The Las Vegas Investor as Landlord

Many investors who, in the recent past, have concentrated primarily on the buying and selling of Las Vegas single family home properties, have been forced –due to current market conditions- to reevaluate their investment strategies in order to protect their investments and maximize the profit potential of homes now in their possession.

Investors who have purchased single family homes intended for immediate resale are confronting a marketplace glutted with homes now selling at “bargain basement” prices. Why compete at this time?

Many persons who have been forced to relocate for one reason or another, particularly families, need a place to live and would prefer the roominess of a single family home as compared to an apartment.

Investors with Las Vegas single family homes who rather not expose their properties to the present “buyer’s market” now have the opportunity to rent these homes to eager tenants looking for a new place to call home.

Unless the investor/home owner has had hands on experience as a landlord – and particularly if several or more properties are involved- it’s best to contact a Las Vegas Property Management Company to take care of both the important and mundane details of renting and managing these properties.

If the investor has not already done so, the property management company will have the property or properties inspected for problems, and arrange to have the homes cosmetically upgraded before marketing these properties to prospective tenants.

Working with a property manager can prove not only cost effective, but beneficial in many other ways as well. Property owners working with a competent Las Vegas real estate management company, particularly those investors who live far from their investments, even in another state, will have the peace of mind of knowing that their investments are being well looked after, and that the management company will be handling the tenant screenings, rent collections, evictions, emergencies, etc., that would normally be nightmarishly difficult for the investor to handle on his/her own.

The rental market is undoubtedly increasing, unquestionably due to the fact that many people have been, and are being displaced due to foreclosure. Other renters have the means to purchase a home, but the tightening credit market has made it difficult for many buyers, even those with good, but less than perfect credit, to either be approved by a lender, or were quoted loans at an uncomfortably high rate of interest.

Certainly, that would be the reason many investors have decided to ride out the present market without jeopardizing cash flow by choosing to rent their properties for the time being, and when the market finally rebounds, over time the properties will have built positive equity.

North American Realty of Nevada is a property management company with a proven track record of success. We manage many properties, and we have the know-how, reliability and expertise you want in a property management team.  Why not contact us today for a no-obligation consultation? We can be reached at 702-376-7379 or visit our website at www.PropertyManagementLasVegas.com for more information about our services.

A property owner appoints a professional Las Vegas Property Management Company to protect and enhance his investment. As the owner’s representative, the property manager’s priorities are to maximize occupancy levels, thereby increasing property values, assure timely collection of revenues, maintain and enhance the property, have a good rapport with the tenants, quickly and efficiently handle problems and promptly respond to emergencies.

Timely collection of rents is obviously most important to the landlord, and the transferring of these rent receipts to the landlord from the management company in a timely manner is just as important.

A frequent complaint from Las Vegas Property Owners in relation to their management company’s performance is a delay in transferring funds from manager to landlord within a reasonable time period. Frequent delays in transferring revenue can result in serious friction between the property owner and the management company.

Obviously, since the collection of rents is the primary source of a landlord’s revenue, the property owner must be assured that prospective tenants are thoroughly screened for past payment history, current credit worthiness, and sufficient income necessary to meet the property’s rental requirements.

Particularly due to the current economic situation, the property owner and his appointed agent should be in agreement as to what, if any, allowances are to be made in regard to a tenant who has recently fallen on hard times, but has maintained an excellent record for on-time payments in the past.

Once a new applicant has been approved for tenancy, it is important for the property manager to ensure that there is a full and complete understanding of the date and time when rents are due, and address any questions the new tenant may have about the leasing agreement, building amenities, maintenance procedures, etc.

Another property management essential is to complete daily, weekly and monthly documentation relative to reports of new tenants, evictions, pending legal matters, revenues, expenditures, and any and all matters pertaining to the owner’s property. This documentation is to be submitted to the landlord within a previously agreed upon time frame, as requested by the property owner.

In order to avoid misunderstandings and client dissatisfaction, it is of utmost importance that the property management company has reached a full and complete understanding of a client’s requirements, and that the client is in full understanding and in agreement with the property management company’s  fees, policies and procedures as well.

Successful property management requires, among other things, continuous education – keeping abreast of current and changing regulatory policies and procedures – access to the most up-to-date local market information available, excellent people handling/negotiating skills, and honoring commitments to landlord and tenant in a timely manner.

Establishing a good working relationship with the client unquestionably leads to client satisfaction and client referrals, the ultimate key to the successful operation and profitability of any business.

When it comes to long term investments, many people consider real estate a ‘sure thing’. Of course, as with all investments, there is an element of risk. Sometimes that risk comes in the form of the tenants renting your Las Vegas property.

After working so hard to secure the property, preparing it for rental, and screening the renters – now you have to maintain the property to ensure your investment continues to pay off.

If you do your own property management in Las Vegas, you need to be prepared for the work involved. You may get calls in the middle of the night to deal with a leaky roof, a pipe that is broken, or a complaint about the neighbors. Then, you go to the mail box and you receive a letter from the HOA stating your property needs lawn maintenance.

The headaches can bog you down and make you want to jump out of the real estate game all together.

Instead of selling off your valuable assets – consider a Property Management company like North American Realty of Nevada. With the right property management company – you can rest at night, knowing that someone else is going to ensure that your property is well taken care of, that your renters are properly screened, and even keep tenants in your house for you.

Choosing the right property management company can be the difference between loving real estate (and loving your investments) and wishing you had never gotten into real estate.

If you are in need of Property Management Services, North American Realty of Nevada offers full service Property Management.  You can reach a Property Manager at 702.376.7379 or you can visit the website at www.PropertyManagementLasVegas.com.