If you are contemplating finding a greater Las Vegas property management company, then you have probably already started to look into the costs. You know that you will pay a property manager somewhere between 5% and 10% of rents received. This is a substantial amount of money that amounts to losing approximately one month of rent each year. Therefore, in order to decide whether hiring a property management company is the right decision for you, it is important to know what type of benefits a property management company can bring to your company.
- Help you find tenants. Property management companies market a high number of properties throughout the greater Las Vegas area, which means that they are rental property marketing experts and that they have a large pool of potential tenants. In addition, a property management company knows how to vet tenants without violating any of the laws that exist to protect potential tenant privacy.
- Familiarity with housing assistance programs. One of the most profitable things that a landlord can do is become involved in housing assistance programs. These programs virtually ensure constant tenancy and, because of subsidies, can also provide an almost-guaranteed income stream. However, compliance with their rules and regulations can be complex. Property management companies know the different requirements of different housing programs and how to comply with them.
- Consistent maintenance. Whether you are an absentee or local landlord, it can be difficult to keep track of maintenance schedules on property you do not occupy. Property management companies can keep maintenance schedules that ensure your property is well-maintained, helping you avoid costly repairs.
- Handling tenants. From rent collection to handling tenant complaints to having to deal with potential evictions, handling tenants is probably the most difficult part of property management. A property management company handles tenants for you, and has the experience to understand when a tenant’s complaints are reasonable and when they are unreasonable.
- Handling emergency repairs. Even the best-maintained properties have the occasional emergency repairs. Property management companies either employ their own repair people or have priority relationships with area service people, which results in fast and affordable responses to emergency calls.
A greater Las Vegas property management company can maximize the benefits of property ownership, while minimizing the downside. In fact, most people find that a property management company pays for itself in convenience and experience.