Below are 3 tips for hiring a Rental Companies in Las Vegas firm for your real estate portfolio:
1. The main thing I always have a desire to know is how many properties they are managing. It’s followed up with the question of how many employees are currently managing the units. Here’s what I’ve discovered based upon my experience using a property management company. One skilled worker who has the proper tools and proven processes is able to manage from 30 to 40 units – assuming an accounting function isn’t involved. Therefore, if you’re qualifying a property management company and they have no workers and currently are managing thirty-seven units and you have a desire to hand them seven more, how good do you believe their service to your real estate portfolio is going to be?
2. Do they own rental properties themselves? For most, this might be a deal breaker! Here’s what I’ve experienced: while it might seem like an advantage for a manager to own some properties because they’re better at relating to what investors experience, I usually see it differently. Here is the way I see it: my properties and tenants are in frequent competition with managers and their properties. If a manager has a vacancy during the exact same time you do, how are you going to be able to know that your property is going to be filled first? You won’t!
3. One crucial aspect with managing both tenants and properties is getting into these properties on a regular basis. As a portion of your talks with potential managers, you need to gain a commitment from them on how often they’ll perform formal inspections of the properties. In a few instances, managers are going to be extremely accommodating. However, in most, they’ll balk at the requirement or use that as one method of increasing their fee they’ll be charging. I’m not impressed with property management companies who think that performing regular property inspections is an added bonus – not a part of their regular service package. I’d be extremely leery of this kind of property manager.
To learn more on our Rental Companies in Las Vegas contact Real Property Management at (702) 478-8800.