Smart investors are always looking for ways to generate value from their Las Vegas investment properties. While rents are nice and high right now, there are always ways to earn more. You want to make your property as desirable as possible so that high-quality tenants choose it when they’re looking for a home. That’s going to guarantee consistent and recurring income. It’s going to create a sense of stability for your investment, and it’s going to increase your return on investment (ROI) now and in the future.
As Las Vegas property management professionals, we’ve been tracking what works and what doesn’t when it comes to generating value from investments. We’ve helped rental property owners and investors make a few changes to the way they rent out their homes, and those changes have resulted in more value and more profitability.
You know the basics to generating value for your rental property: keep it maintained, make sure it has great curb appeal, and give it a coat of fresh paint and a good clean during every turnover.
We’re moving beyond the expected today, and we’re sharing 5 unique ways to generate value from your Las Vegas investment property.
Let’s jump right in.
1. Improve Marketing for Shorter Vacancies
You’ll know you have a solid marketing plan in place when you’re able to track metrics such as inquiry rates, vacancy periods, and website traffic. You want to know how many people who clicked on your listing scheduled a showing. You want to know how many people who saw the property actually applied. Use this data to refine your strategies and improve future campaigns.
Here are some of the ways that smart marketing can lead to a shorter vacancy, thus improving the value and the income of your property:
- Create a Fantastic Listing
Your property listing is often the first interaction potential tenants have with your property. Make it count. You’ll want to include professional-level photos. You’ll want to write compelling descriptions. Highlight the property’s unique features and share the benefits of the location and the amenities.
- Leveraging Digital Marketing
A strong online presence will add value by reaching more potential tenants, faster. Your online listing should be shared on highly trafficked websites such as Zillow, Zumper, Trulia, HotPads, RentCafe, etc. You also want to share it on social media. We encourage you to create a profile on and engage with social media platforms. They can help you reach a broader audience. Post regular updates, engaging content, and promotions to keep potential tenants interested. You also have the benefit of answering questions and beginning conversations in real time.
- Be Quick to Follow Up
You’ll need a system for leading interested tenants through the process, ensuring they ultimately apply for your home if they’re qualified. Answer phone calls. Reply to emails. Make sure you’re responding to questions and inquiries in a timely way.
2. Focus on Retention for Fewer Turnovers
Tenant retention is a great way to add value to your property because it immediately reduces the amount of work you have to do as the owner, and it also dramatically reduces your expenses. When you manage to avoid a turnover, you save yourself hundreds and potentially thousands of dollars. At lease renewal time, talk to your tenants ahead of the end date to get a feel for what their plans might be. Offer incentives to keep them in place, such as a new appliance or a professional carpet cleaning. Make sure your rental increase is reasonable and aligned with what the Las Vegas rental market demands.
The best way to keep your tenants is by providing an exceptional rental experience. Tenants will always renew the lease agreement if they love where they live and they have all the convenience and support they need.
Create that exceptional rental experience by communicating openly and transparently. Be willing to listen actively, especially if there’s a conflict or a complaint. Be a problem solver and provide the resources and help that your tenants need. They’ll feel valued, and that in turn creates value for your property. A good landlord reputation is based on the reviews of the tenants who rent from you and also the longevity of your lease terms.
3. Allow Pets and Add Value to Las Vegas Investment Property
Pets can be a touchy issue, especially for owners who do not care to have animals running around their property. Allowing pets into your property in order to add value may feel counter-intuitive. Don’t animals put your property at risk? Won’t they cause damage, scratch the walls, and pee on the floors?
We understand the concerns and we acknowledge that there is a bit of extra risk and liability when you allow pets.
However, we can also tell you that in our years of managing Las Vegas rental properties, we have never seen an animal do more damage than a human can do.
Allowing pets adds value in a number of important ways:
- It reduces vacancy. A large number of prospective tenants have at least one pet. More than half of your tenant pool, actually. If you want to rent your property quickly (and you do), be willing to consider pets. This will attract more interest and keep your pool of potential tenants large.
- It allows you to earn more money. You can collect a pet fee and pet rent. These are non-refundable sources of income that will do two things. First, it will protect you financially if the pet does do damage or require extra cleaning. Two, it will bring in more money for you. Since you likely won’t have to spend that pet fee or the pet rent, you can bank it as income.
- Pet-friendly properties have less turnover. Once a pet owner finds a rental home that allows their animals, they won’t leave. Moving will only require another pet screening and another pet fee. They’re more likely to stay in place
A strong pet policy can protect you from the risks and liability that pets bring. You can restrict breeds, sizes, and number. You can require vet records and vaccine updates.
4. Increase Services and Value
Providing just the bare minimum as an owner is not a great way to increase value. Instead, you’ll want to provide extras. Not only does this drive up your rent and create more long term value for your property, it attracts and retains better tenants. Think about creative ways to increase your earnings.
For example, a lot of owners and Las Vegas property managers are offering Resident Benefit Packages. Your tenants will pay an extra fee every month in order to access the benefits in that package, which might include renter’s insurance, free online rental payments, a fast track to maintenance requests and resolutions, and more.
You could offer valet trash for a monthly fee, in which tenants simply leave their trash in receptacles right outside their doorway and someone comes to pick it up. You could provide concierge and valet services for a fee, such as house cleaning and pet sitting.
By responding to what your needs need and want, you can increase value and profitability by providing it. Don’t be afraid to ask, so you know what they’re looking for. Offer a satisfaction survey, for example.
5. Invest in Smart Home Tech and Energy Efficient Upgrades
We are always encouraging our rental property owners to make improvements and updates in order to increase their earnings and make their rental homes more attractive to high-quality tenants. You already know that you have to paint, clean up the floors, replace light bulbs, and maybe make some aesthetic improvements Iike new drawer pulls or better lighting.
What you might not expect us to say is:
- Install smart home technology
- Focus on energy efficiency and sustainability
These two trends, however, are more important to tenants in Las Vegas than ever before. You need to be prepared.
Often, smart home tech and energy efficiency go hand in hand. Smart thermostats, for example, are great upgrades that add value. Tenants can keep their energy bills lower and enjoy the ease and convenience of having their homes cooled based on when they’re home. Smart thermostats are intuitive and able to keep comfortable temperatures depending on who is home and which rooms they’re in.
Video doorbells are popular smart home features, too. Tenants can see who is outside of the home before they answer the door. They can track when packages arrive for them.
Digital keypads and keyless entry are also huge among tenants. Not only do you add value by attracting good residents, but you also make it easier for vendors and service providers to enter the home without having to hand over a key or be there to meet them.
Environmental concerns are on the minds of a lot of tenants in Las Vegas. So, homes that offer solutions and sustainability are more popular and thus more valued. Check your insulation. Switch your light bulbs to LED and invest in low flow plumbing fixtures like toilets and shower heads to reduce water usage. Manage your irrigation and landscaping responsibly.
These are just five ways to increase the value of your Las Vegas investment. There’s more to tell you, so 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.
