quality property management company in Vegas?

Question

Hello,
do you have a good property management company in mind? We are not happy with our current one... I was thinking of calling every single one in Las Vegas, but I think the word of mouth is the most reliable. Please, share the company you are using for our property located in Las Vegas (zip 89156). 
MANY MANY thanks ahead!

Bruce M. · Answer

Edita, I invest in Las Vegas and if you want to PM me, I would be happy to share with you who I use for management and my experiences.  I don't feel comfortable to endorse them on the forum.

Albert, I am very active in the Las Vegas market and think its a great time to buy and hold there.

Phillip Dwyer · Answer

Hi Gang,
It's been a few months since I've been on Bigger Pockets, so I missed this conversation.  In the Las Vegas market, you should be asking the following questions of prospective property managers:
1.  Are they licensed and permitted?
2.  How will they market your property?
3.  How and when do they collect fees?
4.  What is their tenant screening process?
5.  How do they price property?
6.  What is their process for handling repairs?
7.  Most importantly, Can they provide references?

I would recommend starting with the last item on this list.  Pricing is important to your bottom line, but really should be the last concern.  You want to make sure they're doing a good job for their current clients first.  Go a step further and Call their references.  
Good luck!

Naga A. · Answer

Edita,

Thanks for your advice.  I probably will have to start the process of finding a new PM.  I hate to do it now though as my current PM already started marketing my property.  I will talk to him early this week and make my decision.

I sent you a colleague request.  May be we can exchange information about our experience of finding a new pm.

Edita D. · Answer

Naga A.
you gotta compare apples to apples. When u do a search URSELF on craigslist, you may not take into consideration the square footage, etc. You should have your PM email you the comps for that area for the past 60 days. Why should you have your place for way than what market demand is?  As Andy suggested, to offer higher commission to agents always helps. Mine now is set for 350$, and I will increase it if no application within the next 2 weeks to 400$. Make sure your PM is doing proper marketing of the property, enough pictures, quick response time, etc... I had to babysit my PM, and I will change them eventually. But right now after all the fighting with them, they started doing a better job. Good luck to you!

Andy Chu · Answer

Also since they will be offering commission to the agent bringing in a rental, make sure the commission offered is on par with the area. I always suggest $300. It may mean you have to pay a little more but it's well worth it for one month less of vacancy

Naga A. · Answer

Edita,

I think my asking price is at least at par or lower than the market.  I checked the craigslist and my asking price is lower than most properties in the area.

I will talk to PM shortly and tell him that I might have to fire him.

Edita D. · Answer

Naga A. It may be the right solution to lower your rent. What you need is DOM analysis (days on market) for THAT area. And you have to do your comps. If the property is not priced right, it will not get rented. 
But if your PM are slackers, you need to address that and maybe change PM

Naga A. · Answer

Well.  It's been a month and half since the property was in rent ready condition.  Since the tenant broke the lease, PM replaced all carpets with tiles and did other repairs, which took them two months and half.  I feel they were so slow to get anything done and the only solution they offer to rent my property is to lower asking rent amount.

Edita D. · Answer

wow, 4 months??? Is it priced right? What's your PM, if u don't mind me asking? U may wanna try with an aggressive PM, coz u are loosing money

Naga A. · Answer

I feel like I need to switch my PM.  I've tried to lease my SFR in Vegas after the former tenant broke the lease and moved out in December.  Our PM arranged for rehab (changed from carpets to tiles) and got the property in rent conditions. But my property has been vacant for 4 months.  Any recommendation on PM who is strong on leasing a property?

quality property management company in Vegas?

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