property manager

Building Strong Tenant Relationships to Minimize Turnover

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Building Strong Tenant Relationships to Minimize Turnover - Article Banner

Real estate investing is a relationship business. Renting out a home requires you to develop strong, professional relationships with all of the professionals who contribute to your success. You need to work well with maintenance vendors, Las Vegas property managers, attorneys, insurance agents, and accountants. 

Most importantly, you need to have a good relationship with your tenants. 

Depending on the type of tenant you have in place, dealing with those residents isn’t always easy. Maybe you have a complainer or someone who is always escalating conflicts. That’s hard, and you want to screen carefully before you place tenants in your Las Vegas property. Look for people who are well-qualified and easy to work with. 

Whatever your current tenant relationship, improving it will only help you. In fact, when you have a good tenant relationship in place, you earn more money.  

Establishing and maintaining good relationships with your tenants impacts what you can earn. You’ll find that tenants stay in place longer when they’re happy with how their rental experience is going. Lower turnover means lower vacancy. Higher retention means better and more consistent rents. It means stability. 

For some property owners, tenant relationships come naturally. This is likely when you communicate well, respond to the needs of your tenants, and you’re committed to enforcing the rules and providing a consistent, fair rental experience. 

But if you find your tenant relationships aren’t what they should be, we have some ideas for how to improve them towards the goal of retaining more tenants for longer periods of time.   

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7 Things to Check Before Renting Your Las Vegas Home

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7 Things to Check Before Renting Your Las Vegas Home - Article Banner

Are you planning to rent out a Las Vegas home? Whether you’ve purchased your first investment property or you’re renting out a home that you once lived in yourself, this is perhaps one of the best financial decisions you’ve ever made. You can expect to earn some consistent rental income (and rents are going up in Las Vegas), and you can also expect some great long term appreciation on your asset. 

But, you have to do things right in order to have a successful rental experience. 

Before you start advertising for tenants and collecting those rent checks, you need to make sure your property is adequately prepared for the rental market. It’s easy to rush when you know your home has a lot of potential on the rental market. Slow down and make sure you’ve checked out everything that needs checking. 

We’re helping today, with a list of 7 things that you absolutely must check before you rent out your Las Vegas home. 

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4 Reasons Why Homeowners Switch Las Vegas Property Management Companies

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4 Reasons Why Homeowners Switch Las Vegas Property Management Companies - Article Banner

Do you love change or do you not love change? 

Everyone handles it differently, and even if you’re somebody who feels energized by change, switching property management companies can seem a little scary. These people have access to your financial information. They’re responsible for some of your most valuable assets. 

Won’t they be mad at you if you leave them? 

It doesn’t matter. When you’re not getting the service or the results you expect, you need to look elsewhere. Las Vegas property management is about helping you reach your investment goals. You don’t have time to chase down your property manager or beg them to keep their promises. 

Don’t be afraid of change if your property management partner isn’t working for you. When things aren’t going well, you should absolutely look for a company. Your investment success depends on the support, structure, and advice you get from your management team. You should be leveraging their experience, resources, and advice. If you can’t count on them to even collect rent on time, you’re not getting a good return on the money you’ve invested in management and leasing fees.

When owners and investors come to us from other companies, it’s usually for one of the reasons we’ve listed below.  

Here are four excellent reasons you might want to switch Las Vegas property management companies. 

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How Annual Home Inspections Will Save You Money

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How Annual Home Inspections Will Save You Money - Article Banner

Completing annual home inspections on your property will save you money on emergency repairs, deferred maintenance, and unreported issues that may seem small now but can easily grow into larger and more expensive disasters. 

Home inspections allow you to ensure everything in your home is functioning the way it should, whether we’re talking about the air conditioning or the water heater. You’ll know if your roof is going to need to be replaced or if your landscaping could use an upgrade. 

Home inspections will require an investment. You’ll need to pay the inspector for their time and expertise. But, it’s money well-spent because you’re potentially saving yourself thousands of dollars in repairs that you didn’t have the opportunity to catch early enough. 

If you’re renting out a Las Vegas property, home inspections every year are especially important. It’s an opportunity to track the wear and tear that tenants are having on your investment. It allows you to ensure you’re renting out a safe and habitable home, and it also gives you an idea of upgrades and updates that may be helpful. When you make some minor renovations based on your home inspection, you’ll be able to increase the rent you earn. You’re also more likely to attract and place high-quality, long-term tenants. 

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Why Financial Reporting is Crucial for Your Las Vegas Investment Property

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Why Financial Reporting is Crucial for Your Las Vegas Investment Property - Article Banner

Financial reporting tells you about the health of your Las Vegas investment property. You should be able to look at your income and expense statements and know exactly what you’re earning and losing. With the right reporting, you’ll know how well your rental property is doing or whether a shift in course is necessary. 

As a rental property investor or landlord, you need to keep track of your finances for a lot of different reasons. You’ll be required to report your earnings and losses at tax time, for one thing. You’ll also need a clear idea of where you stand so you can make changes and budget for the future. You need to know what’s working and what isn’t. 

With the right management of your rental property finances, you’ll increase what you earn and have a far better investment experience. 

You’ll need two important tools to effectively manage the financial reporting of your investments:

  • Good technology
  • Experts in accounting and bookkeeping 

Technology will help you organize, streamline, and automate many of your accounting practices and financial reports. You’ll get more transparency, better accuracy, and a lot of detail when you use the right software and technology platforms. 

Expert help is essential, unless you’re an experienced CPA or accountant yourself. We recommend working with a financial professional unless you already have a Las Vegas property management partner. Your property manager should be able to generate all the financial reports and accounting statements you need. 

Here’s a look at what you need and why you need it.

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How to Determine if a Las Vegas Rental Property Is a Good Investment?

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How to Determine if a Las Vegas Rental Property Is a Good Investment - Article Banner

You’ve made a good decision if you’ve decided to invest in Las Vegas rental property. In this market, the rents are climbing, there’s a large pool of qualified tenants, and home values are rising. It’s a competitive market, but the home prices in Las Vegas are still attractive, especially compared to other U.S. cities.

To have a profitable investment experience, however, you have to buy the right property.

How do you know if a potential opportunity is a good investment?

That will depend on several things, starting with your own investment goals.

You’ll have to work around the current market trends and the local tenant demands when you’re selecting a good investment property. While the right acquisition will depend on why you’re investing and what you’re hoping to achieve, several things will tell you right away whether a property you’re considering has good rental investment potential.

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Best Practices When Tenant Screening your Las Vegas Residents

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Best Practices When Tenant Screening your Las Vegas Residents - article banner

Placing tenants is one of your most critical responsibilities when you have a Las Vegas rental property. You want to make sure you’re placing a tenant who is responsible, reliable, and likely to pay rent and maintain your property. Tenants who haven’t been screened properly can be risky. They may pay rent late or not at all. They may damage your home or break your lease. 

Put together a tenant screening process that allows you to get a good understanding of who you’re welcoming into your investment home. Here are some of our best practices when we’re screening residents for our owners and investors. 

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How to Avoid Long Term Vacancies | Las Vegas Property Management Tips

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How to Avoid Long Term Vacancies as a landlord

A vacant rental home is risky for owners and investors in Las Vegas. You’re not earning any income, and you’re also putting your investment at risk. Unoccupied properties can be targets for thieves an vandals. On top of losing rental income, you’re also required to pay out-of-pocket for turnover expenses. Those can be expensive, especially if a lot of work is needed to repair your property for the rental market.

What Owners Need to Know about Nevada’s Updated Landlord/Tenant Laws

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Nevada’s Updated Landlord/Tenant Laws

When you’re renting out your property in Nevada, you need to stay on top of the rental laws that dictate how you manage your property and your tenant. Sometimes, the changes can be head-spinning. 

Why property managers won’t use your handyman

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Cheap vendors cause more problems and cost landlords more money

Many rental property owners want a property manager to use the landlord’s vendors for repairs or cleaning. That typically causes more problems and expense. Here we explain why property managers don’t want to use your handyman or cleaners.