Las Vegas is a gold mine for rental property owners: nearly half of the households in the city are renters, as per Dept. of Numbers. That being said, being a landlord is far from easy – from the logistics and accounting to checking up on your tenants and running the necessary background checks, it can be difficult to truly make a profit off being a landlord without the proper experience.
Otherwise, you just risk of turning what could be income on the side into another job. Thankfully, there are experienced professionals out there who can help you manage your property and deal with finding and managing tenants – that’s where a property management company like RPM Las Vegas comes into play. But before you hit the books and hire the nearest management company, consider first a little roster of questions.
What do you offer your clients?
Not every property manager is the same. Some offer a different list of services than others, for different prices – you have to consider what responsibilities you’re most comfortable with, and which responsibilities are best left to the professionals.
How many units do you manage?
Too few, and it may be a sign of inexperience in a manager or poor quality, especially if they’ve been around for a while – too many, and your unit may become insignificant, caught up in the fast growth of this management company.
A good way to find out how many is too many is by asking other landlords what sort of experiences they’ve had with a particular management company.
How do you figure out your rent amount?
A high-quality company will be able to use analysis and an in-depth knowledge of local markets to determine almost exactly how much a property is worth in any given neighborhood, and how much should be charged as a result.
With these questions, you’ll be much better equipped to make the right choice when finding a company to help you out.