Residential Real Estate Management and Leasing: Frequently Asked Questions
Here are the most popular questions being ask in reference to property or real estate management. Feel free to contact us at any time if you have a any questions or concerns. For a FREE Comparative Market Analysis (CMA), contact Greater Las Vegas Property Management at (702) 366-0600.
What will my management services include?
As your Agent, GLVPM will perform ALL of the acts and duties normally involved in operating your property as a rental unit for income and appreciation. We are experts in Las Vegas rental property management and will provide all the services and tasking necessary to operate the investment property by preparing the unit for marketing (if it’s vacant), shooting the initial digital photographs to document the condition of the property prior to occupancy, erecting the signage (if your HOA permits), installing the electronic lockbox so that licensed Realtors® can show your property, market the property on-line, screening and qualifying your tenants, executing the lease on your behalf and moving in the tenant, collecting the rents and forwarding rents to you each month by “direct deposit” into your bank. Direct Deposit or ACH of rents is available free of charge. GLVPM manages any instances of maintenance and repair and preforms the initial and periodic property inspections. At no additional charge GLVPM will deal with any issues that may arise with your Homeowner’s Association and can pay the HOA dues from your Owner’s account. Should it ever become necessary GLVPM is prepared handle all collection and eviction processes. At no cost to the Landlord GLVPM conducts the move-out inspection providing Landlords a written report with photographs. GLVPM is responsible for completing the Tenant’s Security Deposit Transmittal within the statutory timelines. We report to you in a monthly statement all of the activity with your property, and our software tracks the activity in “real time” so you can call us at any time for a status update. Meanwhile, our goal is to manage the day-to-day business of your rental property so you don’t have to.
What will GLVPM’s management services cost?
GLVPM Landlords pay a one-time Marketing and Set-up Fee of $350.00 when the management agreement is executed and the account is established. This fee NEVER recurs for as long as we manage the property, even if the tenant changes after a year (see our Management Agreement). After a qualified tenant has been secured and the tenant has paid a full, non-refundable security deposit, signed the lease and paid the 1st month’s rent, your account will be charged a leasing fee. The GLVPM Standard leasing fee is $450.00 and is deducted from the first month’s collected rent. GLVPM charges a Monthly Management Fee of between 8 and 10 percent (8-10%) based on the rent level and is paid only on collected rents. There is no Management Fee charged during any period of vacancy. The monthly management fee is an “all-inclusive fee”, meaning that at Greater Las Vegas Property Management there are no additional charges for individual services like frequent drive by inspections, direct-deposit of your rents via ACH, monthly statements, postage, warranty service claims and tenant HOA registration, etc. For clients who have two to ten properties under management at GLVPM, we reduce the Monthly Management Fee on all the units to eight percent (8%) and offer reduced Set-up Fees for the second and subsequent properties you assign to us.
How does GLVPM handle my real estate leasing and market my Investment Property for Lease?
GLVPM, Realtor®, is a member of the Greater Las Vegas Association of Realtors® and a member of the Multiple Listing Service. All properties will be listed in the Multiple Listing Service of the Greater Las Vegas Association of Realtors, which means that over 10,000 licensed agents will be able to show your property and earn a leasing fee. Where permitted, yard signs with color flyers are used to attract drive-by attention. Also, all properties listed for lease with GLVPM are posted to multiple web sites including www.glvpm.com, www.zillow.com, www.heropm.com, www.hotpads.com, www.realtor.com, and over 50 various National Relocation web based providers. The GLVPM leasing line (702-363-0441) operates Vegas-style, 24 / 7 / 365. After hours, weekends and holidays, leasing line calls are answered by GLVPM licensed staff and GLVPM Preferred Realtors®.
What is the GLVPM process for screening tenants?
Each prospective tenant must complete an application form, giving all pertinent information and permission to verify the sources listed. GLVPM runs a three bureau compiled credit report on each applicant. Reports show a Risk Score Factor that is specific to tenant credit reports, searches Nationwide Unlawful Detainers, evictions, foreclosures, state tax liens, utility collections, delinquent student loans and child support payments. GLVPM asks the applicant’s employer to verify his / her income and we contact previous landlords to ensure the tenants paid their rent on time, the property was in good condition at the time of surrender, and the tenants were not a problem tenant. (see Tenant Services FAQ
What accounting and disbursement schedule can I expect?
Landlord Statements are published on-line on the 15th of each month and will include all original invoices for all repairs and any correspondence pertaining to your property. Disbursements of Owner’s proceeds occur around the 10th of each month. Mid-month and end-of-month disbursements are made in the cases of Move – In prorated rents. A year-end statement compiling monthly activity and 1099 will be provided for your tax computation and records at no additional cost.
What about Home Warranty Protection Polices?
While not a requirement of GLVPM, we STRONGLY RECOMMEND, as prudent Risk Management, Owners of residential investment properties purchase a Home Warranty Protection Policy. Generally, new homes have a one (1) year warranty, and in the case of resale homes sellers often provide a warranty through escrow. GLVPM works with all warranty companies and has negotiated a discounted price from Fidelity National Home Warranty for all GLVPM owners who need to purchase one. (www.homewarranty.com
What are GLVPM Insurance requirements?
GLVPM must keep on file a copy of the “declaration page” that shows the type, dates and amounts of coverage under the owner’s insurance policy, and the contact person / department for filing claims. GLVPM may be added to the owner’s policy as additionally insured. Generally there is little or no cost for this feature. With the owner’s permission GLVPM will contact an owner’s agent to make the arrangements. All owners are encouraged to seek competitive premium quotes for insurance coverage. You should contact your carrier and consult on the appropriate insurance coverage for your rental property.
How much will my investment property lease for?
PRIOR to entering into a management agreement with an Owner / Landlord relating to the real estate management and leasing, GLVPM will provide a FREE, No Cost or Obligation, Comparative Market Analysis (CMA) to establish current market rents. Data for the CMA is drawn from the MLS closed (leased) archives of comparable properties in the area and includes listing price, leased price and Days on Market (DOM). We can also examine the prices and terms of other units that are currently listed for lease (i.e., your “competition” for a good tenant). While square footage, lot size, room sizes, upgrades, amenities and various other factors can affect Las Vegas rental prices, market conditions of supply and demand will determine what your investment property will rent for. For a FREE Comparative Market Analysis (CMA), contact
Greater Las Vegas Property Management at (702) 366-0600 or at firstname.lastname@example.org