What steps are most important when it comes to the property management process? There are many property management tips and tricks, but these 5 steps are the most important for a successful rental investment. Tenant screening, repairs and maintenance, vacancy marketing, lease agreement, and rent collection.
Tenant Screening
The #1 most important step in the property management process is tenant screening. This sets the stage for the entire rental experience. It’s essential to screen potential tenants carefully to ensure you are renting to responsible people who will take care of your property. A good screening process should include a credit check, background check, and income verification.
At Strawberry Property Management Las Vegas, we use electronic income verification to confirm that renters receive the income stated on their applications. This is a key step in our tenant screening process that helps us to avoid payment issues. Learn more about our rental requirements.
Repairs and Maintenance
Performing timely repairs and maintenance is the second most important step in an effective property management process. One of the biggest reasons good renters move out is poor maintenance handling. Every turnover costs you more money. As such, you don’t want your tenants waiting weeks for a repair. It’s important to have a reliable contractor on-call who can handle repairs quickly and correctly.
We have a team of experienced and reliable vendors to take care of all repairs or maintenance issues. Learn more about our property management services here.
Vacancy Marketing
The third most important step in the property management process is marketing your rental to attract qualified tenants quickly. You want to make sure your property is seen by as many potential renters as possible and that you are getting the best rent rate. That means digital rental marketing is key. We list all rentals on the MLS to allow all local Las Vegas Realtors to show the property. Plus, we publish listings to dozens of popular rental websites, and we market on social media. We use the most PAID rental advertising in the Las Vegas market.
In addition to posting listings all over the internet and paid rental advertising, we use 360° virtual tours to attract the most possible renters.
Lease Agreement
Using a lease agreement that protects your property and your tenants is another important part of the property management process. A good lease should comply with all federal, state, and local laws. It should include all terms and rules, and lay out who is responsible for what. It’s super important to have a signed lease in place and collect all monies due before the tenant moves in. Also, you should always follow the lease with all renters to ensure a fair experience for yourself and your tenants.
Strawberry Property Management Las Vegas uses a custom lease agreement that complies with all landlord-tenant laws in Nevada. We keep our lease form updated and include several terms not found on a boiler-plate rental agreement.
Rent Collection
Last but not least, the fifth important step in the property management process is rent collection. It’s important to be consistent with rent collection and to enforce late fees as stated in the lease. You also want to make sure you are receiving the correct amount of rent each month. It’s a good idea to use a convenient payment system, such as online payments or automatic bill pay.
Our property management software provides online portals for all tenants where they can easily pay online, and set up auto-pay. We also use a bill pay network that allows tenants to pay their rent in cash at many stores all over town, including grocery stores, department stores, and many others. Further, our system requires tenants to pay the full balance due each month.
Effective Property Management Processes
At Strawberry Property Management Las Vegas, we take pride in providing the best property management services in the Las Vegas market. We have over 20 years of combined experience managing rental properties. We are dedicated to ensuring that your property is well-maintained and rented to responsible tenants. Contact us today for more information about our property management services.