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. 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.
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 Hotpads, Trulia, Zillow, Realtor.com, Facebook, ListHub (feeds to over 40 websites) and our proprietary website www.RiceLasVegas.com. We also advertise directly 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 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.