Before you go down this path and manage your own property, there are some things you should know:
- Requirements – Nevada requires the owner or manager to be within 60 miles of the property. If you get a clever tenant who knows this, they can take you to the cleaners. We don’t provide “tenant placement only” to owners outside of Las Vegas. The is primarily because those owners are always calling us for repairs and problems.
- Tenant Screening – Unless you have been screening tenants for the last 30 years, you probably can’t match our skills and tools used to filter out the professional rent dodgers and tenants who are likely to destroy your property.
- Evictions – If you are not familiar with recent changes in the law, you are in for the ride of your life. The judges are more liberal now and the laws are more favorable to tenants than they used to be. If you happen to end up with a professional rent dodger, you are going to lose a few months of rent. Time and again we see owners lose 3 months of rent trying to save a little on the monthly expense.
- Expenses – Unless you have reliable vendors, there is a very good chance you will get poor service and poor results. Las Vegas is full of amateurs and finding good vendors at a fair price are super hard to find. You can’t have ours.
- Income – We have found most owners who attempt to manage their own property actually lose money in the long run. Here some examples:
- Rent Increases – Most self managed owners neglect to modify their leases every year and end up leaving thousands of dollars on the table.
- Late Fees – Unless you have a mechanism for charging and enforcing late fees, you are losing revenue and tenant discipline.
- Misc Fees – HOA fines, repairs and a host of other details are lost to most self managed owners.
You don’t know what you don’t know.
There are so many factors and situations related to managing properties, it requires books to cover them all. If you really really want to risk your property to your skill set, you should at least improve it. My book “For A Few Properties More” is only $4 and will save you that much in your first week. 30 years of property management experience went into that book and I made it fun to read.
Change Your Mind?
Don’t worry. If you decide later that managing properties isn’t your bag, we can take over and make the pain go away. Here is what you get for a modest 8%:
Excellent Service – We are constantly improving our systems and offering better services. Our Yelp reviews say it all but that’s just the tip of the iceberg.
Fast Customer Service – Multiple phone numbers for emergencies 24×7. We have hundreds of vendors in our data base for quick response. Our vendors are coordinated via the web for accurate information. Our maintenance processes is complete and starts with an automatic call log.
Decades Of Experience – Since 1997, our broker has been managing residential, multi family and commercial properties. He has had a general contractor license, wrote a book on property management and has taken properties from being boarded up to 100% occupancy.
Quick Tenant Placement – Our hungry agents are commission only. Unlike our salaried competitors, we don’t eat unless we find you a tenant. Our online applications are tied into the MLS, Craigslist, Realtor.com and over 50 websites. Your property will have video, photos and a super easy application for tenants to fill out online. We keep those application fees low so we can get as many prospects as possible.
Tenants Pay Or Leave – Tenants can pay online, at 7-Elevens or any CVS pharmacy. If tenants don’t pay, they leave. “Elegant Departures” are the most common form of evictions as “Lock Outs” are used as a last resort. Court appearances are no problem. We eat lawyers for breakfast. This page describes our eviction processes.
Direct Deposits – You receive your money on the 15th of the month electronically. Owners and tenants can login to a tenant portal to see monthly statements.
Annual Inspections – Every year you will get report detailing what we have found at the unit and repairs if necessary.
Multiple Licensed Managers – We have bi-lingual leasing agents to assist those who speak Spanish.
Transparent Accounting – Your monthly statements show you exactly where funds go and for what reason. Our bank accounts are monitored by the Real Estate Division.
1099s – At the end of the year you will get a financial report that includes your P&L statement and your 1099.
HOA Love Letters – We get love letter from an HOA nearly daily. No worries, we take care of those for you. Tenants either correct the issue or we correct the problem and bill the tenant.