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What Are Tenant & Landlord Responsibilities for Rental Properties in Nevada
Learn about which maintenance issues Nevada rental tenants are responsible for and which ones the property owner should take care of. Some of the common issues include lawn care, HVAC updates and irrigation systems. Learn more from the Mynd team today!
Las Vegas Market Hits New Highs
Two new professional sports teams and an influx of tech jobs have brought more diversity and growth to a city known as a haven for gambling and entertainment.
Are you looking for property management?
It takes the right temperament and experience to be a great Nevada property manager. At Mynd, we believe we’ve got the best residential property management service in Nevada; that’s why we want you to put our property managers to the test.
Perform due diligence by quizzing us on how our property management service will manage your investment property.
- How would we prevent early lease terminations?
- What are some renovations that attract millennial tenants?
- What’s 100% bonus depreciation, and how can we take advantage of it?
- What are some tips for easy rental property turnover?
Due diligence is necessary to find the best rental home management company.
- Ask for references.
- Consult the Department of Consumer Affairs
- Have in-depth talks with prospective property managers.
- Check out online reviews from multiple sources.
- Request internal client satisfaction scores.
- Tour rental units managed by the property management company.
One industry estimate is that a landlord spends four hours every month for every rental property. That means roughly 48 hours each for daily management and operations. The majority of that time, assuming a yearly lease, is spent finding a prospective tenant, leasing, and rental property turnover.
However, that’s only the case if you can turn your brain off and not think about your rental property when you’re not working on it. Otherwise, you may spend far more than 48 hours on your property. It may also take you longer to do what it takes experienced property managers to do, and you may not do it as well.
You also don’t get to use economies of scale, which is when the greater the scope of your project, the more leverage you have in negotiating to get a better deal on labor and materials. Since Mynd has so many clients, we can use economies of scale to save you money.
And that saved money can go toward scaling your real estate investment portfolio.
6 to 12% of the collected monthly rent is the average range for a professional property management fee. Mynd has reasonably priced packages in Nevada starting at $79 per month.
There are other costs associated with property management in addition to the property management business fee: property taxes, insurance, and routine maintenance such as landscaping, etc. On average, an investor should set aside 1.5 times their monthly cash flow for yearly repairs and maintenance. If you save 10% of your monthly income for repairs, you'll maintain your budget more efficiently.
The age and condition of your residential rental properties will impact how much you’ll spend on regular maintenance. You should also save money for capital expenses (CapEx), big-ticket items such as HVACs.
An investor can use two rules to estimate how much to budget for operating expenses: the 1% rule or the 50% rule. Save 1% of your home’s value when you bought it if estimating with the 1% rule, or save 50% of your monthly collected rent if using the 50% rule.
Mynd is dedicated to fulfilling three duties to its clients.
Our Duty to Your Best Interest: It’s Mynd’s duty to maintain your investment property properly, fill it with quality tenants, make sure your property is legally compliant, and make the most of all tax advantages.
Our Duty to Your Tenant’s Best Interest: Mynd strives for continuous positive cash flow with minimal vacancies. We do this by screening tenants thoroughly and by making your tenants feel appreciated. Your property investment is their home, and we want the property to be as valuable to your tenants as it is to them and us.
Our Duty to the Law: Mynd reduces your exposure to surprising legal liabilities, minimizes the possibility of fines, protects tenants from harm, and gets your tax deductions by making sure we follow all the IRS rules.
If you can’t wear all the hats of a property manager, you’re better off using a property manager to handle your residential properties. Here are just five roles Mynd performs for you.
- Bookkeeping: Mynd keeps track of all income inflows and outflows, reserves funds, and makes sure you maximize tax deductions.
- Project Managing: Mynd arranges and oversees maintenance and repairs. And since Mynd manages many properties, we’re able to leverage economies of scale to save you money!
- Emergency Contact: If your basement floods in the middle of the night, Mynd takes that call.
- Legal Counsel: Mynd keeps up with all local, state, and federal laws to reduce your legal liability and keep you, your tenants, and your investment property safe.
- Tenant Liaisons: Mynd finds, screens, places, retains, and evicts tenants.
It can be challenging, yes. Just look at the many different things Mynd would do for you.
- Write rental property listings
- Property inspection
- Property maintenance and upkeep
- Find potential tenants
- Thorough tenant screening
- Quality renter placement
- Maximize rental income
- Increase qualified tenant lease renewal
- Handle the eviction process
- Prevent early lease terminations
- Help you make tax deductions
- Respond to maintenance requests ASAP
- Respond to natural disasters
- Collecting and managing the security deposit
- And more
If you want real estate to be a passive investment, then you need a property management company.
Each property is different, and each resident's maintenance needs are different. If you want someone to do all of the work for you but don't feel comfortable doing it yourself, then a property management company is for you.
Mynd property management professionals are trained to work with all types of tenants, including those with disabilities. These professionals will provide the level of service you need to maintain your property while reducing costs for you.
Yes, Mynd has reasonably priced packages in Nevada starting at $79 per month. Here are just some of the professional property management services you get.
- 24/7 Emergency Support
- Dedicated portfolio manager
- Digital leasing
- Electronic rent collection
- Financial reporting
- Legal and compliance
- Online portal
- Screening prospective tenants
- Repairs, inspections, and maintenance
- And more