Rental property investment in North Las Vegas is an extremely popular option, with individuals all across Nevada recognizing the real estate benefits. However, there are also some common problems landlords face. By being aware of these problems, landlords can try mitigating them, allowing their investment to be successful.
Tenant Screening
Choosing a tenant which is right can be difficult, but there are steps that can be taken to help. Many landlords employ a property management company to find the right tenant for their properties. If not, reference checks and face to face meetings with potential clients need to be performed by the landlord. Having their rental history as well is helpful to know if they are likely to stay long or move after their lease ends.
Issues with Payment
No matter how much a landlord hopes for rental payments to always be on time, this does not always happen. A tenant may be experiencing some type of difficulty one month making their payment late, or this may be a larger problem just beginning.
When a lease is starting, expectations of rent need to be made clear. Making sure tenants have an understanding of the process when payments are missed.
Property Damage
Another common problem landlord’s face is property damage, whether intentional or not. All landlords want to believe their tenants will keep the property in a decent state, unfortunately, this does not always happen. The damage may be simple such as a small hole in the wall, or more permanent. Landlords need to make sure they are protected from this damage with insurance.
Accidental Injury
Another aspect landlords need to consider with rental property is an accidental injury to their tenants. This can cause a tenant to bring legal action against a landlord. When purchasing insurance coverage, be sure there is a liability to protect against illness, injury, or death due to the property. Also, check that insurance covers against damage or loss of property owned by someone else.
For more information please contact Real Property Management Las Vegas, or call us today at 702-478-8800.
