Hiring a property management company in Albuquerque is one of the best decisions you will ever make as a real estate investor. Unfortunately, many landlords like you in Albuquerque are not knowledgeable about what real estate management firms do. It is not uncommon for some rental property owners to think that property administrators’ primary responsibility is to collect rent from tenants. On the contrary, their responsibility is more than that.
Of course, the main responsibilities of property management companies are to manage all the tasks delegated to them by the owners of rental properties. But that doesn’t mean you can delegate the task of mishandling your tenants to house management service providers. That’s unethical, and no company that offers property management services in Albuquerque will help you with that.
So, if you plan to hire a licensed property management team in Albuquerque, here are the tasks that you can tell them to carry out for you as a landlord or real estate investor.
Collecting rent
Rent collection is one of the most obvious tasks of rental property administrators. Many landlords often think this task is easy. But it’s not. Firms that offer these management services in Albuquerque spend a significant amount of their time reminding tenants to pay their leasing fees on time. However, that’s not all that they do. They also give tenants the flexibility to pay their rent using different payment options. Some tenants may want to pay their rent in cash, while others prefer electronic payment methods such as PayPal and Apple Pay. It’s often the case that many real estate investors don’t have time for such responsibilities, and they prefer to hire the service of a property manager.
Determining the rental price
An ideal rental price should be not only profitable for the owner of rental properties but also affordable to tenants. Most reputable real estate professionals know this. They also know that if the lease fee is too expensive, no one will want to rent the space. So, they use the location and the properties’ amenities and other property market data to come up with the best marketable rental price for your rental properties. This ensures that all the vacant spaces on your property are filled within a shortly after they are vacant.
Sourcing and screening tenants
Apart from determining the rent price, real estate managers help their clients to fill vacant spaces and screen out problem tenants. Filling a vacant space requires a lot of marketing efforts. Firms offering property management are highly adept at using social media ads and other traditional marketing strategies to target potential clients interested in renting your properties. They also help landlords like you to verify the rental history of applicants, making sure prospective tenants have the financial and behavior qualities to pay the agreed rental fees on time and take care of the property properly.
Handling evictions and process move-out
Property management professionals have a team of real estate attorneys they consult whenever they want to evict tenants that default on their rent. They also conduct move-out inspections to ensure that evicted tenants do not damage the rental unit or steal furniture or appliances on the property. It is also their responsibility to charge evicted tenants for any damages found in the rental unit.
Maintaining and repairing properties
Property management firms can help owners of rental properties to provide rapid and responsive customer services to tenants. The truth is most real estate investors don’t have the time to deal with tenant maintenance calls. They can get irritated and frustrated when their tenants call them at odd hours to report the damages that need to be fixed urgently on the properties. Some landlords don’t even want their tenants to know them, let alone have their contact information. So, they prefer to enlist the help of firms offering real estate management services.
By using property management companies’ maintenance and repair services, you will have zero worries about any potential and existing damage to your property. They will ensure that your property and its surroundings are well-maintained. No matter the complexity of maintenance repairs needed, professional companies that provide property management services are up to the task.
Handling tenant complaints and issues
It is not uncommon for one tenants to dislike or have issues with each other. When tenants are at loggerhead with other tenants over how to use or manage the property and its surroundings, it is the responsibility of property management companies to resolve the dispute and ensure that every tenant is happy while using the property.
Bookkeeping
Property management service providers are known to provide bookkeeping services for their clients. They help real-estate investors to prepare their financial statements. By preparing an income statement, a balance sheet, a variance analysis, and a statement of cash flows, rental management professionals can help landlords gain insight into their commercial properties’ financial performance. Apart from tracking the financial standing of a rental property, they can also help real estate investors like you to manage the budget that reflects the financial goals of your rental properties.
Drafting, renewing, and signing lease agreements
Real estate managers in Albuquerque have strong expertise in commercial real estate laws. That is, they know the legal obligations of a landlord. Their knowledge of landlord-tenant laws can help landlords like you to draft, renew, or sign lease agreements. This service will not only help you to reduce your legal fees, but it will also assist you in avoiding any breach of judiciary duties and other real-estate liabilities.
Bottom Line
Hiring a professional management firm in Albuquerque is a must if you are a commercial landlord or a real estate investor with property in this city. Doing so will help you mitigate liability, lower maintenance costs, get quality tenants, and fill vacancies faster.
Even though hiring a property management company has many benefits, it is not easy to find a suitable one in Albuquerque. That’s why we recommend Keyway Properties Inc. This property management service provider in Albuquerque can help you carry out all the tasks mentioned in this article. Plus, they have an excellent team that takes pride in meeting your property management needs and exceeding your real estate management expectations.