Estimated reading time: 5 minutes
Fees for Residential Las Vegas Property Management Services average 8% of the gross monthly rent collected. In addition, a $350 leasing fee is common along with a $300-500 MLS referral fee.
The Las Vegas market is competitive for property management services and most managers will waive their set-up fee if asked (usually a $300 savings). Also ask a manager about their eviction statistics. Rice Real Estate has never had to evict a tenant we screened and placed into a managed rental property.
Selecting a Property Manager
Monthly management fees are just one component of selecting a Las Vegas property management company. Tenant retention, efficient tenant turnover and effective tenant screening are items that greatly impact a landlords profits and they won’t show on a financial statement. Having the right property manger will boost long term profits for a landlord. Selecting a property manager based solely on the lowest management fees can end up hurting your bottom line more than you think. Or going with the biggest property manager managing hundreds or thousands of units and getting lost in the shuffle.
Rent Ready Property Condition
A rent ready home is the most important aspect of marketing a vacant rental property. A rent ready home has a clean interior, landscaping recently trimmed, fresh paint, new/newer carpet and everything in good working order. In addition, the home should be readily available for viewings, priced at market and advertised with professional photos. With a rent ready home a quality Tenant could be secured in 7-10 days.
What About Pets in Rental Properties?
The final decision as to whether or not to allow a pet (or pets) is always the Owner’s (except for service animals as permitted by law). Approximately 62% of the households in the US have pets. By eliminating the ability to allow pets on a case-by-case basis an Owner is essentially eliminating over half the pool of qualified renters for a rental property. When considering pets, look at such factors as the breed of the animal, bite history and the prospect’s history in renting with a pet. Higher security deposits are recommended when a pet is approved thereby giving added assurance that, should there be any damage to the property, there are funds to make it right when a Tenant vacates. A pet and/or animal profile should also be kept on file with www.PetScreening.com.
Where is the Tenants Security Deposit Held?
Nevada law requires a Las Vegas property manager to hold tenant security deposits in a trust account separate from owner funds.
Rice Real Estate & Property Management
With more than 30 years of investment real estate & property management experience we understand the needs of our clients no matter where they are in the investment cycle. Whether you’re buying, selling, or looking for full service property management we will put our resources and experience to work and drive your profitability. Unlike our competitors who are transactional in their approach, Rice Real Estate & Property Management is known for the caliber of service we offer our clients. Through excellent communication, personalized service and our company’s high standards we have earned the long-term respect of property owners.
Founded in 2010, Rice Real Estate is Las Vegas’ premier investment sales and property management company with over $50 million of residential real estate assets under management. Our firm has crafted a culture designed around full transparency, reliable communication, and efficiencies for both owners and tenants. Furthermore, our policies and procedures allow us to effectively optimize a property’s performance and profit while nurturing Tenant relations to keep long-term tenants.
We are investment property specialists and use a process-driven approach to increase efficiencies, reduce risk and drive performance and profitability. We are experts in our field and selective when it comes to new partnerships, adding only select properties each year in order to provide the highest level of attention to each one. Our company voice reflects the high standards we demand of ourselves and we deliver these high standards to you with quality property management. Our team is driven to safeguard our client’s property and bottom line at all times.
Our firm is responsive. We work hard to quickly turn properties over and find quality tenants. We understand each day a house is vacant equates to lost rental income. We are always strive to increase owner profit while focusing on preserving the integrity of your investment. Our efficient vendor accounts payable strategy provides us priority scheduling and preferred pricing. In addition, our team responds to emails and phone calls timely, tenant maintenance requests are handled promptly and Owners have 24/7 access to an encrypted online portal for financial reports and secure document storage. We make sure to be informative and transparent every step of the way. We manage with an owner’s mindset.
Heidi Rice: Broker, Property Manager & Realtor©
Heidi has been managing residential real estate since 2001. In 2010 she moved to Las Vegas with her husband Mark and opened a residential real estate brokerage focused on investment sales & property management.
Heidi is a very thorough, professional, and responsive property manager. Her financial reporting is timely each month, along with copies of all receipts & full accounting – completely transparent. She has good control over her vendors and the workmanship is excellent. The move-in and move-out inspections are thorough with great attention to detail.
Heidi is dedicated and highly skilled. She has always had a passion for real estate investing and she is living her dream life as an investment focused property manager in fabulous Las Vegas, Nevada. Contact her directly to confirm your property is in her management service area: 702-551.9592 ext 700 or via email.