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. View Rice Real Estate’s screening criteria and  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 25^th of every month and late on the 2^nd day of the month. For example, April’s rent would post on March 25^th and be due April 1^st. If rent is unpaid on the 2^nd day of the month, we make contact with the tenant and a late charge may be assessed. If the rent remains unpaid by the 3^rd day of the month (or, next business day, if the 3^rd 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 read our article 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.