HOW MUCH DO YOU CHARGE FOR MANAGEMENT SERVICES?
The monthly management fee is 8%. Our full service property management includes: showing of property, tenant screening, executing leases, lease renewals, collecting rents, scheduling of 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, etc. View our service areas and pricing here.
DO I NEED A PROPERTY MANAGER?
With the ever changing landlord tenant laws it is wise to hire a professional property manager. Nevada Revised Statue (NRS) 118A.260 states that a landlord shall disclose to a tenant in writing at or before the commencement of the tenancy “a telephone number at which a responsible person who resides in the county or within 60 miles of where the premises are located may be called in case of emergency.”
While some owners may have a designated contact who can handle this responsibility, others may not. A property manager can certainly meet that requirement under Nevada law.
WHY CHOOSE RICE REAL ESTATE?
Rice Real Estate is Las Vegas’ premier property management company. Founded in 2010, Rice Real Estate has crafted a culture designed around full transparency and reliable communication for both owners and tenants. Our policies and procedures provide security and allow us to focus on the profitability of your property and tending to the needs of your tenants. Our clients are welcomed into our company like family and we take care of our managed properties as if they are our own.
WHAT AM I GETTING FOR MY MONTHLY MANAGEMENT FEE?
Our property management services include: showing of property, tenant screening, executing leases, lease renewals, collecting rents, coordinating of interior/exterior property inspections,, distribution of rents, payments to vendors for maintenance, coordinating move-in/move-out processes, facilitating tenant communication and owner communication, monthly financial statements and more.
WHAT IS YOUR SCREENING PROCESS AND RENTAL CRITERIA?
Our strongest work must take place with the screening process. Securing great tenants is in everyone’s best interest. Using our proprietary resident screening process (and proprietary scoring card) we analyze income, credit worthiness, debt to income ratio, rent payment history, cash reserves of monthly rent, employment history, background/eviction check and other factors that indicate the likelihood the tenant will perform according to his/her obligations under the lease. Note: by utilizing our scoring card, Rice Real Estate has never had to evict a Tenant we placed into a managed rental property. Download Rice Real Estate’s Scoring Card here.
HOW DO WE MARKET AND ADVERTISE?
Rice Real Estate is serious about finding highly qualified tenants and does everything possible to capture the greatest applicant pool. Our rental properties appear on numerous websites and we advertise 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 7-14 days.
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 several 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.
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 evict a Tenant we placed into a managed rental property.
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. Do not confuse a pet with a service animal. We cannot 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. We verify service animals via a 3rd party pet screening company www.petscreening.com
DO I PAY FOR THE MAINTENANCE?
Yes. If the maintenance is needed because of normal wear and tear to the unit, the owner is responsible for the repair or maintenance. This includes anything that keeps the unit habitable and up to a similar condition to the tenant’s move-in. However, if a tenant damages the property, they will be responsible for the repairs.
HOW DO I KNOW YOUR VENDORS ARE QUALIFIED?
When a vendor works with Rice Real Estate we take time to do our research. We make sure they are insured and licensed. Often, we will check their website and online reviews to see what people think about their services. In addition, we personally own rental properties in Las Vegas and use the same vendors on our rentals as we do the houses we manage for other Owners.
Since we have a preferred vendor list, we have been working with most vendors for many years and have a great working relationship. In addition, we pay our vendors timely which encourages them to prioritize our tenant’s maintenance requests.
DO I HAVE TO PROVIDE LANDSCAPING?
If you want your landscaping to stay alive in the desert using a landscaper is a smart choice. Relying on the tenant is risky and can increase violation letters from the HOA. We have a couple preferred landscapers so let us know if you’d like an estimate from them for weekly, monthly or quarterly service.
WHAT NEEDS TO BE DONE TO GET MY PROPERTY READY TO RENT?
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 are 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 cannot envision what the property will look like after we do this or that…telling the prospect we are 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 is why we urge our owners to take care of the basics: fresh paint, clean floor coverings, functional window blinds, professional cleaning and everything in good working order.
DO I HAVE TO PAY FOR REPAIRS WHEN THE TENANT DAMAGED THE PROPERTY?
No. Tenants are held responsible for any damages caused by them. Tenant Damage versus Normal Wear and Tear can be confusing for many. Normal wear and tear is essentially the deterioration of an item that occurs under normal conditions. Tenant damage usually requires more extensive repair, and at a greater cost than “normal wear and tear”, and is often the result of a tenant’s abuse or negligence. View examples of Tenant Damage versus Normal Wear and Tear here.
HOW IS MAINTENANCE HANDLED?
This is the normal process for maintenance requests:
- This is the normal process for maintenance requests:
- Tenant submits a maintenance request through their online tenant portal
- We review the request, contact the tenant to troubleshoot, get more details, etc.
- We assign and send a work order to one of our approved vendors.
- The vendor contacts the tenant directly to schedule.
If the cost of the work will be under the maintenance limit, we will take care of the issue and you will see the details on your monthly owner statement. If the estimate is over the maintenance limit, we will contact you for approval before moving forward. Once approval is received, the work will get done. Emergency maintenance such as a flood where active damage is happening to your property will be approved even if it is over the maintenance limit to protect your property. You will be notified as soon as possible of the situation. Vendors complete the work and send us an invoice so we can pay from the reserve account for your property.
Examples of emergency repairs: flooding, no heat, no air conditioning, no running water, electrical sparks or no functional toilet (if only one toilet). Examples of non-emergency repairs: lack of hot water or failure of an appliance, including a refrigerator.
HOW IS EMERGENCY MAINTENANCE HANDLED AFTER HOURS AND ON WEEKENDS/HOLIDAYS?
Tenants can call our emergency number 24/7. If it’s during business hours, the emergency becomes first priority, and we get it taken care of. If it occurs after hours, we have vendors set up to make sure that your tenants’ emergency is handled properly. Our vendors and staff are trained to determine which issues are emergencies and which are not.