If you have an ache or a pain but you can’t afford to go to the doctor, you might try to self-medicate. That’s one reason why people try to manage their own rental properties; they don’t think they can afford the expense of a property manager. Or, they don’t think professional management is worth the money.
Good property manager will actually pay for themselves by saving you money. They can anticipate problems and handle tenant concerns before those issues lead to a vacancy. In Nevada, an individual must be a licensed real estate agent and have additional training in order to receive a permit to manage property. There is an ongoing requirement that property managers receive continuing education in property management. A self managing owner does not have the benefit of this education, which means the property management business is learned through trial and error. The cost of learning the property management business this way can be very expensive.
The National Association of Residential Property Managers (NARPM) connects us to other professional property managers around the country who share their experience and expertise on managing your home. This organization sums up why you should use a property manager into two words: NO WORRIES.
When you trust your real estate investment to a NARPM property manager, you can say goodbye to worry. You will have professional guidance through unpleasant surprises involving your rental situations. A NARPM property manager can coordinate and take care of:
- Unpleasant discoveries after a tenant leaves
- Rent collection
- Repairs, cleaning and painting
- Difficult situations with tenants
- Interviewing and screening tenants
- Advertising to find new tenants
- Serving legal notices or handling evictions
- Maintenance emergencies
The differences between a self managing owner and professional property manager are in the details. Unlike many owners and landlords, the professional NARPM property manager:
- Knows the landlord/tenant laws for your city, state and federal government.
- Knows rent values and vacancy factors, including vacancy time for your area.
- Has rental applications and a consistent screening policy that meets legal obligations.
- Performs thorough move-in and move-out evaluations and documents the same.
- Is personally familiar with general contractors, painters, plumbers, electricians, roofers, chimney sweeps, carpenter, landscapers and appliance repairmen who are properly licensed, insured and affordable.
- Is able to effectively confront and negotiate with the tenant and enforce the terms of the rental agreement.
- Has the expertise and ability to recover NSF checks, evict tenants and collect bad debts.
Before you assume you can’t afford a professional property manager, think about the money it will save you and the extra care it will provide for your property. If you have questions about property management in Las Vegas, or you need help with your own rental property, please contact us at Blackbird Realty and Management.