property manager

That’s a tough topic, huh? As Property Managers ourselves here in Las Vegas, it seems like this article might sound like it goes a little against our own interests. Or . . . does it?

Actually no. Because we firmly believe that if we’re not doing a great job managing your rental properties, then maybe we should be fired. Although we would like to believe that our clients know us well enough that they would be comfortable voicing their concerns and allow us to ‘clear the air’ – either by assuring them of our efforts, or changing things to their liking.

But perhaps you’re already working with another property manager, and you’re not quite sure if they’re doing a good job. How, exactly, can you know? Especially if you live in another city far away from your properties – because you’re having to rely on them completely for accurate information and current updates on the status of your homes and tenants (or lack thereof).

Enter: New Home Resource Property Management with the answer to that question. In fact, make that a list of “5 Red Flags” you should be aware of to determine whether or not you’re getting the service and value you should.

Red Flag #1: When is the last time you heard from your property manager? If they’re not contacting you promptly with any updates and reports on your properties, then that’s a problem. You shouldn’t have to reach out to them to get that information and an assurance that everything is under control. Even worse: What if you’ve tried to get in touch with them, and they’re not returning your calls or emails? Then start worrying. Because if they’re not even handling their paying clients (you!) properly, how can you feel comfortable that they’re coping with your properties and tenants as they should?

Red Flag #2: You’re Consistently Getting Bad Tenants. This is typically the result of poor screening policies. Sure, a bad tenant can happen to anyone from time to time, despite all the best efforts. But if it keeps happening over and over, it’s costing you money – either in repairs, lost rental income, or (gah!) perhaps even lawsuits with tenants over possible mismanagement.

Red Flag #3: Typically, you should receive an annual interior inspection. If you’re not getting a detailed report on a regular schedule, it could mean that there are repairs or code violations needed that you’re not being advised of – and that your PM isn’t managing.

Red Flag #4: Speaking of reporting… Depending on your property manager’s software systems, you should either have 24/7 access to your own property account, or you should be receiving a monthly printed report of your properties’ income and expenses – broken down item by item. If not, then, uh……we don’t have to tell you that’s a bad sign.

Red Flag #5: You’re hearing directly from tenants that repairs or other issues aren’t being addressed. Not only does this unnecessarily and adversely affect your relationship with your tenant, but if a minor repair becomes major due to lack of attention, the expense to you goes up – and it may even be bad enough to give your tenant grounds to break the lease. Result: Lost income.

If any of these red flags should arise during the course of your relationship with your property manager, it’s a good idea to reach out to them to discuss your concerns. In some cases, they may have a staff member who’s “gone rogue” and they haven’t discovered the problem yet. And there’s the possibility that they may just step up their game and come through for you better than you might have hoped. But after one more chance (if you feel comfortable giving that to them), you may discover that you’ll do much better by hiring a different company to handle your income properties.

In that case, did we mention that New Home Resource Property Management is always here to help? ☺

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 Broker Joanna Piette, and agents Denise Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!