Of all the property management companies in Las Vegas, Triumph continues to lead the way. We have a proven track record along many different avenues – avenues that invariably gravitate around issues such as cost, quality of service, and return-on-investment.
And it’s these issues that we discuss today – just how investors should evaluate property management companies in Las Vegas when making that all-important choice.
After all, investors are making an investment with their property management company – an investment that should pay off. Far from being an ancillary cost, property management is about streamlining processes in order to extract value from each piece of real estate.
Property management should, in other words, be considered an opportunity and not a cost.
But it can only become an opportunity if the investor is receiving value for money – meaning the services they receive offer a real and lasting return-on-investment. Then, and only then, should investors decide to procure the services of a real estate company.
What to look out for
Central to any successful property management strategy is the acquisition of quality tenants.
Tenants are, in the end, the source of income from which all else flows. Effective property management companies in Las Vegas should be equipped with the filtering system necessary to distil through the best tenants.
Always learn more about how any given property management company source their tenants. For example, Triumph understands the value of quality tenants and so has installed a comprehensive screening program to locate these tenants. The process involves:
- Extensive background checks
- Income verification
- Landlord references
What do we mean by extensive background checks? Well, this includes discovering if the tenant has been previously evicted, whether the tenant has a criminal history, whether they have the ability to pay the rent, and whether they have a chequered employment past.
These are, putting it mildly, red flags.
By filtering through applicants who bypass these risks, we decrease the probability that the tenant is likely to move – or be evicted – during the lease agreement. In turn, this reduces vacancy turnover and maximises income potential for the investor.
But choosing from the many property management companies in Las Vegas is often more complex, as investors invariably want to choose the cheapest such service. But, as with anything in life, quality comes with a cost.
Investors would be in error to place their trust in a property management company merely because it offers the most attractive price.
Yes, price is important – but what you receive in exchange for that price is even more important. Investors would be wise, when assessing property management companies in Las Vegas, to consider quality of service and rates at the same time, not apart.
As the adage says – we never forget the price of a bad job.
Choosing a company that elevates price above quality can have serious implications.
Think, for example, about vacancy turnover rates. If a given property management firm has a poor maintenance record, or perhaps it doesn’t select the ideal tenants, it can increase costs on behalf of the investor. In other words, this is no small matter.
Smart investors know this. They understand that an effective property management firm pays for itself, in the sense that what the firm saves more than compensates for what it costs to take out the service in the first place.
There are many property management companies in Las Vegas, but not all achieve the right balance. And that balance must be between quality and price – two factors which must remain in equilibrium if the investor is to enjoy a worthwhile return-on-investment.
If you’d like to learn more about Triumph – the services we offer and our competitive rates – please check out this page for more information.