Las Vegas Property Management Rates & Fees

Las Vegas Property Management Rates & Fees

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.

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Property Management Rates & Fees
Las Vegas Property Management Rates & Fees

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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