|
|
SUCCESS OBJECTIVES
MAXIMIZE CASH * RAISE VALUE * REDUCE
RISK/STRESS
|
THESE IMPORTANT GOALS ARE ACCOMPLISHED BY PROVIDING
THE FOLLOWING SERVICES:
|
| Maintenance &
Operations Cont'd |
 |
Maintenance Division-
We operate the same way a large efficiently run apartment complex
would. We use maintenance people and handymen for the run of
the mill repairs and call on specialists for large important
jobs like air conditioning, roofs, and electrical work etc.
Our goal is to provide the tenant with a quick response, and
the owner with quality work at a good price. We are constantly
looking for vendors who can do it faster, better, and at a reasonable
price. In a fast growing area it is very important to select
vendors who you can trust and will provide the type of service
that can be relied upon.
|
| Improvements |
| |
Make improvements when they will provide a solid
platform from which to raise rents. Here is an easy example...
a pool. A pool is an improvement, it's an expensive one, and
it demands higher rent when compared to similar properties that
do not have a pool. On the other hand, painting after the third
tenant vacated would not necessarily be considered an improvement.
This is more of a maintenance issue. We're not suggesting that
an owner put in a pool on properties that do not have one. A
pool was only used as an example. Most owners can't afford improvements.
However, if you can, and it will mean higher rents and higher
resale value... you might want to consider it.
|
Operations
Provide Property Cash Flow and Analysis Reports: On
the 10th of every month we mail out your checks along with a
couple of reports that help you see where your property may
be ailing. Some older properties have roof problems, or maybe
its electrical. Our reports tell you exactly how much money
you've made and where your money is going.
|
Establish and Implement Rent Increases:
Rent increases are simply determined by market value... supply
and demand. Comparisons are run through the Multiple Listing
Service that provide a strong base from which to determine the
fair market value. In times of lower interest rates, existing
owners will be competing with new owners that may have obtained
more favorable financing, and therefore able to offer lower
rental rates and still make a profit. When interest rates are
rising, just the opposite will happen. Also, when interest rates
are low, there is an increase in investor purchases which flood
the market with available properties which in turn puts pressure
on prices and rents can and will drop.
This is primarily done at the time their lease is about to renew.
In recent years, in Las Vegas, rental prices have not been going
up with inflation. Instead, with the massive and pervasive expansion
that seems to be non stop, rental prices have pretty much stayed
the same and in some cases declined. Having said that, we are
however vigilant in looking for opportunities to increase an
owners bottom line. In Nevada, you have to give a tenant a 45
day written notice if there is going to be a rent increase.
Of course, you can only complete this with tenants who are on
a month-to-month basis or are just about to renew their lease
term.
Our delinquency policy is a simple one..... They Don't Pay....They
Don't Stay. There is rarely a reason to make any type of rent
concession that is going to be of benefit to the owner. Eviction
proceedings are started on the 3rd of the month and in most
instances the tenant is out by the 21st.
|
|
|
