Leasing vs Full Service Property Management
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.
| Services | Generic Leasing Company | Luxury Real Estate Advisors Property Management |
|---|---|---|
| MLS | Yes | Yes |
| Professional Photography | Maybe | Yes |
| Marketing on Zillow/Trulia/Realtor.com | Yes | Yes |
| 3-D virtual tours | No | Yes |
| Marketing on 189+ Global Real Estate Sites | No | Yes |
| Online Applicant Process and Background Checks | No | Yes |
| Online Lease Collaboration and Execution Process | Yes | Yes |
| Comprehensive move in/out home inspections including images | No | Yes |
| Pre-Move In Cleaning and Inspection | No | Yes |
| Robust Accounting | No | Yes |
| Tenant Insurance Requirement of $250,000 | No | Yes |
| Electronic Owner Rent Distributions | No | Yes |
| Online Maintenance Requests | No | Yes |
| 24 Hour Emergency Maintenance Hotline | No | Yes |
| Risk Mitigation via Complex Legal/Contract/Insurance Strategies | No | Yes |
Testimonials
“Thanks to Luxury Real Estate Advisors for assistance with leasing and managing our Mandarin residence. I’d highly recommend LRA to anyone who’s looking to buy, manage, or sell a residence in the greater Las Vegas area.” – Aldo Manzini, Former Chief Administrative Officer and Executive Vice President of MGM Resorts International.
“Thank you Anthony for all the hard work you put in on the sale of my condominium in the midst of such a difficult market. Your efforts are greatly appreciated.” -Joe Lacob Owner, NBA Golden State Warriors and Partner Kleiner Perkins, Caufield & Byers
“You and your team made our entire condo purchasing experience exceptional. If the opportunity arises in Las Vegas for a great Realtor again,there is no doubt who I am calling. Thanks Anthony.” – Tony Rector, Board President, Turnberry Towers East
“I’d like to thank you one more time for all the great work you did to make our Las Vegas condo become a reality. Job well done. And yes, everything is just what we wanted. Thanks again for all your help in making it happen” – Jonathan Miri, Nevada Business Development Officer, Bank of America, […]
“Thank you, Anthony. Your knowledge, professionalism, and integrity: a rare quality in the real estate business today. We both enjoyed working with you and would recommend you 100% to anyone seeking Realtor services.” – Tony Bonnici, Vice President and General Manager, Lotus Broadcasting Corporation
“Anthony is one of our top producers and it’s truly a pleasure to work with.” – Nicole Nejezch, Broker & Director of Sales at CityCenter Residential (Mandarin, Veer, and Vdara)
“Thank you Luxury Real Estate Advisors for your efforts on selling my Las Vegas condo.” – Christopher Nordling, Executive Vice President, MGM Resorts International
“Thank you for your assistance in managing and selling our Mandarin portfolio; your team simplified a very complex, multi-party, multi-residence transaction. We look forward to working with LRA soon.” – Michael Pepper, former Chairman, Board of Directors at The Residences at Mandarin Oriental Las Vegas.
“Your in-depth knowledge of the high-rise and luxury subdivisions simplified our relocation effort. We look forward to working with the LRA team again.” – Kenton Thompson, President, Charles Schwab Signature Bank.
“I would like to thank you for your team’s assistance during the recent purchase at The Martin. You would be my first and only recommendation to anyone looking for similar assistance in the city.” – Lisa Corwin Esq. Partner, Wylder Corwin Kelly LLP.
