Last year prices for apartment rentals in Las Vegas increased by 30%. The trend is continuing, making the state a lucrative market for real estate investors. It's also an ideal opportunity for anyone considering getting into the real estate market.
However, the investment made will be the easiest part of the transaction. Las Vegas investment property taxes are also extremely low. The hard part begins with the day-to-day management of your property.
This usually entails marketing, tenant screening, and much more. Already own a property? Then you may have experienced these as well as other landlord issues. You may have even had the misfortune of going through an eviction process.
But don't let this deter you. Simply follow this guide to better handle and improve property management issues. Read on to get started.
Marketing Is Key
The demand for apartments in Las Vegas may give you the upper hand as a landlord in Las Vegas. However, you shouldn't get complacent about your rental property marketing. You still want to ensure your property stands out from others in the market.
Start by trying different approaches with your marketing efforts. Traditional strategies may be "tried and true". But making your marketing more creative might be what you need.
It could make a difference not only in attracting new clients but leasing to the right ones. You might want to consider digital marketing.
Improve Your Choices
Once there's interest in your property, the next step is choosing the right tenants. A landlord's worst nightmare is late payments or no payment at all. This will more than likely lead to an eviction.
Evictions can be a lengthy process. What's even worse is that during this time you won't be gaining any income from your property. Do thorough tenant screenings. These should include:
- A credit check
- Criminal background history
- Verification of employment
You should also check for past evictions. This may not always prevent you from encountering issues. But it can eliminate potential problem tenants.
Make Paying Rent Easier
The easier it is for your tenant to pay rent, the less likely the excuses about non-payment. You can set up an online payment system that your tenant can access at any time of day. However, despite the best measures, rent collection can be one of the more challenging aspects of leasing a property.
You can make the process easier by hiring a property management company. They can provide this and many other services.
They're also experienced at setting up tenant portals. Some companies even handle the process involved in collecting late rent payments.
Get Your Accounting in Order
As with your marketing efforts, use technology to manage your property accounting. There are many software solutions available. These can accommodate integration with your current property management software, if any.
This can help you:
- Manage your spend
- Forecast income and expenses
- Establish spending processes
This is crucial if you have many properties.
Improve Property Management and Eliminate Tenant Issues
You may not be able to end all your tenant issues. But effective property management can certainly reduce their occurrence. You don't want to spend time dealing with a myriad of problems.
This can be a turn off especially after making a significant investment. You also want to ensure you get optimal returns. Improve property management and this will be possible.
However, besides owning properties, you may have a full-time job or other commitments. If this is the case, what's the best way to keep up with the management of your property? Hire a reputable property management company like Avalon Realty and Oaktree Management.
We provide experienced, focused management making property management a hassle-free experience for you. Call us today to learn more!