1st Realty does not offer property management. This is a general guide for Las Vegas landlords who are deciding whether to hire a manager, how to choose one, and whether selling a rental would make more sense. It is not legal or tax advice.
What a property manager does
Nevada law defines property management as the physical, administrative or financial maintenance and management of real property, or the supervision of those activities, for a fee or other compensation, under a property management agreement (NRS 645.019). In practice that usually means some mix of marketing the rental, screening applicants, signing the lease, collecting rent, handling maintenance requests, holding deposits, and keeping records. What a specific manager does is set in its written agreement, so read it.
How management fees are usually structured
We do not quote dollar or percentage figures here, because they vary by company and we have no official source for them. Management companies commonly charge in a few ways, and you should ask which apply:
- A percentage of rent collected, charged each month the property is rented.
- A leasing fee when a new tenant is placed.
- A renewal fee when a tenant renews.
- Other charges, such as maintenance coordination, inspections, marketing, or handling a tenant dispute.
Nevada law requires the written management agreement to include the fee or compensation to be paid to the broker (NRS 645.6056). Get every fee in writing, and ask what is billed separately.
Nevada requires a permit to manage property
Under NRS 645.6052, a licensed real estate broker, broker-salesperson or salesperson may apply to the Nevada Real Estate Division for a permit to engage in property management. The applicant must show at least 24 classroom hours of instruction in property management. A permit expires and renews with the holder's license. For a business, NRS 645.6054 says a partnership, corporation, limited-liability company or sole proprietor cannot engage in the business of property management unless the person it designates has been issued a permit by the Division.
The Division's property manager requirements page lists the application steps and says a Nevada real estate license is required before applying for the permit. Statutes read on October 7, 2026 in NRS Chapter 645.
How to check a manager's license
- Ask the manager for their Nevada real estate license number and their property management permit information, and for the brokerage's name.
- Use the Real Estate Division's License Lookup to confirm the license and its status.
- Confirm the permit with the Division directly if the lookup does not show it, and ask the Division how to file a complaint if you ever need to.
Questions to ask before you hire a manager
- Who holds the property management permit at the company, and who will actually handle my property?
- What are all the fees, including leasing, renewal and anything billed separately?
- What does the agreement say about its term, how long it runs, and how either of us can cancel? (NRS 645.6056 says the agreement must include, among other things, the term, how tenant deposits are held, the fee, the extent of the broker's authority to act as your agent, and the circumstances for cancellation.)
- Where are tenant deposits held, and how are they accounted for?
- At what repair cost do you need my approval before work is done?
- How is rent paid to me, and how often do I get statements?
- How do you handle late rent and evictions, and who pays for them?
- Can I see a sample owner statement and a sample lease?
When selling a rental can make more sense
Managing is not the only choice. Selling may be worth comparing when:
- You have a lot of equity and the money could earn more or reduce risk elsewhere. Ask for an estimate of what you would net from a sale, then compare it with the net income after management, repairs and taxes.
- Repairs are coming. A roof, air conditioner, plumbing or a full turnover renovation can change the math. Get bids first.
- Turnover is wearing on you. Vacancy, move-outs and re-leasing cost time and money, whether you manage or hire it out.
- You want to reinvest. A 1031 exchange may let you postpone tax on the gain if you reinvest in like-kind property. The IRS says you must identify potential replacement properties within 45 days of selling and complete the exchange no later than 180 days after the sale, and that a qualified intermediary can hold the proceeds until the exchange is complete. Property used primarily for personal use, such as a primary residence or vacation home, does not qualify. Read the IRS explanation and talk to a tax professional before you list, because the rules must be followed from the start.
For a look at the local picture, see our Las Vegas real estate investment guide and the monthly market update.
Thinking about selling your rental?
Request a home value to see what your property could sell for, or contact 1st Realty to talk it through. If you are weighing whether to reinvest in another property, you can also browse multi-family listings and single-family homes.
Related guides
- Is Las Vegas a Good Real Estate Investment?
- Las Vegas Housing Market Update: October 2026: median sold price, inventory and days on market for the Las Vegas area and Henderson.
- Nevada Property Taxes Explained: how the tax bill, the 3% abatement and the homestead declaration work.
- Best Neighborhoods in Las Vegas: compare the communities we cover by price, home type and location.
