As a Las Vegas rental property owner, you know the challenge of going it alone. Yes, it’s possible to be an active landlord, but it leaves little time for you to enjoy your life. That only increases if you own more than one rental property. Working with property management companies in Las Vegas, Nevada, can help you offset those challenges, but how do you choose the right company? How should they stack up to one another, and what sets a good option apart from those that should be avoided?
Fee Structure
One of the first things you’ll want to check is the fee structure. What will work with the property management cost you? Do certain services cost extra? Are there additional charges if service must be repeated more than a minimum number of times? While you can certainly expect to pay the management company for their services, it shouldn’t break the bank, and there should be no hidden fees or unexplained costs.
Available Services
Make sure that the company’s list of available services meshes with your needs. For instance, there is little point in hiring a property management company that only handles repairs and maintenance calls on weekdays if you don’t want to be bothered with those calls yourself on the weekend.
Check the Management Agreement
The management agreement is a complete list of everything you need to know about the relationship you’re forging with the property management company. It should state what the management company is responsible for, and what you, the owner, are responsible for. Each of you should have responsibilities. However, that agreement should not be one-sided. If you feel that the agreement puts too much burden on your as the owner, look for another management company.
Experience and Expertise in Advertising Properties
How much experience does the property management company have in advertising their clients’ properties? What tools do they use to reach the target audience? How do they determine the right market for the home in the first place? Are they marketing it toward vacationers coming to Las Vegas? Are they getting the message in front of full-time residents?
When it comes to comparing property management companies in Las Vegas, Nevada, the areas above should be of primary concern, but there are quite a few others. Reputation, licensure, currently managed properties, the company’s vetting process for new tenants – these are all crucial considerations.
