Albuquerque is the place to be if you want to invest in a rental property. Around 95% of rental units are occupied by paying tenants. Owning a rental property in the Duke City is a great way to grow your investment portfolio and passive income.
Managing rental units is complex, especially if you own more than one. Rental property management can be more difficult if you don't live in the same area as your properties. Hiring a property management company will ensure your rentals and tenants are taken care of.
This guide will discuss the top five signs you need to partner with a property management company in Albuquerque. Make your life easier and focus on the things you enjoy doing instead of devoting your free time to managing your rentals.
1. You're Stressed Out
Managing rental properties doesn't fit traditional "nine to five" employment hours. Many landlords need to be available 24/7 to handle emergency property maintenance issues. There are other issues you might have to deal with, including:
- Collecting rent payments
- Handling tenant complaints
- Rental property inspections and turnover
- Applicant screening
- Marketing and leasing vacant units
These tasks, on top of your other work and family obligations, can quickly pile up. Your stress levels will increase, decreasing your overall happiness.
2. You Don't Live in the Same Town
As we mentioned earlier, some property owners don't live in the same area as their rental units. You might live in Taos but have a rental property in Albuquerque since the rental market is better here.
It can be challenging to stay on top of your units if you have to drive several hours to get there. On top of that, you'll face hotel and gas costs every time you have to visit your property. All of that extra driving will take time away from your family.
3. You Don't Know Local Rental Laws
Rental properties are subject to many laws. These regulations can include:
- Local
- Federal
- State
Your rental property needs to comply with the above laws. Failing to do so can result in headaches and potential legal issues. Here are some examples of some rules you might need to be aware of as a landlord:
- Security deposit return and limit guidelines
- Adhering to building codes
- Fair Housing Laws
4. It's Hard to Find Good Tenants
Being able to find good tenants includes more than simply running their credit score. You need to have a solid tenant screening process that weeds out potentially bad renters from the good ones.
It can take a lot of time to attract high-quality tenants. Once you've compiled a list of ones that might work for your unit, you need to interview them. Many landlords find it time-consuming to thoroughly screen potential tenants.
5. You Want a Hands-Off Approach
You might live close to your property but find not directly working with your property appealing. The property management company ensures you're not the one dealing with your tenants and late-night phone calls.
Partner With an Experienced Property Management Company
Hiring a property management company can ease your worries while taking countless tasks off your plate. You'll feel confident knowing your properties are in good hands when you work with property managers. Your rental property will continually be filled with high-quality tenants with the help of a rental property management company.
PMI 4U is here to assist property owners in Albuquerque. Contact us to learn more about our services.
