Las Vegas has always been a lucrative rental market for real estate investors, even those who live outside of the area. If you’re thinking about purchasing investment property in Las Vegas, you’re making a wise decision.
However, if you’re not living in the area yourself, investing here can feel like a bit of a risk. When you live out-of-state, it’s hard to know whether your tenants are treating the property well or if it’s in good condition. You might worry about unreported maintenance or lease violations.
Being an out-of-state investor makes professional Las Vegas property management critical. You’ll want to work with a management company that’s local and experienced. Here’s our advice: find someone who has spent years working with owners who live out of the state or even out of the country. Make sure they have great technology. Before you hire them, talk about how they’re going to protect your property.
Look for Las Vegas Property Management Technology
Communication will be essential for out-of-state owners. Your property manager will need to be responsive and accessible because you’ll want to know how your property is performing. If there’s a major problem at the property or a tenant provides notice at the end of the lease term or an expensive repair needs to be made, you’ll want to know about it, and you’ll want to know what it means for your cash flow and your ROI.
The right management company for out-of-state investors will have a great online software system so you can log in from anyplace in the world and at any time and see how your property and your tenants are performing. You should have access to accounting statements, repair records, leasing documents, and anything else you need to know that your property is in good condition and bringing in rental income.
Low Vacancy Rates and Professional Tenant Placement
Out-of-state investors cannot show their properties to prospective tenants without flying into Las Vegas. You’ll need a local property management expert who understands the best way to advertise your vacant property and find a good tenant quickly. Long vacancies are expensive, and you need to know your property will be rented quickly, by high-qualified, well-screened tenants. Work with a property manager who has a Nevada-specific lease agreement and can conduct a move-in inspection, collect the security deposit, and handle any questions your resident may have.
Responding to Routine and Emergency Maintenance
As an out-of-state investor, you need the peace of mind that your property will be well-protected. You cannot respond to maintenance issues from afar, even if they’re emergencies. So, you’ll need a management company that answers their phone 24 hours a day in case there’s a fire or a flood or some other disaster at the home which requires an immediate response.
Talk to your property manager about the concerns you have for maintenance. Routine maintenance should be taken care of swiftly and economically. Emergencies require immediate action. How will you be notified?
You also want to know there are preventative plans in place so that your investment remains in excellent condition and growing in value. Ask about inspections and condition reviews. Find out how often you can expect property visits. Look for a property manager who makes you feel like they’re taking care of the property as well as you would yourself.
This is some of our best advice for out-of-state investors, based on the services we provide ourselves. If you’d like to learn more about how we can help with all of your Las Vegas property management needs, please contact us at Strawberry Realty Property Management.