When it comes to Las Vegas rental property management, making great decisions can yield great rewards. However, a series of poor decisions, or even just one big mistake can be costly on many levels. Here are the seven worst things a property manager can do.
Flawed Lease Agreement
Even the strongest manager can fail if they present a faulty lease agreement. A rental agreement must be legally sound. The best case scenario is to work with an attorney to help you draw up a lease. This ensures it complies with the law and meets your needs.
Lack of Communication
A responsible manager will keep an open line of communication with both the owners and tenants. Conversations should always be tracked to make sure there is a good record of what transpired.
Failing to Hold Tenants Accountable
Being friendly is a good quality to have, however there is a fine line between being too lenient. It’s important to make sure rent payments are made on time, the property is cared for properly, and tenants otherwise act responsibly. As a landlord, tenants should be held responsible and suffer consequences when they are not.
Ignoring Laws
When it comes to legal issues, there is no winging it. Laws are in place to protect tenants, owners and managers and they are to be followed. If not, you risk a trip to court.
Choosing the Wrong Tenants
The biggest difference between an awesome community and a horrible one is the people who live there. Renting to problem tenants can cost you money and time. Be careful to screen potential renters carefully and thoroughly.
Improper Maintenance Habits
Proper maintenance will save time and money in the long run. Failing to take care of general maintenance can cost you later.
Neglecting Safety Concerns
It’s important for tenants and property to be safe. Safety issues like smoke detectors and staircases need to be maintained consistently.
To speak with a reputable Las Vegas rental property management company today, visit Real Property Management Las Vegas. We are here to help you!
