Menu Close

Category: Real Estate

Property management, When Should a Landlord Hire a Property Management Company?

Owning a property is a great investment, but it can be stressful when you have to manage it yourself. There is a lot of work involved when it comes to managing a property. You have to decide whether to hire a property management company or not. There are many instances where hiring a residential property management makes sense.

Management companies deal with tenants and prospects, and this saves you a lot of time and you don’t have to worry about marketing your property. They handle maintenances and repairs, collecting rent, pursuing eviction, and responding to tenant complaints. You will have peace of mind working with a property management company because you know your property is taken good care of by experienced professionals. Hiring a property management company is also a good idea because they are an independent contractor, which means you are not an employer.

When Should You Hire a Property Management Company?

Hiring a management company is expensive even though it comes with a lot of benefits. Relying on a property management company is not something everyone can do. How can you know whether hiring one is good for you? Below are some of the instances where hiring a property management company makes sense.

When you have a lot of units or properties

You can easily manage one property or a couple of units, but more makes it harder. When you have many units or properties, you will have a hard time managing them because you are just one person. Trying to do it yourself can be challenging because you will not be in a position to attend to all your tenants in time. This can end up affecting your rental income. If you find yourself having a hard time managing your properties, then hire a property management company because you have too much on your hands.

When you aren’t living near the property

You can easily manage a property when you live near it, but it becomes more complicated the further away you are. Hire a management company to handle the property because they will be there when a problem comes up. They also have a good understanding of the local property market and can help in marketing them. If you choose to manage from far, your tenants are not going to be happy because they have to wait for long for their problems to be dealt with.

When you don’t feel like managing it

Not all landlords look forward to finding tenants and maintaining the property. Maybe you see the property as an investment and you are not interested in hands-on management. If this is the case, hire a property management company that is going to handle the day-to-day management of the property.

When your time is limited

You might not have enough time to manage your property if you have other things to focus on. This is especially for people who have other day jobs taking most of their time. Hiring a property management company is going to be a great option because you will have someone experienced managing the property on your behalf.

When you don’t want to be an employer

If you hire an employee to help with the management of the property, you become an employer. This means having to deal with legal requirements and payroll. A property management company is an independent contractor and not an employee. The people working for the company are not your employees, which helps you avoid all the hassles that come with being an employer.

Hiring a property management company makes things easier for property owners because they don’t have to do much.

Top Las Vegas Condo Towers Worth Considering

If you’re looking for a new place to live in Vegas, or you’re thinking about moving there, you might be wondering if the top condo towers in the Las Vegas area could hold potential. Most people look at Las Vegas as a convention or vacation destination, given the great eating, attractions, and shows. Rumor has it there’s a casino or two to boot. Those casinos do wonders for locals though, as they provide enough tax revenue that the rest of the city doesn’t have to. That means many companies headquarter there to save money, and residents follow to fill the jobs, which also enjoy lower taxes than other corners of the country.


Condos certainly aren’t just for the affluent and retiree population anymore. Young professionals are flocking to them for luxurious living, and first-time home buyers like them for the safety in which they can raise kids, so the booming condo market should definitely at least be something you look at. You might know many people that consider condos to be too new or even extravagant, but Vegas is all about extravagance. Still, a condo doesn’t have to be like that. Former rental units are being turned into condos and new condo towers are getting built rapidly. For example, there are new units in Turnberry Towers for sale a block from the Strip. In fact, the growth in condos in cities like Las Vegas, Miami, and Phoenix is actually sometimes depressing the rental inventory. Condo conversions rarely turn into condo towers, but the affordability of conversions tends to keep the prices of tower units lower, so you can buy one knowing it’s not part of a sky-high bubble, at least not yet.

Old apartment buildings are often what can be turned into condo towers if they had enough floors. These properties are typically already close to schools and jobs. Refurbishing them with high-quality upgrades, such as hardwood floors and stainless-steel appliances, can give them a modern vibe inside. Common areas get revamped too before anything goes on the market. In order to help sell them, quite a few of them include incentives, sometimes even offering buyers the option of paying their closing costs. Retirees and first-time home buyers are just two market segments that enjoy the extra security that comes with a property like this.

Luxury condos are definitely a part of the growth in condo towers, especially in Las Vegas, so if you’re looking for the good life, you’re more likely to find it here than a cookie cutter suburb or neighborhood. Owners of units like these are focused more on buyers on the hunt for a high-quality lifestyle surrounded by extravagant amenities and possibly even something with a great view. The high end of the market certainly reflects this. Some condos are going for a thousand dollars per square foot. Some states are even reporting the sales of condos priced in excess of a million dollars have doubled.

Las Vegas is like any other city, with some pockets of wealth and affluence having nicer living than others, including those aforementioned views. Luxury condos might have furnishings already in them, on top of state-of-the-art appliances, window treatments, and granite countertops. Those who have wealth and/or kids or older relatives like how secure these properties are, knowing that their loved ones and property are typically safer in such an environment, often at no extra charge.

Some condo towers are even taking a hotel approach to their development. Residents in these units get amenities normally reserved for hotels, such as maid service, room service, and the availability of concierge staff. While retirees are often thought of as condo buyers, the average condo hotel buyer falls between 35 to 50 years of age, although many buy them as vacation or investment properties, and not as a full-time residence. Given the tourist destination that Las Vegas is though, any unit in a top condo tower could be used for rental income if you want.

The MGM Grand in Las Vegas built a condo-hotel with 576 units. In a two-month span during the pre-construction stage, developers sold every single unit.

Many condo residents that do it full-time like them over single-family residences. Many like living in what’s almost a community inside a community. A development might have rules or regulations that some find strict, even stifling, yet they like the safety and involvement that comes in living in the same building as many others. Condominium developments typically charge monthly fees for maintenance, security, and upkeep.