Fees for Residential Las Vegas Property Management Services average 8-10% of the gross monthly rent collected. In addition, a 25% of 1st month’s rent leasing fee is common along with a $300 MLS referral fee. Most property managers charge a 10% lease renewal fee.
The Las Vegas market is competitive for property management services and most managers will waive their set-up fee if asked (usually a $295 savings). For property managers that charge a 10% rate most will lower to 8% if an Owner has multiple investment properties located inside their service zip codes. Be sure to ask about the possibility of a reduction in the monthly management fee if your an investor with multiple houses.
Also ask a residential property manager about their eviction statistics. The best managers will have never had to evict a tenant 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.
Keeping Good Tenants
Protecting your asset starts with finding the right tenant. Quickly following up on maintenance requests not only keeps the tenant happy but will also keep the property in good condition. We will advise our owners on what items should be repaired versus replaced, deferred versus immediate. We are able to maintain a proper balance between tenant loyalty and maximizing income. Read more about property management basics our property management philosophy for keeping good tenants.
Highly Rated Property Manager
Rated 5 of 5 stars on Google & Yelp!
Rice Real Estate's exceptional attention to detail has given us peace of mind we haven't had with other property management companies we've used in the past. We've used other companies that were highly-rated online who turned out to be disappointing. Heidi keeps her eye on everything. Her contractors and vendors have been excellent and reasonably priced -- Likely because she pays close attention to what's going on. The paperwork has been precise and seamless.
Our Green Valley single family rental homes are well-taken care of. The tenants are happy and pay on time. We're happy too. Heidi is proactive and precise. She doesn't miss anything. Rice Real Estate is a little selective about what properties they will take on, but if you can get them to manage your property, do it!
Rice Real Estate is the truth! I've been working with their management company on 2 of my homes for the last 5 years and they Do. Not. Miss. Anything. If you are looking for someone who will treat your property better than you do, contact Rice Real Estate. I would give more stars if I could...
I am a California Real Estate Broker and have run a medium size property management business of my own for 25 years. Heidi's management company is very thorough, professional, and responsive. Their financial reporting is timely each month, along with copies of all receipts & full accounting -- completely transparent.
Rice Real Estate is exceptional! From the moment I spoke with Heidi I knew they were the ones I would work with and I am so grateful I found them. The team is extremely knowledgeable about the rental market, has high standards for their managed properties and they take care of the details
We live on the East coast and the house needed a little work to get it ready to rent and Team Rice took care of everything from carpet to paint to landscaping using their awesome contractors at great prices. The leasing process was seamless and they made every part of the experience look easy.
As a Tenant of Rice Real Estate I can honestly tell you that they are one of the most professional and ethical property managers in Las Vegas I've ever had the opportunity to closely work with. Three words: Professionalism, Care and Concern for their Tenants. Highly recommend!
Rice Real Estate has managed our rentals in Las Vegas for many years. I can't say enough about how knowledgeable, proactive, and helpful Heidi has been. We always take their advice on what needs to be done on the rentals and have been happy with the results.
Rice Real Estate & Property Management has been managing my properties for the past few years. The service that I have received has been top-notch. Unlike other larger PM companies, all of my correspondences have been directly with the owner, Heidi, who has been extremely professional, responsive and fair. Whenever an issue arises, Team Rice immediately informs me of the situation and would suggest potential resolutions. Her team has done an excellent job keeping my tenants happy, and maintaining the properties.
I would give more stars if I could! Rice Real Estate is incredibly professional and competent, but most of all, a pleasure to work with. They managed our property as a rental and then handled the sale of the home for us (and a complicated transaction). Rice Real Estate knows their stuff, works so hard, and everyone is still smiling.