You may have one of more investment properties that you personally manage. There are investors everyday who have properties that they do not have the time to manage. Having your property managed by a professional property manager can free up your time to invest in other properties, play golf, or simply avoid the phone calls at 3 a.m. regarding the heater not working in 30 degree weather.
The first step in property management is pricing your rental home at a competitive rate. Even if your newly renovated property has been upgraded, that does not justify charging above a competitive price for that particular neighborhood. A rent that is priced more than 10 percent above what other homes have rented for in the neighborhood may reduce your success in finding a tenant. Your property may stay vacant, while you continue to pay the mortgage. Lowering the rental amount to what other homes have rented in your neighborhood will help you find a tenant.
Selecting the wrong tenant is like putting lighter fluid on your floor, and handing them the match. One example of a bad tenant is a person that does not meet the income requirements. Or a person that is not able to pay the full deposit amount in a reasonable amount of time.
The basics of property management is collecting the rent on time. Letting payments come in late without penalty is setting up your relationship with your tenant for failure. People will do what they feel they can get away with so it’s important to have penalties and most importantly, enforce them. Managing your property and enforcing your on time payment policies will avoid a long list of problems.
One way to avoid receiving numerous phone calls about the condition of your rental property is to leave all minor repairs up to the tenant. If the toilet becomes clogged, the tenant should be responsible for the repairs. Many people will clearly be able to see what is an emergency, and what is not. In the event there is an emergency, the tenant should have an emergency phone number for someone they can call 24 hours a day.
If you want to free yourself completely from collecting rental payments and the day to day management issues hire a property management company. Feel free to give us a call to discuss all your property management needs in the Las Vegas Valley at 702.376.7379 or visit us on our website at http://www.LasVegasPropertyManagements.com.
We are not the FHA, VA, USDA, HUD or any other government organization. The content on this blog is intended for information purposes only. 
I believe that if people use a property Mgmt company they are ahead of the game as it allows them to focus their efforts in other areas. Acquisition for instance.
Tom C.