Frequently asked questions
FAQ's
· Are there any up front or out of pocket costs to lease my property?
No! We cover and pay for all marketing and advertising cost while the property is vacant. Once the property is leased you will pay 50% of the first months rental amount to cover the costs.
· If my property is vacant, do I still pay a management fee?
Not with us! Management fees are only earned when rent is collected. There are no management fees when your property is vacant.
· Can I choose to disallow pets, smokers, large families, etc.?
We comply fully with the Fair Housing Act. This means that you cannot choose to disallow anyone that is a member of a protected class or category as listed under the Fair Housing Act. Fines are extreme for any violations so you must be familiar. You can choose to disallow pets and not permit smoking in your home, but you cannot deny a service animal. If you have additional questions on the specifics of the Fair Housing Act.
· Do I have input on my property once you start to manage it?
We want you to be informed of the activities of your property and encourage owner involvement and to always ask any questions you might have. The web portal will give you great clarity on your property also. We have some owners that never want to be contacted and just receive their direct deposit and others want to be more involved.
· How do you determine the rental amount for my property?
We use many factors to determine the appropriate rental rate for your property. We run comps on all our properties and being Valley wide we have an excellent grasp on rental rates and the areas with demand and softness that will affect rental lease rates. We also update comps on rental lease renewals and turn overs.
· How long will it take to lease out my home?
We typically lease out properties within 30 days or less. There are many factors that come into play, overall condition of the property, strength of the rental market, time of the year, along with time of the month the unit is brought online all have major impacts on the time the property is leased out.
· How do you secure a tenant for my property?
Once we have a signed agreement with you, we will take pictures and video of your property and then list on approximately 40 websites. As a licensed property management real estate brokerage, we also list on the Las Vegas Multiple Listing Service, and many other avenues to find qualified tenants. We also have current & past clients in our system looking for certain requirements and once a similar property is activated, they are automatically notified.
· Do you provide me with account activity on my property?
Yes. We provide all property owners a detailed monthly statement which are published each month. The statements include items such as incoming rents, additional income received, maintenance repair items, payments made to vendors, etc. You can always login to your portal 24/7 to view the most recent transactions on your account. If you ever have questions regarding your statement, please do not hesitate to contact us.
· When do you process owner deposits and statements?
We process our owners ACH direct deposits by the 10th of each month; statements are also generated every month. Owners requesting checks are also mailed out on the 10th of each month; if you have an IRA or investment account, we process checks and payments directly to your third party if requested.
· How much security deposit do you collect?
Typically, we collect one month equivalent to the rent amount along with a $300 cleaning deposit.
· What if a tenant doesn’t pay rent on time or becomes late?
Per our lease agreements, rents are due on the 1st of each month and become late on the 2nd. if tenant has not paid after the 5th of the month we process and send out 7 Day Notice to start the eviction process.
· Do I need insurance on my property?
Yes. You will need to maintain your own insurance coverage and we highly suggest for you to speak to your insurance agent for any additional coverage that might be available or questions you might have. We also require and provide tenants with renter insurance quotes and options.
· What if the tenant damages to my property?
Tenants are responsible for all damages beyond normal wear and tear. If the tenant does damage to your property, vendors will be dispatched after move out and back charges will be deducted from tenants security deposit. If the cost of repairing the damage exceeds the amount of the security deposit, you can sue for the additional amount owed in small claims court, yet this rarely happens.
· How often do you inspect the condition of the property?
We perform an annual walk-through at rental lease renewal request and at tenant move out. Other inspections may be performed if one of our vendors notices something “unusual” at the property or per property owner’s request. We perform inspections weekly when property is vacant, however we typically lease out units within 30 days.
· What do you do if the tenants are not taking care of my property?
Depending on the issue, a notice can be issued to the tenant to correct the issue, these are very uncommon; most notices we receive from HOA's are regarding trash cans being left out or some landscape issue; we immediately contact the tenant and provide the tenant an opportunity to correct the situation. We ask to be added to your HOA contact list for tenant violation notifications also.
· What about repairs and how much for repairs?
In our property management agreement, we will set a repair limit amount agreed upon between you and us, which cannot be exceeded without owner approval except in cases of emergencies. You are also provided with the actual vendor invoice, and it’s also reflected on your monthly owner statement. We also are setup to submit work orders to most of the home warranty companies if your property is under contract with a policy.
· What if I want to use my own repair people?
An owner may request to use their own vendors if they meet our criteria and carry the necessary insurance and licenses. Note we must issue a 1099 for vendor repairs so if you want us to use your vendor, we will need to collect some information from them prior to any payments. We receive extremely competitive rates from our vendors due to the volume of work we refer so it will be difficult to beat our vendor rates.
· What happens when a tenant gives notice to vacate or non-renewal notice?
Once we have received notice of non-renewal of lease from tenant or possibly from property owner typically 30 days out, we will provide tenant with a check list of items to perform. Once the property has been surrendered, we will perform our walk thru; we take pictures of condition of property and upload to portal; if there are any back charges vendors are dispatched and if applicable back charged to tenant. Note we only have 30 days to close out a tenant so the process must move quickly.
· How soon can you start managing my home?
We can start the process immediately! All our property management documents are signed via online with electronic signature or we can schedule a time for you to sign at our office. Once executed all we need are the keys to property and we will start with our marketing and advertising campaign and get your property online asap!
What’s considered normal wear and tear
In property management, distinguishing between normal wear and tear and damages is crucial for handling tenant turnover and security deposit issues. Here's an explanation tailored to the context of Las Vegas:
Normal Wear and Tear:
Normal wear and tear refer to the natural and gradual deterioration of a property resulting from everyday use. These are not the result of negligence, abuse, or accidents by tenants. Examples include:
Carpet and Flooring:
Fading, thinning, or minor scuffing of carpet and hardwood floors due to regular foot traffic.
Paint and Wallpaper:
Small nail holes, minor scuffs, and fading paint or wallpaper from sunlight exposure.
Appliances:
Minor scratches on surfaces and general aging of appliances.
Plumbing:
Minor wear on faucets, showerheads, and other fixtures.
Windows and Doors:
Slight warping or paint chipping due to weather exposure and regular use.
General Cleaning:
Minor dirt buildup that can be cleaned with standard cleaning methods.
Damages:
Damages, on the other hand, result from negligence, misuse, or accidents caused by tenants or their guests. These are typically beyond normal wear and tear and may require repair or replacement. Examples include:
Carpet and Flooring:
Stains, burns, or tears in carpets, and deep gouges or water damage to hardwood floors.
Paint and Wallpaper:
Large holes in walls, extensive marks, or wallpaper torn off.
Appliances:
Broken or missing parts, significant dents or scratches, or appliances not functioning due to misuse.
Plumbing:
Clogged or broken pipes due to improper items being flushed or poured down drains.
Windows and Doors:
Broken glass, damaged frames, or doors off hinges.
Cleanliness:
Excessive dirt, mold, or filth that requires professional cleaning or remediation.
Climate:
The hot, dry climate can cause wear on HVAC systems, which should be considered normal wear and tear.
Dust and Sun Exposure:
Frequent dust accumulation and sun damage are common in Las Vegas, contributing to wear and tear on surfaces and exteriors.
Water Usage:
High water usage for pools or landscaping can lead to additional wear on plumbing and irrigation systems.
Understanding these distinctions helps property managers fairly assess property conditions and determine any necessary deductions from security deposits or charges for repairs. It's important to document the property's condition through detailed inspections and maintain clear communication with tenants about maintenance responsibilities and expectations.