There has been some 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 firm you want to represent your investments:
- Does your website promote rental listings and is your marketing budget allocated specifically to the rental segment?
- What are the necessary steps and timelines for lease approvals in my building?
- Are tenants required to obtain a renter insurance policy and which insurance company would you recommend?
- What if any additional language do you add to lease agreements that limit my risk and deters litigation?
- In the event of a claim, which law firms have you worked with in resolving legal disputes between landlords and tenants?
- 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-unit damage event?
- What sections in NRS 118a are most important? Are there any specific rules and regulations relating to retaining tenant deposits?
- How do you protect me against fair housing discrimination claims and what are the fines? ($19,787 1st offense)
- In the event there is damage to my residence as well as residences adjacent to my unit, which contractors do you recommend? If there is a water event which remediation company(s) can respond immediately to limit the damage?
Having a specific plan in place regarding water events is critical. It is important for every owner to be aware that insurance companies can deny claims because owners did not follow a very specific process when a leak originated in their residence.
For example, we are aware of a situation in which a leak occurred and damaged as many as 10 floors below. The owner did not follow the insurance company 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.