10 Costly Mistakes Property Owners Make

Learn how to avoid these common pitfalls in your rental home.

Managing a rental property in Las Vegas is no small feat. From finding the right tenants for your home to handling accounting and maintenance responsibilities, it's easy to find yourself overwhelmed by the responsibilities on your plate. Unfortunately, many DIY landlords also make plenty of mistakes along the way...mistakes that can prove quite costly.

Read through the 10 most common mistakes property owners make below to make certain you don't repeat the same problems in your home.

1. Not Marketing a Rental Home in Advance

Think finding a great renter means slapping up a classified ad and hoping for the best? Think again. Don't miss out on great renters by scrimping on your marketing efforts, which could cause your property to sit vacant for months at a time.

2. Incorrectly Pricing the Monthly Rent

It's important to understand how the market dictates your rental rate. You can't simply set the home's rent at random and hope for the best. Inaccurate pricing may leave you missing out on rental income or make it near impossible for you to find a tenant.

3. Skipping Application Screening

Unless you've screened hundreds of tenants in your day, it's easy to make a bad judgement call on a potential renter. Then, you'll find yourself juggling late payments, complaints, and potentially an eviction down the road.

4. Preparing an Unenforceable Lease

An airtight lease is your best defense, should problems ever crop up in your rental property. It's important to draw up a lease that respects Nevada state law and keeps your interests protected, or you could find yourself paying the price.

5. Letting Tenant Problems Escalate

When something goes wrong, you need to act quickly. Letting a problem spiral can cause huge financial losses and create a nightmare legal situation. As soon as a payment issue or lease violation occurs, you need to jump into action.

6. Underestimating Maintenance Costs

Sky high maintenance costs kill your profitability and create plenty of stress. It's important to do your homework, carefully choose your vendor partners, and review your profits and losses monthly to prevent a negative cashflow situation.

7. Ignoring Housing Ordinances & Local Ordinances

Rental housing laws aren't simply "suggestions" for your property. If you don't carefully monitor legislation that impacts your rental business, you could open yourself up to untold liability and potential legal action.

8. Taking Too Much Time to Respond to Tenants

It can be tricky to respond to tenants quickly, but waiting too long to perform maintenance or answer questions is a surefire way to anger your renter. This can cause higher vacancy and turnover rates and impact your earning potential.

9. Putting Off Renovations & Necessary Repairs

Like any other residential home, a rental property needs to be updated from time to time. Many landlords prefer to put renovations off, due to the cost involved, but this can result in longterm complications or create a maintenance emergency.

10. Having No Backup Plan

What will you do when you're facing personal challenges or you're out of town on vacation? Who handles emergency requests in the middle of the night? Managing without a backup plan could land you in serious trouble.

Avoid these mistakes: schedule a free consultation below to see how we can help keep your property healthy.

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Fill your vacancies faster with our marketing experts working for you. We use a sophisticated assortment of advertising tools to reach the largest audience possible.

Background Checks

The right tenant makes all the difference. Every application undergoes rigorous screening, including financial & background checks, to keep you protected.

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Say goodbye to chasing after late rent checks each month. Our team handles all collection efforts on your behalf, with earnings disbursed quickly to protect cashflow.

24/7 Maintenance

Tired of wasting your time handling repairs? Let us address maintenance  on your behalf. We filter tenant requests & coordinate with in-house and preferred vendors to get the job done right.

Property Inspections

Our team conducts frequent inspections of every rental home in our portfolio to ensure tenants are respecting their leases. This provides unbeatable peace of mind.

HOA Compliance

If your rental property is subject to HOA regulations, let us keep you compliant. We'll monitor the rules and ensure your home respects all relevant restrictions.

Financial Reporting

Easily monitor your monthly income, recent expenses, and annual performance. We generate regular statements and notes, all of which are available in the online portal.

Legal Guidance

Don't find yourself in violation of Nevada tenant/landlord laws (NRS 118A) or federal housing regulations. We keep your property compliant and eliminate unnecessary liability for you.

Eviction Assistance

Should the worst come to pass, we'll help you legally evict your tenant. We'll hold your hand every step of the way, and when all is said and done, find a great new renter.

WHY CHOOSE RPM LAS VEGAS?

Management Focused

Management Focused

Most real estate firms in Las Vegas focus on home sales and not property management. Since management is our primary focus, owners and tenants get more attention, more experience and we have no conflicts of interest. Our priority will always be ensuring the successful management of the homes in our real estate portfolio, nothing else. This focus is why more local realtors partner with us to get property management assistance than anyone else.

We Actually Inspect

Many property managers make big claims about doing inspections but the industry's dirty secret is that most will never set foot inside your home until the tenant moves out. Years can go by before they ever inspect and finding a clogged A/C filter sucked inside the vent is common. Our lease agreement requires tenants to allow regular visits so we can try to eliminate unwanted surprises that cost money. These visits help us to enforce the terms of the lease and can prevent more costly HVAC problems.

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The Local Experts

The Local Experts

You cannot afford to let just anybody manage your Las Vegas rental property. We're the trusted leader in local real estate. Experience matters and we have over 30 years of it. We constantly monitor local market trends and pay attention to what real tenants want; we then use this information to better position your property to be profitable. Small investors and accidental landlords love us because we are a one-stop shop.

We're Rated #1

Healthy management relationships can only exist when built upon a foundation of character and competence. Unlike some firms that try to boost earnings with hidden fees on the back-end, we treat you like an equal partner from day one. With service you can trust, it comes as no surprise that we are the #1 Rated Property Manager in the nation with over 50,000 homes under management.

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OUR CLIENTS LOVE US

We've helped 1000+ homeowners locally in Las Vegas

Quentin Bell

Always Accessible


"My wife and I used to mange properties so we have a unique perspective. It tends to be thankless. I give RPM praise for how they provide solutions and are always accessible. They have a customer-centric culture and it shows.”

Quentin Bell, Satisfied Client

darren-b

Pofessional & Courteous


"I have sent many referrals to RPM for property management and for help finding rentals. They are professional, courteous and quick to perform. Tod Wever has years of experience in the property management business. I recommend you let him and his team put those years of experience to work for you. RPM is great!”

Darren Bryan, Top Las Vegas Realtor

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The Local Experts in Las Vegas Property Management

If you are a small investor or accidental landlord then you know how difficult owning real estate in Las Vegas can be. Handling the day-to-day needs of your property is a full-time job. From finding the best tenants and collecting rents to answering repair requests and knowing tenant/landlord law, managing a rental property is no easy task. To free up your time or grow your rental portfolio, partnering with a professional property manager is essential but how do you know which company to trust?

At RPM Las Vegas, you won't find a better partner for hands-on support of your rental. Our team of experts includes leasing specialists, repair coordinators, and accounting superstars, all of whom are ready to tackle any problem. Recipients of the 5-Star Customer Service Excellence (CSE) Award from the Las Vegas Chamber of Commerce out of hundreds of other local businesses in Las Vegas, we set the standard for customer service in property management. Isn't it time you learned what RPM Las Vegas can do for you?