Kevin Romney is the CIO of Camino Verde Group, a real estate development company in Las Vegas. The Henderson, Nevada resident oversees the development and acquisition of multifamily properties for the group. Kevin Romney is also involved in the management of these properties, many of which are in the Las Vegas area.
An important step in investing in multifamily properties is hiring the right property management company. A property manager is a person or firm hired to oversee a property’s daily operations when the owner is unable or unwilling to manage the building themselves. They help supervise properties, attract and screen new tenants, collect rent, and handle necessary repair and maintenance. Here are considerations for choosing the right property management company.
When interacting with representatives of the property management company, please take note of their demeanor and language. They will likely treat tenants similarly. Check the company's experience. Look at some of the properties they manage and see if they have done a good job. Learn how the firm handles maintenance, repairs, and rent collection.
Make sure the company is a registered entity and has the necessary licenses and documentation. Also, learn how they market properties and screen potential tenants. The reporting structure of the management company is essential. They should be able to provide you with tenancy and financial reports regularly and on time.
Scrutinize their compensation structure and charges. Property management companies are remunerated in two ways: a standard fee or a percentage of the rent. Also, look at the various service fees like cleaning and maintenance. Ensure their compensation structure will not negatively affect the profitability of your investments.
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