Property Management FAQs
Tenant Placement and Leasing
- 2021 Update: 3D Dollhouse Virtual Tours! We are constantly updating our technology and now we are providing 3D Dollhouse Virtual Tours. This is the ultimate Virtual Tour experience for residential rental homes. We have been providing COVID-safe virtual property tours since 2019, so we didn’t need to make a transition when COVID changed all the rules. We were ready before it started. We continually work to improve our methods.
- 2020 Update: Floorplans! Now we include floorplans for all of our sales and rental listings. This encourages home seekers to spend more time looking at our ads, which helps sell or rent homes faster. We have not seen any other property management company or real estate agent in Las Vegas using floorplans on rental ads.
- 2019 Update: 360° virtual tours! We have invested in this technology to make the most of online vacancy marketing. Some websites give preference to listings with 360° photos and/or 360° tours. Very few property managers or real estate agents will provide this kind of service. We like to be ahead of the curve.
- Online syndication – We pay for a syndication service which pushes listings all over the internet, to 60+ real estate related websites. This generates the most traffic.
- Social Media – We have a healthy social media following and often find leads this way. Facebook, YouTube, Twitter. We may also use Boosted Posts.
- Sign on Property – Yes, when appropriate. A sign on a vacant property can attract vandals and squatters, so we use this method judiciously and with owner approval.
Our median placement time is 9 days. However, there are factors that affect this, and the biggest is price.
- Price: The speed of placing a tenant is a function of price. Some owners believe that higher rents attract better quality tenants – that is absolutely not true. The more qualified tenants can choose any rental they want within their budget, so they tend to take the better deals, which are priced at or below market rates. This leaves the overpriced rentals to the tenants whose qualifications are less than perfect. If you want a super high price for your rental, it will languish on the listing pages forever. If you price your unit a little below market, we can get a qualified tenant much faster. Typically, we use rental listings which are active or leased within the last 6 months, within half a mile of the subject property, to suggest a price range. We don’t use “Zestimates” – those are often very inaccurate.
- Vacant Ready: The “vacant ready” clock starts ticking when the place is ready for move in. Most “rehabs” take a few days. It normally takes 14-28 days if the property was thrashed. It will take several weeks if the property needs extensive work. We can sometimes line up tenants while a property is still occupied or being rehabbed, but that is NOT likely if the place is not in good shape. Most people like to see what they will get, before signing contracts and paying in their hard-earned money.
This is probably the most important step of the property management process, and we approach it very seriously. We use an online application that performs a nationwide background check including credit, evictions, and criminal history. We look at the overall picture and use a standard “grading” system for all applicants.
- The normal security deposit amount is equal to one month of rent. If an application is weak, we may require an increased security deposit as a condition of approval. Learn more about our Rental Requirements here.
- Proof of Income – We require verifiable income at least 3 times the monthly rent. For more than 2 adults, we will require higher income. We use a third party verification system to verify income by matching bank deposits to wage or income statements.
- Rental History – We look for tenants who have a history of paying rent on time. Tenants with eviction history in the last 5 years will not be accepted. Eviction history more than 5 years old would require further consideration and/or increased security deposit.
- Credit History – Most renters in Las Vegas have less than stellar credit history. A low credit score does not necessarily indicate they won’t be a good tenant. As policy, items like money owed to previous landlords, recent eviction, and unpaid utilities, payday loans, or vehicle payments, will result in automatic decline. Essentially, we look for applicants with a history of paying their living expenses. Those without a history can still qualify with increased security deposit.
- Criminal History – Active issues result in decline. Applicants with criminal history of violence, property damage, or drug sales/distribution within the past 5 years will be declined. Registered sex offenders will be declined. We perform local checks as well as national screening.
2022 Update: We will report all tenant rent payment histories to credit bureaus, including TransUnion and Equifax. This includes on-time, late, missed payments, as well as unpaid tenant debt. This will further enhance our screening process, since all rental applicants will be informed of the credit reporting up front.
No. This creates a Fair Housing liability risk. We follow Fair Housing guidelines and look for qualified renters. In the case of multiple applications, we process complete applications in the order received. A complete application means it includes all supporting documents. If the first complete application is not acceptable, we will move to the next. If more than one acceptable application is received within the first 2 business days, we will accept the most qualified. Learn more about our Rental Requirements.
As policy, occupancy on all rental contracts is limited to 2 persons per bedroom. Studios are limited to two persons total.
Deposits go into our trust account which is monitored by the Nevada Real Estate Division. When a tenant moves out, we complete a walk through of the property and pay any damages out of the deposit. Generally, we video the walk through so you can see what needs to be done, if anything. 2019 Update: We are incorporating 360° photos into our processes, so we can have a complete view of every room before move in, to compare to move out condition. This makes proving damages easier than ever before.
We no longer use cleaning deposits. Instead, we use a cleaning FEE. If a tenant leaves the place so dirty that the actual move-out cleaning cost is more than their cleaning fee, then we will charge the overage to their security deposit.
The condition of property is documented prior to tenant move in. This is used to compare the condition at move out. Any damage beyond normal wear is charged to the tenant’s security deposit. If the tenant paid a cleaning fee, then any excess cleaning costs are also charged to the tenant’s security deposit. If damages or excess cleaning costs exceed the amount of the tenant’s security deposit, we will place the tenant in collections for the balance due. In that case, the owner pays for repairs and cleaning, and the tenant’s security deposit is transferred to the owner’s account.
This issue is up to you. According to these statistics, 68% of US households include at least 1 pet, and most of those have at least 1 dog. By not allowing pets, you eliminate the majority of the tenant pool, which means it will be harder to find a qualified tenant. When accepting pets, we will require a minimum $300 pet fee for up to 2 pets. It’s totally ok if you don’t allow pets. It simply means you will get fewer tenant prospects and may lose income due to longer vacancy. However, Fair Housing rules require us to accept valid service animals / emotional support animals without restriction, fee, or other requirements.
We use PetScreening to collect information and verify animals as part of the rental application process.
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