The Las Vegas rental market is unique, and renting out a property here is not as simple as it once was. You’ll need to know the state, federal, and local laws that pertain to income-producing property, and you’ll also have to know how to effectively lease, manage, and maintain your property to the standards that tenants expect.
If you’d prefer to enjoy the benefits of owning rental property without the hassles, professional Las Vegas property management is for you. If you prefer to be hands-on, working with tenants regularly and responding to their needs, you might want to consider doing it yourself.
It really comes down to how much time you have, and whether you’re interested in learning everything you need to know to effectively rent out your home.
Option One: Choosing Self-Management for Your Las Vegas Rental Home
In some situations, a property owner is well-equipped to manage their own property. Maybe you have a lot of experience leasing and managing rental properties and you already have existing relationships in place with vendors and contractors. If you understand the laws and you have the time and patience to respond right away when tenants call or complain, you may be able to rent out your own home.
Self-management is best for owners who want complete control over the day-to-day operations of a rental property. You’ll be responsible for marketing the home, screening tenants, creating lease agreements, and conducting move-in inspections. You’ll have to respond to routine and emergency maintenance, and you’ll need to keep a careful accounting of all your income and expenses.
You’ll need to prepare for unexpected expenses and risks. Vacancy, for example, can cost you a lot of money if you have trouble finding and keeping a tenant. Maintenance expenses can get out of control if you’re not working with the best vendors and things aren’t being fixed properly the first time. Legal mistakes are also easy to make. For example, fair housing laws are strict. If you try to charge a pet fee for a service animal, you’ll find yourself violating multiple fair housing and anti-discrimination laws. A security deposit that’s returned late may land you in court. There’s often an opportunity cost as well for self-managing landlords. What could you be spending your time doing?
Option Two: Professional Las Vegas Property Management
When you work with professional Las Vegas property managers, you’re leaving all the details in the hands of experienced professionals who have managed hundreds and maybe even thousands of properties before. You’re also saving yourself a lot of time. There’s no need to rush to the property when a plumbing problem is reported. You won’t have to select tenants or chase down late rent. There won’t be any need to confront tenants or resolve disputes. Instead, your property manager is taking care of all those things, and they’re doing it with tools and resources that self-managing landlords don’t have access to themselves.
Relationships with tenants can also be difficult to manage, and property managers serve as a buffer between you and your renter.
There’s also a lot less risk. Your property manager will understand the fair housing laws, the eviction restrictions, security deposit laws, and all the differences between pets, service animals, and companion animals.
We think professional Las Vegas property management is better for you and your property. If you’d like to hear about our services, please contact us at Strawberry Realty – Property Management.