15 January 2016

Las Vegas Property Management Tips – 5 Tips for Owners

Las Vegas Property Management

By Triumph Property Management

Are you searching for Las Vegas Property Management Tips? If so, you’ve come to the right place.

In this blog post we will share with you 5 tips that will help owners manage their Las Vegas rental properties more efficiently.

Tip #1 – Market Your Property

Marketing your property online is an important Las Vegas Property Management tip since it’s the key to attracting the attention of quality tenants in Las Vegas.

Your marketing strategy must include a combination of online and offline marketing because many people search for rental properties on their smart phones and laptops while others still search for rentals in newspapers and other printed publications.

If you have time to focus on marketing your Las Vegas Rental property yourself online some of the online advertising venues you should choose from include:

  • Your own website – This is by far the best place you should be marketing your rental property online because you also have the ability to blog about your rental here and control the flow of leads that comes from marketing your rental property on your business website.
  • Facebook – Once you’ve blogged about your Las Vegas Rental Property you should consider advertising it on Facebook because you can easily connect with hundreds of potential renters here since Facebook gives you the ability to target your ads so they are seen by people you would potentially be interested in renting to.
  • Craigslist – Over the last 10 years Craigslist has developed as the “go to” resource property owners use to advertise their rentals online. The benefits of using Craigslist is that it’s free, easy to use and anyone who has a little bit of online experience can use it.
  • Paid Listings – If you’re willing to devote some money to advertising your Las Vegas Rental you should consider listing your rental property on websites like Trulia Pro, Rentals.com and Lovely.

One important point to remember is that when you decide to advertise online make sure that you carefully track how your ads are performing because it can be easy for some people to waste money each month on ads because they are not tracking or verifying if they are getting results from their investment or not.

Tip #2 – Screen Tenants

After during your “due diligence” to advertise your property online another important Las Vegas Property Management tip you should take to heart is to always screen your tenants because lack of proper tenant screening means you could be setting yourself up for renting to a tenant who might end up damaging your rental property.

To property screen tenants make sure you meet with them in person, ask your tenant to fill out the full rental application, do a complete credit check and call at least three of their personal and professional references so you can learn more about their character, personality and habits.

One of the word mistakes you can make is going with your “gut” when renting to a tenant so save yourself the time and hassle of making a property management mistake by properly screening a tenant before you choose to rent to them.

It is very important that you have a quality residential lease. You’d be surprised at how many people would just sign a lease without reading it! And I don’t just mean tenants! I believe it is crucial to read the entire lease with the tenants at a lease signing. It is your agreement with them. Shouldn’t you both know what is really being agreed to? As you read the terms of the lease with the tenants, you will be able to conduct your 5th and final step of screening. Does the tenant argue on every item? Is the late charge an issue? And so on.

Source – thelpa.com

#3 – Get It in Writing

Another important Las Vegas Property Management tip that we have for you is to always get everything in writing when renting your property. This includes having your tenant signing their lease to written receipts from vendors or written quotes / estimates on repairs that need to be made to your rental property.

You should also put promises and guarantees to your tenants in writing as well so you can avoid the hassle of ‘he said, she said” with your tenant if your made promises and couldn’t fulfill them or live up to your tenants expectations.

#4 – Handle Security Deposits Properly

Next, you must always make sure that you handle security deposits properly and keep the security deposit from your tenants in an escrow account just so you will avoid spending the security deposit on your other business expenses.

It’s also important to educate your tenant on how the security deposit works so they will know to wait 30 days until you are regard by law to return the security deposit to them.

Most residential leases and rental agreements in Nevada require a security deposit. This is a dollar amount, usually one month’s rent, that’s intended to cover damage to the premises beyond normal wear and tear, and to cushion the financial blow if a tenant skips out early on the lease without paying. Here’s a summary of Nevada landlord-tenant laws that cover the use and return of security deposits.

Does Nevada law limit how much a landlord can charge a tenant for a security deposit?

Yes. Under Nevada landlord-tenant laws, a landlord may charge a tenant the equivalent of three months’ rent for the security deposit. And also in Nevada, if both the landlord and the tenant agree, the tenant can use a surety bond for all or part of the deposit.

To learn more about steps that tenants can take to protect their security deposit after they’ve paid it, check out Nolo’s article Protect Your Security Deposit When You Move In.

What about when a tenant moves out? What is the deadline in Nevada for returning a security deposit?

Under Nevada law, a landlord must return the tenant’s security deposit within 30 days after the tenant has moved out.

Learn more about tenants’ rights and landlords’ obligations when it comes to the return of the security deposit in Nolo’s chart cleaning and Repairs a Landlord Can Deduct from a Security Deposit and Nolo’s article Get Your Security Deposit Back.

Is there additional information that Nevada landlords must provide to tenants when it comes to security deposits in Nevada?

Yes. In addition to complying with Nevada laws on security deposit limits and how (and when) the deposit must be returned to tenants, landlords in Nevada must explain, somewhere in the lease or rental agreement, the conditions under which the landlord will refund the security deposit.

Source – Nolo.com

#5 – Make Repairs

Last of all, but most important, a vital Las Vegas Property Management tip you should always remember is to make repairs to your rental property.

Repairs are vital because the will increase the value of your property and keep your Las Vegas Renter happy sine nobody wants to live in a “slum” property.

Get Las Vegas Property Management Tips

For Las Vegas property management tips contact Triumph Property Management today by calling us at (702) 367-2323 or click here to connect with us online.

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