.png)
Key Takeaways
Understand Your Responsibilities – Handle rent, repairs, and legal duties to keep tenants satisfied and stay compliant.
Market the Property Well – Ensure it's move-in ready, write a strong listing, and advertise on top rental platforms.
Screen Tenants Carefully – Choose reliable tenants while following Nevada’s Fair Housing laws.
Hire a Property Manager – Save time and reduce stress by working with professionals like Ravago Group Properties.
Successful people share one thing in common: they are intentional about the decisions they make. The same principle applies when it comes to being a landlord.
Successful landlording requires the implementation of certain strategies for optimal return on investment (ROI).
For example, you’ll want to rent to the right tenant, charge the right rent amount, and stay legally compliant, among other things.
In this blog, Ravago Group Properties will explore 5 proven strategies to increase your chances of success.
5 Steps to Rent Out Your House
Know Your Responsibilities
Once you establish a lease with a tenant, you automatically obtain certain responsibilities. You must be diligent when performing them to ensure a solid relationship with your tenant.
When it comes to repairs, for instance, you’ll want to be proactive with how you respond to them. Handle them as promptly as you can to ensure the tenant feels comfortable and cared for. Which can lead to few vacancies and long-term tenancies.
Other responsibilities you’ll need to keep in mind include the following.
Determine the right rent amount - Do a comparative market analysis, among other methods, to know the right amount to charge for optimal ROI.
File taxes with the IRS - This will require you to maintain accurate records to ensure a smooth filing process.
Respond to issues - Every now and then, tenants will reach out to you with an issue and you should respond quickly.
Evict a difficult tenant - Although rare, sometimes you may have no other option left other than to evict a tenant who has failed to keep the terms of the lease.
.jpg)
Admittedly, though, handling these responsibilities on your own can be exhausting and time-consuming. This is especially true if you are a newbie or a remote landlord. In which case, working with a property manager can make the most business sense.
Market the Property for Rent
Whether you decide to self-manage your Las Vegas property or hire a property manager, the next step would be to find a renter to occupy it. And this is where property marketing comes in!
After all, no renter is ever going to know your property exists if you don’t let the word out.
Please note, however, that you may not be able to rent out the property as is. Why? Because, rental properties need to meet certain basic habitability codes. For this reason, consider hiring an expert property inspector to ascertain its condition.
The inspector will walk through the property and take note of anything that may need fixing. That, for instance, could be a leaky faucet or a mold issue.
After straightening out the basics, move on to the next step and begin drafting a rental ad. This is the sales copy you’ll use to market the property to would-be tenants. As such, make it as exciting, detailed, and accurate as possible.
 (1)_1.jpg)
Lastly, begin listing the ad in places that you think your preferred renter will most likely come across. This could be in social media, community bulletin boards, or in online rental listing sites like Zillow, Craigslist, or Realtor.com.
Choose Tenants Wisely
Don’t be quick to choose a tenant once you begin getting inquiries from prospective tenants. Be selective and only go for a high-quality tenant that perfectly matches your screening criteria.
Your #1 goal should be to rent to a high-quality tenant who has a good rental background, a stable employment history, a high credit score, and a good monthly income.
Be that as it may, make sure that the selection process is fair and consistent. Specifically, it should align with the provisions of the Fair Housing Act in Nevada. It requires that landlords treat tenants fairly regardless of their race, color, nationality, and religion, among other protected classes.
Stay Legally Compliant
Legal troubles with tenants can derail your quest for success as a landlord. That’s why it’s important to familiarize yourself with your legal responsibilities before considering becoming a landlord.
In Nevada, the landlord-tenant law is contained under Chapter 118A of the state’s Revised Statutes. It specifies, among other things, that landlords are responsible for the following:
Carrying out a just eviction exercise against tenants who fail to keep up with the lease terms.
Treating tenants fairly as per the state’s anti-discrimination rules.
Raising rent as per the local rules.
Abiding by the state’s security deposit rules.
Abiding by the state’s habitability rules.
.jpg)
Work with a Property Management Company
Do you have the time and experience to handle the day-to-day tasks of being a landlord? If you do, then great; you could probably self-manage the property.
However, if not, then working with a property management company like Ravago Group Properties is ideal. A company that provides full-service property management services can help handle everything for you.
From marketing the property, to screening prospective tenants, to responding to repairs, and everything in between.
Conclusion
Renting out a house in Las Vegas has its perks. You could benefit from a recurring rental income, build-up of equity, numerous tax deductions, and more! Just make sure to implement the aforementioned tips for optimal return on investment.
For expert help in managing your Las Vegas rental property, look no further than Ravago Group Properties. We have been the top choice for rental property owners in Las Vegas for over 30 years. Get in touch with us to learn more about how we can also help you succeed!
