Whether you own one or several properties in the Las Vegas area, you may benefit from rental property management. Las Vegas has a lot of safety codes and regulations to follow, and a manager can help you navigate the most complex aspects of renting out your property. When looking for a prospective property manager, keep the following five questions in mind.
1. How Many Properties Do You Manage in the Area?
This helps you understand their relative size and level of experience. If a property manager only has a handful of clients, for example, it could be an indication that they’re not experienced enough to deliver boutique-level service and respond to issues promptly.
2. How Often Would You Provide Me with Updates About My Property?
It’s your income property, and you should be able to receive updates as often as you need them. Your property manager should cater to your needs and answer your questions as soon as possible.
3. What Kinds of Technology Do You Use?
A good property manager should leverage the latest technology in order to streamline efficiency and keep your property operating at its best. This could be something as simple as offering online payment to using technology to detect possible issues within your dwelling to facilitate immediate repair.
4. How Long Have You Been in Business?
The reality is that a company that has only been around for a few years might not have the experience to handle the trickiest aspects of managing a property, such as taking steps to avoid legal issues with tenants. Look for someone who has been in the business for a long time and has seen their fair share of situations that require problem solving.
5. What Is Your Average Vacancy Rate?
Simply, this can tell you how adept your prospective property management company will be at filling any vacancies in your properties. If they cannot reliably fill apartments or houses, it might be an indication that there is something wrong with their process.
Very useful info. Thanks for sharing @Ron Nir
Not long ago someone posted on this forum how difficult it is to find a good PM in Vegas. These questions help weed out some of the not so great PM before choosing one to work with
Thank you @Ron Nir ! On a related note, does anyone know of a good PM company they would recommend in Vegas?
@Noam Ofan Thanks for the appreciation!
Great questions @Ron Nir here are some I have created over the years
It is very important that you make sure you take the time to interview and have candid conversations with a PM company. Let them know your strategy, your goals and what your business plan is to ensure that your business plan aligns with theirs and you can both work towards the same goal. If they are not aligned then simply keep looking till you find one that is.I would look up NARPM and start with them..Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.
My business partner is a regional VP for NARPM and I am happy to help if you need anything please reach outQuestions to Ask prospective management companies
- What are your average days on market for vacant homes?
- What is your average rent amount for all properties managed?
- What is your average work order cost for the owner?
- What is your average make ready cost for the owner?
- Are all my invoices uploaded to my owner portal?
- How do you advertise your vacant units?
- Do I receive video of my pre and post make ready?
- Do you have a setup fee?
- Do you upcharge on maintenance?
- When do you make owner payments? How often?
- Are you a Certified Property Manager?
- Are you a member of NARPM?
- What is your Guarantee?
- Do you provide move in and move out reports
- How many pictures do you take of the property prior to tenant moves in and after the tenant moves out
- Do you get weekly reports when the property is vacant what prospective tenants are saying about your home
- Do you provide monthly newsletters to your tenants
- Do you hold investor education classes to help me become a better investor
- Do you have single point portfolio based management services?
- How many properties do the owners actually own themselves?
- What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuits
- How familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?