First off I want to say hi to everyone. I am thinking purchasing a single family home in Las Vegas, NV and renting it out. Since I live in California it would be difficult for me to manage the property by myself from afar. I am looking for recommendations for property managers in Las Vegas. Cost and service are of the utmost importance. This will be my maiden voyage into the realm of real estate investing should I go through with it.
Vegas isn't to far, but you're right about getting a manager. I wish I could help recommend people for you. If you can't get any recommendations, I would make sure you have a good list of questions for each company you talk to. Interview them very carefully. Let us know if you need help with that.
Since I am a newbie to all of this, what questions should I be asking?
Start with their rate. They can range from 6%-15%. I wouldn't go any higher then 10% personally. So they charge to fill vacancies? How much? Do they have an attorney you can use in case of evictions? How Much? Can they handle all maintenance? Do they mow the lawn? How much? Where do they advertise vacancies? How much? I'd meet them personally to see how organized they are. Do they send out notices immediately? How on the ball are they? Send a few emails to see how quickly they respond. Are your phone calls returned promptly?
That should be a good start for you for now.
To find a good, professional property manager check the NARPM website - NARPM.com. We have some good PMs in that area. :welcome:
I didn't know about that website. Thanks. Are there other good property manager associations besides NARPM?
NARPM * National Association of Residential Property Managers is a trade association for "fee" managers of 1 to 4 units.
IREM * Institute of Real Estate Management is the NAR affiliate for larger residential, commercial and industrial properties.
Both organizations have education and provide designations for their members.
NARPM = RMP and MPM
Residential Management Professional
Master Property Manager
IREM = ARM and CPM
Accredited Residential Manager (onsite manager)
Certified Property Manager
I have 40 years of fee management experience and hold the RMP, MPM and CPM designations.
I teach designation courses for NARPM and we are having our annual convention in Salt Lake City the third week of Sept. :type:
I do manage apartment building properties in Las Vegas but I dont do houses...but as far as looking for a property manager in Las Vegas or a property management company.
First suggestion with just 1 house...dont do it. First off, a property management company isnt going to give you the service that you will need. You just dont represent enough income for them to bother with you or give you any kind of service for just that one house rental and what they would charge you for the representation that you probably want and need. You would be eating into your profit margin too much...and these property management companies in Vegas know nothing about customer service or care about your bottom line. They will spend you out of business. While the housing market for buyers is great right now in Vegas, I would suggest buying but managing it myself by starting out by finding a good sound tenant. You will save money. As far as some of the other advice goes you have, first, if you have to ask a property management company if they have an attorney that handles their evictions, and they do, RUN. Any property management company worth their salt will handle the eviction process themselves...Las Vegas evictions is nothing like California and can be done easily and if they are using an attorney only says to me that they are going to spend and bill you constantly for things.
so essentially what I am saying SFGiants...if you take the time to find a good tenant that you would take to find a good management company...for 1 house...you will be better off. Work out the details with your new tenant...make sure they will take care of the place and things are written down in the lease. If you need to evict someone, just call southern nevada evictions..they charge a reasonable fee and you move on.
I am glad that I can help you with this one! I have bought a property in Vegas more than a year ago, and unfortunately I burnt myself on the first property management company I hired.
Even though they seemed to be great, with their average vacancy and "professional" packages etc, I had nothing than problems with them, and then even didn't get my property rented (or even weren't able to get a single person to go to see it!). This bad property management company was Nicklin Property management. I have written a huge blog post about my experience, and you can quite easily find it through google.
After that, I have fired them and searched for another property management company. I have been comparing two and in the end I chose RPM Las Vegas. They have found me a tenant within a month (they have pretty good internet marketing package) and haven't had problems with them in the whole year. So I guess I can recommend them.
If somebody else has some other experiences with them, let me know. I would be interested to know as well!
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