Property Management FAQs
Contract and Starting Out
Generally, no. We do not charge setup fees for a normal property management start-up. If your property requires an unusual amount of work to get started, we may charge an appropriate administrative fee, which would be outlined up front. The vast majority of clients will not need to pay any setup fees!
The full service property management fee is 8% of monthly rent. There is a Leasing Fee once we place a tenant for you. For full service management clients, this is the greater of $600 or 50% of 1 full month rent. This includes a commission for a referring agent who may bring the tenant, and our premium rental marketing services. Please see Pricing for more detail.
We pay electronically through direct bank deposit at the end of the month. This eliminates the need for us to hold a “reserve” on your funds, and provides you the convenience of receiving your monies at the beginning of each month.
- Foreigners with EIN / ITIN – You must have a US bank account to get paid. We do not mail checks.
- Foreigners without EIN / ITIN – You will need to obtain an EIN or ITIN in order to avoid FIRPTA withholding. We can refer you to a professional to help with that. You must also have a US bank account to get paid.
No. Since we pay owners at the end of each month, we will simply deduct the cost of smaller repairs from the rent. 50% up-front deposit may be required on larger jobs.
There is a $150 admin fee for Lease Renewals, which includes a property visit. This property visit is performed before offering the tenant the option to renew, and if we find excessive damages we may opt not to renew their lease. There may be costs related to performing evictions, attending HOA hearings, managing insurance claims, or other unusual activities. We maintain about 97% on-time rent payments with tenants we place, so evictions are rarely necessary after we place a tenant.
No. We are a full service property management company for Las Vegas rental homes, not a maintenance coordination service. As a licensed property management team, we have an effective system in place and we are happy to help. However, we do not make exceptions to the rules, and this is one of those rules. Making exceptions creates too many problems with tracking, tenant confusion, and liability.
No. You are hiring a property management company to take care of the rental business for you.
- We perform property checks so you don’t need to.
- When we manage your property, our team takes care of the day to day issues, walk-throughs, repairs, etc. There is no reason for you as the investor to have to deal with any of this.
- Tenants want and need privacy and quiet enjoyment at home. It’s not ok for owners to just “stop by”.
- If you have keys, and a tenant experiences a break-in or stolen belongings, then they can potentially blame you. This is an unnecessary risk.
Most homeowner insurance policies will not cover your property when it’s rented. You need a “landlord policy” to cover your rental property. Our brokerage (Strawberry Property Management LLC) must be named “Additional Insured” on that policy with $500k minimum liability coverage.
Note: “Additional Interest” is not the same as “Additional Insured” and will not work. All standardized Las Vegas property management contracts require the owners to add the brokerage as “Additional Insured”.
Here are some insurance agents who have helped our clients with this:
- NREIG – National Real Estate Insurance Group – they specifically cater to real estate investors and offer many coverage options.
11500 NW Ambassador Dr Ste 310
Kansas City MO 64153
Phone: 888-741-8454 ext 446
Contact: Marissa Valdez
Or use their online form to get started here.
- Farmers Insurance
4458 N Rancho Dr Ste 110
Las Vegas NV 89130
Contact: Michelle Youshock
- AmeriSent Insurance
6070 S. Eastern Av Ste 400
Las Vegas NV 89119
Contact: Iliana Lima
- Safeco Insurance
4013 E Sunset Rd
Henderson NV 89014-0215
- Farmers Insurance
6345 S Rainbow Blvd Ste 103
Las Vegas NV 89118
Contact: Stephanie Martinez
Get started with us now!
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