Fiduciary Duties of Property Management Companies
While the best property management companies in Las Vegas provide a comprehensive line of services, the specialists at First Serve Realty feel that their fiduciary duties to the client are one of their most important responsibilities. According to the legal terms, fiduciary” is defined as follows:
- As an adjective: “of, based on, or in the nature of trust and confidence, as in public affairs”, “of or relating to the relation between a fiduciary and his or her principal”, “depending on public confidence for value or currency”
- As a noun: “a person to whom property or power is entrusted for the benefit of another”
A fiduciary relationship also implies having specific duties to another entity or person that may involve candor towards the interests of another individual, good-faith, special confidence, and trust. Typical, the fiduciary responsibilities of the best property management companies in Las Vegas involve relationships with an administrator, attorney, executor, real estate agents, trustees, and naturally property management experts.
Property Management Companies and Fiduciary Relationships
Whenever companies or individuals manage money and property for landlords and property investors, they must keep the best interests of that money and property in mind. At the same time they must exercise a strict standard of care. As a result, in certain states, property managers are therefore classified as individuals or entities which serve the same role as a trustee. The specialists at First Serve Realty believe that your interests rise above ours. Consequently, many clients consider us to be the best partner for property management in Las Vegas.
As your property management partner, our specialists will always act fairly and in good faith with respect to your assets. Furthermore, we will disclose any and all documentation, information, and materials that may impact your decision-making where those assets are concerned. Although this may sound simple enough, certain situations may arise that tempt other property management companies not to act in the client’s best interests. Not at First Serve Realty. It’s unfortunate, yet, a regular occurrence among some companies.
Common Sense Duties: Rights and Wrongs
When you are dealing with the First Serve Realty, there are certain fiduciary duties that are established with our clients. Furthermore, there will always be a written agreement that spells everything out in understandable language and terms. This ensures that we will never attempt to profit from our relationship with you. Additionally, we will disclose all offers that we receive, along with the applicable documents and paperwork. You will always be well-informed regarding any prospective renters. This enables the client to have the final say-so and override our decisions regarding tenant rentals.
To be labeled among the best property management firms in Las Vegas means that First Serve Realt follows the letter of the law. We will always acts on your behalf and for your benefit in matters relative to the relationship we have established. This remains firm, no matter how significant or insignificant these matters may seem. For instance, information regarding late rent payments is immediately communicated to the client. We work through documentation that we make readily available or a software-based client portal over the internet.
Another consideration involves property damage caused by a tenant. Whether it is accidental or deliberate in nature, we will report any issues to you immediately. And, be prepared to fix any and all damage that has occurred. This is a critical point to consider; as companies in Las Vegas, which are not viewed as best property management, often fail to disclose information to rental property owners. Either because they fear a confrontation will occur, or they simply don’t want to get mired in any conflicts attributed to the situation.
Why First Serve Realty?
As your property management partner, First Serve Realty is committed to maintaining and protecting your property. We assure that the value increases and you realize a solid return on your investment. Most importantly, our services will relieve you of any stress or worry about the condition of your properties well into the future. Our experience and expertise works in your favor to ensure your success. If you’ve been searching for the best property management service in Las Vegas to manage your investments, contact us at your earliest convenience.