Albuquerque Property Management & Rental Homes

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Real Estate & Property Management service for the greater Albuquerque, NM Bernalillo County areas Property Management
and
Rental Homes

service with an
Advantage

serving the greater
Albuquerque, NM
Rio Rancho, NM areas

M-F 8-5  Sat 9-4
Sundays & Holidays by Appointment
Closed Christmas & Thanksgiving

Property Owners' Frequently Asked Questions

If we have not addressed your questions here, please call us at (505) 205-1581 or, if you'd prefer, e-mail us your questions and we will respond promptly.

For more detailed information about the property management services offered by Advantage Pointe Properties, please click here to go to the "Management Services" page.

 
Frequently Asked Questions of Property Owners, in no particular order, are:

  1. What fees are charged by Advantage Pointe Properties?

  2. What needs to be done to prepare a rental home for rent?

  3. How is the amount of monthly rent determined?

  4. How does Advantage Pointe Properties market their rental homes?

  5. How long does it take to rent a rental property?

  6. How and when are rents and security deposits collected?

  7. What happens when rent is not paid on time?

  8. When are funds due the owner from collected rents disbursed?

  9. How are emergency maintenance requests handled?

  10. How are normal maintenance and repairs handled?

  11. What happens if the tenant leaves before the end of the lease?

  12. May I list my property a being for sale and for rent simultaneously?

  13. May I list my property as being for sale even when it is rented?

  14. Will Advantage Pointe Properties list my home for sale should I want to sell it?

  15. Does Advantage Pointe Property pay or receive referral fees to/from other Realtors?

  16. What is the meaning of "Advantage Pointe?"
 
  1. What fees are charged by Advantage Pointe Properties?

    Advantage Pointe Properties has but two basic fees. In addition to these fees, the owner is responsible for the mortgage payment, if any, property taxes, insurance, basic homeowner associate dues, if any, the maintenance of the rental property, and for maintaining a minimum amount (owner's reserve) in the owner's account of $400. The owner reserve amount is reduced to $150, if the owner resides in the Albuquerque metro area..

    The basic fees charged by Advantage Pointe Properties are:


    Start-up Fee: The start-up fee covers the cost inspecting the rental property, coordinating any work that needs to be done to make the property rent ready, taking photos for advertising and setting up the Internet ads. If the rental property is tenant occupied with a balance of six months or more remaining on the lease at the time the property comes under Advantage Pointe Properties management, the start-up fee will be waived.

    Commission: The commission is charged only when rent is collected. If the rent is not being collected, Advantage Pointe Properties does not earn a commission. In addition, the current commission rate schedule is guaranteed for as long as the rental property is under the management of Advantage Pointe Properties. It may go down, but it will never go up.

    Owner Reserve: The owner reserve is an amount held by Advantage Pointe Properties in the owner's account to cover incidental expenses. The reserve amount belongs to the owner and is replenished, as necessary, from in-coming rent or, if need be, by the owner. The reserve requirement applies only to the first two properties belonging to the same owner(s). The reserve requirement is waived for the third and subsequent properties belonging to the same owner(s) and coming under management by Advantage Pointe Properties.

    Advantage Pointe: Our goal is to minimize owner expenses while providing property management services that are second to none. For a detailed explanation of our services, please go to the "Management Services" page on our website.

    [ Top of Owner FAQ's ]
     

  2. What needs to be done to prepare a rental home for rent?

    The condition of the rental home can make all the difference in the amount of rent that can be obtained for the property and the length of time it is on the market. Our goal is to obtain the highest rent possible while minimizing the time it takes to place a tenant.

    The rental property should be in the best possible condition. It should be clean and appealing both inside and out.

    If the home does not look like you cared for it, the prospective tenant probably won’t care for it either.

    Some things to be aware of:

    • Painted surfaces should be clean and free of blemishes;
    • Flooring should be clean with particular attention to carpets, which must be professionally cleaned;
    • Any and all appliances should be clean and in good working condition;
    • Windows should be clean, operate and lock/unlock easily and have screens, as necessary;
    • Blinds and drapes should be clean and in good condition with any hardware in good working condition;
    • Landscaping should be well tended and the yard picked up; and
    • Driveways and walkways should be in good condition and with as few stains as possible.

    Advantage Pointe Properties will perform a detailed inspection of the rental property and have a discussion with the owner regarding issues that need to be addressed before taking the home under management and/or putting the home on the market.

    Advantage Pointe: Our goal is to maintain the rental home in marketable condition thereby maintaining or improving its market value whether for sale or for rent. It is, of course, to the owner's advantage to do so.

    We hold our homes to a high standard and hope that you do, as well.

    [ Top of Owner FAQ's ]
     

  3. How is the amount of monthly rent determined?

    As with nearly everything having to do with real estate, the value of a home is dependent upon its location. The exact same home in a sub-division on the west side of Albuquerque, for instance, may well rent for $200-$400 less than its counterpart on the east side. By the same token, however, the selling price of these homes will differ proportionately, as well.

    To determine the approximate rental value of your property, we take several factors into consideration:

    1. Location and competition;
    2. Square footage of the home (includes heated living areas only);
    3. Number of bedrooms (master bedrooms on the main level of multi-story homes are a plus);
    4. Number of bathrooms and type, i.e., full bath, three-quarter bath (shower only) or half bath (no tub or shower);
    5. Number of garage bays (oversize garages and those with 3 or more garage bays are a plus); and
    6. Landscaping (low maintenance landscaping with native plants and shrubbery is a plus).

    There are other factors to be considered, too, such as:

    1. Does the rental home have fireplaces and, if so, how many and where are they located;
    2. Is the home cooled by an evaportive (swamp) cooler or by refrigerated air;
    3. Are appliances furnished or available on request;
    4. Does the home have any patios, decks or balconies and, if so, are they covered or uncovered; and
    5. Does the home have views.

    In addition, the time of year the home is available must be considered. Homes that are available for rent during the months of April, May and June usually command higher rents and rent more quickly than homes that are available during the months of November, December and January. During the months in between, of course, rental activity is either on the increase (February through June) or decrease (July through October).

    Advantage Pointe: To position the rental home for availability during April, May, June or July, Advantage Pointe Properties attempts to negotiate lease terms with expiration dates falling at the end of March, April, May or June. Having the home available, when available, during one of these months is a definite advantage to the owner of the rental property.

    Of course, our primary goal is to avoid vacancies by retaining tenants.

    [ Top of Owner FAQ's ]
     

  4. How does Advantage Pointe Properties market their rental homes?

    Advantage Pointe Properties advertises all available and soon to be available rental homes on various Internet websites, including our own.

    Statistically, over 90% of all research is conducted on the Internet. So, when prospective tenants are looking for a rental home, the odds are overwhelmingly in favor of their using the Internet to do so.

    We do not advertise homes in any other medium other than the Internet. We, simply, have not found it cost effective to do otherwise.

    Advantage Pointe: Advantage Pointe Properties optimizes its website for Internet search engines so that, when prospective tenants are looking for a new rental home, they will find yours!

    Advantage Pointe Properties begins by advertising "soon to be available" homes 30 days prior to the date a tenant informs us they will be vacating the home. Therefore, it is often the case that a new tenant will be moving into the home within days of the current tenant moving out.

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  5. How long does it take to rent a rental property?

    Generally speaking, it will take 6 to 10 showings of a rental home to attract the first application for tenancy. The "Law of Attraction" usually results in receiving subsequent applications for tenancy, if needed, in fewer showings.

    However, aside from the rent being asked for the rental property and its location overall condition, there is little else that can be done to improve the chances of renting the home quickly.

    Obviously, we cannot relocate the home and it is not likely that adding more bedrooms, bathrooms or garage spaces would be cost effective. Therefore, keeping the property as attractive as possible and adjusting the asking rent are the only options available for attracting tenants quickly.

    Advantage Pointe: Advantage Pointe Properties provides its owners with weekly status updates of their vacant rental properties. The property manager receives a copy of the status report and, if necessary, will contact the owner to discuss other marketing strategies that may result in renting the home in less time.

    Also, with weekly inspections of all vacant properties, the property manager will quickly be aware of and address any other issues that may be having a negative impact on the home's marketability.

    [ Top of Owner FAQ's ]
      

  6. How and when are rents and security deposits collected?

    First, all rents coming due after the move-in date are due and payable, in full, on the first day of every month.

    When a tenant takes possession of a rental home on any day other than the first day of a month, Advantage Pointe Properties collects the prorated amount of rent due (calculated on a 365 day calendar year) for that month. In addition, if the move-in date is on the 21st of the month or later, Advantage Pointe Properties collects the full rent amount due for the following month.

    On the 22nd of the month preceding the 1st of the month in which rent is due, tenants are e-mailed a friendly reminder that rent is due on the first.

    Rents may be paid electronically, by mail or in person.

    Security deposits are collected in an amount equal to one month's rent. A pet deposit of $250 per pet is collected when necessary.

    Advantage Pointe: Advantage Pointe Properties collects all rents for the period, security deposits and pet deposits, in their entirety, before we hand over the keys to the rental home.

    Note that, by law, total deposits may not exceed one month's rent for rental agreements of less than 12 months in duration. In addition, interest at passbook savings account rates or as required by law must be paid on the total of deposits, if, for a rental agreement having a duration of exceeding months, the total deposits exceed one month's rent.

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  7. What happens when rent is not paid on time?

    All rents due after the move-in date are due and payable, in full, on the first day of every month.

    If rent has not been paid by the close of business on the 3rd day of the month, the tenant is assessed a late fee of 10% of the gross amount of rent due and sent a demand notice to pay rent or surrender the property.

    When collected, 50% of all late fees assessed the tenant are credited to the owner's account.

    When rent remains unpaid after the 3rd of the month, the property manager will mail and e-mail to the tenant a 3 Day Notice to Pay or Quit the property. In addition, the property manager will attempt to make phone contact with the tenant and, should that attempt be unsuccessful, the property manager will post a copy of the demand notice on the front door of the property.

    If the tenant has not paid rent by the deadline noted in the demand notice, Advantage Pointe Properties will take legal action to evict the tenant, whether or not the tenant has made payment arrangements acceptable to the owner and Advantage Pointe Properties. The cost of such action (approximately $145) is paid from the owner's account, but charged to the tenant's account. As a court hearing is rarely scheduled any sooner than 10 to 15 days after such action is taken, the tenant has more than sufficient time to pay the rent and any other monies that may be due at that time.

    An Advantage Pointe Properties property manager will represent the owner at the court hearing and, if rent is not paid at the hearing or acceptable arrangements are not made to do so, the property manager will ask the court to grant a Writ of Restitution. The writ is usually effective within 3 to 7 days of the date of the hearing. 3 days when children are not involved. 7 days, if there are children residing in the home.

    If on the effective date of the writ, the rent still remains unpaid or the tenant has not voluntarily surrendered the property, the property manager will engage the services of the county sheriff to evict the tenant.

    Advantage Pointe Properties informs and consults with the owner at every step of the eviction process.

    Advantage Pointe: Advantage Pointe Properties takes rent collection seriously. If you are not paid, we are not paid.

    [ Top of Owner FAQ's ]
     

  8. When are funds from collected rents disbursed to the owner?

    By law, Advantage Pointe Properties cannot send funds due the owner from collected rents until sufficient funds are available in the owner's account. As we must be assured that funds submitted by the tenant have cleared the appropriate financial institutions and as experience tells us that this normally takes no more than seven calendar days, all owner disbursements are processed on the 10th of every month. To do so prior to the 10th of the month would risk a negative balance in the owner's account with the result that we would be in violation of the law.

    Though a 3 Day Notice to Pay or Quit requires that a tenant submit funds in the form of a certified check or money order (we do not accept cash), they do not always do so. Therefore, funds disbursed from late rent payments may occur at some time after the 10th of the month.

    Owner statements covering the period from the 11th of the preceding month through the 10th of the current month are generated and posted to the owner portals immediately after disbursements for the month are processed.

    Though we prefer that all of our owners have ready access to the Internet and an e-mail address, we will mail statements to those owners lacking either at no charge.

    Advantage Pointe: Advantage Pointe Properties uses a state-of-the-art, web-based property management application. All owners having Internet access and an e-mail address are provided access to this application through an owner specific Internet portal.

    Via this portal, owners will know when rent was paid.

    [ Top of Owner FAQ's ]
     

  9. How are emergency maintenance requests handled?

    Advantage Pointe Properties maintains a 24 Hour Emergency Maintenance Hot Line.

    Advantage Pointe: Our owners never receive maintenance calls from tenants at 2 o'clock in the morning or, for that matter, at any time.

    Additionally, our primary telephone number advises callers with emergency maintenance issues to call our after hours emergency phone number, if necessary, regardless of when they may make the call. .  

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  10. How are normal maintenance and repairs handled?

    Though a tenant may call Advantage Pointe Properties with a maintenance or repair request, we require that any and all non-emergency requests be submitted as a maintenance requests via our website or their tenant portal. This requirement protects the owner, the tenant and Advantage Pointe Properties should any maintenance or repair request not be addressed in a timely manner.

    The tenant may fax, mail, e-mail or personally deliver any maintenance or repair request. However, due to timing issues, we strongly discourage the mailing of these requests.

    Advantage Pointe: Except in the case of an emergency repair, the owner will be consulted prior to the authorization by Advantage Pointe Properties of any maintenance or repair work order having an estimated cost in excess of $150 or when the total of all maintenance and repair costs over the past 30 days for any one property is over $150.

    Advantage Pointe: If an owner has two or more properties under Advantage Pointe Properties management with a single owner, the owner will be consulted when the total of all maintenance and repair costs over the past 30 days exceeds $250.

    In the case of an emergency repair, the owner will be notified as soon after the work was authorized as possible.

    Advantage Pointe: Advantage Pointe Properties maintains a relationship with a wide variety of vendors providing maintenance and repair services. These vendors are selected based on their quality of work, competitive pricing, timeliness of response and willingness to stand behind their work. As a result, Advantage Pointe Properties has the ability to assign work orders in a timely and cost efficient manner.

    Advantage Pointe: When possible and more expedient or less costly to do so than to engage the services of one of our vendors, Advantage Pointe Properties personnel will address the maintenance or repair issue.

    Also, whenever a tenant submits a maintenance/repair request via their tenant portal, the owner will automatically receive an e-mail copy of that request. Otherwise or in addition to, the owner will receive an e-mal notice of any work orders created and forward to one of our vendors.

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  11. What happens if the tenant leaves before the end of the lease?

    Though not a common occurrence, tenants, occasionally and for any number of reasons, will break their lease.

    With two exceptions (see italicized paragraphs, below), when a tenant breaks their lease, Advantage Pointe Properties will hold them responsible for the payment of rent, utilities and grounds maintenance until the earlier of the following occurrences:

    1. Two months from the end of the rental period through which rent was last paid; or
    2. The rental property is re-rented; or
    3. The normal expiration date of the tenant's lease.

    In addition, the tenant will be charged an early termination fee of $500 or one-half of one month's rent, whichever is less, and held responsible for any out-of-cycle expenses such as re-keying of the property.

    Though Advantage Pointe Properties must make a reasonable attempt to re-rent the property at the monthly rent being paid by the out-going tenant, in the event the rental property is re-rented before one of the above deadlines and at a monthly rent less than that being paid by the out-going tenant, the out-going tenant will be held responsible for the difference in rent through what would have been the expiration date of their lease.

    If the tenant is subject to the "Servicemembers Civil Relief Act" (Military Clause), they may, without penalty, terminate their rental agreement effective the last day of the rental period following the rental period in which the notice to vacate was given. The service member must have been involuntarily deployed or re-deployed to a duty station outside a fifty (50) radius of the location of the rental property.

    If legal action has been taken against a tenant by another for abuse - a restraining order has been obtained, for example, the offender will be directed by Advantage Pointe Properties to vacate the property within three (3) calendar days. If the remaining tenant cannot, as a result, afford to continue paying rent, they may break the lease and vacate the property without penalty.


    Note that, to legally hold the tenant responsible for any of the above, the property must remain on the market as being available for rent.

    Advantage Pointe: While losing a tenant is never an advantage, Advantage Pointe Properties will credit the owner's account with 50% of the early termination fee when collected.

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  12. May I list my property as being for sale and for rent simultaneously?

    Yes, you may have your property available for purchase and for rent at the same time. It is simply a matter of whichever happens first.

    However, if a tenant is placed in the home, Advantage Pointe Properties requires that any signage and listing agent lock boxes be removed from the property prior to possession of the home by the tenant.

    As a general rule, we do not recommend that you continue marketing the property as being for sale.

    There are several reasons for this recommendation and they are as follows:

    • As required by law, a 24 hour written notice of entry must be provided the tenant before a home may be shown;
    • As a matter of risk management, we require that any showing appointments be scheduled with Advantage Pointe Properties;
    • As a buyer's agent, if doing their "homework," would likely want to preview a home prior to showing their buyer, actually showing the home may require that two notices be sent to the tenant (many agents, as a result, simply steer clear of tenant occupied homes unless they are representing an investor). As with a showing, a preview of the home would require scheduling the event through Advantage Pointe Properties;
    • New Mexico real estate law provides a tenant with exclusive rights to a home through the end of their rental agreement. Therefore, a buyer - other than an investor - or the owner or both would need to negotiate a buy-out of the lease with the tenant in the case of a buyer wanting to occupy a home immediately after closing. Then tenant, by virtue of the law, is under no obligation to negotiate a buy-out;
    • Any buyer - whether purchasing the home as a primary residence or an investment property - must abide by the terms of the existing rental agreement should the tenant, for whatever reason, remain in the home;
    • And, perhaps most importantly, you never know what condition you will find on the interior. As we all can imagine "curb" appeal - both exterior and interior - are of utmost importance:

    Advantage Pointe: The main objective of Advantage Pointe Properties is to provide our owners with services that are second to none. The manner in which we provide our services will always be in line with the primary objectives of our owners.

    [ Top of Owner FAQ's ]
     

  13. May I list my property as being for sale even when it is rented?

    Yes, you may list your property as being for sale even when it is rented.

    However, as a matter of risk management, Advantage Pointe Properties does not allow the placement of any signage or agent lock boxes on the property while it is tenant occupied.

    We recommend, when a tenant occupied home is listed as being for sale, the listing type be "Income Property."

    Please refer to the above paragraph regarding our recommendation against listing a tenant occupied home as other than an income property.

    Advantage Pointe: The main objective of Advantage Pointe Properties is to provide our owners with services that are second to none. The manner in which we provide our services will always be in line with the primary objectives of our owners.

    [ Top of Owner FAQ's ]
     

  14. Will Advantage Pointe Properties list my home for sale should I want to sell it?

    There are real estate agents that focus on home sales/purchases, residential property management or both.

    As the rules and regulations differ somewhat between those pertaining to sales/purchases and property management, our Qualifying Broker (QB) would need to stay informed of the differences and, as these differences are subject to frequent changes and modifications, our QB has decided it best to remain true to property management and not become involved in the sale or purchase of homes thereby allowing us to become more adept at property management.

    Worthy of note is that a property management agreement, in accordance with New Mexico real estate law, creates actual "agency." What this means is that, unlike a listing agreement or a purchase agreement, a property management agency, under the umbrella of the Qualifying Broker, can act in the owner's stead and not necessarily before consulting with the owner. An example of this would be the assignment of a work order to any vendor which, when completed and invoiced, obligates the owner to pay said vendor whether or not the owner was previously consulted by the management agency. And, though not in keeping with sound business practices or, for that matter, business ethics, this does happen.

    Advantage Pointe: Advantage Pointe Properties utilizes the services of Propertyware, a RealPage company, enabling Advantage Pointe Properties to manage all of its property management information on-line, i.e., in the "cloud.". Our owners and tenants with Internet capability, therefore, have access to their property information 24/7/365. That, coupled with the fact that Advantage Pointe Properties will pay only those invoices or provide material advances to vendors that are associated with an actual work order.

    As owners and tenants both have access to work orders, both will know when a work order has been created. Owners, as a result, will have notice that there will be work done on their property that will result in an invoice being submitted. No surprises. Tenants, by the way, have knowledge only of the fact that the the work order has been issued, to whom and the scope of work to be performed.

    [ Top of Owner FAQ's ]
     

  15. Does Advantage Pointe Properties pay or receive referral fees to/from other Realtos?

    Advantage Pointe Properties pays referral fees to other Realtors as follows:

    • Realtors referring prospective tenants to Advantage Pointe Properties receive a referral fee of 10% of the gross commission to earned by Advantage Pointe Properties over the initial term of the rental agreement or 12 months, whichever is less.

      If the initial term of the rental agreement is less than 12 months but the tenant renews the rental agreement or remains in the home on a month-to-month basis, the Realtor will receive additional fees based on the number of months remaining in the initial 12 month period.

      For example, if a tenant's initial lease term is 10 months but either renews the rental agreement or remains in the property up to an additional 2 months, the referring Realtor would receive an additional referral fee based on the 2 additional months.
    • Realtors referring owners to Advantage Pointe Properties receive a referral fee of 25% of the gross commission to be earned over the first 12 months of rental income to Advantage Pointe Properties.

    Advantage Pointe: Paying referral fees encourages Realtors to referring buyers and sellers to Advantage Pointe Properties when 1) they are unable to find a suitable home for a buyer or 2) they cannot sell the owner's home within a period of time acceptable to the owner.

    In addition, we encourage Realtors to refer both prospective tenants and owners to Advantage Pointe Properties by guaranteeing the Realtor that, should the tenant wish to buy a home, we will notify them and refer the tenant back to them. Should an owner decide to make another attempt at selling the home, we will encourage the owner to utilize the services of the referring Realtor. Of course, the owner is under no obligation to do so.

    As an owner referred to us by another Realtor, please keep in mind that the referring Realtor brought you to us in the first place and, with changing market conditions, they may have a better chance of selling your home a second time around.

    Advantage Pointe Properties receives referral fees from other Realtors as follows:

    • Advantage Pointe Properties receives a 25% referral fee from listing Realtors who list homes of owners referred to them by Advantage Pointe Properties when the home is sold. Generally, the requirement is that the home sell within a certain time period.

    Advantage Pointe: We work with a small number of Realtors we have worked with in the past and find them to  be passionate, thorough and professional in what they do. If you are in need of a listing Realtor, however, will will provide you with the names and contact information for three Realtors. We will encourage you to contact each one and decide for yourself which of the 3, if any, will be most suitable.

    Keep in mind that every Realtor earns their living via home listings whether they are a seller's Realtor or a buyer's Realtor. We work with a handful of seller's Realtors and they are well aware that, should they fail to treat you, the owner, with professionalism, the odds of our referring an owner to them again are not very good.

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  16. What is the meaning of "Advantage Pointe?"

    "Advantage Point" is a term used in the sport of tennis.

    As you may know, tennis is a sport made up of games, sets and matches. To win a set, a player must win a certain number of games. Winning a certain number of sets results in winning the tennis match.

    When playing a tennis game, players are said to be at 'Deuce' when tied at 40. The player winning the next point is said to be at 'Advantage' and winning the next point will result in winning the game.

    As you may well imagine, in the "game" of real estate, sellers, buyers, rental property owners and prospective tenants often find themselves at 'Deuce.'

    The property management services offered by Advantage Pointe Properties puts our clients and customers at "Advantage" Point(e) and, working together, we will win the game!

    Advantage Pointe: We're all winners!

    [ Top of Owner FAQ's ]



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All rights reserved © 2009-2017 - Advantage Pointe Properties

Richard L. Small, Qualifying Broker/Owner

Carrie E. Small, Office Manager/Transaction Coordinator