Unless you have a lot of time on your hands and you’re an expert in real estate, the law, insurance, accounting, and maintenance – it’s always worth your money to hire a professional Albuquerque property management company.
Property management protects your time. More importantly, it protects your investment and keeps you out of legal trouble. There’s a common misconception among many self-managing landlords that professional Albuquerque property management costs owners money.
It actually helps you to earn more.
While you do have to pay a management fee every month, most investors will tell you that professional management has a direct impact on lowering vacancy costs, managing maintenance expenses, and avoiding costly legal mistakes that can lead to a lot of liability and risk.
Let’s take a look at what property managers do to earn their management fee and provide you with a better investment experience.
Albuquerque Property Management Reduces Vacancy
Professional property managers understand the Albuquerque rental market, and that helps owners when it comes to pricing, marketing, screening, and the entire leasing process. We find good tenants quickly, reducing your vacancy costs.
We know what competing properties are renting for, and we understand the trends and the tenants. With the right rental value, your property will rent faster and to better tenants. Strategic marketing with professional management means well-qualified tenants will see your listing and get in touch. Expert tenant turnovers and fast preparation of your rental property means it will not remain unoccupied and unrented. Even one week of vacancy costs you money, and if you’re managing on your own, you could face months of vacancy and turnover costs.
The leasing process does not have to be complicated and if done professionally, can take a matter of weeks or even days.
Cost Effective Rental Property Maintenance
Routine maintenance is an expected cost of owning rental property. But, it’s never fun to pay large invoices to plumbers, HVAC technicians, and roofers. Emergency maintenance is especially expensive, and usually requires you to be available to your tenants around the clock.
With professional management, you can keep maintenance costs to a minimum. Most property management companies work with preferred local vendors and contractors who are licensed, insured, and reliable. The relationships we have in place with vendors provide us with discounted pricing, keeping your repair work cost-effective.
Preventative maintenance is usually a part of any good property management maintenance plan. This protects the condition of your property and keeps your emergency repair needs to a minimum. With great vendor contacts and attentive maintenance responses, the cost of keeping your home safe, habitable, and well-maintained will be lower with professional managers.
Albuquerque Property Management Protects You from Liability
Protecting your property is the main job of any good property manager. In Albuquerque, mitigating the risk of tenant conflicts, lawsuits, and legal mistakes is more important than ever.
Laws and regulations are changing all the time, and it’s hard to keep up. For example, the eviction moratorium that’s currently in place means you cannot evict a tenant who can prove he or she has been financially impacted by the COVID pandemic and therefore cannot pay rent. There are laws pertaining to emotional support animals, security deposits, and fair housing.
Professional Albuquerque property management gives you back your time and protects you from the growing headaches and hassles that come with real estate investing. More importantly, it allows you to spend less and earn more on your investment. Contact us at Bruni/Karr Rental & Management Agency. We’d love to be your resource.