Vegas property manager problems
We are fairly new to RE investing, we have a couple 2 bedroom apartments in the Vegas area. We are from out of state so we rely on local property managers to handle the day to day issues with the properties.
We've had a relentless parade of issues with the lack of professionalism and competence from multiple property managers in the area. We fired our first PM, and are on the verge of firing our current one as well. Both are "large" PM/brokerage firms with significant visibility/presence in the Vegas area, and have overall positive reviews on yelp. However, the yelp average may be distorted upwards due to rating from tenants rather than owners.
I'm a small business owner myself, and I'm continually surprised at the poor service and follow through that appears to be par for the course. I would go out of business if I treated my clients this poorly. Our first PM placed a tenant who wasnt properly vetted, didnt have the job they said they did, and stopped paying rent. We actually lost another tenant because the other PM neglected requests to repair a plumbing issue in the suite for so many months the tenant walked because they had cause for contract violation. There are bad tenants everywhere, we rely on competent PM to filter those out.
We actually had a local agent suggest off the record that the supply vs demand for PM in the Vegas valley is so bad that anyone can do a terrible job as PM and keep enough clients because the service is poor everywhere and demand vastly exceeds supply. Every PM takes on more clients than they can properly manage, because they can without consequence.
Are others experiencing this? Is that appraisal of the Property manager market accurate?
Any advice or feedback would be appreciated. We are considering looking at other markets if we can't get adequate service in Clark country.