Las Vegas property management companies

My Tenant Wants to Break the Lease: Termination Advice from a Las Vegas Property Manager

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My Tenant Wants to Break the Lease: Termination Advice From a Las Vegas Property Manager - Article Banner

The whole point of signing a lease agreement with your tenant is to establish how long the residency will last. You expect your tenants to stay in place and continue paying rent for the entire lease term. When they don’t, and they move out early, it’s considered a lease break. 

No Las Vegas landlord ever wants to hear that a tenant wants or needs to break the lease and leave the property before the end of the contractual term. It’s disruptive to your cash flow, it requires a lot of extra work on your end, and it leaves you feeling like it’s difficult to trust even well-screened tenants. 

But, things happen. Even with good tenants who are otherwise excellent to work with. You need to be prepared for how you’ll handle a lease break. In Nevada, there are some reasons in which a tenant can lawfully break a lease and leave the property early. But even if your tenant is breaking the lease without legal cause, you don’t want to end the relationship with arguments and disputes. 

A lease break can be handled professionally and with minimal loss to both landlords and tenants. 

Let’s talk about how to hold tenants accountable for the consequences that come with a lease break and what you can do to make the situation a bit better for everyone involved. 

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How to Limit Liabilities on Your Las Vegas Rental Home

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How to Limit Liabilities on Your Las Vegas Rental Home - Article Banner

Liability isn’t always fun to talk about. No one likes to think about worst-case scenarios and what-ifs. But, it deserves your consideration as a real estate investor. Protecting yourself from potential liability requires preparation and planning.

While renting out a Las Vegas home provides a lot of potential for earnings and wealth, it also comes with risk. Every investment does. 

When we talk about the liability that’s inherent with real estate investing, there’s a lot of liability involved with your property. Not only do you have to worry about that, you also have to think about your tenants and the risk they bring into your home. Having other people living in your property is always risky – no matter how well they’re screened and how prepared you might feel. 

At Strawberry Property Management, we happen to do an excellent job of protecting our clients from liability and risk. We defend our owners against potential disputes and conflicts, and we work extra hard to protect their investments and their interests. 

We’re digging into that area of expertise today, as we discuss some of the best ways to limit liabilities on your Las Vegas rental home. 

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Landlord vs. Tenant Responsibilities in Las Vegas – Who Pays for What?

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Landlord vs. Tenant Responsibilities in Las Vegas – Who Pays for What? - Article Banner

You own the home but your tenant is living in it. 

So, who is responsible for things like maintenance, utilities, pest control, and air filters?

That will depend on your Las Vegas lease agreement, which should stipulate in detail who is responsible for what. 

There are certain obvious standards. Most tenants understand they’re responsible for paying the rent. Landlords in Las Vegas know it’s their job to provide a safe, habitable, well-maintained home. 

The uncertainty usually rests in minor maintenance, cleaning, and repairs. Maintaining a rental property requires a transparent and trusting partnership between owners, tenants, and vendors. You need to be clear about what’s expected from your tenants and there has to be some documented division of responsibilities. 

If you’re working with a Las Vegas property management company, there’s not much for you to worry about. Your property managers will take care of anything that you as an owner would normally be responsible for. You’ll have to pay the bills, but you won’t be the one searching for plumbers and holding tenants accountable. 

However, if you’re an independent landlord wondering how to approach the maintenance and repairs needed at your property, you’ll need to know what your responsibilities are and what you can reasonably expect from your tenants. 

Let’s go back to the importance of a strong lease agreement. You need to have one that’s legally enforceable and clear. You also need a reliable network of licensed and insured vendor and contractors. Finally, you’ll really need a willingness to talk openly and transparently to your tenants so they’re clear on their own responsibilities and your expectations.

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Renovations to Maximize Your Rental Income in Las Vegas

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Renovations to Maximize Your Rental Income in Las Vegas - Article Banner

Renovations don’t have to be scary and expensive. When you think about renovating a Las Vegas property, you might immediately think about gutting a kitchen, adding a new story, or completely remodeling a bedroom. 

But, it doesn’t have to be all that. 

Renovations can be cost-effective, and when we’re talking about renovating a Las Vegas rental property, they can help you earn more in rent. They can also help you attract high quality tenants quickly, which also affects your earnings. 

Attractive and well-maintained homes earn the highest rents. You have to make sure your property can compete. 

When it comes to setting your rental price, there are many things over which you have no control. You cannot control the strength of the Las Vegas rental market. You cannot control the amount of competition that happens to exist when you’re looking for tenants and setting rents. Unless you’re about to buy a new investment property, you cannot control the location of your property and whether it’s in a desirable neighborhood. 

One thing you can control, however, is property condition. 

Making rental property renovations will maximize what you earn. But, you have to make the right renovations and you have to use reliable vendors who aren’t going to go over-budget or delay the project.  

Let’s talk about why these renovations matter. Then, we’ll share some of our favorite upgrades and updates that are sure to bring in more rent and better residents.

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