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As investors question their retirement plan, many people are beginning to look into owning property for long term investment as a primary source of future income. With the Las Vegas real estate market being a leader in appreciation, depreciation, and then again in appreciation. Many successful property investors have expanded their portfolios to include Las Vegas for rental properties. The problem develops when new investors try entering into the market. Seasoned investors have learned over the years, and so can you. Here are just a few key strategies you can use when you decide to dive into the Las Vegas property management business.
#1 - Thinking of their investment property as THEIR home.
Just because you like certain colors, flooring, fixtures, don't expect everyone too. Stick to neutral colors, long term flooring like porcelain tile. Have materials that can be scuffed up, yet cleaned easily. Not everyone takes care of their homes like you do. Next time your walking through a parking lot, quickly glance into peoples cars - the mess in their cars are similar to their homes, but messy doesn't mean damaged!
#2 - Forming a direct relationship with your tenants
While establishing new relationships with people are great and add fulfillment to our lives. A landlord/tenant relationship is a business relationship first. With that comes difficult decisions. A large percentage of occupied homes we acquire for property management services, is because the Owner relationship with the tenant has taken a negative turn. Life happens, but seasoned property managers follow the terms of their lease and don't let emotions get in the way. But this is where owners emotions and personal feelings cloud their judgement.
#3 - Not getting advice from a seasoned property manager or Realtor specialized in rental properties prior to purchasing your new home.
New investors don't always know the various costs associated with rental properties. Property taxes, special assessments, and higher homeowner association (HOA) fee's can drastically cut into your profit margins. Much of the Las Vegas valley has HOA's, and some are not too friendly to renters. Including, additional screening and application fee's for those communities.
#4 - Being "Cheap" with tenant repair requests
Our best property management clients trust us to make good decisions when it comes to tenant maintenance requests. Trying to get multiple bids for small jobs simply frustrates the tenants. After all, they are the people who have to adjust the day to accommodate multiple vendors because a owner is attempting to save a few bucks. A good property management company has strong relationships with their vendors. Which generally result in affordable pricing, warranty on repairs, and good rapport with tenants. A happy tenants stays longer once they know the landlord and property manager care and respect their time and home.
