Have you ever asked yourself why hire a Las Vegas property management company when you can manage the home yourself? Many people think they can handle residential property management on their own. Some may be ready for the commitment and challenge while others are not. If you are unsure you may want to consider hiring a professional management company to perform partial or comprehensive services for you.
Here are some questions you can ask yourself to help you make the decision.
- Have I ever managed rental properties?
- Do I know the fair housing and landlord/tenant laws that apply to where my property is located?
- Do I want to be available 24 hours a day to handle emergencies and questions from my tenants?
- Do I have a network of licensed and bonded contractors that will ensure I can respond to those emergencies, and at a reasonable price?
- Do I have the accounting systems in place to manage accounts receivable/payable, monitor the profitability of my property and accurately pay all applicable taxes?
- Do I know what legal actions to take if tenants don’t pay their rent?
- If a tenant were to sue me, do I have professional lease agreements that will minimize my exposure?
Why Hire a Las Vegas Property Management Company:
1) Do you have any management experience?
Although management experience is the most helpful, those who have extensive experience in other fast-paced environments may be able to adjust to the workload and responsibilities. Even if you are confident in your skills and feel you have the time and drive to handle managing your own property, a property management company may still be the best option. Do you know how to advertise your property online? Are you able to accept online rent payments? Do you know how to maintain complete account records for your taxes? Consider your time and the value of your time…it’s probably more profitable for you to focus on what you do best vs taking up a part-time property management job.
Are you patient with people?
A large portion of managing your own property involves working with a variety of conflicting personalities. Tenants may argue with you. These issues will arise and will need to be addressed in a calm, effective manner before things get out of hand. Dealing with certain personalities can be stressful, so be sure you are prepared to act as mediator as well as a manager. If you struggle with conflict it’s probably best to leave it to the professionals.
Do you know the law?
A good residential property management company is familiar with all the latest fair housing and landlord/tenant laws. They also know what your rights are as a landlord and how to best handle any legal situations that may arise. If you must take extreme action against a tenant, such as an eviction, the property manager can handle all the details for you and help make the transition smoother.
Can you write legal, professional contracts and other agreements?
Leases, notices, and other contracts are a large part of renting out and managing residential properties. You need to be able to draft, correct, and ensure these documents are legal, binding, and provide adequate protection. Minor mistakes can cost you $if paperwork isn’t done correctly or on time.
Do you have the time?
Usually the biggest hindrance to owner-management of a residential property is lack adequate time and availability. If you have another job, family responsibilities, or a busy personal life, you might not be able to devote enough time to successfully manage your own property…especially if it is in another state. Residential property managers often have to deal with late night tenant calls, emergency issues and any number of unpredictable events that can arise at any time. If you aren’t there to keep an eye on your investment make sure you hire a reliable and detail-oriented management company like Rice Real Estate based in Las Vegas, NV.
Read even more reasons here!