Landlords generate an average income of $97,000 a year. What if you could earn even more from your Las Vegas, NV properties? With effective leasing management, it's possible!
Not sure how to maximize your earning potential? Our property owner guide is here to help! Apply these leasing management best practices to boost your profitability in today's competitive market!
Track Local Laws
Ignoring federal, state, and local housing laws can lead to fines and lawsuits. Basic landlord-tenant laws in Nevada include:
- Required landlord disclosures
- Small claims lawsuits
- Security deposit limits and returns
- Termination and eviction rules
- Tenant rights to withhold rent
- Late fees and other rent rules
- Landlord rights to access the property
Federal laws cover landlord disclosures regarding environmental health hazards. Review anti-discrimination laws before screening applicants. Otherwise, the legal consequences can become costly.
Invest in Tenant Screening
Develop a thorough tenant screening process before selecting renters. Comprehensive reviews include:
- Criminal background checks
- Credit checks
- Employment verification
- References
- Eviction histories
Develop clear criteria for selecting renters to ensure you're following legal requirements. Avoid using a do-it-yourself platform. These reports often feature inaccurate or outdated information.
Instead, outsource this task to a property manager. They'll help you select great tenants.
Improve Tenant Satisfaction
Once tenants move in, provide them with multiple ways to reach you. Open communication can increase tenant satisfaction rates. Keeping renters happy may encourage them to renew their leases.
Increasing renewals will boost your occupancy rate and earning potential. Otherwise, a long-term vacancy will drain money from your accounts.
Complete a Rental Analysis
To attract renters, offer competitive and fair pricing. Complete a rental analysis and apply effective rental income strategies.
Research other rentals in Salt Lake City before setting your rental rates. You can have a property manager complete your rental analysis. They'll adjust rates based on property improvements and current market conditions.
Schedule Routine Inspections
Protect your beautiful investment properties. Schedule routine property inspections to confirm your properties are in good shape. Start building an emergency fund to cover unexpected repairs.
Efficient maintenance coordination will ensure you spot issues before the property crumbles. Encourage tenants to send maintenance requests as needed. Completing repairs quickly will improve their living experience.
Request Property Management Tips
Applying these property management tips alone can become time-consuming. Instead, partner with a property management company. Their services may include:
- Property marketing
- Tenant screening
- Rent collection
- Maintenance and inspections
- Accounting
Learn from their industry experience to improve your profitability. With their help, you can gain a competitive edge in today's market.
Improve Your Leasing Management
Applying these leasing management tips can maximize your earning potential. Start leveraging these best practices immediately. Remember, you can always ensure your success by asking for help.
Trust our team at Avalon Realty and Oaktree Management. We're committed to increasing the value of your assets. We'll offer comprehensive services to ensure your properties are profitable.
We've taken the gamble out of property management since 1993. Trust our exceptional services to accomplish your investment goals. Contact us today for a free consultation!
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.