Vacation Home Property Management

Vacation rentals are steadily rising in popularity as vacationers are drawn to a more relaxed home setting in a local atmosphere as a cost effective alternative to a single hotel room in a bustling tourist district. The market is swarmed with up and coming vacation rentals and it can be difficult to find a rental that is what it claims to be online, there are many horror stories of nightmare stays and unreasonable homeowners. Luckily there have been enough positive experiences for both homeowners and tenants to keep the bad apples from deterring this booming market.

WHY BOOK A VACATION RENTAL THROUGH A PROPERTY MANAGEMENT COMPANY?

The downside of finding and renting someone else’s home for a vacation is that you usually don’t see the property until after you have committed, paid and arrived. You have to trust that the homeowner is being honest about the condition of the home. It can be a gamble when you choose a home off of the internet. Is it clean? Is it secure? Safe? Do you feel comfortable sleeping in a bed or showering in a shower, trusting it has been properly cleaned? Vacation rental property management companies run vacation rentals more or less like a hotel to ensure renters are consistently pleased with the condition, cleanliness and efficiency of the renting process.

VACATION HOME RENTAL MARKETING AND BOOKING

Vacation home property management companies will make sure that the process of booking is simple and streamlined. A reputable property management company will handle the marketing, reservation booking, payments and dealings. This removes all interaction between homeowners and tenants bringing a professional, consistent and trustworthy standard to the more personal business of staying in someone’s primary residence.

WELL MANAGED VACATION RENTALS

Property management companies not only benefit the homeowners with their vacation property maintenance services, they benefit the potential vacationers as well. Booking through a property management company adds accountability and a set of standards that are lacking in their to the horror story counterparts of vacation home rentals gone wrong.

BENEFITS OF PROPERTY MANAGEMENT VACATION RENTALS:

Staying at a home rental for your next vacation can offer a more relaxed, cost effective alternative to a costly hotel room. Don’t take a chance on random homeowners that abide by their own rules and regulations, a professionally managed vacation rental will ensure that you don’t sacrifice quality and comfort. Consistently book top vacation rentals at a fraction of the cost when you reserve a Property Management Inc. vacation property.


Why Use a Property Manager

Purchasing rental property in NM is a smart investment and can be a significant source of residual income for property owners. However, property management can be an enormous undertaking that requires a great deal of time and effort.

Property management involves the process of finding and vetting quality renters, keeping properties occupied, setting and collecting rent, maintaining property and (sometimes the most challenging) keeping renters happy. If you don’t have the time to devote each month to property maintenance or the skill set and recourses to find and retain high quality tenants but still have the desire to invest in income property, consider hiring a qualified property manager with PMI.

At PMI we will alleviate the stress of owning and managing income real estate by streamlining the process and taking care of every detail for you.

FINDING AND KEEPING RENTERS

PMI knows the business of rental management and has the skills, insight and experience to find, vet and retain top-rate renters. Hastily filling a vacancy can have long lasting repercussions, the effort put into finding good tenants will pay off in more ways than one. Albuquerque looks for renters that will be on time and consistent with their rent, will maintain the integrity of the property and are less likely to dissent on contracts or provoke legal action against property owners.

RENT COLLECTION

PMI uses a software system that makes rent collection efficient and dependable. We take care of every detail of rent collection, making sure that your cash flow is consistent, reliable and on time. We ensure that you don’t have to deal with the, sometimes difficult, interaction with tenants in regards to collection of rent payments.

ADVERTISING AND FILLING PROPERTY VACANCIES

A rental property that sits for too long, draining resources, becomes a huge burden on property owners. With experience in marketing rental properties, PMI has the ability to effectively advertise property, network and fill vacancies as quickly as possible.

PROPERTY MAINTENANCE

One of the most difficult dynamics for tenants and property owners to navigate is property maintenance. Who is responsible for what and what constitutes necessary repairs or maintenance? This is where legality enters the equation. A property manager knows the ins and outs of legal requirements as well as common practice. Property Management Inc. provides property maintenance services that keep both renters and property owners happy.

PMI is skilled at ensuring that you are maximizing the profitability of your investment while taking care of every detail of managing your property, tenants and every aspect of running a successful income property. Call us today to learn more about streamlining your rental property management!


Increasing Curb Appeal

Increase the value of your rental property by making some aesthetic changes and following a few simple tips.

Check for concrete damage and consider making repairs. There are emerging low cost options, such as concrete lifting, to fix cracks and sunken concrete slabs as opposed to total concrete replacement. These small repairs do not break the bank and can add immense value to your rental property and will ensure that your property is up to code and will pass inspections.

A wood fence around your rental property is both beautiful and highly desirable for the privacy and security that it provides. The downside is that, if not maintained, weather exposure will cause the wood to warp, crack, decay and grey. Consider putting a fresh coat of stain or paint on wood fences or decks that are weathered and worn and replace boards that are damaged or warped. Doing this is a relatively easy way to give your property a noticeable makeover or prevent further damage.

Landscaping can make or break a property. Groom and trim all shrubbery, add new plants and make sure your grass is flourishing. An established, healthy and well manicured lawn is a huge asset to a rental property. Adding potted flowers is a simple, cost effect way to add a touch of color and warmth as well.

SOME MORE SIMPLE TIPS TO IMPROVE CURB APPEAL ARE:

  • Have a clause that renters must remove clutter from outside the home, keep bikes and other equipment in the garage and the garage door closed.
  • Replace molding and weathered wood chips or mulch.
  • Consider power washing siding, decks and front porches.
  • Add a pop of color, or freshen your current color, by painting your front door.
  • Catch the eye of quality renters by making your property as aesthetically pleasing and welcoming as possible from the outside. Maintain the value and integrity of your NM property by making it’s curb appeal a long-term priority. Call today for questions!


    Breaking the Lease

    Most tenants sign a lease for a year at a time. This ensures that for that year, a steady income can be counted on and decisions for either finding new tenants or continuing a lease can be thought out and planned on. This helps landlords rest easy in tenant stability for the most part. However, there are some circumstances in which a landlord should agree to release a tenant from the lease agreement without penalties.

    ACTIVE OR MILITARY RESERVE

    There are laws that allow military personnel to break a lease without any consequences or penalties. In some cases the law states that property owners are required to hold the property for military personnel while deployed. Ensure that you are up to date on your local laws and make sure you are prepared for these types of situations if you are renting to active, military reserve members.

    JOB LOSS OR TRANSFER

    If someone loses their job, try to be understanding. It is in the best interest of both parties to let the tenant go in this case. If a job transfer takes the tenant far away from the rental property, there is really nothing to be done. Most likely this was out of the tenant’s control and almost any judge would grant the tenant a void in the lease if it went to court.

    EXTENUATING CIRCUMSTANCE

    Nobody plans for bad things to happen when they sign a lease. Hard times happen almost always unexpectedly and can lead to life changing and financial hardships. Divorce, death, serious health conditions and financial crises should be looked at with an understanding perspective. Nobody going through these real tragedies should have to fight to be released from a lease early.

    If a tenant is trying to be released from a lease for silly reasons, it is absolutely within your rights to have penalties. This will help deter them from leaving simply because they want to, and don’t need to. They signed the lease knowing it was for a year, or however long the agreement states, and they should be expected to uphold their side of the agreement. Always keep open lines of communication with tenants so that they feel comfortable coming to you with issues.

    Contact our office to find out more about the subject of breaking a lease.


    How to Manage Security Deposits

    Property managers should always require a refundable security deposit in residential property management properties. This deposit should be kept in a separate account for trust or escrow funds and will be returned to the tenant in part or in full once the tenant has moved out. Security deposits are often the most hostile subject between property managers and tenants and property managers can take steps to prevent security deposit disputes, educate tenants and ensure that security deposits are used correctly and not abused. Taking these steps will also protect property managers against potential legal action.

    1. KNOW THE STATE LAWS

    Property managers should educate themselves and their tenants on the state laws regarding security deposits. These regulations can determine the security deposit amount, the handling of the security deposit, the timeframe in which a security deposit is to be returned as well how what constitutes as an allowable deduction.

    2. DOCUMENT, DOCUMENT, DOCUMENT

    Before a tenant moves into the property, walk through it with them and thoroughly document any damages to the property by either recording or taking adequate pictures. Do the same upon the tenant terminating their contract. Documenting the condition of the property before and after the tenant has occupied it will be one of the greatest defenses against security deposit disputes.

    3. SECURITY DEPOSIT DEDUCTIONS

    Most states have regulations as per what can and cannot constitute a security deposit deduction. Normal wear and tear to the property can not be deducted from the deposit, however damages can be. Deductions can also be made if the tenant breaches the contract or fails to pay rent.

    Security deposits can protect both tenants and property managers if they are handled correctly and can cause contention, legal issues and headache if they are not. Remember that security deposits are not additional rent and serve only to ensure that, in the event of property damage or missed rent, the property manager is able to cover the cost. The allure of receiving the security deposit upon leaving will also drive most tenants to properly care for the property, consistently make rent payments and avoid violating the contract. Certified property managers at Property Management inc actively maintain properties and communicate with tenants to keep them happy and cooperative, properly handling a security deposit can be the single most important step in this process.

    To find out more about managing security deposits, contact our Property Management Inc. office.


    Winterizing Your Rental Properties

    During these cold winter months it is important for property managers to winterize rental properties. Taking these simple steps will help prevent common weather related damages to rental properties. Spending money on preventative measures will always pay off when major costly damages are avoided.

    1. ADJUST THE THERMOSTAT

    Remind tenants to keep the thermostat on when away from home during cold winter months. Have them set the thermostat to about 55 degrees, this will prevent pipes from freezing.

    2. TURN OFF WATER IF THE PROPERTY IS VACANT

    Water damage can strike without notice and leave a devastating path of destruction. Severe storms and floods often leave property owners with problems such as mud, moisture, standing water, and mildew. Shutting off the main water valve, draining pipes and toilets and adding non-toxic antifreeze to toilets can prevent leaking/bursting pipes and flooding.

    3. CHECK REGULAR MAINTENANCES

    Have the HVAC system professionally checked and remind tenants to regularly replace air filters or arrange to have them replaced.Regularly check on vacant properties to ensure that damage has not occurred or that hazardous situations have not popped up.Clean chimneys, have the roof inspected and check for overhanging or broken branches that need to be trimmed. Consider contracting with a snow removal company or remind tenants to use proper snow removal techniques.

    Unexpected damage to your property can be an extremely overwhelming experience, especially during the holiday season. A good property manager will stay ahead of issues by being aware of potential problems and taking steps now to prevent costly damages in the future.

    Contact our Property Management Inc. office, to find out more about the subject of winterizing your rental properties.


    Four Things That Will Keep Your Renters Happy

    A happy, responsible renter is like gold, and — as with any treasure — you don’t want to lose it. If you want to enjoy long relationships with your tenants, follow these four tips for keeping them happy and ready to renew that lease.

    1. NO SURPRISES

    The best way to ensure a lasting renter relationship is to start out with everyone on the same page. Provide a clear rental agreement that outlines your responsibilities as well as those of your tenants. Make sure they understand policies about smoking, pets, and other important issues before they move in.

    2. BE RESPONSIVE

    Make yourself available. Provide renters with more than one way to contact you. Texting is the way of the modern world, so make that an option. Respond to emergencies immediately and to all other inquiries within 24 hours. If you say you’re going to fix something, do it in a timely manner.

    3. GET PERSONAL

    Take the time to get to know renters’ names, including pets (if allowed) and children. A calendar reminder to send a birthday card is an easy way to let your renters know they’re valued. If you have tenants who are never late on rent and keep your place looking great, surprise them with a thank you note and gift card.

    4. SHOW RESPECT

    Renters view your property as their home. Show them the same consideration you would expect when it comes to visits, inspections, or other reasons you may need to make an appearance. Give them a heads-up and set an appointment to show that you respect their time and privacy.

    There may be no magic answer to keeping renters happy, but these four suggestions are a pretty great start. It only takes a little bit of forethought and conscientious effort to create a positive, mutually beneficial tenant relationship that will make them happy to renew that lease again and again.

    To find out more about what will keep your renters happy, contact our Property Management Inc. office.


    3 Steps For Managing Security Deposit Refunds

    Having tenants in our rental properties can be great things when we go through the proper suggested tips to find the perfect fit, but just like in anything, there can be ups and downs. Sometimes we find ourselves in situations that are not ideal and we have to start asking bigger questions such as “What do we do from here?” and “What about the security refund deposit?” By following these steps, we can help you make the best decisions when it comes to your struggling tenants and their security deposits.

    1. DOUBLE CHECK TO MAKE SURE DEDUCTIONS QUALIFY

    In some states, they allow you to use the security deposit refund towards the damage which would be considered more than just normal wear and tear. This is the case in states such as Connecticut and New York. In other states, such as Indiana, this is not allowed. So most importantly, make sure that the security fund is able to be used towards something useful if necessary.

    2. BE SURE TO DOCUMENT ALL DAMAGES

    At your first walk through inspection, you will be able to clearly see what needs to be done, but as important as it is to walk through and go through the checklist, it is equally important to document all of these things findings. If possible, arrange a time with the tenants that you are able to go through it together and make the list together to reduce the possibility of deposit disputes.

    3. CREATE A LIST OF ALL DEDUCTIONS

    Along with documenting everything from the inspection walk through with the tenants, make sure to create a well managed list of the deductions. The items should be written and clearly state how to deposit will be applied back towards things such as rent, cleaning, and other financial requirements which have been stated in the signed lease agreement. Also make sure to include the invoice for repairs and all required receipts.

    In all cases, follow the state requirements and laws and handle the tenants security deposits in the best possible way. Not every tenant will be happy with the outcome, but knowing that you did the best thing possible will leave you with the peace of mind.

    Contact our Property Management Inc. office, to find out more about the subject of managing security deposit refunds.


    Importance of Association Management Meeting Minutes

    Meetings are rarely on anyone’s list of favorite things to do – and keeping meeting minutes is even worse. However, timely, accurate minutes are important, especially if decisions are being made about your home and community. Ideally, after the conclusion of an HOA meeting, minutes detailing what was discussed and any decisions that were made will be submitted to the HOA board leadership who will approve the minutes and disseminate them to all relevant parties.

    Unfortunately, that’s not always what happens. Some HOAs are better than others at capturing the important information from a meeting and making sure that info gets to all HOA members, whether they were able to attend the meeting or not. If you’re not sure whether your HOA meeting minutes are up to snuff, here are five must-have elements that will instantly upgrade their quality (and make things easier for the minute taker).

    1. USE AN AGENDA:

    It’s nearly impossible to turn out quality meeting minutes if the meeting was disorganized and poorly planned. Make sure each meeting has a clearly outlined agenda that includes all old business that needs to be reviewed, new business that needs to be addressed, and leaves room for questions and additional items that may come up.

    2. FOLLOW A TEMPLATE:

    The best way to ensure that all relevant and required information is included, is to use a standard template for your meeting minutes. At a minimum it should include the date and place of the meeting, the members present, and follow the outline of the meeting agenda. All motions need to be noted, and any resultant decisions included.

    3. TRACK THOSE MOTIONS:

    It’s already been mentioned, but one of the key requirements of HOA meeting minutes is that they accurately track all motions that are put forth and whether or not they are approved. Some states have specific requirements for how this information should be presented, so be sure to find out if there’s a certain format you need to use.

    4. INCLUDE FINANCIAL INFO:

    Meeting minutes are a record of the official business conducted at the meeting. One of the most vital aspects of official business is the review of financial statements. The current balance on any accounts, a review of monthly expenses, and the status of collected HOA fees should be the minimum of what is included. Other items to address may be upcoming expenses or any potential owner assessments that may be pending.

    5. GET A QUORUM:

    Without the requisite number of members present, any meeting held will not be valid. Before you go to the work of establishing an agenda and painstakingly recording information, make sure that a quorum is present. A quorum is the minimum number of members present to conduct official business. If you’re not sure what establishes a quorum for your association, consult the by-laws – and make sure all meetings meet the requirement.

    Put these principles into practice for your next HOA meeting – and don’t hesitate to reach out to our team of experts if you have questions or want more information about successful HOA meetings and minutes. Contact PMI today to find out more!

    To find out more about the subject of association management meeting minutes, contact our Property Management Inc. office.


    Why Conduct Regular Inspections of Your Rental Properties

    If we didn’t trust our tenants, we probably wouldn’t rent to them, but when it comes to your properties and the protection of their value, here are 3 reasons as to why it is a good idea to conduct regular inspections of your rental properties. First, to confirm that no illegal activity is taking place. Second, check and see if any repairs or maintenance need to be taken care of and third, doing this can preserve the value of your property to insure that all things are in good shape.

    The most well known issue in illegal activity in rent properties is the consumption of illegal drugs. As a landlord, you may be under a contractual duty to report the use of illegal drugs. If you discover legal activity taking place in your rental properties and do not report it, you could be facing fines, criminal penalties, legal justice, and rental property value can drop. For this reason, it is important to do regular inspections and finding the right tenants for your rental properties.

    Another large factor to keep on your checklist of inspections of your rental properties are repairs and maintenance. If your property is not properly taken care of, it could cause harm to a tenant or a tenant’s guest and lessen the property value. There are several things that you should check to make sure that your rental property is staying in ideal condition. When it comes to repairs, here are a few of the most common for rental properties: repainting, gutters, leaks, plastering, broken windows and minor roof repairs. The similar things are present when it comes to maintenance: weather proofing, heat, water, electricity, clean premises, etc.

    By follow simple procedures and conducting a regular inspection of your rental properties can help maintain the value of your property and keep the tenants safe. Contact PMI today!

    Contact our Property Management Inc. office, to find out more about the subject of regular inspections of your rental properties.

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