In Part 1Las Vegas Property Management of this series, we provided some context about certain aspects of a Property Manager’s responsibilities – specifically regarding finding and keeping quality tenants, minimizing potential legal problems, and the ability to rely on your Property Manager’s relationships with vendors.

For this segment, we’d like to expand on those details that need to be addressed properly before a tenant even enters the picture. Because the fact is, there’s far more to doing it right than just putting an ad in the paper. Let us explain.

Setting the Right Rental Rates

As an investor, you’ll want to ensure that you’re getting the best price for your rental. But there’s more to pricing than just picking a number. Utilizing a reputable Property management company that has access to resources you don’t will help save you from a lot of trial and error.

Why? Because in order to determine your ideal price, you’ll want to see what other similar properties in the area are renting for – and also take into account the desirability of the neighborhood, amenities, floor plans, proximity to public transportation, schools, recreation, and major thoroughfares, local economic factors, and much more. And while you want to get the best price possible, you also want to keep it low enough to attract interest from prospective tenants. The end result of hiring an experience Property Manager to accurately assess all these factors is this: Your property will command the best price possible without sacrificing interest from high-quality tenants.

Marketing, Advertising, and Showing Your Property

Real estate scams. That’s a scary term – for both landlords and tenants. Following the housing crash when plenty of people lost their homes and the need for rentals skyrocketed, plenty of (not-so-nice) people found ways to take advantage of unsuspecting parties to rent out homes they didn’t own, collect huge deposits for non-existent properties, and just in general – make the property rental market a risky landscape. We bring this up because smart tenants know it – and because of it, they often prefer to work with a professional firm that is licensed and has a reliable reputation in the rental market industry.

On the other hand, not every renter is as straight arrow as you’d like to see, either. Knowing what to look for and how to weed out potential undesirable tenants can – all on its own – be worth the expense of hiring a Property Management firm.

Getting past those elements, though – Property Managers also have the systems and relationships in place to make sure that your property:

• Is listed not only on the local MLS – but gets maximum exposure on the most popular rental search websites.
• Has professional and appealing listing photos taken to optimize your listing.
• Is always show-ready – with all repairs, maintenance and cleaning done properly to ensure the most positive impact possible.
• Is shown to prospective tenants in a prompt and professional manner.

Pre-screening prospective tenants, checking backgrounds and references, and verifying employment and income are the next steps. The ultimate goal for the Property Manager is to take care of all these details and make it easy for owners to simply choose their personal preference from a list provided of Renter #1, Renter #2, or Renter #3.

Staying in Compliance with All Applicable Laws

As a landlord, it’s important to understand your responsibilities and obligations to your tenants. That’s why it’s vital to keep up with changing regulations and to ensure you’re in compliance with federal, state, and municipal laws. Areas that you’ll want to pay especially close attention to include proper tenant screening procedures, rules for handling security deposits, rent increases, and lease termination – and those are just to name a few. A Property Management company is familiar with the law as it pertains to your specific rental unit and will be able to make decisions on your behalf that will be in compliance. Because no one wants to be on the wrong side of the law in a landlord/tenant matter.

Once again, it’s important to note that hiring the right Property Management company is crucial. Be sure to interview them and make inquiries into their reputation. Put us through the paces and we’ll be happy to compare our expertise with the Las Vegas market to our competition. Discover more about the Property Management Services provided by New Home Resource by visiting our website – or contacting us at 702.365.1000.

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 just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!