Of course, this is one of the most commonly asked questions we receive. The amount of rent a property will receive depends on a number of factors and can vary as much as 10% to 25% from one property to the next. Let’s review some of the reasons why this is true:
First, and most important, is the property “rent ready”? Has proper maintenance been completed and has the property been kept up to date? Have all personal property items, either the previous tenant or the property owner’s, been removed? Has the property been adequately cleaned, including all appliances, windows, blinds, ceiling fans? Has the landscaping been maintained and cleaned up to attract prospective tenants? If applicable, have the carpets been cleaned and has the tile grout been cleaned and sealed? Cutting corners by not having a property rent ready will likely result in a lower rent received for the property and a longer marketing time.
Second, what amenities does your home offer and what community amenities are nearby? Is there shopping, parks or schools close by? Are there recreational amenities residents have access to such as a community pool, fitness facility, walking trails or bike paths?
Third, how is the local economy and what are the market conditions for real estate? If there is an abundance of properties available, as would be the case when market conditions are weak, then rents will likely be flat or falling whereas if there are few properties available then rents are likely rising. However, regardless of market conditions, a primary goal should be to reduce the amount of time a property is vacant. If a property stays vacant an extra month beyond the normal marketing time due to trying to get an increased rental amount, then it is difficult to recoup those losses in the next year.
An experienced, knowledgeable property manager is able to assist you in navigating all of the above issues. If you have any questions regarding property management in the Las Vegas or Henderson areas, please contact Neon Real Estate and Property Management.