Owning rentals is usually a good investment. For those who own multiple homes or apartments, though, the maintenance can be time-consuming at best. Hiring professional residential property management in Las Vegas can be beneficial. They can take care of many of the responsibilities freeing you from the burden. Here are 10 things you need to know about hiring residential property managers.
1. Always hire a licensed professional. They should be able to sow they took an approved property management course and passed the state licensing exam.
2. Take a look at the properties currently being managed by the candidate. Ask for a list of homes or apartments they are responsible for and go look at them to see if they are in good shape.
3. There isn’t a standard fee, but make sure their fee is reasonable. Depending on the area, fees should range from 8 to 10% of the monthly rent charged.
4. How often do they expect to inspect your rentals?
5. Ask the prospect how they typically handle repair and maintenance issues. You may want to set a limit they can spend without contacting you before making repairs.
6. Be sure you are both clear on the terms of the property management contract. The handling of late fees or pet deposits should be discussed up front.
7. Ask the candidate if they file for eviction frequently. A high eviction rate can be indicative of failing to properly screen rental applicants.
8. Discuss their procedures for handling monthly and yearly account funds. For example, when do you receive a tenant’s rent after they have paid?
9. Ensure there is a written agreement which includes a termination clause. There should be a pre-defined method for ending the relationship if you find you are unhappy with the manager’s services.
10. Ask the property manager about their availability. They should be accessible in case you need to discuss any issues.
Find out how a residential property manager can help you. Visit Real Property Management Las Vegas today to learn more.
