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5 Myths about Property Management Answered Here!

There are some misconceptions when it comes to owning a rental property, especially when you’re getting started. There’s a learning curve that may surprise you, especially if you are new to owning property.  Early on you may not realize that managing a property, signing quality tenants, collecting rent, maintenance, and staying up to date with legal and financial obligations can be time consuming. This is where Orange Realty Group comes in. Unfortunately, not everyone is lucky enough to find us on their hunt for a property management company. It’s not always easy finding a property management company you can trust or knowing what to look for in a property manager. After reading these myths and the truth behind them, you’ll know what to look for when you decide to get help from a professional property management company like Orange Realty Group.

Myth: Leasing a Rental is Easy.

Fact: Most homes are vacant for an average of 30-40 days, it can be longer if your home is priced out of market, or not ready to rent. Paying a mortgage on an empty property is not an option for many property owners.  It’s very important that you price the home in line with the current rental market, and you have it ready for to be occupied. Orange Realty Group can procure a tenant for your property, on average can complete this task within 21 days. At Orange Realty Group we perform comprehensive criminal background checks.  We verify references, employment history, and credit. Orange Realty Group can prepare a rental comparison report, market the property, procure a tenant tenant, and collect the rent. Our experience and reputations has been earned by being one of the Best property management companies in Las Vegas for over a decade.

Myth: Always Choose The Cheapest Property Management Company.

Fact: Choosing the cheapest property management company is not always the most cost-effective solution.  All property management companies do not provide the same services. Reduced fees typically come with reduced services, guarantees, and/or poor customer service. Orange Realty Group employs a knowledgeable staff to complete a multitude of quality services for the numerous properties we manage. Our team is rigorously trained in all aspects of property management: leasing, marketing, accounting, maintenance, inspections, evictions, and legal obligations. You can trust your property with Orange Realty group knowing you will receive the best service and outcome in almost any situation that can come up.

Myth: You will be able to select a quality tenant quickly and easily.

Fact: This is a common belief with new rental property owners. The thought process is usually “if the tenant doesn’t work out, I can replace them with a new one”.  The truth is it can be significantly more expensive to place the wrong tenant in the first place. As a rental property owner you could easily select a tenant who does not pay their rent on time, or at all, damages the property, or moves out without notice. The cost of late rent payments, or worse no payments at all can turn into a costly eviction process. This can all be mitigated by selecting a knowledgeable property management company. At Orange Realty Group we aware of the many red flags that can come up during our stringent tenant selection process.  All Orange Realty Group tenants are heavily screened, we verify their credit scores and documentation. We work hard to ensure that any tenants we place in your property will be reliable, and they will pay their rent on time

Myth: Managing Maintenance and Repair Requests Will be Simple Call A Vendor, and Set an Appointment.

Fact: It’s not always that straight forward. Orange Realty Group has experience dealing with the rules and regulations that dictate what must be repaired by landlord, and in what time frame. These rules and regulations can also specify what type of technician can perform the repair, and what licenses they must possess.  As a long standing and respected property management company in the Las Vegas area, Orange Realty Group has cultivated relationships with the best vendors in the community.  These vendors have been vetted by our qualified team to ensure all work gets completed thoroughly and in a timely manner. In addition Orange Realty Group employees an in-house maintenance staff this can significantly reduce waiting times, and tenant frustrations.

Myth: Managing a Property Means Collect The Rent and Dealing With Occasional Maintenance.

Fact: As a rental property owner you need be aware of liabilities and obligations to your tenant. If you are managing your own property you will need to stay up to date on property code, tenant and landlord laws, and Federal Fair Housing Laws these laws can, and usually do change annually. Managing your own property forces you to be an expert in real estate contract law, marketing, accounting, and worse case eviction law.

As an individual rental property owner keeping up with all these things in addition to collecting rent and handling maintenance can be a huge drain on your time and resources. The Orange Realty Group team is experienced, and knowledgeable. Our team of expert property managers will take care of everything the correct way. The truth is very few individual property owners have the knowledge, or legal understanding to self-manage their rental properties successfully. Call Orange Realty Group and see how we can help you save time and money by doing everything right the first time.