Who selects the Tenant? The Las Vegas Property Manager or Property Owner?
Management companies are governed by Federal and State Fair Housing Laws. For this reason, we have strict guidelines in the processes we use to select tenants and what we do with the information that we collect. We have an established criteria we use to select tenants. Some of the primary factors are: credit score and history, criminal records, past rental history, and proof of income. The short answer to this question is we select the tenant. We will consult with you when it comes to pets or any other special circumstance that a potential tenant may bring up.
What services are provided by a Las Vegas Property Manager?
Property management services typically include: showing of property, tenant screening, executing leases, lease renewals, collecting rents, interior/exterior property inspections, distribution of rents (including payments to vendors of any maintenance costs), coordinating move-in/move-out processes, facilitating tenant communication and owner communication, monthly financial statements, and initiation of the eviction process (not to include costs related to filing fees, posting fees, legal, and court costs).
How does a Las Vegas Property Manager lease a house?
Typically a Las Vegas Property Manager will advertise the Property, and all parts thereof, for rent and may display “For Rent” signs thereon (if allowable by CIC). Manager shall approve applicants, negotiate and execute leases, and renew or cancel leases relating to the Property. Manager shall terminate tenancies and sign and service for the Owner such notices as Manager deems appropriate. A Las Vegas Property Manager shall be able to institute legal actions in the name of the Owner and evict tenants and recover possession of the Property.
How does a Las Vegas Property Manager collect rent and other fees?
A Las Vegas Property Manager shall collect rents and collect and disburse security deposits and other deposits. A Las Vegas Property Manager shall deposit rents and deposits collected on behalf of Owner into separate trust accounts at a qualified banking institution as required by Nevada law. The portion of rents due to Owner is typically to be dispersed to Owner by the 10th of each month that rent is collected unless the rent is not received by the due date. All tenants’ deposits collected by manager to be held in Manager’s trust account. All late fees, NSF fees, and other fees collected from any tenant by Manager shall be retained as Manager’s compensation for performing such related duties. Manager shall not incur any liability for bankruptcy or failure of the depository.
How does a Las Vegas Property Manager handle maintenance and repairs?
As stated on page 5 of the Greater Las Vegas Association of Realtors Property Management Agreement, line 28-35, a Las Vegas Property Manager agrees to obtain Owner’s prior authorization for any expense in excess of $300, except monthly or recurring operating charges, emergency/habitability repairs (NRS 118A), or in the event the Owner is not reasonably available for consultation and the Manager deems necessary such repairs for the protection of the property or the tenants. Manager is not required nor obligated to advance funds on behalf of the Owner.
Read more here about the NV Real Estate Division requirements of a Las Vegas Property Manager here.