Property Management Blog
Want to Lease Your Home? What You Need to Know
Best Months to Put a Home on the Rental Market in Albuquerque
Putting your home into the local rental pool could reap a more immediate response during certain months of the year. Because each home is unique, and that means many factors are part of the property assessment, there’s certainly no concrete answers here.
Recently renovated and updated single-family homes are typically easier to lease no matter when they are listed. However, there are particular points in the calendar year that are easy to identify as times where people “move” more often. And these months can be pure gold for a landlord.
Rental Months That Work Magically in Albuquerque
Perfect months for rental home listings are May through September. It’s summer and lots of folks are on the move for many reasons. Mom or Dad may have changed jobs. The family may decide they want to live in a different state. It may be time to retire. People’s schedules are typically open during the summer, so relocating is easier for them to manage.
When people move to new locations, they may wait on purchasing a home and rent a property instead. This is good news for landlords in general. It keeps a steady flow of potential applicants knocking at your door.
Double-Down on Rental Potential: What’s the Renter Looking For?
You can improve your home’s rental potential by ensuring you meet the basic needs of the folks looking to rent. It doesn’t take much to identify key areas on a renter’s wish list. You can help the rental process along by addressing these points:
Is your rent in line with the current market? A renter may be trying to save money and looking for something competitively priced. They’ll be looking in your community and comparing the size of your home, its amenities, and the rental price with other properties. If you put the rent at a price that’s higher than other landlords providing the same type of home, you can lose out.
Are you willing to build a great relationship with your tenant? Respond to repair needs or concerns quickly and efficiently, and your tenants are likely to stay longer.
Is your property clean and does it have newer appliances? Grunge in the corners, broken or chipped tiles, and old appliances are all things a potential tenant will notice and could use as criteria for rejecting your property.
Have you updated your property recently? Updated properties with fresh paint, carpet, and countertops are more dazzling to a renter.
Is the home in a good location? Renters want an easy commute to work, school, and recreational areas.
Tyson Properties is the leading local property management company in Albuquerque. Call us today to find out more about placing qualified tenants in your single-family property. 505-323-2104
Making Your Investment Last: Replace Items Inside Your Rio Rancho Rental Home
It’s just part of life. Appliances, blinds, and flooring in rental homes eventually wear and breakdown. The life expectancy of each item can be estimated. Remember, your rental home is a long-term investment. Refreshing its interior and exterior on a regular basis sends a strong message to tenants and future applicants. If they see you caring about the home, they’re more likely to treat it with care, also.
As the property owner, you should be keeping track of the installation dates for the major items you’ve installed both inside and out. Having a plan in place to pay for replacement is smart.
Establishing a savings account specifically for replacement items and repairs is a good place to begin.
Purchasing and installing new items during specific times of the year can help alleviate a stream of ongoing issues. For instance, make April the month you replace necessary appliances and September the month you replace flooring, blinds, windows, doors.
Maintaining items annually can reduce surprise breakdowns and costly repairs.
How long should items last?
Replaceable items have a life expectancy that can be figured either by referencing the manufacturer’s specifications or turning to an authority’s recommendations. A licensed property management company, professionally licensed repair and installation vendor, or a government organization such as HUD can be good resources for this type of data.
In general, mini-blinds should be replaced every two years. Carpet and paint should be updated every seven years. The reason these items need replacing so soon is because the materials they are made of breakdown easily with continued use.
How long do electronic appliances last?
Kitchen and laundry appliances, air conditioning systems, heating systems, and hot water heaters last far longer than mini-blinds. This makes it especially important to purchase appliances made by trusted manufacturers. They are generally covered by a good warranty period which can help defer costs if a replacement product is needed.
On average, most home appliances, such as stoves and refrigerators, last about 5 to 10 years. The actual timeframe will depend upon how well they’re maintained. Remember, not everyone treats their appliances the same way. The more tenants who handle the appliances, the more likely it is you’ll have to replace them in five years. Of course, premium appliances are made to last longer, but they also cost a lot upfront.
Not sure if it’s time to replace an appliance?
No one likes to spend money if an appliance can still operate safely after a repair. However, sometimes it makes a lot of sense to replace rather than fix broken appliances. When you’re on the fence about replacing, here’s how to make a decision. If the cost of a repair is 50% or more of the cost to replace, replace it.
Tyson Properties manages single-family homes for in- and out-of-state landlords. We’re a Better Busines Bureau accredited company, and we follow U.S. Fair Housing Laws.
For more information regarding the management of a rental property and how Tyson Properties can help you profit from your investment, call us at 505-323-2104.
How to Find Great Albuquerque Tenants for Your Home Rental
Near flawless credit scores may not tell you the truth about a potential tenant. While an exceptional credit score is certainly important, it isn't the only sign of a applicant's stability. If you place too much emphasis on a credit score and not the other data included in the credit report, you could miss a great tenant for your Albuquerque rental property.
What's in a Credit Report?
Credit Reports can contain late payment information on credit cards, store credit accounts, and car payments. They can also include the person's social security number, previous residential addresses, and any past and current employers.
When considering the report's information, it will be necessary to verify employment, previous rental history, and phone numbers. Credit reports aren't complete records and don't tell the whole story. Many landlords don't report late rental payments, and other tenant issues aren't found on a credit report.
What Else Do You Need to Ask the Applicant to Provide?
Look for other equally important information by requesting documentation regarding employment, rental history, and criminal records.
Employment indicates whether the applicant has the money to pay a regular monthly amount for rent. Current pay stubs should cover a previous amount of time, such as one to three months. Asking for a supervisor's name and phone number may make sense, too.
Rental history or mortgage payment history might be included in the credit report. If not, request addresses of the last several rental properties or properties owned (Yes, people who rent may have formerly owned a home just like you.) and the landlord's name and phone number. You'll want to verify actual ownership of the property through county property records.
A criminal record report is different than a credit report. There are companies who can provide you with both a criminal report and a credit report. Most criminal reports include a photo of the offender, the dates of the offense, a legal description of the offense, and information about conviction. Sex offenses, sexual or physical abuse, and violent offenses are all reasons to refuse an application.
Legal Reasons You Can Reject an Applicant
Landlords are not required to provide housing for people who have histories of violence or criminal activity. Other information may be revealed during the application process that lets you know the person isn't a good fit.
You can legally pass on an applicant because they:
Don't make enough income: Typically, apartment rental applicants must prove they make 2x the amount of rent to become a tenant. In the single-family home rental market, it's usually 3x the amount of rent. Property management companies often use a predesignated formula that uses all financial data, not just income, to make a final judgment about financial capability.
Smoke: No smoking is a typical requirement for tenants in both apartments and homes. Nicotine and marijuana smoke permeates drywall and construction materials and can ruin the value of a home.
Can't prove income: Once you have the pay stubs in hand, you'll want to verify them with the HR department of the company that employs the applicant.
Have arrest records and criminal convictions: Any violent or questionable activity such as vandalism, arson, trespassing or theft are reasons to reject and applicant. Convictions for murder, assault, rape, or abuse should automatically result in a rejection.
Have a prior eviction or a history of not paying rent on time: Previous landlords can tell you about past rental history. Sometimes the credit report will reveal information that alerts you to an ongoing tenant issue.
Incomplete applications: You can't be certain about an applicant if they aren't forthcoming with personal information.
Making a Final Decision Based on the Data
If the person has missed a few payments in the past, but has corrected the problem, they could still be a good tenant.
It's important to follow all federal housing regulations. This includes meeting federal guidelines for private rentals and not just public housing.
Discrimination on the basis of gender, sexual orientation, race, color, national origin, religion, disability, or marital status is against the law.
We find awesome tenants!
At Tyson Property Management, we work with our applicants to ensure an accurate picture of their ability to pay comes forward during the screening process. Stable income and a history of paying rent on time are important factors we review. Tenant screening requires an attention to detail and the gathering of complete information. Our property management professionals are skilled at finding and managing tenants for our property owners.
Find out more about why owners choose Tyson Property Management to take care of their real estate investments. Contact us today 505-323-2104 to speak to a Albuquerque property management specialist about your landlord needs.
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