Rice Real Estate’s property management division provides management services that include maintenance and repairs, renovation services, rent collection and leasing for residential properties in the Greater Las Vegas area. Through our extensive network of renters and state of the art marketing techniques we strive to exceed your expectations. We are committed to upholding professional ethics and standards.
Our team provides not only professional management, but also common sense and personalized service at competitive rates – the cornerstone of our long success in the business. Broker & lead Property Manager Heidi Rice has been managing rental properties since 2001 and manages all properties as if they were her own.
What is our fee structure?
- 8% monthly management (minimum $100)
- $300 Tenant Placement
Below is a list that comprises the questions most often asked of our current and potential clients.
1. How much rent will my property bring?
Rice Real Estate performs ongoing rent surveys of the Henderson/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 rental rate.
2. How long will it take to find a qualified tenant for my property?
A well-priced rental property in today’s market should rent within 30 to 45 days. However, Rice Real Estate’s average days on market is 14 days. We are very serious about finding qualified tenants with our marketing techniques and do everything possible to capture the greatest applicant pool. During the time your property is vacant, we will update you on a weekly basis. If we’re not seeing the rental activity (inquiries and showings) that we expect, we’ll tell you, and we’ll recommend ways to bolster that activity (i.e. rent adjustments, property improvements, flexible tenant screening criteria…)
3. What kind of condition does my property need to be in, in order to find a quality tenant:
This 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, new floor coverings (or, those that look new), nice window coverings, and everything in good working order – before they put us to the task of marketing the rental home. The results are always much better, when we approach the marketing process with a Rent Ready home!
4. How do you screen prospective residents, and how can I be sure we’re getting a good tenant?
Although there are never any guarantees as to the tenants’ performance once they’re in the home, we use a state-of-the-art resident screening process that looks at such things as 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.
5. Do you allow pets in our rental property?
The final decision as to whether or not to allow a pet (or pets) is always the owner’s. However, we strongly recommend you allow us to market the property as a “pet friendly” rental, one that allows pets on a case-by-case basis. Approximately 62% of the households in the US have pets. By eliminating the ability to allow pets on a case-by-case basis we’re essentially eliminating over half the pool of qualified renters for your property. When considering pets, we look at such factors as the breed of the animal and the prospect’s history in renting with a pet. We also recommend higher security deposits when a pet is approved thereby giving you added assurance that, should there be any damage to the property, the tenant has enough at stake to make it right when they vacate.
6. How do you market our property for rent?
Our rental ads appear on numerous websites such as Realtor.com, Redfin, Hotpads, Trulia, Zillow, Apartment List and Lovely among others. Through our MLS membership we have access to 14,000+ local agents who may be representing people looking for a rental property. Unlike most of our competitors, we understand the importance of being available when the prospect has the time to look. The prospect who is told they can look at a property a few days later, is the prospect who is lost to a competing property.
***We take rental calls and show vacant properties 7 days a week***
7. Will my property be rented on a month-to-month or long- term basis?
This is another decision which is made with the owner’s goals in mind. If you’re planning to move back into the property in a few months, or perhaps list the property for sale, we’ll be going for a shorter-term tenant. Otherwise, we recommend a minimum of a one-year lease. Why? Because a prospective tenant who is willing to commit for a year is more likely to stay long-term, than the tenant who does not want to make such a commitment. Turnovers cost money, and we want to do everything we can to keep your property occupied, and rent coming in.
8. How do you handle maintenance requests?
If you are contracted with us under our “Full Management” program, we’re not going to bother you with the little stuff – a leaky faucet or a broken sprinkler head are the types of routine maintenance items that we’ll contract out for repair on your behalf, and you’ll get the paid invoice with your next monthly statement. The bigger stuff (anything over $300) – water heater replacement, roof leak, appliance replacement – will be done as you instruct. Many maintenance calls are routine in nature. Many times, we can simply talk a resident through a routine maintenance issue, solving it over the phone. We do this at no charge to you. If it’s necessary to send a maintenance technician or contractor out, we maintain relationships with a number of independent vendors who are ready to respond quickly and proficiently to the needs of the properties we manage. We do not employ our own maintenance staff, and we do NOT profit from any maintenance work done on your property.
9. What happens if my tenant has an after-hours emergency?
We maintain a 24-hour hotline for emergency maintenance calls. A member of our staff is always available to take these calls, 7 days a week, 365 days a year.
10. What about utilities – do they stay in my name?
Most of our properties require the tenant to pay all utilities. In order to receive keys to the property, we require our renters to produce proof that they have switched over electricity, gas, and water to their name, effective on the move-in date. Services such as sewer and trash pick-up can become liens against the property if not paid. Therefore, we recommend those services stay in the owner’s name during tenancy. All you’ll need to do is change the mailing address for sewer and trash billings to our address. We’ll pay those bills on your behalf when they come in, and then charge back those amounts to the renter, which will become due with the next rental payment. We do not charge extra for this service.
13. Do you hold any of my funds in reserve?
Yes. We maintain a minimum reserve balance of $300 in your account. This allows us the ability to handle incidental expenses between the time we release your funds to you and the time the next rent payment comes in.
14. Who holds my tenant’s security deposit?
Nevada law requires us to hold tenant security deposits in a trust account separately from owner funds.