What is the Process to Hiring a Property Manager?

Let’s say you own a piece of income property in Las Vegas, or perhaps you’re in the process of considering making that leap from “homeowner” to “landlord.” Outside of your due diligence in finding the right property (or properties) to buy for this substantial investment – one of the things you also need to take into consideration is this: Who is going to be your property manager?

The smart real estate investor is going to be leaning towards finding the right Property Management company to handle those details. Why would they want to use a Property Manager instead of just doing it all themselves, you ask? Actually, for a lot of reasons. So many, in fact, that we recently wrote a 5-part series of articles that specifically address those reasons – and you can find this series on our blog, 12 Reasons to Hire a Property Manager, and How a Property Manager Takes Care of Business (Parts 1-4).

Those articles address everything from meeting legal requirements for screening tenants to maximizing savings with your property manager’s vendor relationships – and a few dozen other details that lie between.

But that all happens after you select a Property Management firm to work with. So how do you get started down that road? You want someone that can take the day-to-day management burden off your shoulders, and allow you the time and freedom to move forward with acquiring additional properties and increasing your income potential.

At New Home Resource Property Management, there are four key steps to the process, and we’re happy to outline them here – so there are no surprises, you know exactly what to expect, and you can rest easy knowing that your valuable investment has been placed in the right hands.

Step 1: Discovering Your Goals

Initially, we’ll want to sit down with you to discuss your needs and determine your long-term goals for your investment – and explain how our services can best support those goals for you. We’ll also prepare a rental analysis so you can see what’s currently happening in the market and how much rental income you can anticipate getting for your home. All your questions about our services and the property management process will be answered at this meeting.

Step 2: Setting Up Your Account

Next, it’s time to put a property management agreement into place. We’ll also gather additional data about your home so we can effectively manage it, and do a pre-list inspection with multiple photos that can be used for managing, marketing and leasing purposes moving forward.

Step 3: Marketing & Locating Potential Tenants

Marketing your property to all the relevant platforms is where we start, and as potential tenants contact us, we’ll show the property, screen backgrounds of applicants, check references, and constantly update you on the status of our progress. Effective tenant screening is one of the most important aspects of property management, as long-term, high-quality renters will increase your profitability. It is an element that we take very seriously at New Home Resource Property Management.

Step 4: Leasing and Property Management

Once a tenant has been approved, we handle all documentation, inspections, and then take over all the relevant management responsibilities as per our agreement. That includes setting up access to our online software portal, wherein you can view statements of income and expenses, and keeping you in the loop regarding maintenance and repair issues. Maintaining a good relationship with tenants is a critical aspect of our operation, as it results in less turnover for your property, thus fewer expenses for you.

It’s estimated that 48% of the people living in Southern Nevada are renters. With roughly 2.2 million residents in Clark County, that’s a pretty staggering figure. (Approximately 1,056,000 renters, just to help with that math.) There’s a reason real estate investors choose Las Vegas as one of their top cities for acquiring rental properties – the demand is there to support it.

Of course, that also means that the demand is there for many other aspects of this type of ownership, including maintenance and repair vendors – among other things. The last thing you need is to spend your days chasing down contractors and negotiating pricing, on top of the thousand-and-one other duties involved in finding the right tenants, collecting rents, and paperwork – lots and lots of paperwork.

At New Home Resource Property Management, we have all those resources already in place and working for our clients – not to mention years of experience in real estate as a whole, unique knowledge of the area, and the staff to make sure your investment is maximized in every possible way. In addition, we also offer investment strategies and can help you identify other investment opportunities that might be available so you can continue to grow your portfolio. Find out more by contacting our office today.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit www.newhomeresource.com. Broker Joanna Piette, and agents Denise Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!