Founded in 2010, Rice Real Estate & Property Management has earned its reputation as Las Vegas’ premier investment-focused property management company.
We didn’t just stumble upon this position—we achieved it through meticulous attention to detail and an unwavering commitment to our clients.
Our Silverado Ranch Property Management team doesn’t merely handle properties; we’ve developed a system rooted in cutting-edge technology, full transparency, and streamlined communication between Owners and Tenants. The result? Long-term tenant retention and properties that consistently perform.
Silverado Ranch Property Management Trust Accounts
In 1997, Amendments were added to the NRS 645 and NAC 645 relating to property management activity. According to NAC 645.655(8), a broker who is engaged in property management for one or more clients must maintain two (2) separate property management accounts distinct from any trust account that the broker may have for other real estate transactions. One trust account must be used solely for rental operating activities, and the other trust account must be used solely for security deposits.
Trust Accounts: Compliance You Can Count On
Since 1997, Nevada’s property management laws have required brokers to maintain two separate trust accounts: one for rental operations and one for security deposits. No mixing. No exceptions. At Rice Real Estate & Property Management, we adhere to these regulations flawlessly, ensuring your funds are safeguarded with utmost precision.
Keeping Records Like a Pro
Effective property management goes far beyond collecting rent or fixing issues—it’s about maintaining bulletproof organization. We’ve developed a comprehensive filing system that tracks everything from management agreements and tax reports to tenant leases and cash flow records. This ensures every client and tenant interaction is seamless, efficient, and stress-free.
Management Agreements: Every Detail Matters
At Rice Real Estate & Property Management, every management agreement between an owner and broker is tailored, thorough, and legally sound. It’s more than a document—it’s the backbone of our service.
We cover all aspects, from property details and rent collection to maintenance and emergency repair protocols. Every clause is intentional, ensuring clarity for both parties.
1099-MISC Tax Reporting and the IRS: We’ve Got You Covered
When it comes to tax reporting, we leave nothing to chance. If more than $600 is paid out or collected on behalf of an owner, we promptly issue a 1099 form to the IRS.
You can trust our accurate records to provide peace of mind. For personalized guidance, we recommend consulting your tax advisor.
Tenant Files: Organized and Accessible
Each tenant has a dedicated file containing all critical documents, from lease agreements to security deposit reconciliations.
Every file is meticulously maintained, ensuring a smooth process during move-ins, move-outs, and everything in between.
Trust Account Reconciliation: Precision is Non-Negotiable
Annual trust account reconciliation isn’t just a requirement—it’s an opportunity for us to demonstrate our commitment to accuracy. Every year, we provide the Nevada Real Estate Division with a detailed reconciliation.
We dig into every record, resolve discrepancies, and ensure flawless alignment.
Security Deposits: Maximum Protection
Security deposits are treated with care. By law, these funds are kept in a dedicated trust account, and we ensure every cent is properly accounted for.
If an owner assumes control of the security deposit, tenants are notified in writing to ensure total transparency.
Referrals: We Play Fair
Any referrals paid to outside brokers are handled with transparency. Payments come directly from our trust account—no middlemen, no hidden fees.
It’s all part of our dedication to fair and ethical business practices.
Trust Fund Accounting: Zero Tolerance for Errors
Managing trust funds with precision is essential to avoiding commingling, mismanagement, or legal pitfalls.
Our strict controls are in place to protect your investments and ensure transparency in every transaction.
Every dollar is tracked, recorded, and accounted for, leaving no room for error.
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Accurate Accounting is Mandatory in Property Management
Trust Fund Management: The Broker’s Ultimate Balancing Act
At Rice Real Estate & Property Management, managing trust funds isn’t just another task—it’s core to what we do.
In Nevada, dealing with trust funds demands precision, compliance, and a laser focus on accountability. There’s no room for error. Fail to get it right, and you’re looking at consequences far worse than just a slap on the wrist—think license revocation. And no, claiming ignorance won’t save you.
As a broker, you’re not just managing funds; you’re the gatekeeper, the vault master. Your fiduciary duty demands that every single penny, document, and transaction is tracked meticulously. At Rice, we don’t just track records—we obsess over them. Delegating your responsibilities might sound tempting, but remember, the buck always stops with the broker. No shortcuts allowed.
Sloppy record-keeping? That’s how you end up with issues like fund commingling, theft, or worse—legal trouble. While outsourcing your records might lighten the load, it doesn’t erase your liability. We take record management seriously, keeping everything spotless and ensuring no detail slips through the cracks. It’s like an insurance policy against chaos.
So, What Exactly Are Trust Funds?
Under Nevada law (NRS 645 and NAC 645 for those keeping track), trust funds cover anything of value—whether it’s cash, checks, or even personal property—that a broker or agent receives on behalf of clients.
It’s not our money, but we are holding it in trust. As the custodian, those funds must stay in their own lane, separated from anything related to broker-owned properties. Even a tiny ownership stake can’t slip through. No comingling, no exceptions.
Who’s Holding These Trust Funds?
Trust funds end up in a broker’s hands for all kinds of reasons: earnest money for pending sales, security deposits for rental properties, or even mortgage payments from tenants to owners.
