Fees for Residential Las Vegas Property Management Services average 8-10% of the gross monthly rent collected. In addition, a 25% of 1st month’s rent leasing fee is common along with a $300 MLS referral fee. Most property managers charge a 10% lease renewal fee.
The Las Vegas market is competitive for property management services and most managers will waive their set-up fee if asked (usually a $295 savings). For property managers that charge a 10% rate most will lower to 8% if an Owner has multiple investment properties located inside their service zip codes. Be sure to ask about the possibility of a reduction in the monthly management fee if your an investor with multiple houses.
Also ask a residential property manager about their eviction statistics. The best managers will have never had to evict a tenant screened and placed into a managed rental property.
Selecting a Property Manager
Monthly management fees are just one component of selecting a Las Vegas property management company. Tenant retention, efficient tenant turnover and effective tenant screening are items that greatly impact a landlords profits and they won’t show on a financial statement. Having the right property manger will boost long term profits for a landlord. Selecting a property manager based solely on the lowest management fees can end up hurting your bottom line more than you think. Or going with the biggest property manager managing hundreds or thousands of units and getting lost in the shuffle.
Rent Ready Property Condition
A rent ready home is the most important aspect of marketing a vacant rental property. A rent ready home has a clean interior, landscaping recently trimmed, fresh paint, new/newer carpet and everything in good working order. In addition, the home should be readily available for viewings, priced at market and advertised with professional photos. With a rent ready home a quality Tenant could be secured in 7-10 days.
What About Pets in Rental Properties?
The final decision as to whether or not to allow a pet (or pets) is always the Owner’s (except for service animals as permitted by law). Approximately 62% of the households in the US have pets. By eliminating the ability to allow pets on a case-by-case basis an Owner is essentially eliminating over half the pool of qualified renters for a rental property. When considering pets, look at such factors as the breed of the animal, bite history and the prospect’s history in renting with a pet. Higher security deposits are recommended when a pet is approved thereby giving added assurance that, should there be any damage to the property, there are funds to make it right when a Tenant vacates. A pet and/or animal profile should also be kept on file with www.PetScreening.com.
Where is the Tenants Security Deposit Held?
Nevada law requires a Las Vegas property manager to hold tenant security deposits in a trust account separate from owner funds.
Keeping Good Tenants
Protecting your asset starts with finding the right tenant. Quickly following up on maintenance requests not only keeps the tenant happy but will also keep the property in good condition. We will advise our owners on what items should be repaired versus replaced, deferred versus immediate. We are able to maintain a proper balance between tenant loyalty and maximizing income. Read more about property management basics our property management philosophy for keeping good tenants.
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Heidi is the truth! I've been working with her on 2 of my homes for the last 3 years and she Does. Not. Miss. Anything. If you are looking for someone who will treat your property better than you do, contact her. I would give more stars if I could...
I am a California Real Estate Broker and have run a medium size property management business of my own for 25 years. Heidi is a very thorough, professional, and responsive property manager. Her financial reporting is timely each month, along with copies of all receipts & full accounting -- completely transparent.
Heidi is exceptional! From the moment I met her I knew she was the one I would work with and I am so grateful I found her. She's extremely knowledgeable about the rental market, has high standards for the properties she manages and tenants, and takes care of the details
We live on the East coast and the house needed a little work to get it ready to rent and Heidi and her team took care of everything from carpet to paint to landscaping using her awesome contractors at great prices. The leasing process was seamless and she made every part of the experience look easy.
As a Tenant of Rice Real Estate I can honestly tell you that Heidi is one of the most professional and ethical property managers I've ever had the opportunity to closely work with. Three words: Professionalism, Care and Concern for her Tenants. Highly recommend!
Heidi has managed our rentals in Las Vegas for many years. I can't say enough about how knowledgeable, proactive, and helpful she has been. We always take her advice on what needs to be done on the rentals and have been happy with the results.
I've been doing business with Heidi since 2009; she's from Wisconsin, and it shows! Shady people are EVERYWHERE in Las Vegas, so finding someone with traditional Midwestern ways of doing business was definitely out of the ordinary.
I would give more stars if I could! Heidi is incredibly professional and competent, but most of all, a pleasure to work with. She managed our property as a rental and then handled the sale of the home for us (and a complicated transaction). She knows her stuff, works so hard, and everyone is still smiling.