|
|
FREQUENTLY ASKED QUESTIONS
In No Particular Order
|
HOW DO I GET
RID OF MY CURRENT MANAGER? - We can provide
you with a professional statement/letter
that you can forward to your current manager. After that is
sent out we normally can get involved and complete the transition.
|
| HOW MUCH MONEY
DO YOU KEEP IN THE OWNERS TRUST ACCOUNT FOR REPAIRS? -
We would like to have a minimum of $300.00 per property and/or
a minimum of $50.00 per unit. This of course will vary with
the total number of units involved. Many owners keep much, much
more.... we're flexible. If repairs must wait because of insufficient
funds then the tenants will suffer. In the long run an owners
profits may suffer because tenants will move when repairs are
not completed in a timely manner. |
| DO YOU SELL REAL
ESTATE TOO? - Yes. However, 98% of what we do
centers around Property Management. We do not actively seek
sales. When the time comes most of our owners will request that
we either find them additional investments or list their existing
rentals. Since we have had a long term relationship these owners
are comfortable with our recommendations. |
| HOW MUCH DO YOU
CHARGE TO GET A NEW TENANT? -We charge between
$75.00 and $400.00. We guarantee the new tenant for up to ½
of the lease term. If the tenant should vacate before that time
then we will not charge a placement fee when we put the next
tenant in. Of course, the owner will always be charged for out
of pocket advertising, and any referral fees paid to other MLS
Brokers that refer a tenant. |
WHO HOLDS THE TENANTS SECURITY
DEPOSIT? - We do! In Nevada the Broker is always
responsible for the money. Below we have retyped the Nevada
Statutes regarding this matter.
NRS 645.310 Deposits and trust accounts:
Accounting; commingling; records; inspection and audit.
1. All deposits accepted...
2. Every real estate salesman...
3. A real estate broker shall...
4. If a broker receives money, as a broker, which belongs to
others, he shall promptly deposit the money in a separate checking
account in a bank in this state which must be designated a trust
account. All down payments, earnest money deposits, rents, or
other money which he receives, on behalf of his principal or
any other person, must be deposited in the account unless all
persons who have an interest in the money have agreed otherwise
in writing. A real estate broker in his discretion may pay to
any seller or the seller's agent the whole or any portion of
such deposit. The real estate broker
is personally responsible and liable for such deposit at all
times. A real estate broker shall not permit any
advance payment of money belonging to others to be deposited
in the real estate broker's business or personal account or
to be commingled with any money he may have on deposit. |
| HOW MUCH SECURITY
DEPOSIT DO YOU CHARGE THE TENANT? - As a general
rule of thumb we usually get a minimum of 90% of the rent. So,
if the monthly rent was $1000.00 we would normally take in $900.00
as a security deposit. However, there are many factors that
make up the figure. Are there pets, gate cards, pool keys, furniture,
garage door openers, etc. Is it a brand new home or is the property
made of stone from the dark ages? Why 90%? Because we do not
want the tenant, or the courts, to think that it is last months
rent. Also it usually only takes 15 days to evict a tenant.
Assuming no extensive damage the deposit should cover most of
the expenses and unpaid rent. Extremely high security deposits
are great if you can get them.... but they also keep good tenants
from being able to afford the overall move-in. |
|
| |
|
|
