Nearly half of Las Vegas residents rent rather than own. This prime rental market is great for beginner and seasoned investors alike, but how you craft your lease will make or break your success.
Your lease agreement outlines the rights and expectations for both you and your tenants. Proper lease administration ensures that you're setting clear expectations and creating systems of accountability.
What should lease management look like? Read on to learn the steps to take to create a strong lease and practice lease enforcement.
Establishing Your Rental Rate
One of the most important parts of any lease is the tenant's agreement to pay rent in full each month. First, you need to figure out how much that rent is going to cost.
An important role of any good property management company is helping investors set a competitive rental rate that maximizes profits. This involves assessing your property's assets, like number of bedrooms and square footage, and comparing it to others in the area.
Creating Clear Leasing Language
Your lease should establish more than how much a tenant owes in rent. You should also include specific language about rent collection, due dates, and late fees.
Your lease is also your opportunity to establish rules and regulations. For example, you may not want tenants to paint or put holes in your walls. If it's not in your lease and it's not regulated by local, state, or federal laws, don't expect it to be intuitive.
Getting Great Tenants on the Lease
Once you have an airtight lease, it's time to start looking for great tenants. A big part of lease administration is marketing your property and screening tenants. The latter should involve credit and rental history checks to confirm an applicant's income, eviction history, and more.
Some tenants may expect to make lease negotiations before signing. It's up to you to decide if you're willing to compromise, which can sometimes help to secure great tenants.
Enforcing Your Lease
Clear lease language is crucial because it lays the groundwork for lease enforcement. Lease enforcement involves taking appropriate steps to remedy lease violations. This typically starts with a warning or fee system.
Practicing consistent lease enforcement requires an awareness of Las Vegas eviction laws. Trying to evict a tenant without proper notice or legal reasons can lead to liabilities. Plus, evictions cost money, and proper lease enforcement may help to keep evictions at bay.
Get Better Lease Administration from PMI Vegas Properties
Las Vegas is a city of renters. How well are you prepared to find the best of the best and get reliable tenants on your lease? With a great lease administration strategy, you can set clear expectations and cut down on evictions, and PMI Vegas Properties is here to help.
PMI Vegas Properties uses proprietary tenant technology and a human-first approach to property management. From our rental valuation process to our leasing and maintenance oversight, we keep investors and tenants happy. Contact us to find out if our turnkey property management services are right for you.
