Guide to Rental Property Management

If you own rental property in Las Vegas, then you may have been wondering whether or not you should hire a Las Vegas rental property management company to help you manage your properties. After all, you probably already know that a property management company will cost you somewhere between 5% and 10% of your collected rents, which means that it will increase your expenses. If you are a hands-on person with substantial knowledge of landlord-tenant situations, this loss may be unacceptable. However, if you are new to rental property management, here are some things you should keep in mind about property management.

  1. Property management companies are independent contractors, so you do not have to worry about becoming an employer if you use their services. In other scenarios, such as hiring a resident property manager, you will form and employer-employee relationship.
  2. You own rental property to make a profit. While you may want to establish personal relationships with your tenants, doing so makes it far more difficult to make business-driven decisions if a tenant can no longer pay rent or is otherwise creating problems at your property.
  3. Low income housing and affordable housing programs are extremely lucrative for landlords, but can be very complicated to navigate. If you are considering participating in an affordable housing program, you want to make sure you are in compliance with all applicable rules and regulations.
  4. You will be expected to make repairs to your rental property in a timely manner; this can actually be very difficult at certain times during the year. For example, an air conditioning outage in the summer is a health and safety issue, but it may take days before an individual can get an HVAC contractor out for a repair.
  5. Collecting rent can be an availability challenge; some tenants will want to pay in cash, which means you not only have to be available for those payments, but also need to be able to safely hold that cash until it is deposited.

Property management can be fun and exciting, but it can also be very difficult for the novice. If you are a new rental property owner or a rental property owner who has become overwhelmed by the specifics of rental property management, consider turning to Real Property Management Las Vegas for your Las Vegas rental property management needs.