Should You Allow Pets at Your Rental Property?

Did you just invest in your first rental property and are wondering if you should accept pets?

This is a very common property management question to ask because there are seemingly more pet owners in the United States than ever before and it makes sense to take this into consideration.

In this article we will answer this question and provide you with pros and cons to consider allowing pets and not allowing them at your rental property.

Why You Should Consider Allowing Pets

The first reason to consider allowing pets at your rental property is most pet owners are responsible tenants who love their pets and would do everything possible to abide by the rules of the rental property because they don’t want to be faced with having to find another rental again.

Besides the obvious reason of renting to someone who is responsible, you can also charge a pet deposit of $250 to $500 and a monthly pet rent of $25 or more.

Why You Should Have A No Pet Policy

Yes, it’s true that many owners do have a no pet policy these days because they previously had a negative experience with pets in their rental properties that caused damage.

You have to consider the potential damage that can come with allowing pets in your rental property and place stipulations on the types or breeds of pets to eliminate the possibility of renting to tenants who have pets that might potentially damage your rental.

Besides banning specific pets, another helpful way you can protect your best interests as a landlord is to do a background/credit check.

This will give you the confidence in them that you need to be assured that they are going to be the type of tenant they claim to be on their rental application.

Get Property Management Here

For property management in San Diego, Phoenix or Las Vegas, contact Golden West Management at (866) 545-5303 or click here to connect with us online.

Las Vegas Property Management – Common Mistakes Landlords Make And How To Avoid Them

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As long time Las Vegas Property Management professionals we’re sure that you can agree that here’s no denying that owning rental property is a great way to build long-term cash flow, and wealth, but like most inexperienced Las Vegas Landlords you may make a few mistakes along the way to building your portfolio of rental properties.

In this post we’re going to save you the time, money and hassle of making common mistakes that we’ve seen landlords in Las Vegas make over the years by providing you with a list of mistakes that inexperienced Las Vegas landlords make so you can avoid making them.

#1 – Not Checking Out a Prospective Tenant

When a tenant fills out an application and shows the desire to rent your Las Vegas Rental property you should always do a professional background check on them, including pulling a copy of their credit report, because this will provide you with their credit score, information on their late payments, or other delinquencies that they may have had over the years. You want to use the bundled background checks that include criminal and eviction history. Make sure you verify income by getting copies of the prospects last two pay stubs, or bank statements showing the Tenants make 2.5 x the rent.

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#2 – Don’t Think the Property Is Always Going To Occupied

Another Las Vegas Property Management mistake that we’ve seen new Las Vegas Landlords make over the years is thinking that their properties will always be rented, and this is a BIG PROBLEM, because, a rental property in Las Vegas can easily be vacant for months at a time, and you risk foreclosure, so it’s important for every landlord to analyze the cash flow from a property and prepare for leaner months, so they will be able to cover the mortgage and bills from the rental property while it’s vacant.

It’s okay to see a property become vacant for a few weeks, every other lease, but if you are gauging the current tenant on rent for a renewal, or you are priced way above the market, then you may be vacant for many months. A professional should never leave your home vacant for more than 30 days unless you, landlord, are controlling the price or are not maintaining your rental property.

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#3 – Underestimating Ongoing How Much Long Las Vegas Property Management Will Cost 

Moving forward, you absolutely have to budget for long-term maintenance costs, Things like a water heater, AC, roof, and appliances, which will come with owning your Las Vegas Rental Properties because repairs are going to need to be made down the road and if you can’t fix things or solve problems when they occur you will lose tenants.

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#4 – Don’t View Owning Rental Property as a Hobby

Last of all, but most important, as your portfolio of rental properties grows one of the worst things you can do is view your rental properties as a hobby, you need to view it a business like any professional Las Vegas Property Management company, or landlord, because you will have a stable income stream from your rentals for years to come if you view the income from your properties professionally instead of just a passive hobby.

Get Las Vegas Property Management

Take your rental properties to the next level with professional property management from Goldenwest Management, Inc. Contact us today at (702) 685-7696 to learn more about how we can make managing your rental properties easy.

 

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Four Tips That Will Help You Build Your Portfolio of Las Vegas Rental Properties

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Are you thinking about buying Las Vegas Rental Properties? If so, you’re not alone. Las Vegas is a great place to buy rental properties right now and you can build long term cash flow from your rental properties by following these simple tips.

Tip #1 – Have a Plan

Know how much your mortgage, taxes and insurance (PITI) as well as miscellaneous expenses like a property manager, repairs and vacancy. If you have a budget in place, you can then determine how much and how long you will need to hold your property under both the “best” and the “worst” case scenarios. Be comfortable with your finances should the “worst case” scenario arise so you know you can weather the storm. Don’t sugar-coat the numbers, or you may find yourself regretting your purchase later.

Tip #2 – Make Improvements

You may find it difficult due to cash flow issues to make major improvements right away, but identify key items and strive to make improvements each year. The better shape your rental properties are in the more value you will retain not to mention better Tenants you will attract. Try to set aside a small amount each month plus utilize a small rental increase each year to handle long term capital improvements.

Tip #3 – Be Open to Innovation

As your portfolio of rental properties grows you should also stay open to the idea of innovation because, more renters are searching for Las Vegas Rental Properties that are wired for internet or have environmentally friendly furnishings and if your rental doesn’t have the innovation they are searching for, those renters will search for other rentals instead of choosing yours.

Besides choosing the right options to innovate your Las Vegas Rentals you should also choose the right innovative options for managing your rental properties so that you can manage them more efficiently and offer better service to your tenants.

Tip #4 – Know When It’s Time To Hire A Property Management Company

Last of all, but most important, you should know when it’s time hire a property management company because, with more Las Vegas Rental Properties to manage comes more responsibility and you can save the time, money and hassle of managing properties yourself when you hire a professional property management company to handle all aspects of property management for you including: rent collection, maintenance and more.

Contact Goldenwest Management today by calling us at (702) 685-7696 or click here to connect with us online.

Is Your Las Vegas Rental Property Scaring Away Potential Renters?

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By GoldenWest Management

Thanks to the demand for Las Vegas Rental Property, you decided to buy another rental, but then there’s a problem.

After advertising your rental on and offline you haven’t received any applications from prospective renters yet and you’re starting to wonder if there’s something about your property that’s potentially scaring renters away.

In today’s post we will help you to look at your Rental Property  with a fresh perspective. As experts, GWM sees hundreds of homes every month on the rental market, so you can see right away  if there are one or more areas of your property that are scaring away potential renters or not.

Bad Curb Appeal

Traditionally one of the first areas with any property that can scare potential tenants away is bad curb appeal.

If the landscape surrounding your rental property in Las Vegas has overgrown bushes, shrubs, trees or grass, and there is trash strewn around the yard, then prospects aren’t going to bother to stop the car.

One suggestion is to desert scape the front yard with a few arid plants for a touch of the oasis feel. Have a gardener come by once a week for a mow and blow at least till the home is rented. If this takes a month, you won’t pay more than $100 for a nice clean exterior.

Make sure the house numbers and trim are freshly painted and all the exterior lights function. Wipe away cobb webs near the entrance to make it inviting.

The Inside of Your Rental Needs Some Sprucing

After enhancing and improving the curb appeal for your Las Vegas Rental property the next step is to improve the inside of your rental by doing the following:

  • Paint interior walls – two tone paint has gotten the best feedback:
    • colors like tan, Navajo white, or greys for walls with swiss coffee color for ceilings and baseboards and trim
    • Whenever possible steer clear of flat paint…it gets dirty quickly, go with an eggshell or satin
  • Professionally Clean carpets and floors.
  • Caulk bathrooms, showers, sinks…it makes them look cleaner
  • When possible Remove and replace dated fixtures (stove, dishwasher). Stainless steel, is the best followed by all black or all white depending on your cabinet and countertop colors.
  • Add Deodorizes (plugin’s when possible) to upstairs and downstairs. A sweet breeze versus a musty smell is important.

There is no need to completely remodel you’re the home, although you may get that itch. Its all about light and bright and clean. Prospects will come if your home shows that it is cared for.

Get Professional Las Vegas Rental Property Management

To learn more about things you can do to increase the value of your Las Vegas Rental Property, or to learn more about the property management services we can offer you, contact GoldenWest Management today by calling us at 702-685-7696 or click here to connect with us through our website.