Overall our main objective is to find the highest quality Tenants, Properties & Owners and pair them together. We aim to reduce vacancy time while also getting fair market rent. We screen and background check for criminal, evictions, credit and rental history. After move-in we collect rent & solve any issues that come up regarding maintenance, HOAs, property evaluations and lease enforcement.
No question is too small, and we try to address as many as possible in the drop-downs below.
PROPERTY MANAGEMENT FAQs
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.
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.
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.
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.
Yes, you need to make sure you have a landlord property insurance policy which includes a minimum of $500,000 of liability coverage. If you property has a pool a minimum of $1,000,000 liability coverage is needed.
LEASING A HOUSE
Our strongest work must take place with the screening process. Securing great tenants is in everyone’s best interest. Using our proprietary scoring card we analyze income, credit worthiness, debt to income ratio, rent payment history, cash reserves of monthly rent, employment history, address history, identity fraud, criminal records, eviction records check and other factors that indicate the likelihood the tenant will perform according to his/her obligations under the lease. Our statistically validated scoring model and analytical tools give our team a forward-looking view of many key risk factors. Our goal is to always place residents who will pay on time and honor their lease obligations. Note: by utilizing our proprietary 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.
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.
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 14,000+ 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.
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.
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 screened and placed into a managed rental property.
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
MAINTENANCE & PROPERTY MANAGEMENT
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.
No, there is no markup to the cost of maintenance and repairs. Owners receive an electronic copy of every invoice with no markup fee. Full transparency.
1. Tenant submits a maintenance request through their online tenant portal
2. Property Manager reviews the request, contacts the tenant to troubleshoot, get more details, etc.
3. A work order is assigned to one of our approved vendors.
4. The vendor contacts the tenant directly to schedule repair.
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.
Tenants can call our emergency number 24/7s. 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.
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.
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.
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.
We will process an ACH direct deposit between the 5th and 10th of every month with your rent distribution (Owner draw). It takes most banks 1-2 business days to process the distribution into your account after we have submitted the ACH to the bank.
Every month you will receive an electronic accounting statement that includes all income and expenses for the reporting period. We also provide electronic copies of any invoices incurred during the reporting period.
Yes! To keep your financials secure, we use an encrypted portal system that requires you to login with an email address and password. With your ownership account you can enjoy easy access to important information about your properties like the status of maintenance requests, your financial history, current income, and more online 24/7.
1. Financials covering the performance of your property
2. Review documents and files related to the property. For example, a management agreement or lease.
3. Access information about your property 24/7
4. Securely send Owner contribution funds
Mark Rice: Founder & Real Estate Agent
Mark has over 15 years of real estate industry experience. Prior to founding Rice Real Estate he was a top performer with Bank of America’s consumer mortgage division. Mark utilizes hisfinance and economics background to generate attractive returns for Rice Real Estate’s investment clients.
Mark guides investors to high quality assets and focuses on neighborhoods where he sees growth potential driven by economic and demographic trends. Our firm’s management portfolio provides him proprietary insight into investment properties in Las Vegas, Henderson, Green Valley and Summerlin. Mark guides his clients with integrity allowing them to invest capital in residential real estate with conviction.
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.