Nevada Property Management

The state of Nevada requires anyone conducting property management related activities to maintain an active property management permit. The Nevada property management permit is an attachment to a Nevada Real Estate License and therefore, the Broker, Broker/Salesperson or Salesperson must have an active Nevada real estate license before activating the permit. To secure the permit a licensee must:

  • Show proof of having a Nevada real estate license
  • Show proof of attending an accredited 24-hour Property Management pre-permit course
  • Show proof of passing the Nevada Property Management state examination within one year of date of application

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What is residential property management?

Property management is the operation of commercial, industrial and residential real estate. It is similar to the role of management in any business. Residential property management covers the residential sector. This can be further broken down to:

  • Residential (single family management, town homes and condos)
  • Multi-family management
  • Association management

Within Residential (single family management, town homes and condos) there a number of different categories:

  • Long-term unfurnished rental
  • Executive short term rental
  • Vacation rental

Typical services provided by a property management company include finding/evicting and generally dealing with tenants, home repair, home improvement, cleaning, garden maintenance, landscaping, to be coordinated with the owner’s wishes. Such arrangements may require the property manager to collect rents, and pay necessary expenses and taxes, making periodic reports to the owner, or the owner may simply delegate specific tasks and deal with others directly.

Long-term unfurnished rental in the residential and multi-family segments is often the market that small firms target when they first start growing their businesses.

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Property Management Definition

Property management is the operation of commercial, industrial and/or residential real estate. This is much akin to the role of management in any business.

Property Management is also the management of personal property, equipment, tooling and physical capital assets that are acquired and used to build, repair and maintain end item deliverables. Property Management involves the processes, systems and manpower required to manage the life cycle of all acquired property as defined above including Acquisition, Control, Accountability, Maintenance, Utilization, and disposition.

One important role is that of liaison between the landlord and/or the management firm operating on the landlord’s behalf and tenant. Duties of property management include accepting rent, responding to and addressing maintenance issues, and providing a buffer for those landlords desiring to distance themselves from their tenant constituency.

There are many facets to this profession, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. Litigation is at times considered a separate function, set aside for trained attorneys. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager.

Special attention is given to landlord/tenant law and most commonly evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain the most amount of attention from property managers. Therefore, it is a necessity that a property manager be current with applicable municipal, county and state laws and practices.

Property management, like facility management, is increasingly facilitated by computer aided facility management (CAFM).


What is Property Management?

A property manager is responsible for the leasing, managing and marketing of a property, usually on behalf of third parties that have invested in real estate for rental income. The property manager ensures that the condition of the property is maintained to the standard required to meet the owner’s objectives.

Property managers work across all the different fields of real estate:

  • Commercial (offices, retail, hotels)
  • Industrial (industrial parks, warehouses, factories)
  • Residential (apartment buildings, condominiums, town houses, cooperatives)

The property manager’s exact role varies depending on the owner’s objectives, but basically they are responsible for generating income for the owner and preserving the value of the investment.

The nuts and bolts of the work requires finding good tenants, maintaining the building to a high standard, collecting rents in a timely fashion, and keeping accurate accounts. The property manager is an agent of the owner, which is a position carrying a higher duty of responsibility than that of a typical employee.

Property management is separate from asset management. A real estate asset manager works with a client to determine what to buy, underwrites the acquisition to determine pricing, and advises on management and disposition strategies. Typically an asset manager appoints a property manager for the day-to-day management.

One of the most important documents for the property manager is the management plan which is a detailed document defining the owner’s objectives, and how and when the property manager will meet them. It includes an analysis of market conditions, and an assessment of the subject property. The budget that is included as part of the report is derived from the market and property data.

What to Look for in a Management Agreement for Residential Property Management
A property manager signs a management agreement to create an agency relationship with the owner, upon which he has a fiduciary responsibility to care for the property in a manner consistent with the owner’s instructions. The key areas to be included in the agreement are:

  • Define the property. The location and condition of the property should be described
  • Period of agreement. This section includes details on how the agreement can be terminated by either side
  • A description of the property
  • Manager’s responsibilities defined. It is important for the owner that any restrictions on what the property manager can do are defined, and that all the duties are clearly listed
  • Owner’s objectives.

 

The data relating to real estate for sale on this web site comes in part from the INTERNET DATA EXCHANGE Program of the Greater Las Vegas Association of REALTORS® MLS. Real estate listings held by brokerage firms other than this site owner are marked with the IDX logo.

GLVAR deems information reliable but not guaranteed.

Copyright 2012 of the Greater Las Vegas Association of REALTORS® MLS. All rights reserved.

This IDX solution is (c) Diverse Solutions 2012.