Can I see a copy of your Property Management Agreement?
Yes! Please download a sample copy here. Please note: The fee amounts shown are typical of an average single family rental property. Multifamily or higher end properties will have different numbers. Please contact me to discuss pricing to manage your property.
Do I have to pay anything up front to use your services?
Agency Setup - Rates depend on the complexity of the property and your ability to play well with others. We generally charge between $100 and $300 to start up a single family property and $70 per door on a multi-family property. Ask about rates on your specific situation.
Leasing Fee - You will get a tenant much faster if you are willing to provide a commission to agents. My leasing fee includes commission for the agent who finds the tenant. This ranges from $200 - $12,000 depending on the type of home. If you don't want to offer an agent commission, your property can't be listed on MLS and will take longer to rent.
Can I stop using your services at any time?
Yes. I am confident in my services. You are welcome to leave at anytime. Most competitors require one year exclusive contracts.
Do I have to pay some kind of "reserve"?
No. At Limestone, we trust that you will reimburse us in a timely fashion for smaller repairs and we will ask for 50% deposit on larger items or rehabs.
How do I get paid?
Electronically through direct bank deposit. It takes about 5 days to process rents. So for example, if your tenant pays on the 3rd, you will get your payment on or about the 8th unless you prefer a monthly reconciliation typical of multi family units. Monthly reconciliations are done about the 3rd week of every month.
Foreigners with EIN - You must have a US bank account to get paid. We do not mail checks.
Foreigners without EIN - You need to jump through the hoops to get an EIN in order to do business in the US. I can refer you to a professional to help with that.
How do you screen tenants?
I use an online application that performs a nationwide background check including credit, evictions, criminal history. If an applicant is weak, then I may require increased security deposit.
Proof of Income - Generally, I look for people with stable, verifiable income at least 3 times the monthly rent.
Rental History - Someone who has more than 2 years rent history is also a rare breed. There are ways to verify this of course but generally I look for the reasons why they are moving and if they have a history of paying on time.
Credit History - 95% of the tenants in Las Vegas have really poor credit history. A bad credit score does not necessarily indicate the tenant won't pay rent. The only time credit history is considered, is if the tenant is moving from out of state or has no verifiable rental history.
How fast can you get me a tenant?
Price - The speed of placing a tenant is a function of price. If you want a ridiculous price for your rental, it will languish on the listing pages forever. If you price your unit 30% below market, I can have a tenant for you by this weekend. Generally, tenants are placed within 3 weeks at market price AND if it's not during the November/December holidays. During the winter months, people don't like to move much so tenants are harder to find at that time of year.
Vacant Ready - The "vacant ready" clock doesn't start ticking until the place is ready for move in. Most rehabs take a couple days. Worst case is a week if it was really thrashed. It will take 5 weeks if the place was stripped of copper and plumbing. I can often line up tenants while a property is still being rehabbed, but that is NOT guaranteed. Most people like to see what the place looks like when it's ready, before signing contracts and paying in their hard-earned money.
How do you market your properties?
MLS - If your bounty is $300 or more, we throw this up on the listing service for all Las Vegas leasing agents to access. No properties go on the MLS without a bounty. Leasing agents don't work for free, so a reasonable commission must be offered to list your rental on the MLS.
Realtor.com - Your property automatically goes here if you are put into the MLS.
Zillow - Your property automatically goes here if you are put into the MLS.
Signs - Yes of course. Unless your property is located in one of those communities that require $200 custom signs.
Craigslist - Every property gets renewed every 3 days. I still find lots of tenants through Craigslist!
Bounties - Highly encouraged. Your chances of getting a tenant quickly increase dramatically this way. Other agents will bring prospects. Tenants and custodians get rent credits for qualified prospects.
What happens to the security / cleaning deposit?
Deposits go into my broker's (Limestone Investments, LLC) trust account that is monitored by the Nevada Real Estate Division. When a tenant moves out, a walk through is completed and any damages are paid with that deposit. Generally, I video this walk through so you can see what needs to be done if anything.
How do you handle pets?
This issue is up to you. A general rule of thumb $150+ per pet deposit up to 2 pets. You can also choose a non-refundable pet FEE. However, it's totally ok if you don't allow pets. The drawback of course is that you get fewer prospects and may cost you a month's worth of income. Nevada law requires us to accept registered service animals without restriction, fee, or other requirements.
What does your maintenance process look like?
Tenants request maintenance through their online portals or call our 24x7 maintenance number which is converted to a text to all our maintenance supervisors. A specialist is dispatched based on the complexity of the problem. If more than a couple of trades are involved, we will send a general contractor. Generally, we charge ~$40 for each service call but don't mark up the vendor. If the problem is really complex and involves managing more than a couple of vendors, a major event could go up to 5% of the overall invoice (usually a major rehab). For example, a garbage disposal would be the cost of the plumber + ~$40.
Do you use vendor kick backs?
No. Some competitors do this but we do not. You get to see exactly how much the vendor charged us AND you can contact the vendor directly to verify. You also have access to before and after photos of repairs done. I have a long list of tried and tested vendors at my disposal, so work gets done efficiently and at a reasonable price. There is a modest service charge to cover the cost of administration and managing maintenance requests. You can see exactly what was charged, on every invoice.
What happens when a tenant pays late?
Late fees and 5 day notices. The first offense gets a small late fee. Repeated offenses result in higher late fees. They either correct their behavior OR they continue to pay more money.
At what point do you evict a tenant for not paying?
A rule of thumb is 50% behind. For example, if the tenant only paid $500 rent when they were supposed to pay $1000, we start eviction proceedings. At this point, 95% of tenants either pay or leave. This rule also applies to late fees. If a tenant has accumulated more than 50% of rent in late fees, eviction proceedings start.
How do you handle evictions?
90% of problem children leave gracefully. There are specific procedures for evictions. We evict about 3 tenants a week and don't mess around. Here is more info on Las Vegas evictions.
If we get a fighter, we will have to go to court. The most common excuse fighters use for not paying rent is "pests on property" - this does not work. If they haven't paid rent, they get evicted.
What do my eviction costs look like?
If the tenant doesn't pay us these costs, you will. 80% of the time we get this from the tenant unless they are locked out. I offer FREE eviction service for new full service property management clients.
5 Day Notices - $35 - This fee gets tacked onto tenant's rent. If unpaid late fees accumulate to 50% of rent, we start eviction.
Eviction Filing - $150 - This is the fist step in eviction process and many tenants will leave at this point.
Court Appearance - $300 - If the tenant fights and we have to suit up for court, this is the cost to represent you.
Lock Outs - $250 - In the rare event a "lock out" is required. This includes the constable, lock change and a video of the property.
Who handles tenant service calls?
- Non-Urgent Calls Under $400 - It is cheaper, faster and better just to fix the problem. A maintenance manager from my team will notify you via email about the problem with approximate costs. The vendor will then bill us and we bill you. Examples of non-urgent calls are things like broken windows, dripping faucets, irrigation leaks... things that are not immediately jeopardizing your property or the health of the tenant.
- Non-Urgent Calls Over $400 - We will contact you to discuss your options and/or provide multiple bids. Examples of non-urgent calls over $400 would be things like water heaters, pool equipment failure... things that are not immediately jeopardizing your property or the health of the tenant.
- Urgent Calls Over $400 - If we can't reach you immediately, we make a decision for you. Broken pipes, AC failure (during the summer), leaking roof... things that are immediately jeopardizing your property and/or the health of the tenant. This only happens about once a year and may never happen to you.
Will there be a problem with my first tenant after I purchased a property?
YES. There is ALWAYS something an inspector missed or a tenant may have left a skeleton in the closet. We will discover something wrong after the tenant has lived there a couple of days. It is usually nothing major but it happens. Brace yourself mentally for a few repairs. People are not perfect and cannot find every little detail during your inspection or walk through.
What happens if I purchase a home warranty?
Your tenant calls us first because not all events will be covered by a home warranty. You or your tenant will pay the deductible. Each contract is a bit different so please make sure you are clear as to who will be paying what. We will charge $25 to deal with home warranty service calls because this takes up a lot of our staff's time. Most home warranties are terrible and not recommended except *maybe* for big ticket items like water heaters, roofs, or HVAC.
Do you pay my taxes, HOA fees or anything that may put a lien on my property?
No. We are simply not set up to do that and it's dangerous for you anyway. It is ALWAYS best for owners to receive all notices from HOAs, tax assessors, sewer and trash services - they will slap you with liens quickly if they are not paid. I strongly recommend you get your HOA to set you up for EMAIL notices, as mail is slow.
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