Many property owners worry about finding affordable property management in Las Vegas. Las Vegas has a high number of rental properties and is a great place for real estate investment, but its popularity leads some people to think that it will be difficult to find high-quality property management that is also affordable. To most property owners, it seems obvious that the more money you put into property management, the less profit you make on your rental properties. However, there are a number of ways that property management companies actually help property owners maximize profits, from minimizing the time that rental units are empty to streamlining eviction procedures for non-paying tenants. While these factors may not impact the percentage of rent that a property management company charges in fees, they can make a huge difference in your profitability as a property owner. Therefore, you want to find out some important information about your property management company when making your decisions.
- Ask how the property management company finds tenants. What types of working relationships do they have with realtors and what methods do they use to advertise rental properties?
- Ask the property management company how they minimize your risk. You may think that a property company that is ultra-exclusive in its tenant selection process will result in the highest profits for you. However, if you are unrealistically selective in your pool of potential tenants, you may have long periods of time where a property is uninhabited. On the contrary, if you allow things some landlords will not, such as permitting a tenant to have multiple large pets or allowing smokers as tenants, you may be able to charge higher rents and charge nonrefundable lifestyle deposits that mean you can remediate issues, such as recarpeting a property that has had pet or smoke damage, without experiencing any actual financial losses. Therefore, you want to talk to the property management company about how the approach risk minimization in your area.
- Ask how they handle maintenance and repairs. Do they have relationships with service-providers and do those relationships result in discounts for you?
Remember, there is more to assessing the real cost of a property management company than simply finding out what percentage of rents they will charge for their services. To find affordable property management in Las Vegas, a great place to start is Real Property Management Las Vegas.
