The rental market in Las Vegas is experiencing a decrease in the supply of properties while the demand for them steadily increases due to population growth. So if you have considered investing in rental property or renting Las Vegas property – like a condo, town home, or single family home – you shouldn’t procrastinate. Granted, you should rent to the best quality tenant possible in order to avoid confrontations and problems. But that isn’t always as easy as it sounds. So how do you accomplish that?
The following tips should help.
Develop and Implement a Marketing Strategy
Part of the equation for attracting good quality tenants involves having a good marketing strategy and targeting the right audience. Obviously, if you have any hopes of leasing or renting out your property, you want people to be aware that it’s available. Whether you advertise your property offline or online, it’s important to include all the major details and several photos. But don’t stop there. Otherwise, your ad will just get lost among all the others and you could be waiting a while to get it rented. You want to include those elements that truly make your property stand out from all the others.
The better the condition of your property, the quicker you’ll find a good tenant. So if you invested in a fixer upper, you can’t leave it in the same condition as when you bought it. Even if the property appears to be in good shape, you should still look to see where you can make improvements. For instance, a fresh coat of paint inside and out, installing a few new appliances, and a thorough cleaning will enhance the appearance of it as well as its overall curb appeal. For instance, if your property is freshly painted, prospective tenants will consider yours about 90% of the time compared to those that aren’t.
Screen Prospective Tenants Rigorously
Although it might be tempting, you don’t want to rent to the first person or persons who hand you the first month’s rent and a security deposit. The more comprehensive the screening process, the better your chances of finding a good tenant to lease or rent your property. You should do a background check, contact their former landlords and personal references, and run a credit check. Furthermore, you should verify other information such as their employment and income as well as their personal information. It is important to ensure that you are taking in the right tenants. Some of the companies have stringent policies before taking in tenants.
Work With a Property Management Company
If you’re a first-time landlord, remember this: Leasing or renting your property and then managing requires a great deal of effort, money, and time. Keep in mind that being a landlord isn’t for everybody. If you’re not prepared for all the problems, repairs, and tenant issues, your best option is to contact a property management company.