know what your property manager will do when it comes to rental property repairs and how they will prioritize the work that needs to be done. Make sure they can explain to your tenants that repairs are different from cosmetic upgrades. There’s a lot to consider. A good property manager will do the research for you and handle the relationship with your tenants.

Property managers in Phoenix do this full time, every day. We spend our time staying up to date on new laws and understanding the industry trends and market demands. We are experts. You probably have your own career and family. Being a landlord is like running a business and if you’re doing it correctly and working to maximize your investment, understanding the industry will take you a lot of time.

Most real estate investors don’t get into business to own just one property. They know that their profits really only grow when there are multiples. If you don’t have resources and plans, you’re going to find that you now have a second or a third job when you add properties to your portfolio and try to manage them on your own. Make sure you’re gaining an investment, and not another job.

If you want to talk more about Phoenix property management, please contact us at Mynd Property Management.

You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn.

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One of the most common fears that property investors have is that the tenants they place will trash their property or stop paying rent. They worry about damage and eviction. High drama and horror stories can be avoided with a solid and consistent screening process.Good tenants will have a positive impact on your experience as an investor. A lot of the landlords we talk to aren’t sure about how to find the right tenant for their Phoenix rental property. Today, we’re sharing the top three things to look for when you’re selecting your next tenant.

Phoenix Tenants and Credit Reports

Credit needs to be an important factor when you’re screening tenants. Some people get caught up on the score. You might run into landlords and management companies that have a minimum credit score for acceptance and qualification.The score isn’t quite as important as the content of the credit report.Instead of focusing on that one number, take a look at the debt to income ratio. If the tenant has collection activity on their credit report, what kind is it? Student loans aren’t a big deal. Medical debt isn’t either, especially if the prospective tenant is in the process of paying those things off.What you want to be careful about is renting to a tenant who has collections from utility companies or cable companies. If they still owe a lot of money to their last electric provider or internet company, you might have to worry about whether they’ll pay the bills associated with your property. If you find judgments from prior landlords or they owe money to an apartment community, you might not want to approve that application.

Always Check an Applicant’s Rental History

Rental history is another important factor in choosing a tenant. You need to look at how long the applicant has rented their previous homes. Do they have a pattern of moving every six months or every year, or do they tend to stay put? The longer you can keep a tenant in place, the more return you’ll earn on your investment.When you’re conducting rental reference checks, find out about security deposit refunds. Ask former landlords if the entire deposit was returned to the tenant or if most of it had to be kept to pay for damage and cleaning. This is important. At Mynd, we have the technology necessary to ensure we are speaking to the real landlord, and not just a friend that the applicant put down as a reference.

Evaluate and Verify Tenant Income

You’ll want to be sure your tenant can pay rent every month. So, check to make sure they earn enough to pay you on time consistently. We like to see tenants who earn at least three times the monthly rent. That tells us they’ll have enough funds to cover the rental payment and any other expenses that may pop up. A good tenant is able to manage their money well enough that they can keep up with unexpected expenses. You don’t want a tenant to call you and say they can’t pay rent this month because they needed to replace the transmission in their car. Verifying the income includes making sure they can pay rent and account for emergencies.

Trust but Verify When Screening Phoenix Tenants

When you’re thinking about selecting a tenant, consider what you want in a renter. Do you want someone with no verifiable income and a spotty rental history or do you want someone who can produce a month of pay stubs and provide solid landlord references? The answer should be obvious.We believe that when you look at an applicant’s past, you can see their future. The main goal is to mitigate the chances of a tenant not paying rent. When you’re talking to applicants and screening your tenants, trust what they say and what they put on the application. Then, verify it. Get documentation. Talk to landlords and employers.If you have a tenant with great references and verifiable income but their credit isn’t great, consider whether it’s a big enough risk to approve the tenancy. Not all debt is equal, and the types of debt that is owed can do different things to a credit report. So take you time and dig into the information and the data that you collect.As landlords, we tend to get into an emotional rush. We have a vacant property and we want to get someone in there as soon as possible. It’s easy to convince yourself that the first tenant who applies is the right person. But, if you put the wrong tenant in place, you’re taking on someone else’s problem. Removing a tenant from your property is much harder than never placing them there in the first place.Slow down in order to speed up. Don’t rush the screening process just because your home is vacant. That only makes your situation worse.Written criteria and procedures that you follow consistently are also important. Don’t deviate you’re your process because it puts you at risk for fair housing and discrimination claims. When your process is in writing, you can answer why you selected one person over another.Remember that you’re running a business. Residents have rights, which you need to respect. If you think this may be too much to handle on your own, contact us at Mynd Property Management. We are experts in Phoenix property management, and we’d be happy to help.You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.

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