Summerlin rental properties are in high demand. Summerlin is a high demand location and attracts high quality tenants. Rice Real Estate manages Summerlin rental homes ranging in value from $350k to 1.25 million with market rents between 1750-6500/mo. Owning a rental home in Summerlin makes sense both as a long term investment or as a strategy to purchase an early retirement home. Rice Real Estate can help you with the whole process from finding the right property to managing the entire rental process.
Here’s a real world example of a Summerlin Investment property we manage for a private California Owner:
Market rent – $2200/mo
Market value – $425k
est. taxes – $178/mo
Insurance – $45/mo
HOA – $50/mo
Mgmt – $176/mo
If you are interested in purchasing a Summerlin investment property give Rice Real Estate a call at 702-551-9592 ext 701. Brokerage Owner Mark Rice has helped many out of state clients purchase Summerlin investment properties. Our firm has the knowledge and expertise to get you the best returns out of your investment property.
If I Purchase A Summerlin Investment Property How Is An Applicant Screened?
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.
Our resident screening data includes insight from our proprietary records along with an applicant’s eviction records, address history, criminal records, identity fraud and credit data. The key to a comprehensive evaluation of risk is a thorough evaluation of the resident, property and portfolio. Unlike rules or judgment-based tools or methodologies, 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.
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 We Market And Advertise Summerlin Investment Properties?
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.
Our rigorous screening process and detailed scoring system help ensure we secure highly qualified tenants for your property. 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 much rent will my property bring?
Rice Real Estate performs ongoing rent surveys of the 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 Do My Summerlin Investment Properties 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. 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
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 7 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 7 days prescribed, the next step is a court order for lockout.
What Happens If My Tenant Vacates And Leaves The Property Dirty Or Needing Repair?
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.
For My Summerlin Investment Properties Who Holds The Security Deposit?
Nevada law requires us to hold tenant security deposits in a trust account separate from owner funds.
Rice Real Estate & Property Management
With more than 30 years of investment real estate & property management experience we understand the needs of our clients no matter where they are in the investment cycle. Whether you’re buying, selling, or looking for full service property management we will put our resources and experience to work and drive your profitability. Unlike our competitors who are transactional in their approach, Rice Real Estate & Property Management is known for the caliber of service we offer our clients. Through excellent communication, personalized service and our company’s high standards we have earned the long-term respect of property owners.
Founded in 2010, Rice Real Estate is Las Vegas’ premier investment sales and property management company with millions of dollars of residential real estate assets under management. Our firm has crafted a culture designed around full transparency, reliable communication, and efficiencies for both owners and tenants. Furthermore, our policies and procedures allow us to effectively optimize a property’s performance and profit while nurturing Tenant relations to keep long-term tenants.
We are investment property specialists and use a process-driven approach to increase efficiencies, reduce risk and drive performance and profitability. We are experts in our field and selective when it comes to new partnerships, adding only select properties each year in order to provide the highest level of attention to each one. Our company voice reflects the high standards we demand of ourselves and we deliver these high standards to you with quality property management.
Our firm is responsive. We work hard to quickly turn properties over and find quality tenants. We understand each day a house is vacant equates to lost rental income. We always strive to increase owner profit while focusing on preserving the integrity of your investment. Our efficient vendor accounts payable strategy provides us priority scheduling and preferred pricing. In addition, our team responds to emails and phone calls timely, tenant maintenance requests are handled promptly and Owners have 24/7 access to an encrypted online portal for financial reports and secure document storage. We make sure to be informative and transparent every step of the way. We manage with an owner’s mindset.
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 his finance 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 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.