Hello,
I would like to start off by saying thank you for your interest in our company. I have laid out here a few brief items that everyone normally has questions about, but of course I cannot include everything here as life happens and we never know until we get started. I like to say our company is ahead of the game when it comes to how we operate because with the new technologies that have come up in the world we have been able to stay right beside them and offer as many of those services to you but still stay very easy to get in contact with and make a relationship with.
Here are some of the key topics for our company… and don’t forget you can always ask more questions and I will gladly answer those.
MANAGEMENT CONTRACTS
To start off our relationship we must start by signing one of our standard management contracts. Our term is for one year with a monthly rental fee of 8% (only for months your home is rented). There is a $200 non- refundable administrative fee for establishing your first account, which includes setting you up in our state of the art accounting system appfolio, the advertisement of your home on MLS, rentsimple.com, realtor.com, and over 20 other sites that publish your home throughout the entire google and Bing databases. We also install a lockbox on the property for realtors to show your home and help us get it rented. After your first home with us you do not pay any other administrative fee to add in a 2nd, 3rd home and so on. Also if you carry more than 5 homes with us you can ask us about any discounted rates for the monthly management fee we may offer (depends on home vs condo, and overall property conditions)
RESERVE ACCOUNT
The only other item we request is that our owners establish an operating reserve account with us in the amount of $200.00 which we do not need upfront. We can take this from your first month’s rent. This is used for the maintenance expense and home warranty co-pays needed for your home AFTER we send you your monthly payment for that month’s rent period. This account is replenished from the rent proceeds the next month (if used so there is a continuous reserve account of $200.00 which is your funds and not a fee).
REPORTS AND STATEMENTS
An income summary report and statement with receipts, is provided to our owners on a monthly basis between the 11th and 15th of each month as long as rent was paid on time by the 3rd of the month from your tenant. This allows time for checks to clear our bank. We offer a direct deposit service as a free service on all of our accounts. You just must fill out an ACH form with us to allow this operation. With the direct deposit service we also email out all of our monthly statements through your owner portal via our accounting system appfolio. This allows you to receive your statements in a timely manner and print or save them to your computer at your convenience.
TENANT SCREENING
With all new tenants that apply for your home we verify their employment, past rental history, criminal background in the state of Nevada that we have access too, and an eviction check. Upon acceptance, tenants sign a very comprehensive lease agreement and a complete property inspection upon move-in. We require a security deposit & pet deposit (if any) based on tenants rental history, income, etc, but we start our deposits at $200. Over the rental price, for example if your rent is $1200.00 Then the homes deposit would be $1400.00 and pet deposits start at $350.00 per approved pet. We do put on all our listing considers pets that way if there is a pet you do not like we do not have to accept them but by putting no pets you do narrow your prospective clients but we are always here for you and if you want No pets we can accommodate that.
LATE RENT FEES
Due to us keeping fees low we do retain the late fees. This is because we in the end don’t really make anything off of them after paying for 5-day notices fees and postings etc. Late fees are charged on a percentage basis depending on your homes rental price. The initial charge of for the late fee is 4% of the rent on the 4th. Thereafter a late fee of 20% of the 4% per day is charged. For example if the rent is $1200.00 the late fee on the 4th is $48.00 and every day after is $9.60. Also on the 4th an eviction company is automatically notified and a 5 day notice is posted on the properties door. If the rent is not received by the end of the 5 day notice period the owner is notified and the eviction process is started as soon as the 14th of the month (could be a different day if any holiday come into play). These fees are charged to the tenant and do not need to ever be paid by the owner; however should we need to evict the tenant the actual eviction fees & 5 day notice fee ($50) will be passed to the owner. The late fees are not passed over to the owner but are retained by the management for postage, follow up phone calls, drive by inspection, administrative costs and for the start of the eviction process prior to actually filing with the court system. On average an eviction cost is approximately $300.00 and this pays for the justice court, constable, filing fee, and 5 day notice to pay rent or quit. Keys for the locksmith are separate as fees for them can vary. Our office can handle all evictions for owners, and no outside company is needed to complete this process.
Rentsimple.AppFolio.com
I know above I have touched on our new accounting software but here is a brief overview.
Right when we get your signed management contract back we will set up your file in appfolio. From here this will allow all prospective tenants to fill out a detailed on line application and pay for it via credit or debit card then we can verify all information under the tenant screening section. From here once we have a qualified tenant and we move them in we will get their lease signed and activate them in the system. Then once active tenants will be able to pay rent online via e-check (free), credit/debit card (small fee to them), or by cash at any 711 for $3.99 (fee paid by tenant) from here once rents have cleared our accounts we will send all of the owners check out via ACH and statements out via email through your owner portal. Then once the year end has come we will produce what we call a year-end-statement. This will included all rents collected, management fees paid, repairs fees paid, and any and all other bills that you had during that one year stapled to your 1099 for the years’ worth of income received that you can just hand off to your accountant. This packet will both be emailed and mailed to you during the month of January.
I hope this short over- view of our policies will help you to see that our goal is to provide excellent service. We are a “hands on” company and we care about our owners, their property, our tenants and our company. My team & I will work hard to assure that the company’s relentless pursuit of quality, integrity and service is not compromised. We are family ran and operated so that when you call you do not ever get an automated recording but instead you always get one of us. You will also receive our cell phones so at any time you can send a text as well.
Please feel free to contact me at my office at 702-920-4820 or my cell 702-326-6899 if you have any concerns or questions. Thank you for the interest in my company I look forward to helping you manage your investment property.