Change isn’t always easy. But, if your Las Vegas property management company isn’t meeting your needs and expectations, you need to take a look at other options. Your investments are worth a lot of money, and you need a management partner who understands your financial goals and keeps the day-to-day details off your plate so you can focus on other things.
When you notice some red flags or you find you can’t trust your property manager to keep costs down, communicate openly, or work well with tenants, it’s time to re-evaluate what you’re doing and why. Then, you need to explore other options in the market.
The property management industry isn’t always known for its outstanding customer service, and that’s something we’re trying to change at New West Property Management. We believe your property manager has a duty to treat you and your tenants with respect, professionalism, and an attitude of service and support.
There are several things that will indicate it’s time to switch Las Vegas property management companies. We’ve listed them here today, and if you find yourself dealing with any of these issues, we encourage you to begin looking for better management services. This is a relationship business, and you need to have a strong relationship with your management partners.
Maybe Communication Isn’t Responsive or Transparent
Good relationships start with good communication.
Good business requires it.
When you aren’t receiving the best communication with your Las Vegas property management company, that’s only the tip of the iceberg in terms of what might be going wrong. You need access to accurate, reliable information. You need to know your phone calls and emails will be returned. You need to know your property manager won’t wait months to tell you something that you should have known right away.
Just as important is the way your property management team communicates with your tenants. If maintenance requests aren’t being responded to, questions aren’t being answered, and lease renewals aren’t being proposed – you’re going to lose tenants, and that means you’re going to lose money.
Yes, property managers are busy. So are residents and vendors and contractors. So are you.
Communication cannot be put on hold, however.
If you find your calls aren’t being returned and your messages are left unanswered, there’s a problem in the way your management company is handling their business and their relationships.
Even when your property managers are hard to get in touch with personally, you should have other options. There should be an online portal where you can see the details of your income and expenses as well as view invoices and accounting statements. But, if you have a question that falls outside of what you already have access to, it’s reasonable to expect your property managers to help you.
Find a new management company that values communication and accessibility.
Las Vegas Rental Property Maintenance is Neither Cost-Effective nor Preventative
Maintenance costs do not go away. Repair issues do not get better with time. You need a management company that understands the importance of routine and preventative maintenance, otherwise you’ll find yourself spending more than you have to on your property’s upkeep.
Everyone is facing higher maintenance costs these days. You honestly cannot expect your management company to erase all the increases in both labor and materials. But, you can expect them to find ways to make the price points less painful. They should have excellent resources and good relationships in place with vendors and contractors who are willing to give them discounted rates. When those savings are passed on to you, it’s clear you’re working with a great management company. If costs simply keep going up without any explanation or mitigation, you should start looking elsewhere.
A reliable response to routine and emergency maintenance is a basic function of any property manager. They should balance keeping costs down with responding to the needs of your investment. Preventative maintenance is essential. Your management company can and should prevent those costly emergency repairs by recommending regular services and inspections of:
- HVAC systems
- Electrical systems
- Roofs and landscaping
Proactive maintenance policies protect the condition of your investment. They also keep your tenants happy. If you find that repairs aren’t being made or there is a lot of deferred and unreported maintenance discovered during inspections and turnovers, there’s something wrong with the way your management company is handling the repairs at your property.
A good Las Vegas property manager will help you budget for maintenance. They’ll leverage their relationships with preferred vendors, and they’ll recommend all seasonal maintenance plans are in place to prevent surprise repairs and tenant complaints. This isn’t too much to expect from your management company.
Rent Is Not Coming In on Time (or at All)
Another thing that’s not too much to expect from your property manager? A consistent rent collection process. Your rent should be collected on time from tenants every month. More importantly – it should be deposited into your account on time every month.
When you begin to notice that rent is coming in late or not at all, there’s a serious problem that needs to be addressed. Before you even hire a management company, ask about their rent collection process. Talk about the consequences of late rent and who keeps the late fees. The rent collection policy should be in the lease agreement and it should be enforced by your Las Vegas property manager. You want to know your tenants have the incentive they need to pay rent on time every month.
Lease enforcement is a big part of property management. You should know that only well-screened tenants who can pay rent on time are placed in your property. There should be an online rent collection platform that allows tenants to schedule payments in advance or set up recurring payments. When rent isn’t paid, your property manager should follow up immediately and dedicate time and resources to getting the tenant caught up. Otherwise, your own financial foundation gets shaky.
If you aren’t sure when you’re getting paid, find a new management company. There should be a system in place that tells you exactly when you can expect to see your deposit. With all the technology available today, there’s no reason that you should be waiting for a paper check to arrive in the mail. When your rent is inconsistent, find a management company with automated systems and on-time payments.
Maybe You’re Missing Out on Accurate and Detailed Accounting Statements
In addition to on-time rental payments, you should also expect to receive routine accounting statements that reflect what you’ve earned and spent on your property in a given period, whether it’s a month, quarter, or year.
If you don’t understand what you’re reading or financial reports are unclear and lacking detail, you need to find a new property manager with better accounting practices. You’re not only trusting a management company with your property – you’re trusting them with your money.
You also need to watch out for hidden fees or unexpected costs in your statement. If you see charges that you weren’t expecting or weren’t informed about, talk to your property manager and get an explanation that makes sense. Discuss any future costs that you might not know are coming. Investigate your management contract to see if these were ever disclosed before you signed.
No one likes to be surprised by hidden fees, and everything you’re expected to pay should be disclosed to you in advance, before you sign that management agreement. If you feel like you’re being fleeced by your property managers, it’s time to look elsewhere. Trust and transparency are very important to your relationship.
Bad Las Vegas Tenants and Dwindling ROI
Owning Las Vegas rental property comes with risk. It’s unavoidable. But, with the right property management partner, that risk is mitigated with sound practices, lots of experience, and a thorough understanding of tenant protections and legal issues. You want to make sure your property manager is protecting you against lawsuits as well as difficult tenants and deferred maintenance that may lead to damage.
No one wants to lose money on evictions, property damage, and security deposit lawsuits. Your property manager needs to protect you from these risks, and if they’re not – it’s time to find a new management partner. Don’t settle for a property manager who does not know the law or does not stay up to date on tenant protections, fair housing requirements, and habitability issues.
Good property managers are willing to educate themselves and improve their practices continually. It leads to better tenants, less risk, and more money for their owners.
If you feel like it’s time to make a move, we invite you to contact us at New West Property Management. We’re passionate about the services and value we provide to the owners and investors who trust us with their properties. Our team expertly manages residential rental homes in Las Vegas, including Henderson and North Las Vegas.