Residential Property Management FAQ
How much can we charge for rent?
Rent is calculated by multiple factors, most of all it's based on the condition of your property and the current market supply and demand. We will run a market analysis that takes all of these factors into consideration and provide you with a range of what we suggest the property should be listed for. Additionally, we constantly monitor market conditions to stay abreast of the changes that may take place.
Who pays for the pools service?
Most tenants do not know how to maintain a pol and due to the complexity of pool maintenance and the fact that with the lack of chemicals in a pool in our extreme summer temperature a pool can be ruined quick, we recommend including pool maintenance in the monthly rent.
Who pays for landscaping maintenance?
This is negotiable and mostly depends on the type of landscape. If it is standard desert landscape with small lawn we can require the tenant to handle. If it something that is unique and requires constant maintenance, we will put a contractor in place and include in rent. An element of our lease requires the tenant to maintain the property, so if they are responsible for landscape a d it is not being maintained, we will add the services and access it back to the tenant monthly. In most cases, we are notified of a tenant failing to maintain the property by the homeowners association, neighbors to the property, or on our inspections.
Who pays for the Homeowners Association fees?
The owner pays the Association fees.
How long will it take to rent out my home?
Much like your rental rate, there are many factors that go into this process, most of which are uncontrollable. Market demand, condition of house, number of units on the market, market rents, neighborhood conditions are all contributing factors. We will make a projection on rents. In most cases rent price is what speeds up, or slows down, the renting. We also do a market analysis throughout the vacancy process and make critical path recommendations to secure a tenant.
What is the cost for you to manage my property?
Our fees range from $70.00 to $150.00 of monthly rent per month depending on the rent below is a basic range, however, property conditions may vary based on your specific property. Please contact our office at (702) 868-0900 for a specific quote:
|Teir 1||Under $1,000 per Mo.||$70|
|Teir 2||$1,001 - $1,500 per Mo.||$85|
|Teir 3||$1,501 - $2,500 per Mo.||$110|
We also offer multiple property discounts. For each additional property, you will receive the next tier discount (e.g. if you have two properties that rent for $1,195 each, your monthly management fee would be based at Tier 4).
What if I am in bankruptcy?
We can still rent your home. Our fees vary if you are in bankruptcy cases because we provide monthly reports to he attorney as well as documents to court to help support your case. When the case is confirmed or discharged, our rates drop back down to the standard management fee.
Who pays my bill for my property?
Our contract permits us to pay your monthly bills, we will contact all utility companies, Homeowners Association, county assessor, and any other vendor services to change the mailing and contact information to our company. This is included in the set-up fee and we include this to provide you with a seamless service.
Now that my property is a rental, should I move into an LLC, Trust, Corporation, or other investment instrument?
We are not able to give legal advice as to how to hold to hold title to your property. We recommend you contacting a real estate attorney and your accountant to discuss these issues. Most owners will not hold title in their personal name to alleviate personal liability if something where to happen. Additionally, each entity type will have a different tax consequence and all investors are different. If you need a referral of a real estate attorney, or accountant, we have a network of both that we can refer you to.
What kind of inspections are made on my property?
Your contract will specify the amount of inspections on your property. Minimally we conduct two interior inspections a year and if there are concerns we report them. Our theory is that once a tenant is in place it is "their castle" and we wish to respect their privacy. Other issues such as late playing of rent, neighbor complaints, notices from the Homeowners Association will lead us to conduct additional interior and exterior inspections. There is a true balance of protecting your assets and keeping the tenant happy at the same time.
How do I get my rent proceeds?
Monthly financials are sent to you no later than the 15th of the month. These financials show you in detail the income and expenses associated with your property. We also include copies of all bills that are paid on your behalf. Your proceeds are also sent with the financial report.
What condition does my property have to be in to rent it?
The better condition your property is in the likelier you are to get it rented sooner and at the price you want. We suggest provided most, or all, appliances. Having the home professionally cleaned, carpets professionally cleaned. Walls painted, or touched up, and any broken items repaired.
Should I buy a warranty?
We always suggest buying a home warrant. Rentals tend to get more wear and tear and home warranty will cover most of the items that commonly break.
Who pays for routine maintenance?
Routine maintenance is typically paid for by the owner. Any maintenance due to tenant's negligence will be tenant's full responsibility. However, tenants are responsible for a portion of every repair of maintenance that is needed. This charge amounts to 10% of the tenant's monthly rental payment.
Who does the tenant call for repairs?
The tenant always calls us first for any repair work needed. If a a home warranty is in effect on the home the tenants are given the service number for the home warranty.
Who authorizes repair work?
We authorize any repair work under the amount specified in the contract. Any repairs costing over that amount must have owner's approval prior to work being started. In the case of an emergency call that the owner cannot be reached, we will make the executive decision to do whatever is takes to protect the property.
Can I restrict smokers?
Yes, you can restrict smoking inside the property.
Can I restrict pets?
Yes, you can restrict pets at the property. Some Associations also have size restrictions on animals that are permitted. This does limit the amount of perspective tenants you may have though. You also cannot restrict animals if they're for disability assistance.
Do you charge an extra pet deposit?
Yes, we require a $300.00 pet deposit per animal.
Can I age restrict?
You cannot restrict age in your property unless the community you are living in has age restrictions.
Can I restrict the number of kids that are allowed to live in the home?
Due to the Fair Housing Act you cannot discriminate on the basis of familial status so no, you cannot limit the number of children in a home. You can however have an occupancy limit.
What if the tenant skips on their lease?
If the tenant vacates the property before the lease is up they are still responsible for the total amounts of rents still due up until the lease end. This would be filled with small claims court.
What if the tenant trashes the home?
The tenant is held responsible for any damages incurred on the home other than normal wear and tear. We would facilitate getting repairs and work completed by providing the owner with estimates to approve. You can go after the tenant in small claims court to recover costs.
How do you qualify a tenant?
We qualify tenants by running their credit report and screening them through CoreLogic SafeRent. We also contact current employer and landlord (if applicable) to check current employment status and rental history information such as late fees, complaints, etc. In addition, we require two months bank statements which allow us to be able to tell the tenants debit to income ratio to see if the are able to afford the rental.
Why do you retain the late fees in your contract?
We retain all the late fees because we front all the costs to collect the rent such as sending letters, phone calls, and posting 5 days notices.