If you own a property in the Las Vegas or Henderson areas and are looking to rent it out, you may be considering hiring a property manager to help you stay on top of everything. While doing so is certainly the most efficient route to take, you may be concerned with how much it will cost you to hire a local Henderson or Las Vegas property management professional. However, if you take a closer look, having a knowledgeable and reputable property management expert on your side will actually end up saving you money, and a great deal of hassle, in the long run.
Market Research Will Maximize Profits
Something a professional property management company will do is thorough market research to stay on top of all real estate market updates in order to make sure your rental properties are priced right. This involves taking a closer look at other rental properties in your area, seeing how they compare to your property, taking into account the amenities and perks you’re offering, convenience of your location to important landmarks in the city, and much more.
Without proper analysis of your neighborhood and comparing your property to others, you may be low balling your rental rates, and pretty significantly in some cases. On the other hand, you may be asking for too much and therefore not renting your property out as quickly and effectively as you expected. A property manager will find that sweet spot that will price your property appropriately, in order to maximize your profits consistently.
Lease Your Property Faster
If you are struggling to lease your property, than you are missing out on months of income as the space sits vacant. There are several reasons you may be having a hard time generating interest in your property, but the most common is a lack of marketing/exposure. Potential tenants simply don’t know about the vacancy.
Another thing a property manager will do for you is advertise your vacancy using the latest technology, social media, print marketing, and all the best outlets to reach renters where they are looking the most. This includes an optimized presence on:
Additionally, property managers will utilize paid marketing with online ads on Google, Facebook, and other platforms to maximize exposure. This greatly increases your chances of renting out your property quickly, so that you don’t lose months of rent or waste time and money trying to market the vacancy yourself with little or no success.
Bring in Reliable Renters
Once you’ve generated interest in your vacancy, the next step is dealing with the wave of incoming applications from potential tenants. Although the tenant screening process is arguably the most important step in renting out your property, it’s often time-consuming and difficult for just one person to do thoroughly and properly. Background checks are essential to make sure you rent to a reliable tenant who has an impeccable renting history.
Property managers have the industry knowledge and experience to conduct thorough background checks and fully screen applicants, saving you time and the risk of renting out to a less than ideal candidate. In turn, this affords you (the landlord) the peace of mind knowing that rent will be paid in full and on time, your tenants won’t cause costly damage to your property, and that you won’t have to deal with disrespectful renters that may result in an expensive eviction. In the end, bringing in reliable renters will save you money and many headaches.
Avoid Overpriced Maintenance Service Fees
No matter how well you take care of your property, there will always be a need for plumbing, maintenance, landscaping, and other service professionals, even if only for emergency issues. When a tenant complains of something that needs to be fixed immediately, the pressure is on the landlord to find somebody who can do the job quickly and efficiently. However, this can often translate into an expensive bill in the end.
Another benefit of having a professional property manager watching over your rental property is the contracted rates they have with local maintenance professionals. Even if you have a last-minute request or need a job rushed, you won’t have to deal with inflated prices or service fees because your property manager has locked in rates with trusted and reliable companies. In addition, because these maintenance professionals want to continue their contract with your property manager, they typically complete the jobs quickly and thoroughly.
Fewer Legal Issues for Landlords
When landlords are faced with legal issues, court fees and expenses can really add up fast. This can be a result of not following proper protocol as stated in the lease agreement, failure to return security deposits, asking illegal questions or not respecting a tenant’s privacy, and other things that the landlord may not even know are illegal.
Because of these areas of concerns, property managers can be extremely valuable to landlords as they are always up-to-date with current tenant/landlord laws, including local rules and regulations. An expert property manager knows exactly what you need to do and what you must avoid to legally fulfill your duties as a landlord or property owner. Overall, hiring a reputable, local property management professional will save you money while preventing expensive lawsuits brought on by your tenants.