As 2019 comes to a close, it’s the perfect time for Las Vegas landlords to reflect back on the past year and consider ways to refresh and improve their approaches to managing their rental properties. With the demand for Las Vegas rental properties at an all-time high, landlords can greatly benefit from giving themselves even the slightest edge over the competition. Here are six tips to help landlords get their rental properties ready for the upcoming year.

Review and Update Lease Terms

A landlord’s lease is the cornerstone of the entire rental operation. It is a legal agreement between the landlord and tenant and should clearly state all of the property rules, expectations, and procedures required of both parties during the duration of the lease term. Therefore, it should definitely be a priority when landlords want to make improvements in 2020.

Take some time to read through your standard lease agreement and identify areas that may need to be revised, added to, or even taken out completely. By reflecting back on some pain points you may have had with your tenants or things you wish you would have made more straightforward, the end of the year is an ideal time to make these changes to the verbiage in your lease agreements. This way, all the new tenants you welcome in 2020 will have a clear and updated lease that will benefit you both.

Property Maintenance

Even if you don’t have an obvious need for repairs on your property, it’s a good idea to do a full inspection and resolve any small issues before they become major problems. By doing this, you will save yourself the time and money you’d have to spend if you don’t nip it in the bud early. Create a schedule to check everything, including HVAC systems, plumbing, locks, and smoke detectors.

By doing these inspections and making necessary repairs, you also show your tenants that you care and are putting effort into maintaining the property. That can go a long way with your tenants and encourage them to renew their leases when the time comes.

Plan Your 2020 Marketing Strategy

Filling a vacancy quickly and with a highly qualified applicant doesn’t have to be difficult. With a little planning and a more defined approach to advertising your rental vacancies, you’ll be going into 2020 with a strong strategy in place for marketing your Las Vegas rental property. If your ads and outreach have not worked for you in the past, it’s time to look into different outlets.

Landlords should ask themselves who their target audience is and how they plan to reach these prospective renters. It’s safe to say that print advertising won’t be enough in this day and age. Making sure your listings are also included in popular online real estate websites, such as Zillow, REALTOR.com, and Trullia, is just one example of how you can connect with more potential tenants.

Streamline the Rent Collection Process

If you haven’t done so already, utilizing new technology and real estate apps can greatly simplify the rent collection process for both landlords and tenants. You can have your tenants submit their rent through these rental apps, which you can then manage and deposit into your own account. You’ll also have records of when rent was sent and have access to real-time live updates.

However, starting 2020 with a new way to collect rent can be a little confusing if you or your tenants are unfamiliar with the technology. Make sure you do your research and understand how it all works before trying to implement this new strategy yourself. You can also consider working with a Las Vegas property management company that will handle the entire rent collection process for you.

Get Up to Date with Current Federal and State Property Laws

It’s extremely important for landlords to stay on top of Nevada property laws and regulations. With both federal and state laws often changing, you don’t want to get caught accidentally breaking the law. Now is a good time to brush up on everything to make sure you are satisfying all that is legally required of you as a landlord.

For Las Vegas landlords, you can review current Nevada landlord and tenant laws and statutes on the official state website. It includes all of the obligations of landlords and tenants, definitions of legal terms, and how to handle various situations that may occur between a landlord and tenant. One such situation is that of an eviction. Nevada now requires a licensed process server to serve all eviction notices, and many other types of notices. An attorney, constable, or sheriff can also serve these notices, but landlords are no longer legally allowed to serve the notices themselves. For those landlords outside of Nevada, you can find a similar list of laws on your state’s website.

Grow Your Business with a Local Property Manager

If you are ready to expand your business in 2020, there are several benefits to working with a property manager. A professional Las Vegas property management company can handle advertising your vacancies, property maintenance, collecting rent, tenant communication, and everything in between. This frees up a lot of your time as a landlord, allowing you to possibly consider investing in other Las Vegas real estate.

If you would like to learn more about how a Las Vegas property management company can help you get your property ready for 2020, contact the Black & Cherry Property Management & Real Estate team today! We would love to discuss our property management services and how we can partner with you to make the most of the upcoming year.