Hiring professional property management in Las Vegas isn’t just about getting better tenants and making sure your property is physically maintained. Often, we hear from clients that the financial services we offer are the reason why they chose to hire a Las Vegas property manager. Rent isn’t just pure cash that’s a monthly windfall to be spent, however, you wish. Now, in some cases, that’s part of it. Landlords who take that approach tend not be landlords for very long.
Tenant deposits aren’t profit. Provided everything is in order at the time of departure, deposits need to be returned in full. And deposits are different than fees. A fee is not refundable, it’s a charge for a particular permission contained in the lease.
A pet fee is a one-time charge. A pet deposit needs to be returned, at least in part. Don’t forget that many deposits require accompanying documentation explaining the process, the amounts and why any amount was withheld.
Money set aside for repair is often a challenge for owner-operators. Basically, too many first-time landlords end up spending what they collect on personal items, meaning it’s going to cost them more when the refrigerator motor dies. The biggest money management benefit to hiring a professional property manager is making sure the mortgage gets paid.
It’s easier to get this handled professionally because when all is said and done, the owner simply has their profit. The money earned after the mortgage is paid, deposited into their bank account. This makes it extremely simple and hassle-free.
Tenants are often paying rent in separate checks or partly in cash at different times. Most individual owners don’t want to deal with these little time-draining frustrations. However, a property management company is set up for that, it’s our business. We have systems in place to assign partial payments and track due dates and late fees for hundreds of tenants at a time.
So, as easy as it is to say professional property management for your Las Vegas rental costs too much money, what you really need to ask yourself is:
Can I afford not to hire a property manager?
The hidden costs of owner-operation are many. Don’t let them bankrupt you on the idea of real estate investing.