This month, we delve into the critical decision-making process surrounding property presentation: should you opt for self-showings or personal tours? Both methods have their merits, and understanding the nuances can greatly impact your leasing success.

Self-Showing: Convenience at the Tenant's Fingertips

Self-showing technology has revolutionized the leasing process, offering convenience and flexibility for both property managers and prospective tenants. Here's why its adopters believe it is worthy of consideration for your properties:

1. 24/7 Access:  Self-showing platforms empower prospective tenants to view properties at their convenience, eliminating scheduling conflicts and allowing for more flexible viewing hours.

2. Efficiency:  With self-showings, property managers can streamline their operations by automating the showing process, reducing the time and resources required for in-person tours.

3. Increased Reach:  By offering self-showings, you open your properties to a broader audience, including individuals with busy schedules or those relocating from out of town.

Personal Tours: The Human Touch

While self-showings offer undeniable convenience, personal tours provide a personalized experience that can significantly impact a tenant's decision to lease. Here are the advantages of personal tours:

1. Relationship Building:  Personal tours allow property managers to establish rapport with prospective tenants, addressing their concerns in real-time and providing valuable insights about the property and neighborhood.

2. Quality Control:  Personal tours enable property managers to ensure that tenants experience the property in its best light, highlighting its unique features and addressing any maintenance concerns proactively.

3. Closing the Deal:  The personal touch of a guided tour can instill confidence in prospective tenants, increasing the likelihood of lease signings and fostering long-term tenant satisfaction.

Finding the Right Balance

There also are drawbacks to each approach. Saftey concerns can be applied with either option. There's the safety of confirming the property has been properly secured, compared to the safety of meeting someone in a vacant unit. Ultimately, the decision between self-showings and personal tours is owner-specific and depends on various factors, including property type, location, and target demographic. Consider the following tips when determining the best approach for your properties:

1. Know Your Audience:  Understand the preferences and expectations of your target tenants. Some people may appreciate the convenience of self-showings, while others may prefer the personal touch of guided tours.

2. Utilize Technology: Leverage technology to enhance the personal tour experience, such as virtual reality walkthroughs or video calls for remote viewings.

3. Flexibility is Key: Offer both self-showing options and personal tours to cater to a diverse range of preferences. Flexibility demonstrates your commitment to customer service and increases the likelihood of attracting quality tenants.

In conclusion, both self-showings and personal tours have their place in the modern leasing landscape. By understanding the unique benefits of each approach and finding the right balance for your properties, you can maximize leasing success and provide an exceptional experience for prospective tenants.

By Danielle Costa

On January 1, 2024 the Fed requires LLC’s and corporations to file with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) identifying individuals who have “substantial control” over the entity, or individuals who own or control at least 25% of the entity’s ownership interest.  This would require every existing LLC that holds rental property to file this form by 1/1/2025.

I am told that this law was enacted to identify illicit financial activities, such as money laundering.  Is it an essential step towards accountability and transparency or an additional burden for business owners?

I found this process to be challenging, when I attempted to file one of my simplest of LLCs, where Stacy McBain and I are 50/50 members. The website https://www.fincen.gov/boi offered 2 ways to submit our information.  Unfortunately, I received page load errors on the first option and proceeded to the 2^nd option, which was a web interface that does not save your work, so once you start, you either complete, or you back out and have to start over again.

I either missed something or the website failed to ask for multiple owners. Therefore I will have to return and correct my filing. The requirement to upload personal information, including driver's licenses, via an online raises concerns about data security and privacy. It did not ask for my SSN and if it did, I was prepared to abandon my reporting.

CPAs are prohibited from assisting with filings, which I believe adds another layer of complexity. While legal firms are exploring avenues to provide this service, the intricacies of LLC structures, especially those with tiered memberships, amplify the challenges. The penalty for not filing is $500 per day up to $10,000.

In essence, I believe that the Feds see this as a way to fortify financial oversight and integrity, but its implementation seems lacking to me.  Is this a necessary step towards transparency, or does it represent an overreach by the feds? 

Tony A Drost

Swope Investment Properties

Your Boise Investment Properties Team

There was only one sale in December

There were no sales in November, and only one fourplex was sold in December. The fourplex that was sold in December was not a typical fourplex; it was more like two townhomes with their own Accessory Dwelling Unit (ADU). However it was nicely finished and located in downtown Eagle.

Trailing 6 Month Averages:

Days on Market:          46.1

Gross Rent Multiplier:  180

Cap Rate:  4.64%

Data analyzed by Tony Drost, referencing the Intermountain Multiple Listing and Ada County Fourplex activity.

Last year ended with a dip in Ada County median home sales prices, bringing the total change in median home values to less than 1%! It was .9% in resale homes and -.7 (down) in brand new homes. The number of homes sold was down 13% from the previous year, but pending deals went up 13%, possibly paving the way for a strong start to  2024.

 Ada County has provided a couple extra graphs showing values over time…enjoy!

In Canyon County, the median home sales prices were up 8.2% in resale homes, but down 2.9% in brand new homes, bringing the total change in median home values to less than 5.1%. It was .9% in resale homes and -.7 (down) in brand new homes.  Both the number of homes sold and inventory were down in the 30% range, creating a demand for resale homes. December’s slight bog in days on market, particularly in brand new homes relieved some pressure. Pending deals went up in resale homes for the first time in four months which will boost the upcoming closed sales in the 2C.