There is confusion in the investment property segment regarding the services offered by leasing agents vs. full-service property management firms.
To assist in differentiating between the two, we have compiled a list of nine questions you should ask a leasing agent when evaluating which company you want to represent your investments:
- Does your website display rental listings and what is your marketing budget allocated specifically to the rentals?
- What are the necessary steps and timelines for lease approvals in my building?
- Are tenants required to obtain renters insurance policy? If so, what are the policy limits?
- What, if any, additional language is added to lease agreements that limit my risk and deters litigation?
- In the event of a lawsuit, which law firms have you worked with in resolving legal disputes between landlords and tenants?
- What sections in NRS 118a are most important? Are there any specific rules and regulations relating to retaining tenant deposits? How do I avoid $16,000 fines from HUD?
- Do you have a point person that specifically handles work orders? If so, could you walk me through the process?
- Could you provide an example of a time you worked with not only your client’s insurance company but also the insurance companies for the adjacent residences to remedy multi-residence damage event?
- In the event, there is damage to my residence, as well as residences adjacent to mine, which contractors do you recommend? If there is a water event, which remediation company(s) can respond immediately to limit the damage?
It is important for every owner to be aware of insurance company’s policies, as they can deny claims due to owners not following a very specific protocol when a leak originates in their residence costing the owners significant amounts of money.
For example, we are aware of a situation in which a leak occurred and damaged as many as ten floors below. The owner did not follow the insurance company’s protocol, and the insurance company denied the claim. Ultimately, this water event resulted in the HOA filing a lien on the residence for $70,000.
Contact us today for information on our property management solutions that maximize your ROI and mitigates your risk: [email protected] or 702-482-8885.