To increase your ROI, you have to do more than find a good tenant and raise your rent reasonably every year that the lease is renewed. Keeping your properties well-maintained and making cost-effective upgrades will help you earn more on your Las Vegas rental.
The most important thing you can do, however, when you want to increase what you’re earning is to work with a professional Las Vegas property manager. You’ll find that with professional and expert help, you’re able to spend less and earn more on your investments.
Here’s how we can help.
Understanding the Las Vegas Rental Market
It’s easy to make an expensive mistake when you’re renting out your own property. As experienced property managers in the Las Vegas rental market, we understand local laws, required disclosures, and state laws that pertain to fair housing, security deposits, and evictions. We also know what competing properties are renting for, which allows us to accurately price your rental home.
Every market is different when it comes to real estate, and you need a local expert who can help you maximize what you earn by avoiding long vacancies, marketing to great tenants, and encouraging tenant retention. A property manager’s local insight can be a huge advantage to people with Las Vegas rental homes.
Managing Tenant Relationships
You might not think about your tenants as having anything to do with your ROI, but they actually determine whether you’ll make any money at all as a rental property owner. Good tenants who pay rent on time, respect the home, and renew their lease agreement year after year will earn you a lot more money than terrible tenants who pay late or not at all and destroy your property. A professional property manager knows how to identify and attract good tenants.
More importantly, your management company will take care of the entire tenant relationship. You won’t have to respond to phone calls and maintenance emergencies. You won’t have to confront your residents if a lease violation is noticed.
Keeping Maintenance Costs Low
As property managers, we have built relationships with good vendors and contractors. Because we’re able to provide them with a high volume of work, they prioritize our work orders. Individual landlords who are managing on their own won’t have the preferred pricing that property managers do.
We also know what things should cost and when repairs can wait. You won’t have to worry about losing money on maintenance when your property management team is taking care of routine, emergency, and preventative repairs.
Property Management Technology and Accounting
Las Vegas property managers invest in the best property management software and technology that’s available. This allows us to lease, manage, and maintain your rental home efficiently and effectively. You won’t waste money or time chasing down late rent, trying to account for income and expenses, or listing your vacant home on dozens of different rental sites. Our systems and technology improves documentation and communication – two things that lead directly to your bottom line.
If you’d like to hear more about how professional Las Vegas property management can improve what you earn on your rental homes, please contact us at Strawberry Realty – Property Management. We’d be happy to tell you more.