Being a landlord in New Mexico comes with important legal responsibilities that ensure tenants have a safe, secure, and fair living environment. The Uniform Owner-Resident Relations Act (UORRA) is the primary law governing the rights and duties of both landlords and tenants in the state. Whether you’re a seasoned landlord or new to renting out property, understanding the UORRA is crucial to ensuring that you comply with state laws and maintain positive relationships with your tenants. In this blog post, we’ll take a deep dive into the key provisions of the UORRA and highlight the most important requirements for landlords in New Mexico. From habitability to eviction, here’s everything you… Read More
Continue ReadingHow Property Managers Use a Comparative Market Analysis (CMA) to Set Competitive and Fair Rent
Setting the right rent for a rental property is one of the most crucial decisions a property owner or manager has to make. Charge too much, and you risk a higher vacancy rate, while charging too little could leave money on the table. To strike the perfect balance, property managers rely on a comparative market analysis (CMA), a tool that ensures the rent is competitive, fair, and legally justifiable. In this post, we’ll dive into the importance of a CMA and how property managers use it to determine the right rent for a property. 📊 What Is a Comparative Market Analysis (CMA)? A comparative market analysis (CMA) is a tool… Read More
Continue ReadingUnderstanding Tenant Rights: Why Landlords Can’t Access Your Property Without Notice
As a property owner, you retain ownership of your rental property, but once you sign a lease with a tenant, you grant them exclusive rights to that space for the duration of the lease. This means tenants have the legal right to live in the property without interference, and as the landlord, you can’t just walk in whenever you want. There are rules and procedures you must follow to access the property or make changes. If you’re a landlord or potential landlord, it’s essential to understand the limitations on your right to enter the property and the tenant’s right to privacy. Here’s everything you need to know about tenant rights… Read More
Continue ReadingThe Importance of Inspections in Property Management: How Move-In, Move-Out, and Routine Inspections Protect Your Investment
When it comes to maintaining a rental property, inspections are a key part of the process. Property managers are responsible for ensuring the property remains in good condition and that both tenant and owner interests are protected. That’s where inspections—such as move-in, move-out, and routine inspections—come in. Whether you’re a tenant or a property owner, it’s essential to understand why these inspections are conducted and how they benefit all parties involved. 🏠 Move-In Inspections A move-in inspection is typically the first formal inspection conducted when a new tenant moves into a rental property. This inspection serves several purposes: Typically, the property manager will document the inspection with photos or written… Read More
Continue ReadingHow Property Managers Handle Repairs and Maintenance: Streamlining the Process for Owners and Tenants
When it comes to owning a rental property, one of the key responsibilities is ensuring that the property is well-maintained and any issues are resolved promptly. While property owners are financially responsible for repairs and maintenance, property managers are the ones who coordinate and oversee the work to ensure everything is taken care of efficiently. This arrangement benefits both owners and tenants, as it streamlines the process of handling maintenance issues, minimizes downtime, and helps keep the property in good condition. Here’s a breakdown of how property managers handle repairs and maintenance, and why having a property manager with preferred vendors can make all the difference. 🛠️ Property Managers Oversee… Read More
Continue ReadingWhat Happens If You Miss a Rent Payment? How Property Managers Handle Late Fees and Evictions in New Mexico
Paying rent on time is one of the most important responsibilities as a tenant. However, if you find yourself in a situation where you’re unable to make a payment on time, it’s essential to understand what will happen next. In New Mexico, property managers follow a structured process when it comes to late rent payments and evictions. They will issue late notices, charge late fees, and, if necessary, initiate the eviction process. Here’s a breakdown of how property managers handle these situations and what you, as a tenant, need to know. 💳 Late Notices and Late Fees When a rent payment is missed, the property manager will usually begin by… Read More
Continue ReadingWhat Happens to Your Security Deposit in New Mexico? A Guide for Tenants and Landlords
One of the most important aspects of renting a property is the security deposit. This upfront payment is meant to protect the landlord against potential damage, unpaid rent, or cleaning costs. But as a tenant, you may have questions about what happens to your security deposit when you move out. In New Mexico, property managers have specific responsibilities regarding the handling and return of security deposits, and it’s essential to understand both your rights and your responsibilities. 🏦 Holding the Security Deposit in a Trust Account In New Mexico, property managers are required to hold the tenant’s security deposit in a trust account. This means that the deposit is kept… Read More
Continue ReadingWhat Does a Property Manager Do? Understanding Their Role in Your Rental Experience
Whether you’re a tenant or a landlord, you’ve probably heard the term property manager tossed around. But what exactly do they do? If you’re renting a home or apartment, understanding the role of a property manager can help you know what to expect—and how to communicate with them if issues arise. In short, property managers are the go-between for landlords and tenants, handling the day-to-day operations of rental properties. Here’s a closer look at their responsibilities. 🏢 Marketing and Tenant Screening One of the first things property managers do is market the property to potential tenants. They’re responsible for: Once they attract applicants, property managers also screen potential tenants. This… Read More
Continue ReadingUnderstanding Property Management Fees: What You Need to Know
When renting out a property, hiring a property manager can make your life easier. They handle the day-to-day operations—from marketing the property to dealing with maintenance issues. However, this convenience comes with a cost. Property management fees can vary widely, so it’s important to understand how they work before signing an agreement. Here’s a breakdown of typical property management fees and what you can expect from Trust Properties, which charges a flat 10% of any rent collected. 📊 Standard Property Management Fees: What’s the Range? Property management fees typically range from 8% to 12% of the monthly rent. The exact percentage often depends on factors like: For example, if you’re… Read More
Continue ReadingHow Property Managers Screen Tenants: Ensuring a Quality Tenant for Your Rental
As a landlord, one of the most important steps in renting out a property is choosing the right tenant. A good tenant not only pays rent on time but also takes care of the property and respects the terms of the lease. That’s why property managers take great care in screening tenants. From credit checks to background checks, property managers have several tools at their disposal to ensure you get a reliable and trustworthy tenant. Here’s a closer look at the tenant screening process that property managers typically follow. 📝 1. Credit Check A credit check is one of the most important tools for assessing a potential tenant’s financial responsibility.… Read More
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