- What is a Professional Property Manager and why would I want one?
- A professional property manager is a licensed person or firm responsible for operating a piece of real estate for a fee. Property managers can handle all aspects of a rental while operating under the owners specific guidelines. A property manager has knowledge of laws, rules, and requirements associated with renting a property. Managing a property can become quite cumbersome and down right stressful. A good professional property manager can alleviate this stress and frustration substantially.
2. How will my property be marketed and what is the process for selecting tenants?
- We utilize both online presence and signage to market your property. Through Hotpads, Trulia, Zillow, Facebook, etc., we have found that we derive about 95% of all of our inquiries. Signage at the property itself ensures we get those potential tenants that are passing by. As far as selecting tenants, we conduct a an extensive credit, criminal, and civil background check on each applicant over the age of 18. We also carefully review work history, verify income, and conduct a rental verification.
3. How are maintenance requests handled and how often is my property inspected?
- All maintenance requests are submitted directly to our office by the tenant/s. From here they are prioritized, and if needed, we will contact the tenant to mitigate the issue before sending out our maintenance staff. If the request requires professional labor, we tap into our professional vendor partnerships to get the ball rolling. Our staff is also available for emergency on-call situations. Our approach is to be proactive rather than reactive. In turn, we employ Deferred Maintenance Inspections (DMI) in an effort to keep the property in good condition. Drive by inspections are conducted monthly while DMI inspections are scheduled semi-annually. These are in conjunction with the initial move-in and move-out inspections. In an effort to keep service calls/charges to a minimum, we utilize our in house maintenance staff and bill at an hourly rate of $25 an hour plus parts and supplies versus outsourcing all service calls to a professional vendor which usually have high service charges and hourly rates. We have found that our maintenance staff can address the vast majority of any issues that may arise.
4. What do you do if a tenant doesn't pay rent or happens to violate the lease?
- Working as an agent on your behalf, we handle all issues with regards to any legal proceedings that may arise. Before any legal action such as the eviction process begins, we make an attempt to mitigate any issues before it gets to this point. 3 Day Notices of Non-Payment, 3 Day Notices Other Than Non-Payment (major violations), 7 Day Notices of Non-Compliance, and Yard Violation Notices are some of the actions taken prior to any legal proceedings. If these do not successfully address the issues, we file the appropriate documents with the judicial system and have had a proven track record of the court finding in our behalf.
5. What will it cost me to have PMI of New Mexico professionally manage my property?
- Our company strives to offer superior services for a reasonable fee. Our typical residential property management fees are 10% of collected monies. Large multi-unit property management fees range between 6%-9%. Another item to consider is that we don't get paid until you get paid. As a home becomes vacant and is not bringing in any rent, we do not receive any compensation. It is important for both the property owner and PMI of New Mexico to get the home rented to a quality tenant as soon as reasonably possible. Depending on the property size, a one time setup fee starting at $100 is applied. Keep in mind, we work diligently to maximize the money the property brings in; pet fees, late fees, and landscaping fees are a few methods we employ to achieve this. We will establish a reserve account held in trust, consists of tenant deposit and maintenance fund which is typically around half a month's rent. This will be used to address any issues that may arise during the tenancy as well as getting the home rent ready between vacancies.
Frequently asked questions
205 W. Boutz Rd. Bldg. 6 Ste. B, Las Cruces, NM 88005 - Ph: (575) 652-4043
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PMI of New Mexico works hand in hand to evaluate, analyze, and helps you decide if a piece of real estate is right for you. Taking into consideration your investment goals, rates of return, and market niche, we are with you every step of the way. From naming and putting an offer on a 1031 exchange property to working numbers on a 1,500 sq/ft rental home, we work tirelessly to ensure your goals are met.