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Rice Real Estate

Las Vegas Property Management

Scoring Card | Tenant Screening

By Rice Real Estate

Las Vegas Property Management Tenant Screening

Download Rice Real Estate’s Scoring Card.

Property Management Scoring Card

We’re often asked what we look at, and how we evaluate the data we collect to arrive at a decision whether or not to rent to a prospective tenant. In managing single family homes in Las Vegas & Henderson, it is very important to our clients that our tenant selection process be sufficiently cautious, but not overly so. Lack of caution in tenant screening results in high turnover, lost rent, and property damage. Overly-cautious tenant screening methods result in long-term vacancies, lost rents, and, yes, property damage. Vacant homes deteriorate quickly.

Our many years of property management experience has paid off, particularly in the area of resident screening. We have learned that, not only is it important to review the credit report of a prospect, but it’s important to look at a number of other factors, as well.

Do they have the means to pay the rent?

How long has the prospect been employed in his/her current line of work? Is this a new career for her, or has she demonstrated a long-term commitment to her field of employment? This makes a difference. It indicates stability, or lack thereof. Income counts, too. Is the paycheck going to cover not only the rent, but the prospect’s other expenses? If not, something’s going to be sacrificed. As a landlord, we don’t want that sacrifice to be the timely payment of rent.

What does the former landlord have to say?

Better yet, what do the last two or three landlords have to say about your prospect? It’s not unusual for the current landlord to soften his evaluation of the prospective tenant. After all, he’s still the current landlord. The former landlord, however, generally feels far removed enough from your prospect that he’s apt to be frank and forthcoming with information. Do you take what a landlord says at face value? Of course not! Whether that information is positive or negative, it is subjective in nature. The landlords’ feedback is helpful, but should never be a stand-alone reason to accept or deny a prospect.

What about bounced checks and criminal history?

Are those items important? We think they are. Combined with the other factors we evaluate, these items help to provide a complete picture of the likelihood of the prospect living up to his/her end of the rental agreement terms.

Tenant Screening…the whole picture:

The greatest lesson we bring to the table, in terms of tenant screening, is the knowledge that no single factor in a tenant’s financial picture, residential history, or references stands alone. All facts, taken together, paint the picture of the prospective resident. Taken together, these facts and bits of information are going to lead us to a more accurate conclusion as to the likelihood our prospect will do the two things we require… pay the rent and take good care of the property.

Rice Real Estate & Las Vegas Property Management

Rice Real Estate is a full service residential real estate brokerage offering worry-free residential rental property management in Las Vegas, Green Valley Ranch, Seven Hills, Silverado Ranch, Southern Highlands, Mountains Edge, Summerlin and Henderson, Nevada. Through our extensive network of renters and state-of-the-art tenant screening process our Las Vegas Property Managers strive to exceed your expectations.

Our Las Vegas Property Management team provides not only professional residential management, but also common sense and personalized service at competitive rates – the cornerstone of our long success in the business.

Filed Under: Las Vegas Property Management, Real Estate Tips

Q + A for New Owners

By Rice Real Estate

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Rice Real Estate has never had to evict a Tenant we placed into a managed rental property. Our monthly management fee is 8%.

How are applicants screened?

Our strongest work must take place with the screening process. Securing great tenants is in everyone’s best interest. We use a state-of-the-art resident screening process that analyzes income, credit, rent payment history, employment history, background check and other factors that indicate the likelihood the tenant we place in the home will perform according to his/her obligations under the rental contract. Download Rice Real Estate’s Scoring Card here.

How is turnover minimized?

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. Rice Real Estate maintains a proper balance between tenant loyalty and maximizing income.

Protecting your asset also means using experienced repair and maintenance professionals. Rice Real Estate maintains excellent relationships with highly rated vendors. This allows us to quickly and correctly diagnose problems and fix them right the first time. Rice Real Estate diligently protects your asset by ensuring your home is maintained properly.

How do you market and advertise my property?

Rice Real Estate is very serious about finding highly qualified tenants and does everything possible to capture the greatest applicant pool. Our rental properties appear on numerous websites such as Redfin, Hotpads, Trulia, Zillow, Realtor.com, Facebook, ListHub (feeds to over 40 websites) and our proprietary website www.RiceLasVegas.com. We also advertise directly to 11,000+ local agents.

Unlike most of the property management companies in Las Vegas we understand the importance of being available when the prospective tenant has the time. For this reason, we answer and respond to phone calls, text messages and emails every day of the week, including Saturdays and Sundays. Rice Real Estate’s average days on market for a “rent ready” vacant property averages 14-21 days.

Our rigorous screening process and detailed scoring system help ensure we secure highly qualified tenants for your property.

HOW MUCH RENT WILL MY PROPERTY BRING?

Rice Real Estate performs ongoing rent surveys of the Henderson and Las Vegas market to stay abreast of changes in the marketplace. We will recommend a rental rate based on a number of factors, including how quickly you need to rent the property and how the property stacks up against the competition in the local market. Our recommendation is just that – a recommendation. Should you desire, you can have the final say as to the rental rate.

WHAT KIND OF CONDITION DOES MY PROPERTY NEED TO BE IN TO FIND A QUALITY TENANT?

The property’s condition is one of the most important aspects of marketing a vacant rental property. Properties that are not “Rent Ready” when they’re placed on the rental market tend to be slower to rent and attract renters who are not only willing to settle for less than top quality, but who treat their rental properties with less care and concern than we want to achieve for our owners. Furthermore, quality renters typically can’t envision what the property will look like after we do this or that…telling the prospect we’re going to be painting, or going to be replacing carpets is virtually useless. The first impression of a vacant property is the lasting impression of that property. That’s why we urge our owners to take care of the basics: fresh paint, clean floor coverings, functional window blinds, and everything in good working order.

ARE PETS ALLOWED IN RENTAL PROPERTIES?

An Owner makes the final decision if pets are allowed in a rental property. However, keep in mind that 65 – 70% of tenants will have a pet of some type. If you do not allow pets, you are immediately negatively impacting your market. We can certainly still rent your home but it might take a little longer so you could experience extended vacancy and therefore lost rent. If you do allow a pet, a pet addendum will be signed and additional security deposit is required.

Don’t confuse a “pet” with a “service” or “companion” animal. It is illegal to discriminate against service animals, so we will absolutely rent to a tenant with a verifiable service animal. We cannot take any additional security deposit, nor can we decline any specific breeds that we might otherwise not allow in our properties.

WHAT HAPPENS WHEN MY PROPERTY NEEDS A REPAIR?

Any repair or maintenance costing less than $300 will be executed by Rice Real Estate’s staff. Most repairs costing more than $300 will be subject to the Owner’s approval.

Emergency repairs do not require prior owner authorization. Emergency repairs are defined as property-threatening; where failure to immediately remedy the situation will result in further damage to the property and/or safety of the tenant. By law, Owners are required to maintain their property in a “habitable” condition for their tenants at all times. Examples of emergency repairs include: flooding, no heat, no air conditioning, no running water, electrical sparks or no functional toilet (if only one toilet). Examples of non-emergency repairs include: lack of hot water or failure of an appliance, including a refrigerator. We do not employ our own maintenance staff and we do *not* profit from any maintenance work done on your property.

WHAT HAPPENS IF MY TENANT DOESN’T PAY RENT?

Rice Real Estate enforces a very strict rent collection policy to promote our Owners’ interests. All rent payments post on the 25th of every month and late on the 2nd day of the month. For example, April’s rent would post on March 25th and be due April 1st. If rent is unpaid on the 2nd day of the month, we make contact with the tenant and a late charge may be assessed. If the rent remains unpaid by the 3rd day of the month (or, next business day, if the 3rd falls on a weekend or holiday) an eviction notice for non-payment of rent may be served. The tenant is held liable for the costs of filing and serving the notice.

Under Nevada law, the tenant then has 5 judicial days to pay the rent or vacate the property. In our experience, most tenants will pay full rent before the expiration of the notice. If the tenant does not pay or vacate within the 5 days prescribed, the next step is a court order for lockout. Through a 3rd party eviction company (additional fees apply) this is a process we can coordinate for you.

WHAT HAPPENS IF THE TENANT VACATES AND LEAVES THE PROPERTY DIRTY OR NEEDING REPAIRS?

Rice Real Estate will conduct a move-out inspection of the property once it becomes vacant. We then compare the move-in inspection (including photos) with the move-out to determine what items above normal wear and tear are chargeable to the tenant. To read more about “normal wear and tear” of a rental property click here.

WHO HOLDS MY TENANT’S SECURITY DEPOSIT?

Nevada law requires us to hold tenant security deposits in a trust account separate from owner funds.

HOW OFTEN DO YOU CHECK ON MY RENTAL PROPERTY?

If we have reason to believe there may be a problem (a call from a neighbor, repeated late rent, or other indicators), we have the ability to perform an interior inspection on a minimum 24-hour notice. As needed we will perform inspections of all occupied properties. We are also able to notify neighbors on how to reach us if they have a concern about the property.

Filed Under: Las Vegas Property Management, Real Estate Tips

Tenant Handbook

By Rice Real Estate

Think of this home as your own. During the term of this lease, you are in possession of the dwelling and yard and this Tenant Handbook can assist. Your obligations are similar to those of the property owner, and you are expected to care for and maintain the premises.

Download a current copy of our Tenant Handbook:

Tenant Handbook

TENANT COMMUNICATION

The online Tenant Portal streamlines your communication with us. It allows you to pay rent and submit routine maintenance requests online. If you have not received an email with a link to set up your Tenant Portal account, contact us. Follow the link in the invitation email, set up your own password and your account is activated.

EMAIL is the preferred method of communication. Rent reminders, payment receipts, notices, maintenance and general correspondence will utilize this method of communication.

MOVE-IN REMINDERS

Property Condition Report: Due within 7 days of move-in.

Mail Keys: If not received or if mailbox lock is malfunctioning, bring your lease and ID to your designated post office: www.usps.com/locator. The Post office will rekey your mailbox within 7‐10 business days. They’ll provide you with 3 new mail keys.

Garage Remotes: Reminder, it’s the Tenants responsibility to reprogram all garage remotes and garage keypads.

Pool and Gym Keys, Gate Remotes: If not received, purchase & pick up at the HOA office. Email office@ricerealestatelv.com to get the Name/Address/Phone of HOA.

TENANT RENOVATIONS + ALTERATIONS

It is policy that Tenants do not perform repairs or alterations. If you do want to make a special request for renovation or repair to the property email your request to us & we’ll send it to the Owner for approval *DO NOT* proceed with any work until you’ve received approval from us.

PAYING RENT

1. Pay rent online: www.RiceLasVegas.com
2. Make checks payable to: Rice Real Estate.
3. Rent is due, in advance, on the 25th of each month. For example, April’s rent will post on March 25th and is due April 1st. Rent is considered late when received on or after the 2nd of each month. There is a $100 late fee.

Filed Under: Featured Properties, Las Vegas Property Management, Property Management, Real Estate Tips

Download Property Management Agreement

By Rice Real Estate

Download a Sample Property Management Agreement here.

Luxury Property Management Red Rock County Club

The monthly management fee is 8%.

Who Selects The Tenant? The short answer to this question is we select the tenant. 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 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. Download Rice Real Estate’s Scoring Card here. ***Rice Real Estate has never had to file eviction on a Tenant we placed into a managed rental property.

What Does the Management Fee Include? Our property management services include: showing of property, tenant screening, executing leases, lease renewals, collecting rents, scheduling of interior/exterior property inspections with a 3rd party vendor, 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 with a 3rd party vendor (not to include costs related to filing fees, posting fees, legal, and court costs).

Download a Sample Property Management Agreement by clicking the PDF icon below.

Filed Under: Featured Properties, Las Vegas Property Management, Property Management, Real Estate Tips

Las Vegas Property Management Rates & Fees

By Rice Real Estate

Las Vegas Property Management Rates & Fees
Las Vegas Property Management Rates & Fees

Fees for Residential Las Vegas Property Management Services average 8% of the gross monthly rent collected. In addition, a $300 leasing fee is common. Click here to view a sample property management agreement.

Other Management Components

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.

Our Client Commitment

Experience.
With more than 20 years in Seven Hills property management we understand the needs of our clients no matter where they are in the investment cycle. Whether you’re buying, selling, or looking for high-end property management, we can put our resources and experience to work and drive your profitability.

Expertise.
We know how to effectively manage everything your investment needs, whether it’s a simple repair or a complete remodel. Our team has managed many construction rehab projects. We’ll care for your property and make it better when the time comes.

Transparent.
Take a look at your property performance at any time. Simply sign into the online Owner portal to view your latest statements, inspection reports, and account notes. Our software system is Buildium. Call 702-551.9592 ext 1 or email us. License B.1000740.LLC and PM.0164747.BKR.

Rice Real Estate

Rice Real Estate is a full service Las Vegas Property Management company offering worry-free rental property management. Rice Real Estate is committed to connecting responsible property owners with quality residents to ensure a stress-free experience. Rice Real Estate specializes in high-end residential property management of unfurnished homes in Las Vegas and Henderson. We are a full-service, locally owned and operated Henderson Property management company.

Filed Under: Las Vegas Property Management, Property Management, Property Management Rates & Fees, Property Manager Rates & Fees, Real Estate, Real Estate Investing, Real Estate TipsTagged With: Property Management Fees

Using a 1031 Exchange to Purchase Investment Properties in Las Vegas

By Rice Real Estate

Have you ever wondered how using a 1031 Exchange to purchase investment properties in Las Vegas worked?

Section 1031 of the Internal Revenue Code has been called the single greatest wealth building tool available to real estate investors. If you are unaware how Section 1031 of the IRC can magnify your returns and help you create wealth, review this:

An investor who purchases $100K worth of stock in 2010 and sells the stock today for $200K. The investor yields a whopping 100% return, correct? Well yes, but don’t forget that when tax time comes around, our stock market investor will owe the IRS and State Taxing Authority about $30K. After taxes, the profits from his stock investment plummets from $100K to $70K. Still not a bad return, but after taxes the investor now has only a total of $170,000 to reinvest.

Now let’s contrast this with an investor who makes the same returns in the real estate market. A property purchased for $100K, appreciates to $200K. The investor earns the same 100% return. The major difference however, is the investor can elect a 1031 Exchange and defer the capital gains taxes. Doing so leaves the investor with a total of $200K to reinvest.

The above example is the type of exchange most investors think of when they hear 1031 exchange. Did you know there are many more types of exchanges? First, let’s take a look at this history of exchanges.

History and Benefits of Tax-Deferred Exchanges

Tax-deferred exchanges originated in 1921 as simple two-party barter exchanges. Over the passing decades tax laws changed by requiring exchanges to be multi-party transactions. In 1991, the Internal Revenue Service (“IRS”) formally defined the role of the “Qualified Intermediary.” The Qualified Intermediary is also known as an Accommodator or Facilitator. Investors should seek out a Qualified Intermediary capable of handling the proper execution of necessary documentation as well as informing investors of the various facets of exchanges.

Today §1031 of the Internal Revenue Code governs exchanges. An exchange typically involves a Qualified Intermediary receiving the sale proceeds of the property the investor wishes to sell (“relinquished property”). The investor then instructs the Qualified Intermediary to purchase the new property (“replacement property”) and convey title to the replacement property to the investor. Commercial, agricultural, industrial, residential or vacant land may all be exchanged. By properly effectuating an exchange, the investor can defer the realization of capital gains on the sale of the relinquished property.

This deferral allows funds that would have otherwise gone to pay capital gains tax to be allocated toward a greater investment. An investor is also permitted to defer the 25% tax on the recapture of depreciation taken on an investment property when they elect to effectuate a §1031 exchange.

TYPES OF EXCHANGES

Delayed Exchange

A delayed exchange is the most common type of exchange. Certain IRS requirements must be met to structure a delayed exchange. Under this arrangement an investor may take advantage of the full exchange period to acquire a replacement property.

Simultaneous Exchange

A simultaneous exchange occurs when the relinquished property and the replacement property are transferred concurrently. Some investors erroneously believe that two transactions closing on the same day satisfies the exchange requirements. Although ERI does not hold funds in a simultaneous exchange, it functions in the critical capacity of creating a reciprocal trade by receiving the relinquished property and acquiring the replacement property for the investor. ERI provides an essential paper trail validation of the flow and structure of the transaction, ensuring the preservation of “safe harbor” treatment for the deferral of capital gains. It is strongly recommended that a Qualified Intermediary be employed to ensure the validity of a simultaneous exchange.

Build-to-Suit or Construction Exchange

An investor may choose to improve a replacement property by building a structure or making improvements to an existing structure on the property. As with any exchange, the exchange must be opened prior to the close of escrow on the relinquished property. Despite the complicated
and time-consuming nature of this type of exchange, it can be properly executed.

Reverse Exchange

Reverse exchanges are the most complex type of exchange. Such an exchange permits the investor to acquire their replacement property before the relinquished property is sold. Under no circumstance may an investor be on title to both properties simultaneously. In September 2000, the IRS indicated that a reverse exchange would be permitted if the transaction fell within the scope of “safe harbor” protection.
The durational requirements of the “safe harbor” require the identification of the relinquished property within the 45-day identification period and the sale of the relinquished property within the 180-day exchange period. The trigger date for these periods is the “parking” of either the relinquished or replacement property with an Exchange Accommodation Titleholder (“EAT”). Reverse exchanges are effectuated in one of two ways depending on which property is to be “parked.” Under either scenario, the parked property must be held by the EAT for federal income tax purposes.

Finding a Qualified Intermediary

A CPA with 1031 exchange experience, a real estate attorney, or a reputable title company can be good sources for referrals to qualified intermediary services. Another excellent source for finding a knowledgeable qualified intermediary is through the Federation of Exchange Accommodators (FEA). The FEA has a qualified intermediary certification program with a directory of its members that are Certified Exchange Specialists.

We’ve personally worked with Exchange Resources, Inc based in Southern California. Exchange Resources, Inc. is one of the largest independent Qualified Intermediaries in the nation serving individual and institutional investors across the country and abroad. ERI has attorneys on staff who provide personalized attention to complex issues and are available to discuss exchange matters with investors’ tax and legal advisors. ERI also provides information in Spanish. ERI’s routinely helps individual investors with their exchange needs.

Rice Real Estate & Property Management

Though the bull market has been leaving investors grinning, the constant threat of recession and inflation is consistently looming in their minds. Financial advisors continue to preach that the best protection from a volatile market is a well-diversified portfolio. Real estate is one alternative asset class that many investors are familiar with, and it can provide investors with steady income and higher yields than traditional fixed income. If you’re interested in using a self-directed IRA to purchase investment property in Vegas give Rice Real Estate a call. We can help you source a residential investment property for purchase and help you manage it long-term.

The material in this article is presented for informational purposes only. Rice Real Estate is a licensed real estate brokerage in the state of Nevada. Rice Real Estate performs the duties of a licensed real estate brokerage and permitted property management company. We do not offer 1031 exchange, legal or tax advice.

Filed Under: Blog, Featured Properties, Investment Property Las Vegas, Las Vegas Property Management, Las Vegas Property Management Companies, Real Estate Tips

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Call 702.551.9592 or click to email us

Investment property ownership is rewarding, but maintenance and tenant management can be a challenge to navigate. It's time to turn your rental property over to a trustworthy, experienced partner like Rice Real Estate & Property Management. We give our clients peace of mind because we never stop working to protect your investment. Our team has over 30 years of property management experience and we strive to provide the best service possible, maximize profits and properly maintain the property for long term success.

Rice Real Estate offers residential property management in select zip codes. If you're a property Owner give us a call to confirm we service your area: 702.551.9592 ext 1 or email us.

B.1000740.LLC and PM.0164747.BKR

Average time to find a new Tenant in Las Vegas
We manage in Zip Codes 89012, 89014, 89044, 89074, 89123, 89052, 89135, 89141, 89183, 89144 & 89138.
Check out Rice Real Estate & Property Management on Yelp
Did You Know? Due to Rice Real Estate's comprehensive Tenant screening process we have never had to evict a Tenant we placed into a managed rental property.
Call 702.551.9592 or click to email us License B.1000740.LLC and PM.0164747.BKR

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