|
|
FREQUENTLY ASKED QUESTIONS
In No Particular Order
|
| WHAT
IS THE 'MLS' AND WHAT GOOD IS IT? - MLS stands
Multiple Listing Service. It's the computer system that most
realtors access to advertise their properties to all of the
other realtors. It's free, until you actually benefit from it.
Lets say that your property rents for $1000 a month. We normally
offer up to $250 referral fee to other realtors who bring us
a qualified tenant that is accepted. That means that if by using
the MLS your property is rented just 5 days sooner than it would
have been otherwise, you've saved yourself money.... ($1000/30=33.33
33.33x5= 166.66). It doesn't cost anything to list and the referral
fee comes out of the first months rent. |
| DO
YOU PICK UP THE TENANTS RENT PAYMENTS AT THE PROPERTY?
No. We give the tenants mail in address labels just like the
mortgage company gives you. In addition, there is someone in
the office over 40 hours a week. We have never had a problem
with tenants getting their payments into the office, except
when they didn't have the money to start with. |
DO YOU GIVE A PRICE
BREAK FOR OWNERS WITH MULTIPLE PROPERTIES? Yes,
but you have to have a lot of properties and/or a lot of units.
We usually don't offer a break unless you have a minimum of
40 units.
|
WHAT DO YOU CHARGE FOR APARTMENT
BUILDINGS? If the building incorporates a full
time, fully functional, onsite property manager, then we charge
5% of the gross rental receipts.
|
WHEN DO I NEED AN ONSITE MANAGER?
We usually recommend some type of onsite at
24 units or more. Some owners and buildings require one a lot
sooner. There are different degrees of on-site support as well.
We try to cater each building and owners requests to what's
best.
|
HOW DO YOU DECIDE WHAT TYPE
OF MAINTENANCE PERSON TO SEND FOR A REPAIR?
We look at the type of repair that is being made and pick the
best person that is suited for the job. Many times it also has
to do with "risk'. In other words, we don't send a handyman
to repair or replace an electrical box or breaker board. The
chances of causing a fire are to high, so we would use an electrician.
However, we wouldn't use an electrician to change out some light
bulbs or replace a light socket or switch, something with little
or low risk, we would use a handyman. So, each instance and
what is involved is evaluated and the best person is selected
based on risk and cost.
|
IS ANYONE ON YOUR STAFF BILINGUAL?
Yes. We have several Property Managers that speak other languages.
Currently we can converse in Spanish, Tai, and Lao.
|
CAN YOU JUST GET ME A TENANT
AND I'LL MANAGE THE PROPERTY MYSELF? - Unfortunately
no, for a couple of reasons. First, there is the slim possibility
that you or the tenant have some sort of falling out and somehow
we get dragged into the mess even though the only thing we did
was basically show the property. The second reason is that Nevada
State Law requires all out of state owners to have a live contact
person in the county in which they own their rental. It is illegal
for an owner to handle a rental property here without a live
representative.
|
THE PERSON I SPOKE TO ON THE
PHONE ISN'T THE PROPERTY MANAGER I GOT, HOW COME?
- Handling multiple properties is time intensive. It's extremely
difficult to do from behind a desk. Consequently, most of
the property managers spend a great deal of time out in the
field, at the properties. I have yet to figure out how a Property
Manager can adequately show the inside of your property from
behind their desk in the office. Consequently, most of the
time you will speak to someone in the office that is available
to answer your questions, but may not be the best person suited
for your type of property. We then assign the property to
the person we feel can do the best job.
|
IT DOESN'T LOOK LIKE YOUR RENT
PROJECTIONS WILL BE ENOUGH TO COVER MY EXPENSES, WHAT DO WE
DO? - First of all we do not set your rent price.
We show you what the market is paying for your type and size
of property. You can ask any price you want. Keep in mind, your
average tenant doesn't really care what you need, how much you
paid for the property, how little you put down, or what your
debt obligation is. He is looking for the best property that
meets his budget. Like anything else, if he can basically get
the same thing cheaper, the next block over, that's what he
will do. You need to decide how long you are going to try and
get "your price". Remember, every day the property
sits vacant, you're losing money.
|
|
| |
|
