Property management in Las Vegas can be beneficial, saving owners both time and money. Choose the wrong management company, however, and you may not be saving – you may very well be losing. We at Simply Property Management have heard all the horror stories about poorly managed properties in the past. We’ve compiled a quick list of three signs that may be telling you that it’s time to switch to a new property management company:
1. High Repair Bills
A key role of a property manager is to be able to collect numerous quotes from reputable companies and then submit them to the landlord for approval. Our managers work hard to find the lowest quote possible from the most reputable company by obtaining the most quotes possible. You may need a new property manager if:
* You receive only one or two quotes (meaning they aren’t working hard to find you the lowest price); or
* You receive only the bill (meaning the work has been done without your approval).
The managers here at Simply Property Management are able to perform many of the minor repairs him or herself and for a fair price. They regularly inspect the property they tend to and keep on top of any smaller repairs before they turn into larger problems. If all you receive are costly quotes for large repairs, it may be time to put an end to this manager-owner relationship.
2. A High Vacancy Rate
This may not be due to the property management company and can depend on a number of factors, including:
* The neighborhood that the home is in;
* How the housing market is performing; and
* Any significant employment changes in the area.
If a high vacancy rate has you scratching your head, do some research. See what the vacancy rate for that neighborhood is. Should yours not be matching up, then it’s likely because the property manager is failing to properly negotiate your rent. Lacking skills in this area doesn’t only cost you rent in the short term, but it may cost you up to 20% on long term profits.
3. Lack of Reports
We are respectful of the fact that the property being tended to by our managers is not ours. It’s your property, and you have the right to know everything about it at any moment in time. Our managers keep in contact with landlords and provide regular reports that include information such as:
* Tenants (how many, if any are troublesome, if you’re considering evicting any, etc.)
* The condition of the property
* Any current or potential repairs (this helps the landlord prepare his or her expenses to cover the repairs)
A Common practice is to receive a report at least once a month if not more frequently. If you aren’t receiving reports or, worse yet, have a hard time communicating with the property manager, it’s time to move on.
