We are in Maui at our annual convention for property managers, and we’re talking to Fourandhalf again about real estate agents with listings they cannot sell. One of the things they should do is hire a qualified property manager to turn the home into a Las Vegas rental property.
Why do real estate agents need to find a property management company to partner with when they can’t sell the property?
To manage property in Nevada, you need to have a property management permit. If you don’t have that, you’ll run afoul of our Real Estate Division. So, it’s important to hire a Las Vegas property manager to do that for you. We don’t sell property at Blackbird Realty. We only manage property. So, if you want to turn your property over to us, we aren’t going to steal your client. When you’re interviewing property managers, make sure you vet the property manager for your client. Make sure there are management credentials, ask how long they have been managing, and talk to current clients to find out if they are happy. Discuss referrals with your client. Then, stay in touch with your client after you’ve turned the account over. Make sure the manager continues to do a good job.
How should a real estate agent look for a company providing property management in Las Vegas? What are they looking for in a partner?
You can search the internet and find a lot of people doing Las Vegas property management. But if they are also sales agents and selling, they won’t do as good of a job as someone dedicated to managing property. Look for credentials. I’m a member of NARPM, and I have a designation called an RMP – Residential Management Professional. In all of Nevada, there are only three RMPs. So, make sure there are credentials and the property manager is getting the right training to do a good job. That’s what I would recommend.
When does a real estate agent need to look for a property manager?
If the property is not going to sell for what the client wants to sell for, then you should encourage that client not to continue listing it on the sales market, and to rent it out instead. Right now, north of valley, there’s a farm that will be sold off, eliminating the pig farm that is currently there. So, the houses there will go up in price because the property will be turned into a commercial center in five years. This example illustrates that if there is some reason for the property to benefit economically, hold onto it and rent it so it can appreciate.
If you have any questions about Las Vegas rental listings, please contact us at Blackbird Realty.