PMI Blog

Vacation Home Property Management

Vacation rentals are steadily rising in popularity as vacationers are drawn to a more relaxed home setting in a local atmosphere as a cost effective alternative to a single hotel room in a bustling tourist district. The market is swarmed with up and coming vacation rentals and it can be difficult to find a rental that is what it claims to be online, there are many horror stories of nightmare stays and unreasonable homeowners. Luckily there have been enough positive experiences for both homeowners and tenants to keep the bad apples from deterring this booming market.

Why Use a Property Manager

Purchasing rental property in NM is a smart investment and can be a significant source of residual income for property owners. However, property management can be an enormous undertaking that requires a great deal of time and effort.

Property management involves the process of finding and vetting quality renters, keeping properties occupied, setting and collecting rent, maintaining property and (sometimes the most challenging) keeping renters happy. If you don't have the time to devote each month to property maintenance or the skill set and recourses to find and retain high quality tenants but still have the desire to ...

Dealing With Bed Bugs

Let’s talk about the most irksome problem for property managers and renters to deal with, bedbugs. Bedbugs are most prevalent in apartment and condominium buildings which means that property managers need to familiarize themselves with how to navigate this issue.

First, let’s take a look at how bed bugs operate. Bed bugs are attracted to the heat, odor and carbon monoxide that humans emanate and feed on human blood however they will feed on any warm blooded animal, including pets. Where there are people, there is potential for bed bugs.

These little buggers can live for up to a year w...

Increasing Curb Appeal

Increase the value of your rental property by making some aesthetic changes and following a few simple tips.

Check for concrete damage and consider making repairs. There are emerging low cost options, such as concrete lifting, to fix cracks and sunken concrete slabs as opposed to total concrete replacement. These small repairs do not break the bank and can add immense value to your rental property and will ensure that your property is up to code and will pass inspections.

A wood fence around your rental property is both beautiful and highly desirable for the privacy and security that it provides. The downside is that...

2017 Property Management Outlook

What trends does 2017 bring for landlords? Rental rates are rising and vacancy rates are low. This is great news for landlords, higher market rental rates will bring a higher return on investments which can then be used to upgrade properties, or reinvest. Lower vacancy rates will reduce the turnaround time to fill a property between tenants.

The mortgage rate trends projected for 2017 show a slow climb as interest rates stabilize. These interest rates are historically low which means it is still an ideal time to invest in properties. For most parts of the Country purchasing proper...

Breaking the Lease

Most tenants sign a lease for a year at a time. This ensures that for that year, a steady income can be counted on and decisions for either finding new tenants or continuing a lease can be thought out and planned on. This helps landlords rest easy in tenant stability for the most part. However, there are some circumstances in which a landlord should agree to release a tenant from the lease agreement without penalties.

There are laws that allow military personnel to break a lease without any consequences or penalties. In some cases the law states that property owners are required to hold the propert...

How to Manage Security Deposits

Property managers should always require a refundable security deposit in residential property management properties. This deposit should be kept in a separate account for trust or escrow funds and will be returned to the tenant in part or in full once the tenant has moved out. Security deposits are often the most hostile subject between property managers and tenants and property managers can take steps to prevent security deposit disputes, educate tenants and ensure that security deposits are used correctly and not abused. Taking these steps will also protect property managers against potential legal action.

Winterizing Your Rental Properties

During these cold winter months it is important for property managers to winterize rental properties. Taking these simple steps will help prevent common weather related damages to rental properties. Spending money on preventative measures will always pay off when major costly damages are avoided.

Remind tenants to keep the thermostat on when away from home during cold winter months. Have them set the thermostat to about 55 degrees, this will prevent pipes from freezing.

Water damage can strike without notice and leave a devastating path of destruction....

Four Things That Will Keep Your Renters Happy

A happy, responsible renter is like gold, and — as with any treasure — you don’t want to lose it. If you want to enjoy long relationships with your tenants, follow these four tips for keeping them happy and ready to renew that lease.

The best way to ensure a lasting renter relationship is to start out with everyone on the same page. Provide a clear rental agreement that outlines your responsibilities as well as those of your tenants. Make sure they understand policies about smoking, pets, and other important issues before they move in.

Make yourself available. Provide r...

3 Steps For Managing Security Deposit Refunds

Having tenants in our rental properties can be great things when we go through the proper suggested tips to find the perfect fit, but just like in anything, there can be ups and downs. Sometimes we find ourselves in situations that are not ideal and we have to start asking bigger questions such as “What do we do from here?” and “What about the security refund deposit?” By following these steps, we can help you make the best decisions when it comes to your struggling tenants and their security deposits.

In some states, they allow you to use the security d...