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
Adding residential rental properties to your investment portfolio is a smart, steady way to increase your annual financial return. Albuquerque and Rio Rancho property owners are seeing a continual uptick in rental rates for single-family homes.
Can You Handle These Property Management Challenges?
If you've never been a landlord before, then you need to know what's involved and why local residential property owners turn to Tyson Properties for help. Managing a rental home requires a reliable level of response throughout the duration of a lease.
These are just a few of the things you can expect to face when self-managing your first residential rental home:
- Phone calls from tenants in the middle of the night
- Unexpected plumbing emergencies
- Broken appliances
- Unpaid rental payments
- Ongoing repair requests
- Tenant HOA violations
- Court filings
- Managing the application process
- Requesting criminal background checks for all applicants
- Ongoing property viewing
- Rental advertising
- Following federal housing regulations
- Following state and local landlord laws
Buying More Rental Properties Means More Of Everything
When you add multiple investment properties to your growing portfolio, you have the opportunity for an even greater financial return. You also multiply the challenges of being a New Mexico landlord. Handling home rental property management in Albuquerque and Rio Rancho is our specialty. Our company is fully licensed, and our managers are trained to deal with all kinds of property issues.
We Solve Problems for Landlords
Managing your rental home does not have to be a challenging experience unless you want it to be. Engaging our team of knowledgeable property managers can actually make the landlord process fun. We're here to handle the emergencies and challenges while depositing rental income into your bank account.
Don't get stressed about late rental payments or ongoing tenant problems you have no control over. We don't get paid unless your property is rented and earning rental income. Working with Tyson Properties is convenient and safe. We're diligent about improving our processes and ensuring the technology we use is current and beneficial to our owners and tenants.
Having a professional management firm handle your landlord operations can ultimately raise the profitability of your real estate investments. Find out more about managing your rental home with Tyson Properties by calling 505-323-2104 today.
Lots of people have financial goals tied to income from rental property. It’s often viewed as an easy way to create wealth and cash flow but the truth is it can be hard work.
Whether you currently hold income generating properties in your real estate portfolio or you've been thinking about becoming a landlord, we can help you make sure you've got your management skills and financial goals under control
Start with these six rules to help eliminate beginner’s mistakes:
Make a plan. Remember your rental homes are a business. This is not the time to “wing” it. You need to be able to pay the taxes, insurance, mortgage, maintenance, and manage potential cash lag between tenants. Jumping in without a plan could damage your credit and financial status in the long run.
Shop judiciously. You don’t have to love the rental property, you just have to identify it as a good investment. Establish a budget and a list of criteria for what you’re looking for and stick to it. Look for marketability when purchasing (location to shopping, schools, freeways, grocery stores, number of bedrooms and bathrooms, garage, central air and heat, age of the building) and add curb appeal after the fact.
Make sure you’ve got cushion in your cash flow. Create a cash reserve that’s specifically for your rental properties. Don’t let cash flow keep you from making needed repairs. You must be able to maintain your properties if you intend to attract tenants that pay on time. This is true whether you manage your own properties or you’ve contracted with a property management company.
Don’t try to do it “all.” Rehabbers like to think they can get it all done by themselves. However, creating a strong team of contractors and vendors that can provide you with timely turnarounds and reasonable pricing can help you get things done faster. The faster it happens, the sooner you’ll see a return.
Understand local housing codes, landlord laws, and federal fair housing requirements. If you don’t know what is required of you, you could get into serious trouble with local authorities. Most cities have housing and municipal codes that impact landlords, and the information is easy to find online. Federal housing information is also online.
Be ready to communicate with your tenants. If you don’t want to deal with calls in the middle of the night, collecting rent, or screening potential tenants, then hiring a knowledgeable property manager is the way to go.
Buying a property that needs some fixing up is a great way to get started, but you don’t want to overspend for the neighborhood or general area. Do your research in person. Each state and city responds differently to economic changes. Find out what’s happening in the areas you’re interested in. Talk to renters, other investors, and property managers about the best places for renters.
Thanks to Svilen Milev for the image.
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