One of the more daunting challenges that faces every investor is deciding which property management company to go with. There are many factors to take into account. Making sure that you and your property manager are on the same page is key. Expectations vary widely and if these expectations are not properly communicated there is a good chance that problems will arise.
So, communication must be a priority. Not only do property managers need to be accessible, but owners need to be easily reached as well. Emergency situations almost always start at the property level with the property manager being the owners first responder. It’s in these types of situations that a property manager may need to get in touch with an owner quickly. It’s best to make sure everyone has multiple ways of communicating with each other. In addition, when it comes to emergencies an owner should make sure that someone involved with the chosen management firm is available 24/7.
Management Agreement Clauses
Owners need to understand that not all management agreements are created equal. Be sure and ask questions of anything that is unclear. One clause you need to consider with some firms is the auto-renewal clause. With these clauses, if the owner does not make it known that they would like to end the agreement then they automatically get renewed for an additional term and the owners are locked in. Getting out during the middle of a term is usually very expensive.
At the Atlas Group we do not have an auto-renewal clause… we don’t believe it’s in anyone’s best interest to force them into an agreement. In addition, we have zero startup and zero cancellation fees. Our intent is to keep your business through positive results. We are in many respects a vested partner since we don’t make a penny unless you’re getting paid.
Property management has its risks just like everything else but it is our expertise and experience that mitigates those risks and financial challenges as much as possible. We want our owners and property managers to be a team, a winning team, year in and year out. Our intent is to make your investment give you the largest return possible.
When in doubt look at the referrals and testimonials that both current and previous owners have made. The fact that the Atlas Group was voted as one of the Best of Las Vegas property management firms speaks volumes by itself. If a prospective owner would like to speak with a current client or two just ask the property manager for a couple of referrals and feel free to do your own investigation.
What Does Good Property Management Cost?
Many times, the owners we talk to are only concerned with one thing and that is price. What’s it going to cost them to have a responsible, informed, experienced team member to facilitate the management of their property? Maybe a better question is, what’s it going to cost if they don’t have a manager with those qualities? Like most things in life, you get what you pay for. If you go for the absolute cheapest price, statistics and experience have shown that when the chips are down you might not get everything you need to properly handle your investment.
Property Management Covering A to Z
At the Atlas Group we handle everything from A to Z including a few other letters from both the Phoenician and Egyptian Hieroglyph alphabets for good measure. In fact, we have over a 50-point features and benefits package for our owners. Some of the larger categories of features include listing and showing properties, background checks and leasing, handling maintenance issues, interacting with HOA’s, initiating and completing evictions to name just a few. The bottom line is we’re protecting your asset and making it produce for you.
We have been doing this since 1995 and have the systems in place that make sure we stay on top of your property. This allows you to do what it is that you do best and removes the stress associated with being a landlord. Nobody buys an investment property with the goal of also getting a 2nd or 3rd job of watching over it. And, if you have to micro manage the property manager what good are they?
If you want more information on the rental market here in the greater Las Vegas valley or would like a free no obligation analysis of your property’s rental potential, feel free to give us a call at 702-916-2222