COVID-19 SITUATION ROOM
A trusted resource for all COVID-19 related information
OWNERSRESIDENTS

Tucson

Property Management

Our team of local professionals at Mynd Property Management are different than other Tucson property managers. Servicing the greater Summit, Green Valley and Vail 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. Technology and tourism once were Tucson’s greatest investments, now, it's residential real estate. It's time to make your real estate investment work for you.

Get Started

It's Quick & Easy

Thank you!
Your submission has been received, and we will contact you shortly!
Oops! Something went wrong while submitting the form.
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

$79
Monthly Management Fee
100%
Rental Leasing Fee
$349
Lease Renewal Fee

AVID INVESTOR PLAN

$119
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

$149
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

Alicia

Portfolio Manager

Alicia is a seasoned Property Manager Professional with 15+ years experience who recognizes and values the trust my clients and residents place in me. Alicia strives every day to meet or exceed their expectations. Alicia is passionate about the services she provides and looks forward to helping investors meet their goals. She keeps up with current trends in her area of expertise and makes marketing suggestions to expedite the rental process.

Tucson

The University of Tucson is one of the biggest drivers of economic development in the city. Students always need housing, which provides you with an endless stream of residents, year in and year out. But students also require more interaction given that they may move in and out on a yearly basis.Our property managers will always be there to screen incoming residents and handle any upkeep necessary in between moves. That means everything from re-painting and deep cleaning to re-carpeting and appliance upkeep. We’ll also make sure you don’t end up with any party animals who trash your pad!

Kate
Leasing
Kathleen
Accounting
Gina
Resident Services
Matt
Maintenance

Tucson

Tucson

1 S Church Ave #1200
Tucson, Arizona 85701
United States

Mynd Property Management is local
(520) 278-5768

Tucson

Many parts of Tucson, AZ lack storm drains and, as a result, are at greater risk of flooding during monsoon season. Some underpasses even experience multiple feet of water! The Mynd team will take care of your Tucson rental property like our own. Explore our resources below to learn how our Arizona property managers will make sure to minimize potential damage to your home.

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.

View full post

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.

View full post

On August 31, 2020, California Governor Gavin Newsom (D) signed AB 3088 into law, providing state-wide protections for tenants and landlords in the face of the ongoing coronavirus pandemic. The safeguards extended to tenants worrying about evictions and to landlords concerned about foreclosures. 

Moratorium Eviction Extended

Tenant relief act legal document


AB 3088 limits a landlord’s ability to evict a tenant for non-payment of rent. To make use of this protection, the tenant must submit a declaration signed under oath of financial hardship due to the financial burden experienced between March 4 – August 31. A valid declaration will prevent evictions from occurring before February 1, 2021. 


For hardship stemming from the coronavirus pandemic between September 1, 2020 – January 31, 2021, tenants are expected to pay 25% of expected rent to avoid eviction by January 31, 2021. 


Do Tenants Pay Rent?

The expectation of rent has not been eliminated. Instead, unpaid rent cannot be the reason for eviction for tenants that have experienced financial hardship and submitted a valid declaration. Tenants will still be responsible for paying back rent to landlords, who can begin to recover their debts through a civil small claims lawsuit on March 1, 2021. 


The jurisdiction of small claims courts will be temporarily expanded to allow landlords to recover unpaid rents. 


Unpaid rent isn't waived under AB 3088. Instead, it's converted into consumer debt collected in small claims court as early as March 1, 2021. If a tenant cannot meet the 25% rent minimum, AB 3088 would only provide eviction protection until February 1, 2021. If a landlord attempts to use extrajudicial self-help, such as shutting off utilities, threats, or coercion, to generate an eviction, then the landlord may face penalties as high as $1,000 to $2,500. 

California’s COVID-19 Tenant Relief Act Tenant Protections

The following legal and financial protections will be extended to tenants


  • The notice period for nonpayment of rent will increase from three days to 15 court days so that tenants have more time to respond to the landlord's notice to pay rent or leave. 
  • Hardship declaration forms must be provided with any eviction notices for a failure to pay rent. 
  • The hardship declaration forms provided by landlords must be provided in the language in which the rental agreement was negotiated. 
  • Landlords are also required to provide tenants with a disclosure explaining their rights under AB 3088. 
  • Expands the "just cause" protections described in AB 1482 to all tenancies, including tenancies less than one year, affordable housing, new construction, and single-family homes.  
  • Local ordinances that were in effect as of August 19, 2020, will remain in effect until their expiration, while future ordinances cannot undermine AB 3088. 


AB 3088's protections are extended to most tenants if they sign a declaration that they've been financially impacted due to the pandemic. What constitutes "COVID-19-related financial distress" includes:


  • Increased expenses due to the health impacts of the COVID-19 pandemic
  • Increased childcare or eldercare responsibilities directly related to the COVID-19 pandemic.
  • Loss of Income caused by the COVID-19 pandemic.
  • Higher-income tenants (those whose household income is over $100,000 or with over 130% of median household income) must provide documented proof of financial loss related to COVID-19.

California’s COVID-19 Tenant Relief Act Eviction Notices


When a landlord delivers an eviction notice for failure to pay rent, a financial distress form must be provided. The tenant has 15 days to sign and return the financial distress form. The economic distress form does not cover months to come, so that the process may be repeated on a month to month basis. The declaration is signed under "penalty of perjury,” so if a tenant provides knowingly false information, they can be charged with perjury. 


Lawful eviction that has nothing to do with unpaid rent caused by the coronavirus pandemic can move forward as early as September 2, 2020.  That means landlords will be able to pursue:


  • Eviction against nonresidential tenants
  • Evictions for lease defaults stemming from reasons other than nonpayment of rent.
  • Evictions for missed rent payments before March 2020 
  • Evictions for nonpayment of rent unrelated to the coronavirus pandemic.
  • Evictions against tenants willfully damaging property.
  • Evictions against tenants engaged in criminal activity. 
  • Evictions against tenants who violate the lease or rental agreement in other ways.


Evictions for unpaid rent will resume on October 5, 2020, for tenants that do not submit a financial distress declaration.


Evictions for reasons other than nonpayment of rent cannot be performed as retaliation against nonpayment of rent due to the coronavirus pandemic.


Individual cities may have their own eviction moratoriums, and tenant and landlord protections that may be more robust than that provided by AB 3088. For this reason, it's critical to consult both the stipulations outlined by AB 3088 and the stipulations, if any, of one's local jurisdiction. 


If a locality passed a new moratorium after August 19, 2020, then it cannot take effect until February 1, 2021. Ordinances that expire before February 1, 2021, cannot be extended until February 1, 2021. Finally, if a local jurisdiction establishes its repayment period, it must begin on or before March 1, 2021.


Given the complicated nature of the law, it's advised that tenants contact an attorney if a landlord provides notice of eviction. There are many free legal aid foundations to reach out to. The Legal Aid Foundation of Los Angeles, for example, offers free legal services to over 100,000 residents of the greater Los Angeles area. 

California’s COVID-19 Tenant Relief Act Landlord Protections


AB 3088 does not protect landlords from foreclosures, nor does it require banks to provide forbearance. Instead, mortgage servicers must contact borrowers before pursuing foreclosure proceedings with forbearance options. 


Dual tracking, when a provider initiates foreclosure proceedings while considering loan modifications with the borrower, is also forbidden. 


If forbearance is not an option for a small landlord, then the mortgage servicer must provide a written explanation. These protections extend to January 1, 2023.

Bottom Line on AB 3088

Due to AB 3088, California will keep a dramatic increase in residential evictions at bay through the early part of 2021. Although, further action by the federal government is required to ward off the true extent of the pandemic's effects. 

Notice of Eviction Tenant relief act


If you have rental properties, your property manager should be able to support you in navigating the changing regulations around tenant protections. To learn more about Mynd Management's services, contact getstarted@mynd.co


View full post

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!

View full post

Is the Gilbert, AZ market a good fit for your investment strategy? Learn more about this unique market, why you might need a property manager, and how to determine your rent for this area. When selecting an area to purchase an investment property, you want to be sure the market’s offerings align with your strategy.

Why Should You Purchase a Rental Property in Gilbert, AZ?

At Mynd property management, we look at key area statistics when helping investors decide if an area is a good fit for their goals and strategy.

  • City trends
  • Job growth
  • What is the appreciation
  • Housing prices vs rental prices
  • Vacancy rates

These statistics help us determine what type of return you can expect to receive (appreciation, cash flow, or a combination of both).  If this matches what you are looking for, then the Gilbert area is a good fit for you.

Mynd Property Management manages close to 8000 properties nationwide. If the Gilbert, AZ area does not fit your criteria, we have offices in about 19 markets that can help you with local data.   If you have never invested outside your area, Mynd is here to offer you the same level of management in multiple markets to give you peace of mind that your property is being taken care of regardless of what city it is in. We want to help you make a smart investment decision based off solid, current data while not be limited to your own backyard. You might be interested in diversifying your investment portfolio across multiple markets, and Mynd can help.

When Should You Hire a Property Management Company in Gilbert, AZ?

If you have been managing your rental property yourself, here are some things to consider when deciding whether to hire a property manager.

 

Dealing with all the laws, rules, and regulations

As a landlord, you must comply with all the laws and rules that apply. Do you know what questions you can and can’t ask a potential tenant? Asking the wrong question could violate a Fair Housing or discrimination law.

1 out of 3 landlords find themselves involved in a lawsuit because they do not understand the laws.

It is hard to keep up with laws that are constantly changing, but it is your responsibility. When you hire a professional property management company in Gilbert, they will take care of that for you.

 

Look for the property management company that can be your partner

A property management company is there to make sure your property is protected while also ensuring the tenant is taken care of.  At Mynd, we offer a three-tiered pricing structure so you can pick the level of service you need.

We offer an owner portal which allows you to login and see the same information we see such as:

  • Leasing information
  • Tenant updating
  • Maintenance control
  • Lease enforcement

You can conveniently log in from your phone, tablet, or computer to access this information.

 

You didn’t buy a property to get a 2nd or 3rd job, and you don’t want to have to manage the manager. It is important to select a reputable, professional Gilbert property management company that offers you the peace of mind in knowing your property is being taken care of.

 

Mynd’s Gilbert property managers are well educated when it comes to knowledge about the laws. We have in-house legal counsel that ensures your property is being protected because it is being managed in a way that is compliant with current laws and regulations.

How Do You Accurately Set Rents in Gilbert, AZ?

After purchasing your Gilbert, AZ rental property, how do you determine what rent to charge? The market determines the rent you can expect to collect. Mynd offers a FREE rental analysis of your property. Let’s take a look at some helpful statistics for the Gilbert area.

 

Property Management services in Gilbert AZ

Gilbert, AZ rental statistics

  • Average rent (single family and multi-family) is $1390 per month (11.2% increase over last year)
  • Rental price for a house will range between $1500-2100 per month with the average being $1700-1950.
  • 22% of the homes are rentals
  • 77% are owner occupied

 

It is important to correctly price the property

You want to charge enough that you get the return you want while being at attractive price point for prospective tenants.

  • The median list price for a house in Gilbert is about $470,000 (up about 1%). That is about $190/sq ft.
  • Current inventory is about 250 homes which is a decrease of 58%. 

Statistics like these will help you make a smart decision on what to buy and where to buy it.

 

Renter occupied vs owner occupied data

22% of homes in Gilbert are rental properties. Is that good or bad? That is probably a good thing. If most homes are owner occupied, you can assume they are being well taken care of longer which can lead to higher values. It should be easy to rent a property in the area. If the proportions were reversed, you could run the risk of the area going down in value because there are too many rental properties.

 

What will your property rent for?

If you want a free rental analysis of your property, contact us at Mynd.  Not only do we offer property management services in Gilbert, AZ, we have offices in 19 of the most rent able markets in the US. If the Gilbert, AZ area doesn’t match your criteria, we can help invest in another market.

 

More markets means more choices

Being open to investing outside of your area gives you a larger selection of properties to choose from to find the ones that fit your strategy. You can expect the same level of service across all our offices, and dealing with one company for all your investment needs is convenient.

Mynd property management is ready to be your strategic partner, so contact us today for a FREE rental analysis, for more information on our Gilbert property management, or for assistance with purchasing your next investment property.

 

 

View full post

Is the Scottsdale, AZ market a good fit for your investment strategy? Learn more about this unique market, why to hire a property manager, and how to determine your rent for this area.

Why Should You Purchase a Rental Property in Scottsdale, AZ?

Characteristics of Scottsdale AZ

Scottsdale is known for hosting baseball spring training for the San Francisco Giants, Colorado Rockies, and Arizona Diamondbacks. With more than 200 golf courses in the area, it is also a popular destination for golfers.

Often referred to as a suburb of Phoenix, the average prices of a rental home in the area is about $400,000. However, this does vary depending on the area you are looking in. As an investor, you would expect to benefit from appreciation in value but not so much as far as cash flow goes. The higher purchase price in the area is what is going to limit your cash flow, so this will probably only appeal to the investors interested in appreciation of the property.

What types of renters are in the Scottsdale area?

  • Snowbirds – people that only live there during the Winter months
  • Retirees
  • People that work locally in tourism focused businesses.

When shopping for an investment property, you want to use the knowledge of Scottsdale property manager who knows the area, knows the rental market, and knows where to buy based on your goals. At Mynd, we have proprietary data that will help determine if this area is right for you. If it aligns with your goals, your property manager knows what areas rent faster and can help you find a good investment.

Hiring a Scottsdale Property Manager

Why should you hire a property management company in Scottsdale, AZ?

There are a lot of laws, rules, and regulations

Scottsdale property management services for your rental property

One of the most important jobs of a Scottsdale property management company is to make sure your property is protected while also ensuring the tenant is taken care of.  At the end of the day, you are in the customer service business, and your property management company can be that helpful,friendly face when dealing you’re your tenant(s). This includes things like

  • Getting back in touch with a tenant when they have a problem
  • Knowing who is responsible for fixing specific items when something breaks. Just because a tenant says something is broken doesn’t necessarily mean you are liable or responsible.  

Your Scottsdale property manager knows the local laws and how to handle situations when they arise with your property or tenant. They are well educated when it comes to know the laws and are better equipped to help you make smart, legal decisions about issues.

Pricing your home for the market is key to reduce vacancy

Just because you have been charging the same amount for years doesn’t mean it will rent for that amount today. Your rent must match the market. This could mean an increase or decrease from what you have charged in the past. Your property manager can provide you with a rental analysis to show you comparison numbers for your market and give you a better understanding of what you can expect to get in today’s market. Mynd offers a free rental analysis of your home. Setting the price right will help it rent faster. An overpriced rental runs the risk of sitting vacant month after month which costs you money in the long run.

 

Property managers deal with the contractors, so you don’t have to

When you are managing a home on your own, you need to make sure any contractors are licensed and insured, and are they charging you a fair price.  Your property management company has established relationships with quality vendors. Often, they can get a better price on work because of this long-term relationship they have with their vendors.

 

A property management company gives you back your time

You can be free of the late-night emergency maintenance calls and other interruption involved with owning rental property because your property manager will be taking care of this for you.  If you are a serious investor with multiple properties, these headaches are multiplied.  As you grow your portfolio, you will eventually be short on both time and knowledge. Hiring a professional property management company is going to give you your time back. Now you are free to do what you want while they handle any issues that come up. No more 1:00 am emergency calls!  They are better equipped with their vendor resources and knowledge of the laws to protect both your property and your tenants.

 

Not knowing the law doesn’t excuse you when it comes to tenant laws. If you do choose to manage the property yourself, take the time to educate yourself.

How Do You Accurately Set Rents in Scottsdale, AZ?

After purchasing your Scottsdale, AZ rental property, how do you determine what rent to charge?

 

Scottsdale AZ rental statistics

  • The average rental property in Scottsdale, AZ is 1440 sq ft.
  • Average rent (single family and multi-family) is $1648 per month
  • Occupancy rate (for Mynd in Scottsdale AZ) is 97%
  • Average days on market for the area is 120 days

 

If you were hoping for a 30-60 days on market turnaround, keep in mind the 120 days is going to effect your cash flow. You will want to factor that in your planning.

Getting market analysis numbers is important, and your property manager can help get you the numbers you need to make an informed decision on things like purchasing or setting rent.

 

Rental occupied vs owner occupied data

56% of the homes in Scottsdale are owner occupied. That means 46% of homes are rentals, and that is good news for you as an investor. If your property is in rent ready condition and priced right, it has a great chance of renting.

Growth in Scottsdale

Scottsdale has been experiencing about 8% a year while Phoenix is about 10%. That is good news for investors looking to purchase investment property for appreciation in value.

Take all the numbers and look at the big picture

Don’t focus on 1 set of numbers but instead look at them all to create a bigger picture.  The average house price in Scottsdale is $934,000 (about $326 /sq ft) . The national average is $330 per sq ft. That tells you that Scottsdale prices are on the high side. Expect to have little cash flow, but the advantage is going to be in the appreciation due to the consistent growth in the area.

 

What will your property rent for?

If you want a free rental analysis of your property, contact us at Mynd.  Not only do we offer property management services in Scottsdale, AZ, we have offices in 19 of the most rent able markets in the US, so we can help you increase your portfolio and net worth in multiple markets.

 

We can help you purchase and manage an investment property outside your current market. When you expand outside of your area, you will have a wider selection to choose from to find the properties that best fit your goals and strategies as an investor. The advantage is you can expect the same level of services across all our offices, and you only have to deal with one company for all your investment needs.  

Contact Mynd today.

 

 

 

 

View full post

Want to learn more?