Owning real estate is a great investment but not everyone wants (or has time to be) a landlord. Fortunately, professional Las Vegas property management services make it easy for you to enjoy the best of both worlds– you can invest in as much premium Vegas real estate as you want and let someone else do the work of managing it and keeping things running on a day-to-day basis.
A lot of people choose to manage their own properties, which is fine, but it can prove to be a challenge for many. If you work a full-time job, have a family or life outside of real estate investing, or even just don’t have the time or desire to manage your properties, it could become more of a headache than it’s worth. This is why it’s always best to at least consider property management services. Keep reading to learn more.
The Benefits of Property Management
When it comes to property management, experience is what gives them the upper hand. Here are some of the biggest perks to keep in mind while you’re deciding whether hiring a property manager is right for your rental(s).
Knowing the Law
Las Vegas is notorious for its strict real estate and tenant laws. Following those can prove to be difficult unless you’re a seasoned investor or landlord. Even then, it may still be hard to keep up with the changes. Most people don’t realize the laws changed until they’ve broken one. You need to keep yourself and your residents safe, protected, and within the legal rights of the law in the state of Nevada and the City of Las Vegas. A dedicated property management team can ensure that compliance comes first, always.
If you’re not in the Vegas area, or even if you’re not in the country, it can be impossible to be available for your tenants when they need you. It’s going to be more difficult for you to rent and manage your Las Vegas real estate when you’re out of town. Even if you’re in the area, it could still prove to be a challenge for you to respond quickly to tenants, collect rents, and handle complaints or issues in a timely fashion. Property managers are local and dedicated to tenant issues, and will be able to provide expedient and even emergency service when needed.
Hiring a property manager gives your rental the dedicated attention that it needs. In an ideal scenario, you could find tenants who would make it easy to manage a property and require little effort, but that’s usually the exception rather than the rule. The entire job of property management services is to take care of your property and your tenants. You’ll be able to focus on your family, your career, or other things that need your attention and know your properties are taken care of.
Can You Afford a Property Manager?
Everyone asks themselves this question, but perhaps the more important question is: can you afford not to?
The fact of the matter is that most people find property management services to be more than worth the investment. Typically, you’ll spend about 4-10% of the property’s gross income on property management services. If your unit rents for $2,000, you’ll pay them about $200 a month, which is minimal compared to the services that you get.
The more properties or units you have, typically, the lower the fees will be. You’ll need to discuss their exact fees with the manager that you choose, but it’s generally a lot more affordable than you think.
Do You Have Vacancy or Cash Flow Issues?
Many issues could lead to a higher-than-normal vacancy rate. If you find yourself constantly struggling to fill your property or properties, or you can’t seem to break out of the red, you might need professional help. A property management team can take a good look at your rental portfolio, resolve vacancy issues, restore your cash flow, and get your rental investment back on track in less time than you think.
Sure, you might not have the extra 10% now to spend on property manager fees, but if you don’t invest, you’ll lose a lot more than that. If you simply can’t figure out the Las Vegas rental market, that’s fine. Again, the professionals are here for a reason.
What’s Your Management Style or Tolerance Level?
Have you managed properties before? Do you prefer to be more hands-on or are you someone who wants to “set it and forget it”, hoping that you have good tenants that require little attention and maintenance? Think about these things carefully– and don’t oversell yourself. If you aren’t up for the job, that’s fine. That’s exactly what property managers are for. If you feel like you’re too “hands-off” for property management, that’s fine.
Another consideration is how much stress or difficulty you can handle. Let’s face it– while there are some truly great tenants out there, many renters are a pain to deal with. There are late payers, property damagers, rule breakers, and outright con artists that move from one place to the next before the previous eviction or broken lease shows up on their record. Are you ready to handle all of this? Are you capable? With property management services, you’ll be able to trust that there are fewer of these issues with proper tenant screening and that when they do arise, they’re handled accordingly.
Add a Professional Touch
There is no rule saying that you must use property managers if you are new to investing, have several units, or even if you have trouble filling those units. You can keep doing it on your own if you’ve figured out a way. However, hiring a property manager will create a more professional atmosphere and could even cause tenants to act more professional as a result. The bottom line? Property management takes the hassle out of real estate investing, which makes it worthwhile for every owner to consider.
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