Select a property management company that is non-exclusive.
There is no penalty to you for having a company try to find you a tenant as long as they do not require compensation up front or require compensation if you find a tenant. In real estate terms, this is referred to as “non-exclusive.” Since most companies in Las Vegas require exclusive contracts, this should be your first question to ask.
Set up an account for tenants to directly deposit or use Intuit.
You want to avoid the “checks in the mail” or the “dog ate my homework” scenarios. We have found Intuit is a very effective way to track who paid what and when. You can check the status of payment from the comfort of your computer.
Treat tenants with respect.
Everyone on this planet craves respect and it costs nothing. There is a significant difference between being firm with rules and lack of respect. Respect includes proper use of the English language and calling a tenant at a reasonable hour. When you treat tenants with respect, you will save THOUSANDS of dollars in repairs. Yelling and screaming at a tenant who is late is equivalent to writing a check for $1000.
Don’t wait too long to post a five day notice.
A five day notice is the first step in the eviction process. It is simply a notice indicating to your tenant that you will evict them if they do not pay. This is not disrespectful. It’s simply a notice and the best way to explain it to a tenant is that they can ignore the notice if they pay.
Use a professional service for your eviction.
A full service property manager should do your evictions for you for free. We charge $300 if you are not our client. There is an art to an eviction and this art will save you thousands of dollars in the long run. Unless you have experience, this is better left to professionals. The majority of our evictions are “elegant departures” which leaves your property in nearly the same condition that they moved in with.
Do not pester your tenant.
Driving by your property is ok. Showing up at dinner time unannounced is a major no no. The only time you should visit your tenant is if they are late paying rent. If your tenant is late and you are local, it’s ok to call and say, “I’m a little concerned that you are late. I will be dropping by tomorrow at 5pm to make sure everything is in order.” This reminds them that you are on them and being late will be painful to them.
Find a neighborhood snitch.
Chit chat with the neighbors when you can and make sure they have your phone number on the refrigerator. Tell them that if your tenant is being a nuisance, that you need to know immediately and that your source of knowledge will remain a secret. Generally, if your tenant is pissing your neighbor off, it is breaking the lease agreement and grounds for eviction. A good lease agreement carries a legal stick which makes your tenants play well with others.