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Category Archive : Property Management

Move In – Move Out Inspection Procedures

Move In – Move Out Inspections

Prior to occupancy, the property manager and new tenant should mutually inspect the premises, checking for wear and tear and any defects, damages or malfunctioning utilities, plumbing or electrical problems, etc., that may have been overlooked by the landlord or property manager during the move out inspection of the property after the previous tenant had vacated.

The inspection results will be documented in detail by the property manager, with copies submitted to landlord and tenant. This report can either be hand written or electronically documented. This inspection report will assure the tenant will not be held responsible for any damages to the premises that occurred prior to his/her move in. Read More

Las Vegas Property Management Essentials

A property owner appoints a professional Las Vegas Property Management Company to protect and enhance his investment. As the owner’s representative, the property manager’s priorities are to maximize occupancy levels, thereby increasing property values, assure timely collection of revenues, maintain and enhance the property, have a good rapport with the tenants, quickly and efficiently handle problems and promptly respond to emergencies.

Timely collection of rents is obviously most important to the landlord, and the transferring of these rent receipts to the landlord from the management company in a timely manner is just as important.

A frequent complaint from Las Vegas Property Owners in relation to their management company’s performance is a delay in transferring funds from manager to landlord within a reasonable time period. Frequent delays in transferring revenue can result in serious friction between the property owner and the management company.

Obviously, since the collection of rents is the primary source of a landlord’s revenue, the property owner must be assured that prospective tenants are thoroughly screened for past payment history, current credit worthiness, and sufficient income necessary to meet the property’s rental requirements.

Particularly due to the current economic situation, the property owner and his appointed agent should be in agreement as to what, if any, allowances are to be made in regard to a tenant who has recently fallen on hard times, but has maintained an excellent record for on-time payments in the past.

Once a new applicant has been approved for tenancy, it is important for the property manager to ensure that there is a full and complete understanding of the date and time when rents are due, and address any questions the new tenant may have about the leasing agreement, building amenities, maintenance procedures, etc.

Another property management essential is to complete daily, weekly and monthly documentation relative to reports of new tenants, evictions, pending legal matters, revenues, expenditures, and any and all matters pertaining to the owner’s property. This documentation is to be submitted to the landlord within a previously agreed upon time frame, as requested by the property owner.

In order to avoid misunderstandings and client dissatisfaction, it is of utmost importance that the property management company has reached a full and complete understanding of a client’s requirements, and that the client is in full understanding and in agreement with the property management company’s  fees, policies and procedures as well.

Successful property management requires, among other things, continuous education – keeping abreast of current and changing regulatory policies and procedures – access to the most up-to-date local market information available, excellent people handling/negotiating skills, and honoring commitments to landlord and tenant in a timely manner.

Establishing a good working relationship with the client unquestionably leads to client satisfaction and client referrals, the ultimate key to the successful operation and profitability of any business.

Are You a Nevada Landlord Violating Nevada Law?

Being a landlord can be very rewarding but there is also a downside of being a landlord, Liability!  Every city, county and state has different laws and ordinances that you need to know and follow.  Staying current on these changes can be a burden but by not being informed it can cost you where it hurts the most, in your wallet!  NRS 118A.260 is one of the most common landlord obligations not followed based on conversations I have had with Landlords who have decided to hire a Las Vegas Property Manager. Read More

HUD Charges Las Vegas Real Estate Broker and Owners with Violating Fair Housing Act

A Las Vegas Real Estate Broker and two homeowners have been charged with violating the Fair Housing Act by the U.S. Department of Housing and Urban Development (HUD).  They allegedly denied a single mother of (7) the opportunity to rent a four bedroom home because of the number of children she had.  It’s a violation of Fair Housing to discriminate based on family status as well as the number of children.  They could be facing civil penalties and/or punitive damages if it is determined discrimination has occurred. Read More

Property Management in Las Vegas

I have been corresponding with a potential Las Vegas Property Management client for a few weeks now.  The initial contact I received was an email asking about our services, fees and an idea of how much his property would rent.  As soon as I received the email, I began to do some research on the condo located in Henderson, Nevada but I couldn’t find the unit number he provided, it didn’t exist.  I sent an email back to him and within a few minutes he sent me the correct unit number as he had the numbers mixed up.  I did my research and sent him an email with details about our services, fees and rental rates.

A short time later he responded and asked if I would be able to meet with him while he was in town working on the unit.  So of course I agreed.  Well today was the day I met with him and his wife.  During the appointment, they asked me several questions pertaining to renting their condo, my experience and why I would be the right Las Vegas Property Manager for the job.  As the appointment drew to a close, I asked them if they had a chance to interview any other Property Managers and his reply was a bit shocking.

He advised that out of all the Property Managers in Las Vegas that he emailed, I was the only one that caught the Unit Number mistake in his email.  It wasn’t like they could have a done a search based on his name and received the correct Unit Number because at the time he was in the process of buying the condo and it was still in the name of the Lender.   So how were the other Property Managers able to provide rental rates without knowing if the unit was a 1 or 2 bedroom unit?  He never provided that information, all he provided was the address.  Makes you wonder how some people are even business!

Finding The Right Las Vegas Property Manager

Finding the right Las Vegas Property Manager could mean the difference in your property being rented and maintained or sitting vacant and costing you money.  Even though most property management companies in Las Vegas offer the same services, not all companies follow through with their services.  I get several calls a week from real estate investors stating their property managers aren’t providing monthly accounting statements, rent money isn’t arriving on time or at all and there is no communication.  This is why our clients have access to their account via a link to our property management software, we automatically deposit all rent monies by the 10th of the month and we always keep our clients updated on the status of their property.

Another key aspect in property management is properly screening tenants.  Unfortunately, most property managers never even meet the tenant until they are signing the lease or picking up the keys.  They choose the tenants based on the information they receive on the credit reports, criminal background check, employment check, rental history and reference checks.  An area that is commonly over looked in the screening process by property managers is interviewing potential tenants.  Sitting down for 15-20 minutes can tell you alot about someone and is just another factor in screening a potential tenant.  Being a former City of Henderson Police Officer, I have years of experience interviewing subjects and I rely on my experience when I sit down and interview potential tenants.  I feel my experience makes me the ideal Property Manager to find the best tenant for your investment property.

So if you just purchased an investment property in Las Vegas and need a Property Manager or looking to replace your current Property Manager, give us a call at 702.376.7379 and I will be happy to go over our services.  We are available 7 days a week for all your Property Management needs.

New Law to Protect Las Vegas Rental Tenants When Home is in Foreclosure

New Law to Protect Las Vegas Rental Tenants When Home is in Foreclosure

Renting a Las Vegas Home can be very scary in today’s real estate market.  With so many homes going into foreclosure, it’s hard to know if the home you are renting could be next. Many times, renters find out the home they are renting foreclosed after the fact which doesn’t give them much time to find a new home to rent, pack and move.  Well now there is good news for renters in Las Vegas. The US Government just passed the Helping Families Save Their Homes Act of 2009.

The “Helping Families Save Their Homes Act of 2009” became law on May 20, 2009.  It included provisions to protect tenants from eviction as a consequence of a foreclosure affecting the property being rented.  The new law requires tenants be given 90-days notice prior to having to vacate, and allows them to stay through the remainder of their lease, if the home will continue to be a rental property.  The protections of this law apply only to “bona fide” tenants – who have a written contract, the lease was the result of an arms-length transaction, and the rent is not substantially less than the fair market rent for the property. Under any conditions, tenants may still be evicted if they violate the lease terms.  These provisions expire on December 31, 2012.

With the passing of the “Helping Families Ave Their Homes Act of 2009” renters can feel a little more at ease if they get the bad news that the home they are renting has foreclosed. They will have ample time to get their affairs in order and locate a new Las Vegas home to rent.

If you are looking for a home to rent in Las Vegas, feel free to give us a call at 702.376.7379 and we can assist you in finding a home for rent.

Property Management in Las Vegas Running Rampant

When I decided to get into the business of Property Management in Las Vegas, I knew I needed someone that had experience to teach me the ropes.  After interviewing a few property managers, I decided that JoAnn Davis was the right one to teach me.  JoAnn has been a licensed real estate agent since the mid 1970s and has been doing property management for the last 5 years.  When we first began to talk, she told me crazy stories about what she has experienced in her years and I chuckled and thought to myself, “business just isn’t done that way anymore.”

Boy was I wrong.  Some of our recent Landlord clients have told me some crazy stories of what their previous property managers were doing which just blew my mind.  One client advised they were no longer receiving rent checks and he called his property manager.  She advised that the tenant moved out last month and he asked why didn’t you tell me and she said she forgot (are you kidding me).  He then asked if she was going to get it rented and she said she would work on it.  After 3 months and no contact, he called his property manager and asked for an update and she advised that she rented it a month ago but the tenant needed some time to get the rent but yet the tenant was living in the property.  When he told me this, I was in shock that this Las Vegas Property Manager was in business.

I had another client advise they noticed their monthly deposit for rent had changed so she called the property manager.  The property manager advised the last tenant broker their lease and moved out so she rented it to someone else for a lower amount.  My client was very upset that the Propety Manager never contacted her to let her know what was going on and then to top it off she rented it for less without consulting with her.

I have heard many other stories and I am sure other property managers have as well.  I just can’t believe that there are property managers in Las Vegas that operate like this and are still in business?  My advice for any landlords looking to hire a Property Manager in Las Vegas, ask lots of questions and request to speak with some of their current clients.

Las Vegas Property Management Companies

I must say that I am shocked at some of the stories that I have heard from our clients about some of their previous Las Vegas Property Management Companies.  Needless to say, not all Property Management Companies in Las Vegas are the same.  If you have an investment property in Las Vegas and you are thinking about hiring a Property Manager to maintain your property, make sure you research a few companies before selecting one.  Selecting the right property manager can make all the difference in the world.

A few things you should expect without question from your property manager:

  • Proper Licensing
  • Experience
  • Marketing
  • Tenant Screening (credit and criminal checks, references, past landlords, etc…)
  • Rent Collection – You think this would be obvious but after some of the stories I have heard, it’s not
  • Monthly Accounting Statements
  • Maintenance

These are just some of things you should expect from your property manager.

One area that is often over looked by many when looking for a property manager; do they work full time in the property management field?  Many property managers offer property management to make extra income while they spend most of their time working with their clients that buy and sell real estate.  If your property manager isn’t working full time in the property management field, it’s hard for them to keep up with the ever changing laws and most importantly, making sure your tenants are maintaining your property.

So if you made the decision to find a Property Management Company in Las Vegas to maintain your investment, make sure you do your homework and find an experienced property manager.

If you would like to speak with one of our Property Managers about your Las Vegas Investment Property, feel free us a call at 702.376.7379.

Las Vegas Property Management: Consider This Before Hiring a Property Management Company

Are you responsible for managing residential or commercial real estate in Las Vegas?  Thinking about retaining a Las Vegas Property Management company?  Consider the following points.

Does the company offer “full services”? Are they able to supply tradesmen to answer every need – plumbing, electric, landscape and so forth?  Consider finding a company that hires and manages its own maintenance staff.

Does the company contracts out some functions? If they do, are references available for these subcontractors? You should shy away from a property management company constantly trolling through the yellow pages for subs.

Is the company insured and bonded? Can the company provide you with current certificates of insurance policies and bonds? Do they carry workmen’s compensation insurance, which is a requirement in the State of Nevada?

Does the company have references? Will the company provide you with contact names and numbers of current and former clients that you can contact directly?

Is the company accessible 24 x 7? Will your tenants be able to reach them any time, day or night, to report an emergency?

Is the property management function the primary portion of their business? You want your property management company to be dedicated to that function, not a sideline of a real estate company.

Does the property management company invoice you on a regular basis for work done? You should have a clear understanding of their standard charges, along with charges for extraordinary service, along with an understanding of terms of payment.

Most importantly, put yourself in the place of your tenants – whether commercial or residential. Would you be comfortable working with the property management company you are considering retaining. If you are, it’s probably a good fit and the start of a comfortable, professional relationship.

If you would like to speak with one of our Property Managers about your Las Vegas Investment Property, feel free to give us a call at 702.376.7379 or complete our contact form and we will contact you.

Las Vegas Property Management Services

If you are fortunate enough to invest in a property suitable for short term rentals in a resort area like Las vegas, you should be working with a full services property management company. Doing so will enhance your return on investment, while protecting the integrity of your property.

A local full services property management company will work with you to set rental rates based upon your property’s characteristics and appropriate seasonality. They will be able to market your property to a broad base of qualified renters. They will make sure that your asking rental rates are competitive with other similar properties.

The company will make reservations for renters for you. They will coordinate renting the property out with your usage of the property. They will collect rental and damage deposits and amounts due, they will work to optimize the rental days and income, and they will enforce any reservation cancellation clauses for you.

When your property is rented, the property management services company will inspect the property before the arrival of the renters, making sure that the property is clean, appropriately stocked and does not have any outstanding maintenance issues. While your renters are using the property, the property management company is available to answer any calls for service requests. When the renters leave the property, the management services company will make sure that the property is clean, do any repair or maintenance issues and get the property ready for the next renter. On a periodic basis, the company will do annual or seasonal cleaning and maintenance tasks.

As the owner of the property, you are relieved of marketing and sales, answering service request phone calls, cleaning and maintenance and much more. The property management services company provides all these services, in addition to generating accounting and tax information for you.

This is, above all, a contractual relationship. When you retain a company, check their references. Talk to other home owners who use them. Ask if they have the necessary insurance and bonds. Find out if they are easy to reach in case of an emergency. Make sure you understand their fee structure.

A good relationship with a property management service company will have no surprises and will enhance your investment and when you do use your property yourself, it will be a stress-free experience.

If you would like to speak with one of our Property Managers about your Las Vegas Investment Property, feel free to give us a call at 702.376.7379 or complete our contact form and we will contact you.

Las Vegas Property Management

Property management refers to the management of residential, commercial, or industrial buildings. Property managers find tenants, collect rent and fees, manage building maintenance, assist homeowners’ associations and advise on litigation issues. Though property managers often deal with multi-unit residential and commercial buildings, landlords who own single-family dwellings may also choose to hire a company to manage their property.

For multi-unit complexes, such as condominiums and townhouses, the property manager serves as an adviser to the homeowner’s association, which is responsible for common area maintenance and improvements.

In the United States, many individual states require property managers to hold a real estate license. Organizations such as the National Association of Residential Property Managers (NAPRM) offer certifications to property management professionals that ensure ethical and professional behavior. To obtain a certification, a manager must log a certain number of hours managing properties and take training classes offered by the association.

In recent years, the industry has increased its use of software to help manage properties. Available programs let managers maintain different sizes and types of properties, track tenant information, schedule work orders, and organize accounts payable and receivable. The use of software enables smaller companies to compete in the industry.

A major advantage of a property manager, especially for out of state landlords is their knowledge of the local rental market. Property managers can survey average rents for similar properties in the area and determine the fair market value. They are also often available on a 24-hour basis to deal with maintenance emergencies that might otherwise cause property damage.

If you are in need of Property Management Services, Shelter Realty offers full service Property Management.  You can reach a Property Manager at 702.376.7379.