How a Property Manager Takes Care of Business – Part 3

Welcome to Part 3 of our introduction to why a Property Manager may be the best choice for handling your income properties. A week or two ago, we introduced 12 Reasons To Hire A Property Manager, and we’ve delved a bit further into each of those reasons in subsequent posts about “How a Property Manager Takes Care of Business.” Just to recap, in Part 1 – we addressed regarding finding and keeping quality tenants, minimizing potential legal problems, and the ability to rely on your Property Manager’s relationships with vendors. And in Part 2, we explained the importance of setting the right rental rates, marketing/advertising/showing your property, and staying in compliance with the legal requirements a landlord must meet.

Today, we’d like to talk about some of the things that in theory, all sound like pretty simple, straightforward, and easy items to take care of – but then again, there might be a few surprises in here you haven’t had a chance to think through. So let’s get started!

The Right Steps to Finding The Right Tenants

Finding applicants, conducting interviews, doing background checks – and that’s just for starters. Sure, you can do it all yourself (if you have a lot of free time!) – but by hiring a Property Manager, you’re also getting the benefit of their access to a wealth of resources that allow them to find qualified new tenants faster. Property managers typically have a larger pool of applicants from which to choose due to their extensive marketing and advertising programs. In fact, an established property manager may already have a waiting list of potential tenants.

Their experience also streamlines the screening process, which includes securing criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references. One of the biggest advantages to hiring a professional property manager is the ability to avoid legal hassles. With a full understanding of all the local, state and federal laws when it comes to discrimination in screening and selecting tenants, property managers help you avoid problems by ensuring compliance with these regulations. The end result? You receive a small number of well-vetted and highly qualified potential tenants from which to choose

Rent (Like Love) Isn’t Always On Time

“The check is in the mail!” Uh, not always so much. As a property owner, you depend on the rent arriving each month on time. When this doesn’t happen, there can be a tremendous amount of time and effort involved with tracking it down. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You’ll find this particularly important if you have a limited number of properties and collecting payments on time is crucial to maintaining your cash flow. Letting late rent slide can create a situation where the tenant is able to live in your property rent-free for as long as it takes to evict them. A Property Manager will be your no-nonsense rent collector and will take immediate action if the rent is late. They’ll document all steps taken and remain in compliance with the law.

Keeping Your Property in Its Best Condition

Good maintenance and repairs keep tenants happy and preserve the value of your investment – pretty important points about managing your property to maximize your financial return. So making sure that these things are covered requires something not everyone has: Good existing relationships with service vendors. Property management companies have those relationships with maintenance workers, tradesmen, contractors, and suppliers – in a manner that’s almost impossible for an independent landlord to duplicate.

You have questions? We have answers. New Home Resource Property Management invites you to contact us to learn more about our background and expertise in the Las Vegas property management market 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 www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!