We are talking to you from the National Association of Residential Property Managers (NARPM) annual convention in Maui. We have been talking about different types of Las Vegas landlords, and why they hire property managers. Andy from Fourandhalf is talking with me about what makes an ideal owner and an ideal property.
What Does a Las Vegas Property Manager Look for in an Owner?
I want to have an owner who is willing to let me manage the property. I’m not looking for an owner who wants to manage the manager. I’m self-managed and intuitive when it comes to what needs to be done. I also have 40 years of experience in this field. So, I’m always looking for Las Vegas homeowners who will let me manage the property and be available when I call with questions regarding repairs and which way to go.
What is the Ideal Las Vegas Rental Property?
The ideal property is one that’s easy to rent. Three bedrooms and two baths is a good size, and there are also some four or five bedroom homes with multiple bathrooms in nice parts of town that can help earn more money. We aren’t looking for the condo that rents for $600 or $700 a month. There is just as much work that goes into managing a condo as a house, and often condos are more work because there’s an association to deal with. When you’re running a property management business on a percentage basis, there’s less money to be made with low income properties. We are looking for single family homes and small commercial office buildings.
How Long Do You Want to Provide Las Vegas Property Management?
I’ll manage property for any duration of time. Some owners just want a manager to look after a property while it’s being sold. Others want to have the maintenance overseen. I have the relationships in place with contractors and vendors to help owners and landlords. I have customers that have been with me for 15 or 20 years because when they hire us, their property makes money. No one buys a property to lose money. We get it cash flowing and we stay on top of problems. If it makes sense, we’ll keep managing properties as long as necessary.