Studies show that Las Vegas is among the areas that were badly hit by the 2008 crisis that affected the country. Consequently, real estate investors left the area to look for greener pastures in other parts of the country. However, real estate market in Las Vegas has made a U-turn in the recent past and the area is among the places experiencing the highest real estate growth in the country. Real estate investors are now flooding the area to acquire properties before prices become too high to afford.
However, investors rushing to acquire rental properties in the area need to know that the market is yet to stabilize fully. It is, therefore, important to hire a professional property manager to manage your properties if you want to maximize returns. A good property manager should not only be able to collect rent and other deposits on your behalf, but also help you with the routine management of the investment. The following are some of the basic tips on finding a trustworthy property manager in Las Vegas to take care of your rental properties.
1. Confirm the details of their lease agreement
One of the most effective ways of finding a trustworthy property manager in Las Vegas is by confirming what potential managers tell you with the contents of their tenant lease agreement. Some of the items that you should check include the amount of a security deposit a tenant is required to pay, the monthly rent and lease terms and how the rents are handled among other tenancy related issues addressed in their lease agreement. If you notice that the details are not consistent with what the manager had told you during your discussions, then know that he/she is not a trustworthy person.
2. Look for the referrals
It is worth noting that every property manager in the area will tell you what you want to hear to convince you to hire him or her to manage your properties. Every property manager will brag to be the best in the area and you can easily entrust your investment to a dubious manager if you are not careful. However, you can get rid of your doubts by looking for referrals to confirm what is true and what is false before interviewing your potential property managers. You can compare the information obtained from the referrals with what the manager tells you to confirm if they are trustworthy or not. If you’re interested in reading more about how to look for the referrals you can read this article http://www.costellomgmt.com/summerlin-property-management/.
3. Note and stick to your first impression with different candidates
The first impression never lies. It is, therefore, important to note the first impression you get when interviewing potential property managers. If you notice some cunning behavior during your initial discussions with your potential property manager, then do not expect anything different later. Make sure you have met all your potential managers in persons and note the first impression that you get from them to conclude who is the most trustworthy among all candidates.
4. Look at a representative sample of the properties they are managing
Sometimes it is very difficult to choose a trustworthy property manager in Las Vegas based on what they tell you during the interview or using the information you obtain from the referrals. It is, therefore, important to look at a representative sample of the properties they are managing in order to confirm whether their services meets your expectations. You can ask for the addresses of some of the properties under their care, go there in person, and confirm whether the properties are in good shape. You can also compare what you see with what the manager told you during the interview to determine whether he/she is trustworthy or not.
5. Consider the management fees charged
You can use the management fees charged to determine whether a manager is trustworthy or not. Confirm if the management fees are reasonable compared to what is charged by other managers in the area and the services rendered. In many cases, management fees should range between 7 to 10 percent of the monthly rent collected. If the fees are extremely high or extremely low you should have your doubts about the honesty of that manager. The presence of hidden charges, other than the management fees, is a clear indication that the manager in question is not trustworthy.