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Is it a requirement to hire a licensed property manager in Nevada, and in specific the greater Las Vegas valley, which also includes the cities of North Las Vegas and Henderson?
LAS VEGAS & HENDERSON, Nev. - ncarol.com -- Does The Owner Live Near The Property?
The quick answer to that question is "no", it's not absolutely necessary. The much longer answer is, an owner/landlord needs to have a live representative within 60 miles of the rental property. Assuming that the owner doesn't live within 60 miles of the property, or if they do, they choose not to manage the property themselves, then there are a couple of ways they can handle this problem.
https://youtu.be/fQK-MFNIx-o
Become An Employer
The first way is for the landlord to directly hire someone to manage the property. Basically, this person becomes an "employee" and the owner is subject to all the laws and regulations governing and surrounding an employer / employee relationship. That would include employee oversight, payroll, workers comp insurance, income tax deductions etc.
Avoid The Liability
The second choice, which is the preferred choice of most owners, is to use a licensed property management firm to handle the property. Here the landlord is engaging a firm that is set-up to not only effectively manage the property but to handle any oversight, training, payroll, taxes, insurance etc that is required. Following this method relieves the owner of an immense amount of liability and stress surrounding the rental.
More on ncarol.com
Getting A 2nd Job
The majority of owners that do live near the property still choose to have a property management firm handle their investment for them. Most owners do not buy one or more investment properties with the idea of also getting a 2nd job of managing them. Just traveling to handle inspections, showings, maintenance issues, and evictions is more than most people can effectively work in to their hectic schedules. Not to mention late night emergencies for things like plumbing leaks or suspected criminal activity. Normally these types of emergencies need immediate attention.
Become An Expert In Landlord/Tenant Law
Another problem that do-it-yourself owners or their employee face, is being knowledgeable of everything that surrounds Nevada landlord-tenant law. The landlord needs to know what he can or can't do or say, and when he must act and how. He needs to become an expert in tenant rights and to fully understand what constitutes a habitable or uninhabitable dwelling. If the owner is not up-to-date on the current laws they could find themselves on the losing side of a lawsuit. So, an owner, or the owners employee, needs to spend a large chunk of time continually educating themselves on what the law requires and then be prepared to handle any challenges at a moments notice.
More on ncarol.com
What Do You Expect?
When a landlord hires an employee or a property manager, there should be one or more conversations regarding what is expected of all parties… what are the short term and long term goals? What are the best methods of communication, and how much support is required by all parties? Many times, the people involved in the management process assume that the other party understands what is expected or how things will work. Every state has different laws and processes and what works in one place doesn't necessarily work in another.
Finding The Best Solution
If you're an owner that has better things to do than to become an expert in real estate law and property management, and you don't want to take on the burden of being an "employer", then the easiest way to handle your rental needs is to engage an experienced, 24/7 property management firm like the Atlas Group LC. Problem solving and helping owners thrive is what they do. There's no obligation, just give them a call. (702) 916-2222 or atlas@property-mgmt.com
The quick answer to that question is "no", it's not absolutely necessary. The much longer answer is, an owner/landlord needs to have a live representative within 60 miles of the rental property. Assuming that the owner doesn't live within 60 miles of the property, or if they do, they choose not to manage the property themselves, then there are a couple of ways they can handle this problem.
https://youtu.be/fQK-MFNIx-o
Become An Employer
The first way is for the landlord to directly hire someone to manage the property. Basically, this person becomes an "employee" and the owner is subject to all the laws and regulations governing and surrounding an employer / employee relationship. That would include employee oversight, payroll, workers comp insurance, income tax deductions etc.
Avoid The Liability
The second choice, which is the preferred choice of most owners, is to use a licensed property management firm to handle the property. Here the landlord is engaging a firm that is set-up to not only effectively manage the property but to handle any oversight, training, payroll, taxes, insurance etc that is required. Following this method relieves the owner of an immense amount of liability and stress surrounding the rental.
More on ncarol.com
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Getting A 2nd Job
The majority of owners that do live near the property still choose to have a property management firm handle their investment for them. Most owners do not buy one or more investment properties with the idea of also getting a 2nd job of managing them. Just traveling to handle inspections, showings, maintenance issues, and evictions is more than most people can effectively work in to their hectic schedules. Not to mention late night emergencies for things like plumbing leaks or suspected criminal activity. Normally these types of emergencies need immediate attention.
Become An Expert In Landlord/Tenant Law
Another problem that do-it-yourself owners or their employee face, is being knowledgeable of everything that surrounds Nevada landlord-tenant law. The landlord needs to know what he can or can't do or say, and when he must act and how. He needs to become an expert in tenant rights and to fully understand what constitutes a habitable or uninhabitable dwelling. If the owner is not up-to-date on the current laws they could find themselves on the losing side of a lawsuit. So, an owner, or the owners employee, needs to spend a large chunk of time continually educating themselves on what the law requires and then be prepared to handle any challenges at a moments notice.
More on ncarol.com
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What Do You Expect?
When a landlord hires an employee or a property manager, there should be one or more conversations regarding what is expected of all parties… what are the short term and long term goals? What are the best methods of communication, and how much support is required by all parties? Many times, the people involved in the management process assume that the other party understands what is expected or how things will work. Every state has different laws and processes and what works in one place doesn't necessarily work in another.
Finding The Best Solution
If you're an owner that has better things to do than to become an expert in real estate law and property management, and you don't want to take on the burden of being an "employer", then the easiest way to handle your rental needs is to engage an experienced, 24/7 property management firm like the Atlas Group LC. Problem solving and helping owners thrive is what they do. There's no obligation, just give them a call. (702) 916-2222 or atlas@property-mgmt.com
Source: Atlas Group LC
Filed Under: Financial
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