The Companies Act is the act under which property management companies are incorporated and this means they have to be compliant with company law provisions. These companies are capable of handling legal and other property issues as they are comprised of professional managers. The company is vested with the responsibility of dealing with a myriad of property related problems. Many of these are small businesses and may not even be equipped with simple e-mail technology.

There are many property marketing related services that property managers offer. They attempt to find a qualified resident and also render services by evaluating residents, getting leases signed and also renewing the same. Other services are upkeep of the property and lease negotiations and renewals. The company also provides support to the managers and has in-house staff to lead to a collaborative effort. The main objective is to make the project commercially viable and enhance the value of the project at the same time. But to do this, laws relating to building codes, affirmative action rules and commercial business practices need to be adhered to.

When it comes to the area of evicting recalcitrant and problematic residents, these residential property managers are able to save costs substantially. Also, when it comes to getting information about the property, residents want to know more than just unintelligible abbreviations like w/d, hw fl, d/w, a/c. Those who want to move into the building would like to see floor plans, know details of the building and also information dealing with its location.

If property managers are paid to let a property from a landlord’s side, they have to be associated with a licensed Real Estate Agent. Regulation also states that if they don’t take a brokerage or letting fee, but take a part of the rental income, they would be outside the purview of regulation. These managers also have in-depth knowledge of interior and exterior work, plumbing, electrical and other systems that are material for a building. There are annual maintenance contracts that are valid too and these managers look at various residential, commercial farms and ranch properties.

In addition to all these services, it is possible to get some accounting services from property management companies. This includes providing a monthly statement that documents various monthly income and expense items relating to the management company on your property.

Best Realty Finder

Passive income is the path to becoming wealthy.  Part of enjoying that wealth means minimal stress or worries.  One of the benefits of hiring a management company for your Las Vegas investment property, is that they take care of any problems that arise with your unit, but it’ll cost you.  At the starting gate, a $265 registration fee is required to cover administrative expenses.  The monthly management fee is equal to 10% of the monthly rent, or a minimum of $100.  Should multiple properties be managed, that rate can be negotiated to 8% or 9% depending.  Security deposit is equal to one month’s rent, but Best Realty Finder also requires the tenant pay a cleaning deposit, and if the investment owner agrees to a pet, the tenant must pay a pet deposit.  To cover any emergencies or repairs (keeping your Las Vegas investment property in good condition) a reserve of $300 on a property if there is a home warranty is required, or $500 with no home warranty (i.e. older properties).  Accounting and direct deposit is also included in their services.

To cover the mortgage each month, pay the management company, and make a small amount of passive income, renting out your Las Vegas investment property is a must.  Best Realty Finder can find a tenant for you at the cost of 75% of one month’s rent, and a co-op fee of $300 (which covers the fee paid to a realtor who brings in the new tenant).  Background checks are also performed on each tenant including credit checks and required references, all of which are checked thoroughly.

In the event of emergencies there is a 24 hour service, and a list is given of numbers to call to reach certain employees in the event of a dire emergency.  (This is important to both establishing trust with your tenant, as well as the investor being able to contact the company in case of an emergency.)

Best Realty Finder provides service for both residential and commercial Las Vegas investment property.  One interesting thing about this companyis that although most can help you find and purchase an investment property, they also provide accommodations.  Should you find and purchase a rental property through them during your stay, Best Realty Finder would reimburse part of your lodging, and if the stay is only a day or two to find and purchase a Las Vegas investment property, the fee is waived entirely.

For more information or to schedule an appointment, please contact:

Maria Schlager, Realtor®

Property Manager

BEST REALTY FINDER

5540 S. Ft. Apache Road, Suite 100

Las Vegas, NV  89148

(702) 769-5077 – cell

(702) 222-2288 – office

(702) 222-3947 – fax

Maria@bestrealtyfinder.com

Terra West Property Management

Hiring a property management company saves an investor time and frustration.  The trade-off is it also costs the investor.  Terra West has an initial start-up fee of $300 right out the door.  Once they’re managing a property for you, the cost is 10% of the monthly rent on that unit.  (Discounted to 8% is five or more units are managed.)  To maintain the repairs on your Las Vegas investment property, a reserve of $250 is required.  Should your tenant decide to renew, a $150 lease renewal fee is required at the beginning of the next year’s lease.  Terra West’s management also includes services like accounting, direct deposit of rent into the investor’s account, periodic inspections of properties, etc.

Occupation of your Las Vegas investment property is a must, to keep passive income flowing.  Should you decide to outsource finding a tenant, Terra West has two leasing programs, a premium residential and a basic option.  Both are mostly the same, acquiring photos of the property, having an inhouse agent find a rentor for it, post ads on local websites, and sign all the papers.  The two additional factors with the premium plan is that you have an ad placed on a local homes for rent website and receive email updates on how the process is going.  The premium plan has a fee equal to the first month’s rent, while the basic has a $20 per month ad fee, and a $350 fee once a tenant is found.  Although the basic seems cheaper, the market in Las Vegas is currently flooded with rentals, so be sure to weigh out the options of the premium vs. the basic (remembering the more your Las Vegas investment property sits vacant, the less money you’re making).

No information is listed on the website for emergencies, but as this company has several offices around Las Vegas, I imagine at the least a 24 hour messaging service is set up for electrical or water emergencies.  Should you require further information about Terra West, please contact:

Mario Malatesta Jr. ARM®, PMP, CAM
Director of Residential Property Management
Broker Salesperson, REALTOR®
Terra West Property Management
2655 South Rainbow Blvd, Ste 200
Las Vegas, Nevada 89146
702.251.4563 office
702.251.4594 fax

Desert Realty, Inc.

The main concern every investor asks of a rental management company is cost.  The monthly fees are 10% of a month’s rent for managine a single unit, 9% for two units managed, and 8% for 3 or more units managed.  To cover any accidents that might need a quick fix a reserve of $200.  A security deposit of one month’s rent is held by in a trust account by Desert Realty.

Keeping the passive income flowing from your Las Vegas investment property is crucial, and finding new tenants from a few states away would be a hassle.  Desert Realty, Inc. can search for new tenants for certain fees.  To advertise a vacant property the cost is $95 per month.  Once a new tenant is placed, there is a $295 leasing fee.  Background checks are performed by all applicants, who pay $40 for this process.  The checks include credit, sex offender, previous landlord, and eviction reports.  There is also a background check into the applicants funds to make sure they can afford the monthly rent which avoids problems in the future.

During emergencies the tenant or investment property owner should call the office.  After business hours an answering service is available, with calls forwarded to an oncall employee of Desert Realty.  This is important both to keep tenants happy in the unlikely event of a water or power emergency, but also to let owners get in touch with the individuals managing their Las Vegas investment property.

Desert Realty currently manages properties in the Las Vegas, North Las Vegas, and Henderson areas.  They specialize in residential properties and are currently not taking on management of condo units.  Beverly Long also suggested that the rental market in Las Vegas has been tough, with the supply of units to rent, but also mentioned things are beginning to pick up.  For more information, or to contact the company, please see the below information.