What Is Property Management?

Property management is the day-to-day running of a rental home on the owner’s behalf: finding and screening tenants, collecting rent, arranging repairs and keeping records. This guide is for owners deciding whether to manage a Las Vegas rental themselves or hire a manager. For our own services, see Las Vegas Realty, LLC property management.

What a property manager does

• Before a lease: prepares the listing, answers inquiries, shows the home, takes applications and screens applicants.
• During a lease: collects rent, handles tenant questions, takes repair requests and arranges the work, and keeps the accounts.
• At the end of a lease: handles notices, checks the home’s condition at move-out, and accounts for the security deposit.
• For the owner throughout: statements, reports and decisions that need the owner’s approval, such as repairs.

Managing it yourself or hiring a manager

Self-managing can work well for an owner who lives nearby, has time during the working day, and is comfortable with tenant screening, landlord-tenant law and finding reliable contractors. Owners who live out of state, own several homes, or would rather not take tenant calls usually hire a manager. Questions worth asking yourself:

• Can I respond quickly when a tenant reports an urgent repair, including in summer, when air-conditioning failures are common in Las Vegas?
• Do I know the rules for applications, deposits, notices and fair housing?
• Do I have contractors I trust, and the time to meet them at the property?
• Do I want to collect rent and keep records myself?

Nevada rules every owner should know

• Landlord-tenant law: residential tenancies in Nevada are governed by NRS Chapter 118A, which covers leases, deposits, entry, repairs and notices.
• Security deposits: NRS 118A.242 limits security deposits to three months’ periodic rent and requires the landlord to account for the deposit within 30 days after the tenancy ends.
• Who may manage for others: in Nevada, managing rental property for another person for compensation requires a real estate license and a property management permit from the Nevada Real Estate Division, working under a brokerage.
• Written agreement: a property management agreement between owner and brokerage must be in writing (NRS 645.6056).
• Fair housing: federal and Nevada fair housing laws apply to advertising, screening and every other part of renting.

This is general information, not legal advice. Read the current statutes at the Nevada Legislature’s NRS site, and check a manager’s license with the Nevada Real Estate Division.

Questions to ask any property manager

1. Are you a licensed Nevada brokerage, and does the person managing my home hold a property management permit?
2. What are all of your fees, and where are they written in the agreement?
3. How do you advertise vacancies, and how do applicants apply?
4. What screening standards do you apply, and how do you keep them consistent with fair housing law?
5. How do tenants pay rent, and how and when do I receive statements?
6. How are repairs reported, who approves them, and how are emergencies handled?
7. How is the home’s condition documented at move-in and move-out?
8. How do I end the agreement, and what happens to the tenant’s lease and deposit if I do?

Las Vegas-specific considerations

• HOAs: many Las Vegas homes are in homeowners associations. Confirm that yours allows rentals and note any leasing rules; the association’s rules also apply to your tenant. Find My HOA can help identify the association for an address.
• Which city you are in: a “Las Vegas” mailing address may be in the City of Las Vegas, Henderson, North Las Vegas or unincorporated Clark County, and local rules and utility providers differ.
• Market rents: our rental area pages show recent MLS lease figures for Summerlin, Henderson, Green Valley, Southwest Las Vegas and Centennial Hills.

Ready to talk about your property? Request a consultation or call 702-386-6122.