Are you about to hand over the care of your investments to a property manager but don’t know what to expect? We’ve got your back. We’ll share ten things your Las Vegas property manager should do to ensure your property makes you the most profit. If you notice them skipping some of these things, you aren’t getting your money’s worth from them.
1. Securing Tenants
Making sure your units were full used to be more than half your job as a landlord. Empty units mean money that could be going in your account, going down the drain instead. Property managers have the training to market your units to prospective tenants. They are adept at picking out the most reliable tenants from the list of applicants after interviewing them. They have an advantage because of their experience dealing with the real estate market.
2. Collecting Rents
Running after your tenants monthly to collect rent is a huge hassle. It’s annoying when you see them avoiding you, so you do not bring up their late rent. Imagine this massive load suddenly off your shoulders. An all-star property manager will have all your rent collected in the first week of the month, waiting in your bank account to collect interest. They can be firm with tenants, give them notices, and evict people who are very behind on their rent.
3. Paying Bills
There are so many little expenses that come with owning a property. Utility bills and taxes pile up very quickly. We don’t mean to say that you should not keep track of them. It’s just paying them on time is a nuisance. You will never see a late notice or fines on any bills when your property manager stays on top of them. You can see them in your monthly reports and request proof of payment to satisfy any doubts.
4. Handling Tenant Complaints
Remember how your phone used to go off all the time? There was always something or the other that some demanding tenant had to complain about. We’re sure you run the ship as best as possible, but some people are tough to please.
There are a few genuine concerns in the mix of complaints as well. Being on call all the time is nerve-racking. The Henderson property manager will make sure you never have to hear about minor complaints. If your tenants are not satisfied with the response from the property manager and ring you up anyway, that means that the professional isn’t worth their salt.
5. Solving Tenant Disputes
Tenant disputes come with the territory of being a landlord. Sometimes both parties are your tenants, and sometimes there are outsiders involved. You want to ensure all parties get solutions while avoiding any unnecessary escalation.
A mountain can quickly grow from a molehill. The last thing you want is the authorities being involved. Henderson Property managers are very diplomatic by trade. They are people and know how to diffuse these troubling situations.
6. Oversee Repairs
North Las Vegas property managers should stay abreast of any required repairs. They must hire the right people for the job and guarantee everything is done professionally. We don’t want to keep spending money on the same problem, so things need to be fixed the right way the first time.
7. Manage Accounts
Every expense and payment needs to be accounted for and compiled into sheets. If you use software for this, that’s great. The property manager should update the software with all accounts and financial information, and you should be able to see it all.
If you are worried about losing money to embezzlement, then there are a few things you can do. You can confirm that a different person spends and receives money than the one who records it. That way, one person doesn’t manage everything. Alternatively, you can cross-check every transaction closely to ensure nothing slips by you.
8. Compiling Reports
You want to know everything about your property. That means money spent and earned, repairs, new tenants, and anything else. A good property management firm sends you extensive reports to satisfy your every curiosity or doubt.
9. Inspecting The Properties
Your properties must stay tip-top if you wish to sell them or rent them out. There could be a thousand things that go wrong. Henderson property managers should thoroughly inspect properties to manage any issues proactively.
10. Improve Tenant Retention
Property managers shouldn’t just maintain everything you handed over to them but strive to improve things. They should build rapport with the tenants and engage them creatively to make them stick around longer.
Now you know the ten things your North Las Vegas property manager should do so you can manage your expectations. Good luck profiting from your properties from now on!