Owning a rental property in Las Vegas is an exciting business venture that can be profitable and rewarding when done the right way. One decision that faces all rental property owners is whether to go the DIY property management route themselves or to hire a professional Las Vegas or Henderson property management company to run everything for them. This includes marketing the rental property, screening tenants, collecting rent, and handling routine maintenance. Here are some things to consider when weighing your options between DIY property management and hiring a professional property management company.

Industry Knowledge and Experience

If you have been a property owner or landlord for a long time, you might be well versed in the rental process, what goes into maintaining the rental property, and how to keep your tenants happy. On the other hand, new property owners and landlords in Las Vegas and Henderson might find themselves feeling overwhelmed with their to-do lists. If you do not have experience in the real estate industry, managing your own rental property can be extremely challenging and time consuming. Knowing how to effectively manage a rental property comes with time and the proper experience.

When thinking about hiring a Henderson or Las Vegas property management company, it is important to factor in how much stress you will be saving yourself by trusting a professional property manager to help manage your rental. A lot of this has to do with how much experience you may or may not have. A professional property management company can offer the industry knowledge and skills you might not have yet, along with a network of connections to local maintenance, landscaping, and cleaning professionals that can boost the value of your property in the long run.

Weighing Your Time and Money Effectively

Another thing to think about is whether the time spent doing things on your own is worth the money you are saving by not hiring a professional, or if you are even saving money at all when factoring everything out. For some landlords and property owners, they do not mind managing their properties full time and doing repairs and maintenance themselves. For others, it can be incredibly time-consuming, especially if they have multiple tenants or properties to manage.

Some landlords are reluctant to work with a property manager because of the misconception that it is money out of their pockets. However, that is only one part of the bigger picture. Hiring a professional property manager is an investment that can help you be more profitable. Property managers can help you find reliable tenants with strategic marketing and thorough screenings. They will also help you retain ideal tenants by providing convenient services and quick responses you might not be able to offer on your own.

Communication with Your Tenants

Part of managing a rental property is being in contact with tenants, handling requests, answering questions, and feeling comfortable communicating with them. If this direct communication is important to you as a property owner, it is one perk to managing the rental property on your own. However, if you struggle with this aspect of rental property management, it is one of the things a professional can take off your plate.

Property managers are available to your tenants when they need to request repairs, are behind on their rent payments, or have any complaints during their lease period. You can have as much or as little direct contact with your tenants as you want when you know you are working with a responsive property manager who has the experience to handle whatever it is your tenants might need.

Size of Your Operations

While you may be able to manage one or two rental properties on your own, the bigger your endeavors, the more likely you will need help to stay on top of everything. You will have your work cut out for you if you recently decided to expand your rental income by purchasing more properties. In addition to ensuring your current tenants are taken care of, you may have a lot to do to get your new rental property ready to rent.

Consider how many rental properties you have and weigh the benefits of either managing them yourself or choosing to work with a professional. A property management company can run all your properties, making rent collection and marketing your vacancies, along with other management duties, more streamlined and organized.

Turnkey Infrastructure or Starting from Scratch

If organization and simplicity are what you have in mind when it comes to managing your rental properties, you may want to take advantage of the established infrastructure property management companies already have in place. Working with an experienced third-party property manager can offer:

• Technology, rental policies, and lease documents that work and are ready to use.
• Processes and resources to screen tenants, including background checks.
• The ability to outsource the tough management tasks, like eviction notices.
• Connections and contracted rates with plumbers, electricians, HVAC workers, and more.
• Industry insight to remain competitive with rental rates and keep up with regulations.

On the other hand, you may like the DIY property management idea of starting from scratch and building out your own rental processes and policies that fit your needs. Just keep in mind that there are federal, state, and local laws regarding renting out a property. You will need to ensure your rental properties are up to code and that you are claiming the right taxes on your rental income to avoid legal issues down the road.

Finding the Right Property Manager

Of course, finding the right property management company that offers the services you need at a price you can afford is also important. Choosing to work with a professional is a big decision as you are essentially trusting your business to a new partner. If you believe it is the right time to work with a property manager over opting for the DIY property management route, make sure you do your research. You will want to see what kind of experience and resources they will offer, and if their business values align with your own.

The Black & Cherry property management team is ready to help if you are looking for an expert to take your rental property income to the next level in Las Vegas, Henderson, or North Las Vegas. Whether you have one rental property or multiple rental properties, Black & Cherry has the expertise and resources to make your investment a success. Contact our property management team today to learn more about our services and how we can help you grow in this competitive rental market.