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March vacancy closes out at 2.85% vacancy

Our vacancy rate continues to remain low. We’ve increased some rents and removed move-in incentives and have continued to rent units up. We’re using our weekly traffic reports in determining which properties need the incentives. For example, we have properties located off Orchard. They are very reasonably priced, so we are getting tons of calls and above average showings. However, because the streets and nearby bridge is under construction, it seems to be deterring some tenants. So we recognized that and made some changes.

Imitation is the greatest form of flattery
Years ago I found a local company that copied several pages of my website word for word and the only changes were their logo and colors. Recently we just took over management of some properties from another property manager and their lease was almost an exact copy of our lease. In fact many of their forms were obvious copies. In the past I have always thought the more that use my forms the more professional our industry would become. Well, I stand corrected. This company copied our stuff, but didn’t understand the purpose or the intent of many of the terms, so in this case, their forms may look more professional, but their business practices certainly did not help to improve the image of the property management industry.

Certified Residential Property Management Company
At the end of February, First Rate Property Management successfully passed our Certified Residential Property Management Company (CRMC) audit with the National Association of Residential Property Managers (NARPM). We officially should have our designation by the end of April. A good portion of our staff will attend the NARPM National Convention in Seattle, WA this October to walk across the stage and share in the glory. They worked hard for many years to get the infrastructure set up to pass this 100 point inspection and two-day audit. If you are curious in the things they check, feel free to check out the Certified Residential Management Company Checklist to see all of what they checked for. We’re really pleased to be one of only two certified companies in Idaho and I truly believe that this proves that we are a cut above rest. Don’t get me wrong, there are a number of companies out there that are dedicated to education and ethical practices, but so many of our property managers in this area are not and they do bad things to hurt the reputation of the industry.

Tony’s travel schedule
This year I am sitting as NARPM’s President-elect. This does require some travelling and April is my most demanding month. After the 9th of April, I will be pretty much gone for the remainder of the month. It would be great if you could rely on the staff to assist you, but if you ever need my input, just email. Please allow a couple of days for me to respond.

Tony Drost
Boise Area Rental Market

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