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

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

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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Should You Sell or Rent the Las Vegas Rental Property You Inherited?

Should You Sell or Rent the Las Vegas Rental Property You Inherited? - Article Banner

Inheriting a property in Las Vegas is one of the easiest ways to set yourself up as a real estate investor. You can begin earning money on that home without making much of an investment yourself. 

Or, you can sell the home and make some money. The Las Vegas real estate market is hot, and if you have no interest in holding onto the asset for the long term, it may seem like a more attractive option to sell the home and move on. 

There are a few immediate details you’ll need to take care of while you weigh your options. 

For example, did you inherit this property on your own or do you own it with other people? If you’re not the only decision-maker, you’ll have to pull everyone together and decide what to do. 

If you’re on your own, though, you basically have three options. You can live in the property yourself. You can sell it. Or, you can rent it out. 

You likely already have a home of your own and no immediate plans to move. So, you’ll have to decide if it’s better to rent or sell. Ultimately, the decisions will come down to a few things:

  • Your current financial status
  • Your future financial goals
  • The condition of the property
  • The strength of the local sales and rental market
  • Whether you want to be a landlord

Maybe you’re emotionally connected to the property. It could be a house you once lived in yourself. Those emotions are going to influence your decision, too. 

As Las Vegas property managers and real estate experts, we’re always advising people who aren’t sure what to do with a property that they have no intention of living in. 

Here are some of the things to think through as you decide whether it’s better to sell the property or rent it out.

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

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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Strawberry Realty – Providing Credit Reporting in 2022

Reporting tenant rent payments to credit bureaus

LAS VEGAS, NEVADA December 30th, 2021

Beginning in early 2022, Strawberry Realty – Property Management in Las Vegas will provide a credit reporting service that reflects rental payments made by tenants. This integration will be provided for all clients and tenants automatically.

With this new system in place, Strawberry Property Management Las Vegas will report tenant rent payments to credit reporting agencies such as TransUnion and Equifax. Tenants do not need to opt into this service; it’s set to be provided beginning in the New Year to every resident renting a home from the Las Vegas property management company.

This program will report both positive and negative payment patterns. It will also report any unpaid debt owed by tenants who moved out.

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Best Practices When Tenant Screening your Las Vegas Residents

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

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

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

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.

Do You Have to Evict Your Tenant? Why You Should Hire a Professional Las Vegas Management Company

Do You Have to Evict Your Tenant - article banner

Evictions have been difficult over the course of the pandemic. The federal moratorium has made it nearly impossible for Las Vegas rental property owners to remove tenants who cannot pay their rent.  However, that eviction moratorium is coming to an end, and federal courts have recently struck down the ban on evictions. If you have … Read more