There’s a lot of power in community, and it’s hard to find a community as dynamic and diverse as Las Vegas.
Even within the greater Las Vegas community, there’s an interesting and expert-filled community of real estate and property management leaders. At New West Property Management, we’re excited about the professionals we work with. When it comes to leasing, managing, and maintaining rental homes, we know we can’t do it alone. We need our partners.
One of the reasons we’re so effective as Las Vegas property managers is that we understand the value of professional partnerships. This is a relationship business, and if you cannot develop and sustain good relationships with a wide variety of people and communities, you’re going to have a hard time managing your real estate investments.
Let’s talk about how much of your success depends on collaborations and partnerships within the Las Vegas real estate industry.
Creating Long-Lasting Partnerships with Industry Professionals
Each relationship you form as a rental property owner comes with its own nuances and requirements. You’re going to have a different relationship with your tenant than you do with your HVAC technician, for example. The professional relationship you set up with your insurance agent will not be the same as the relationship you establish with your landscapers.
That’s why it’s so important to feel comfortable with different types of people doing different types of jobs. You don’t want to insulate yourself completely with people who are just like you. When you want to build lasting partnerships as a rental property owner or an investor, consider what you’re hoping to get out of the relationship and what the other party needs from you. It’s important to choose wisely, whether we’re talking about your relationship with a Las Vegas property manager or your partnership with the plumber who is going to respond to emergency water heater leaks.
Look for partners who have a strong reputation in the local market and in the industry. Go online and do a bit of research; you should be able to find reviews and testimonials. Get to know the people or the company you’re partnering with before you begin working together.
Communication and Collaboration
Every partnership depends on open, transparent, and accurate communication. You cannot have a good partnership if you don’t communicate well. When you work closely with someone, there’s an expectation of responsiveness. You’re not being a good professional partner if you let messages sit in your inbox for weeks before you even acknowledge them or respond.
We understand the importance of establishing clear communication channels when you set out to partner with tenants, vendors, managers, or other professionals. The nature of our business requires it, and it’s the foundation of how we work with others.
It’s important to share expectations early in your relationships. Establish boundaries and baselines. This will limit disappointments and misunderstandings. If you don’t answer your phone on the weekends, let everyone know that. If you prefer texts to phone calls, your professional partners can use that information to reach you in the quickest and most effective ways.
Trust and mutual respect is essential in any partnership. When we become your Las Vegas property management partner, we make sure that you’re being treated well, not only by us, but by our own partners. When we send a vendor over to your property to respond to a maintenance issue, they know we have high standards for how they’ll treat your residents. Mutual trust and respect leads to better interactions and more productive encounters.
What to Look For: Who Is a Good Collaborator or Partner (and, are YOU)?
Looking for the right partners is of course essential, but what are you doing to attract partnership opportunities to you?
Here are the things that let others know you’d make an excellent partner when it comes to Las Vegas real estate, renting, and property management:
- You have passion. It’s hard to succeed in real estate if you don’t have a passion for it. Make sure it’s easy to see how much you love this work and all of the opportunities and challenges that come with it. Look for partners who are equally passionate about what they do.
- You’re reliable and trustworthy. Don’t make big promises that are difficult to keep. You’ll want to make sure you can deliver and do what you say you’re going to do. This establishes trust between you and your tenant or your vendor or your property manager. Make sure you’re holding your professional partners to the same standards. No relationship works when it seems like one party is getting away with something.
- How comfortable are you with conflict? Thick skin is usually required if you’re going to venture out into the world of real estate and hope to find collaborators. Can you solve problems? That will help. There’s always going to be a dispute or a misunderstanding that could have been avoided if the communication was better or the expectations were clearer. If you can solve problems by talking them through and you have a plan for avoiding escalation when it comes to disputes, you’re going to be a partner that people want.
- Be creative and flexible. It’s so important to have processes in place. But, they’re not going to work for every situation. Be willing to do what makes sense, even if it veers from your normal procedures or sets you outside of your comfort zone.
Whether you’re looking for an investment partner, a lender, a tenant, or someone to expertly manage your Las Vegas rental properties, establishing yourself as the type of owner who people will want to work with opens you up to new opportunities everywhere.
Successful Partnerships Include Mutual Benefits and Results
You have to know how to identify successful relationships and be willing to cut loose from those that aren’t working.
Balancing your commitment to everyone’s unique and shared interests will ensure your partnership thrives. It will also lead to innovative solutions, positive results, and longevity. Everyone has to be committed in order to get things going, and the more invested you become in the success of your partners, the more you’ll succeed yourself. A mutually beneficial partnership is almost always more than the sum of its parts. There are multiple end goals, all of which can be reached.
You’ll have to commit some resources not just to the process but to evaluating the results.
Establish some metrics that will allow you not only to evaluate the results of your partnership, but the partnership itself. They might look like:
- Financial Metrics
What kind of money is the partnership providing to you? Are you avoiding the risk of expensive lawsuits by having your leases reviewed by an attorney? Maybe your emergency maintenance costs decreased when you began partnering with a professional property manager. You want to determine the monetary value of your partnership. See how many leads turned into leases, for example.
- Strategic Metrics
Key performance indicators (KPIs) around strategy are often not as tangible as your financial metrics, but they’re still important when you’re trying to decide how much to invest in a partnership. You don’t have to overcomplicate this, but are your partners delivering something that you cannot do yourself? That’s what you want to see.
Partnerships Matter in Las Vegas Property Management and Real Estate
Partnerships in real estate and property management extend beyond just working with a management company or a broker or an agent. They encompass relationships with tenants, contractors, local businesses, and even other property owners.
Building partnerships is crucial for a number of reasons. For example, a positive relationship with your tenants can lead to longer lease agreements, timely rent payments, and overall tenant satisfaction. Partnering with a Las Vegas property management company that values tenant communication and service can help foster these relationships. It also takes the burden of managing tenants off your plate.
You also benefit from maintenance relationships because your tenants demand prompt and efficient maintenance services. Your property value and condition demand it, too. Partnering with reputable local contractors ensures that repairs are handled swiftly and professionally, keeping your tenants happy and your properties in top condition.
Navigating the legal landscape of Las Vegas and Nevada rental laws and requirements can be challenging. A reliable property management company and attorney will ensure that your properties comply with all local, state, and federal regulations, reducing the risk of legal issues and penalties.
Building lasting partnerships is the key to success in Las Vegas real estate. By establishing strong relationships with your property management company, tenants, contractors, and other stakeholders, you can ensure the long-term success and profitability of your rental properties.
We’d be happy to share some of our resources and invite you to leverage our network of partners. Please contact us at New West Property Management. Our team expertly manages residential rental homes in Las Vegas and throughout Clark County, including Henderson and North Las Vegas.
