[MAXIALE02]

Originally Posted by ScoopLV

I have yet to find a property management company that -- wait for it -- actually manages property. Depositing rent checks and keeping a percentage is not the same as property management.

They're all a bunch of frauds, at least every single one of them that I've ever dealt with. The house that I'm currently rehabbing was "managed" by a local property management company. Mismanaged is a better term for it. At least I got the place REALLY cheap. And once I clear out all the revolting carpet, clean and paint the disgusting walls, and fix the damage done by the drug-addled tenants, I will have a very nice rental unit which will turn a tidy profit when I sell.

The most absolutely revolting properties I come across all have the same problem -- an out-of-state owner trusting a lazy, unethical property manager. Always a recipe for disaster.

This is the best example of the idiom, "If you want something done right, do it yourself."

This*** when we got back into our house that we used as a rental, there was a $15 faucet in the kitchen. It was barely functional. Not to mention every Damn door had patch work on it. If I was renting it, I wouldn't of stayed. We're still trying to bring it up to standards. Property management must be one of the biggest hustles going in Vegas.

[CityWok]

We have quite a few places previously managed by the companies I mentioned earlier, and that was because I was in another state at the time, so property management made sense. But if you live locally and provided you do a background check to get the best tenants possible, I can tell you from experience, you will not have much to worry about.

Someone earlier mentioned that property managers have a vested interesting in finding bad tenants (presumably from collecting late fees) but I don't think that's really true. I think they have a vested interest in getting the best tenants, because then they don't have to do much of anything and get paid for it.

But yes, even the good tenants leave the place pretty messy here, at least in comparison to other places. Seems to be the norm here sadly. I wouldn't say anyone has really trashed the place, but they definitely made a mess and left a whole lot of crap behind.

I just hire a handyman to take care of it and take the money from their down deposit. The last 4 people to move out completely exhausted their down deposit.

But yeah now since the rental market is so competitive it's harder to find those great tenants at least without lowering the rent where it's not worth the hassle. It is the reason we're selling the places here in Vegas.

[ddrhazy]

I sympathize with you Scoop, I deal with the deadbeats as well.

[SportyandMisty]

One of the problems, it seems to me, is that "look out for the owner's interests" is a concept that is hard to put into precise actions and responsibilities in a contract between an owner and a property manager. It is like the saying about defining pornography: tough to do, but you know it when you see it.

When you can't spell it out in detailed things to do with conditions of satisfaction and timelines, it is tough to have a meeting of the minds with respect to the property manager & the owner.

Yeah, I think this is one where you have to do it yourself.

[ScoopLV]

Originally Posted by SportyandMisty

One of the problems, it seems to me, is that "look out for the owner's interests" is a concept that is hard to put into precise actions and responsibilities in a contract between an owner and a property manager.

But it's stupidly easy to put into a contract between a landlord and tenant -- quarterly inspections for plumbing valve problems. That's reasonable. There's nobody who has ever owned property in Las Vegas who will deny that plumbing inspections AREN'T reasonable.

The real problem is that property managers are too busy, too lazy, or too afraid of litigation to actually check up on a property on the owner's behalf enough to make a difference.

But they're quite happy to take their 10 percent or more for all the "work" they do. Only the most pom-pom-waving, rose-colored-glasses-wearing Las Vegas cheerleader will disagree. (The sort of person who claims that Las Vegas drivers never, ever run red lights because saying such things cuts into their bottom line.)

[SportyandMisty]

Don't hold back, Scoop. Tell us how you really feel.

[jerseyru]

ckl9988,

For property management I have used Bogart-Murphy Property Management. I am in the military and everyone that I know who's owned property and had to leave due to orders used them. That is how I found Bogart-Murphy. They managed my property since March 2012 and I dont have anything negative to say about their business practices. In fact, I sold my house in December of 2013 and most of the leg work was done between my realtor and my property manager (I currently live in Stuttgart, Germany). If I were in need of property management again, I would definitely use them.

v/r

Jumar

[SoHoVe]

You guys all have me horrified at the prospect of what I will find when I move back in this month. I'm thinking of having a friend go over and check things out beforehand.

[Packrat1]

Yes better to have your friend check things out now. Can't remember if you have a renter in there currently. If you do have a renter damaging things you can start the eviction process now and be further down the road when you arrive.

[ddrhazy]

Expect to refloor and repaint and you'll never be surprised.