By GoldenWest Management
LAS VEGAS, NV. – Are you planning on investing in your first Las Vegas Rental Property?
Owning rental property is a great investment especially in Las Vegas because property values are still affordable while demand for rentals continues to increase.
As with any new business or industry you’re going to go through a learning curve but thankfully you can avoid making the same mistakes that other new owners have made by following these property management tips for new landlords.
Tip #1 – Don’t Undercapitalize
As with owning your primary home, you have to be ready for unexpected problems that will come up while you own your rental property.
The way to be prepared for these problems is to have cash reserves in place to take care of things like emergency maintenance problems, pre-emptive repairs and surviving weeks or months that your rental may be vacant.
Tip #2 – Don’t Be a Soft Touch with Your Tenants
Another important thing you must do after buying your first rental property is not be a “soft touch” with your tenants.
Why? If you give a tenant the chance to take advantage of you, the most likely will, so you should stick to your standards and do things with every client like:
- Call their references.
- Run their credit.
- Inspect the rental property every six months.
- Don’t be afraid to tell your renters NO.
Tip #3 – Get Your Rental Property Ready for Renting
Although you may be ready to start earning income from your rental property right now you should take the time to inspect the property, make repairs, improve curb appeal and get it ready for renting since most renters will pass up a rental that’s fallen into disrepair rather than giving it a second thought.
Tip #4 – Treat Your Rental as A Business and Hire a Property Manager
Last of all, but most important, one of the top things that you should do before marketing your rental property online is to hire a property management company.
An experienced property management company will save you the time, money and hassle of managing your rental property yourself and help with tenant retention as well.
At GoldenWest Management we provide you with professional property management services including the following:
- Tenant Screening/selection.
- Handling Security Deposit.
- Maintenance And Repairs.
- Rent Collection.
- Customer Service.
- Dispute Resolution
- And More!
Get Property Management Here
For experienced Las Vegas, property management contact GoldenWest Management today by calling us at (702) 685-7696 or click here to connect with us online.