When we first start investing in properties, we tend to have the best of intentions. But due to a high level of self-awareness or nasty run-ins with tenants, we learn quickly that handling the day to day operations can be a very frustrating and time consuming experience.
If you don’t have the desire, knowledge, or time to do all the things that are required of a landlord in Nevada, consider employing the services of a professional property management company to take over the day-to-day operations.
Property Management Companies Explained
A property management company handles everything from applications to evictions. Other services include but are not limited to:
- Delivering official notices to tenants
- Collecting rent
- Making maintenance and repair-related appointments
- Vacant apartment marketing
Benefits of Professional Property Management
The biggest advantage of professional property manager is the money and time they can help you save. These experts remove much of the hassle of investing by helping you in four key areas:
Rental properties only make money when they are occupied by tenants who not only pay their rent on time but care about the property i.e. avoid damaging the unit more than the normal wear and tear. A thorough and comprehensive screening process will help you sift the good from the bad, significantly increasing your chances of getting the tenants you want in your units. Cutting the corners here is a surefire way to lessen the monthly revenue potential of your property.
Empty rental properties are a waste of money. If someone isn’t there to pay the rent, the responsibility of paying the mortgage falls on you. Understandably, handling the turnover process, doing the marketing, as well as the other tasks associated with vacancies can take a lot of time but, property managers with expertise and experience can help shorten the vacancy time and get the unit ready for new tenants.
Lease Agreements and Other Legal Issues
Coming up with and implementing good lease agreements takes a lot of effort and time. Furthermore, they tend to play a major factor in possibly the most frightening aspect of being landlord – the legal issues that inevitably arise. A property manager will make sure that your property and everything associated with it is up to snuff.
The Bottom Line
If you own several properties or have little to no experience in property management, you should consider employing the services of a reputable firm like RAM Real Estate Asset Management. They will ensure that you fully enjoy the benefits of real estate investing without having to put in all the hard work.