For individuals who have invested in Las Vegas properties but do not personally live in the area themselves, the idea of renting out their properties to tenants can be intimidating and stressful. It’s often difficult to organize everything and stay on top of landlord duties when you’re not physically present to handle those responsibilities. However, many Las Vegas property owners are able to lease their units successfully even without being physically located in Nevada. Here are some tips on how to achieve your rental property goals when not living locally in Las Vegas.
Take Advantage of Technology
It’s easier than ever to stay connected with others through technology. There are a number of ways you can utilize technology to your advantage to help you keep track of what’s going on with your rental property. For example, security and surveillance cameras are an easy way to know who is coming and going, the current state of the building and landscaping, and to make sure you have a record of everything that takes place on community grounds. You can even live stream a direct feed to your computer or cell phone in a matter of seconds.
Technology is also essential for the advanced automation it provides. Your tenants can pay their rent, ask questions, or make suggestions all online. Once the rent is deposited, you can have the funds sent to specific accounts to keep your business running like clockwork.
Build a Local Network of Maintenance Professionals
One of the best ways to set yourself up for success is to build a strong network of trusted professionals you can rely on for repairs, especially in emergency situations. With you not being able to assess the damage in person, you’ll need to rely on individuals who are trustworthy, experts in their fields, and can resolve issues with little to no direction or supervision. It’s not always easy to make these connections, but it’s worth the effort to build and maintain these relationships. If you have enlisted the services of a professional Las Vegas property management company, they should have these established connections for your benefit as well.
Once you have a solid network of local workers, it may be in your best interest to draft agreements with contracted rates, especially if you use them frequently for routine maintenance. This will eventually save you time and money, and also benefits both you and the contracted professionals.
Provide Open Communication for Tenants
When tenants feel their questions or complaints are not being heard or taken into consideration, you may lose reliable tenants because you failed to communicate efficiently with them. Maybe you didn’t address their concerns in a timely manner because the only communication channel they have with you is an inbox which you don’t check very often, for example. This may not only hurt your reputation, but could also damage your bottom line.
Because you are not physically available to your tenants, it’s important to maintain an open channel for communication so they know you care and are fulfilling your responsibilities as the landlord. It’s important to make sure each tenant knows who the proper person to contact in any situation is (especially if it’s not you), and the best ways to do so.
Familiarize Yourself with the Local Area and Regulations
The responsibility of any good property owner is to know the local area; where the closest police and fire stations are, the local hospitals, and any other important services that could be helpful for your tenants. If there is an emergency or natural disaster, it’s always in your best interest to be familiar with the neighborhood and quickest routes that could affect the safety of your tenants. In any case, you should always take the time to know the local area if you are investing in a Las Vegas property.
You should also familiarize yourself with the state’s tenant-landlord laws and regulations that could pertain to you as the owner of the property. It’s important to make sure you are fulfilling all of your legal duties to your tenants, especially if Nevada’s laws differ from the state in which you are living.
Choose Your Tenants Carefully
Choosing/screening your tenants carefully is the most essential piece of the puzzle when it comes to successfully renting out your Las Vegas property. The last thing you want is to be in need of Las Vegas eviction services due to an unruly tenant, so it is vital to choose wisely. It’s crucial to find responsible, reliable, and trustworthy tenants when you won’t be able to continuously monitor the property or physically be available to deal with pesky reoccurring tenant issues.
Screening for qualified applicants can be time-consuming and stressful, but is definitely needed and worth the time in the end. On top of all the standard checks, it’s important to follow up with all of the prospective tenant’s references and confirm that all the information included on the rental application is correct. This will all but ensure that you lease your property to a tenant who will pay their rent on time, respect the property/take care of the unit, and communicate with you if there are any issues that arise.
Hire a Local Property Manager
It’s true, there’s only so much you can do when you don’t live in the same state as your rental property. There are several things you can do on your own to help make the leasing process easier in the end, but it does involve a lot of time and commitment. For some property owners, purchasing the property was an investment but they don’t necessarily want to sign up for a full-time landlord job. For those individuals, hiring a reputable local Las Vegas property management company is the most effective way to ensure that your tenants are happy, and that you are also meeting all of your leasing and financial goals.
