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Las Vegas Property Management

Las Vegas property management is no picnic. Finding someone who won’t rip you off and manage your assets effectively is a scary proposition.

Here are some tips on finding a good property manager.

1. Find out how many properties they have are currently vacant. If they have over 50% of their portfolio vacant, they have serious marketing/sales issues. Either they are not realistic with their investors or they simply don’t have it together. An easy trick to find out the answer to this question is to ask how many properties they manage and then search their web site to find out how many are being advertised.

2. Ask how much they charge for property management AND maintenance. Some property management companies are just a front for a maintenance company. Some property management companies make the bulk of their revenue from cycling through properties frequently to get income from the rehab. These are difficult to discover until it’s too late.

3. Ask if there are any up front advertising or sign up fees. Anything over $500 is too much.

4. Ask to speak to references. If a property management company cannot readily provide you with references, they are not doing a good job. You want to ask those references their experience in occupancy, tenant placement, timely payments and their maintenance performance.

5. Ask if they offer a range of services for tenant placement. The more opportunities you have to get your property filled, the better off you will be in the long run.

Here are some general types of tenant placement:

Do It Yourself: You find tenants and manage the property yourself.
You can stay on top of your own investment and get all the revenue.
Unless you have property management experience, you are going to struggle.
Full Service: Generally 8-10% of the gross income for the property + 10% over invoice for repairs.
You can kick back and let the property management company deal with the headaches.
You will get the least amount of cash out of your property.
Tenant Placement: Some agents will simply find a tenant for a flat fee. You get all the monthly income.
You will get more money out of the property than going full service.
You are on the hook for repairs.
Lease Option: Allow a lease with an option to purchase your property.
This gives you the most cash out of your property as your tenants are responsible for most repairs and they pay a monthly premium.
You can lose money at the back end of a lease/option.