Questions About Managing a Home
What is it going to cost me?
There is a one-time $495 set-up fee at the time your account is opened. Please refer to the management fees section below for further details.
How is advertising handled?
Your property will be listed in the Multiple Listing Service of the Greater Las Vegas Association of Realtors, which means that over 13,000 licensed agents will be able to access and show your property. Yard signs are used to attract drive-by attention as well as family and friends of neighbors. We also advertise on our website www.RealtorVandana.com, www.VandanaBhalla.com and on our blogs, social media sites including facebook, twitter, Google+, etc. We also advertise your listing on hundreds of websites including www.Zillow.com, www.Realtor.com, www.Trulia.com, www.Hotpads.com(to name a few) and many more. Your home will also have it’s own website, talking etour, 24 hour text messaging with details for potential tenants and much more. We post flyers of your property on craigslist and upload the talking etour video to YouTube. Our extensive marketing program will get your property rented quickly for the best rental rate possible.
How do I screen tenants?
Each prospective tenant must complete an application form, giving all pertinent information and permission to verify the sources listed. You should run a credit report on each applicant through Experian Credit Reporting Service. Reports must show a Risk Score Factor of less than 400, with no evictions, foreclosures, state tax liens, utility collections, or delinquent student loans. You should ask the applicant’s employer to verify his/her income and contact previous landlords to ensure the tenant paid rent on time, left the property in good condition and was not a problem tenant. Signature Real Estate Group is a Fair Housing participant and does not discriminate based upon race, creed, color, religion, national origin, handicap or familial status.
What should I lease my property for?
We determine and suggest a rental amount through a comparable market analysis and by viewing the property. While factors such as square footage, the number of bedrooms and bathrooms and other amenities affect Las Vegas rental prices, market conditions will best determine what your investment property will rent for.
What does the management fee include?
The management fee includes conducting periodic evaluations at the property, including a move-in and move-out walk-through, 90 day and 9-month property evaluation while occupied by the tenants in the first year, all conducted with a Signature Real Estate Group Agent. A 24-hour Signature Real Estate Group maintenance team is also a part of the management fee, which would coordinate emergency and routine maintenance requests from the tenant. We constantly evaluate contractors to ensure the highest level of skill & value. I personally coordinate maintenance requests. I also encourage owners to opt for home warranties; this can help save dramatically in case of major repairs.
Bookkeeping services would also be provided, which includes: sending monthly statements, year-end profit and loss and 1099, collecting rent monies from tenant, serving all legal notification for non-payment of rent (5-day pay or quit notice), representation in court for non-payment of rent, coordinating eviction with the constables office.
Why is there a Leasing Fee?
The additional 10% charged the first month of a tenant’s occupancy covers Signature Real Estate Group’s expenses of leasing the property. This includes: Having the tenant sign the lease agreement and all other necessary paperwork to ensure a successful owner / tenant relationship and collecting all rent and security monies.
What is the set-up fee used for?
Set up fees are a one-time fee used to establish accounts, complete a property evaluation, hang lockboxes, take pictures and begin marketing and other items pertinent to new accounts.
What is the reserve used for?
The initial Reserve balance is required to cover the expenses of marketing and any utility bills that may need to be paid while the property is vacant.
What is the MLS Agent referral fee?
When a property is listed in the Multiple Listing Service, it will now be available for showings by real estate agents who may have potential tenants. Should that tenant qualify to live in the property and is subsequently approved by the owner, the real estate agent would need to be compensated for referring the tenant. This is done through the referral fee.