Contract and getting started
Yes! Please download a sample copy here. Please note: The fee amounts shown are typical of an average single-family rental property. Multifamily or higher end properties will have different numbers. Please contact us to discuss pricing to manage your property.
NO! We do not charge setup fees.
The standard full service property management fee is 8% of monthly rent. There is a Leasing Fee once we place a tenant for you. For full service management clients, this is the greater of $500 or 50% of 1 full month rent. This includes a commission for a referring agent who may bring the tenant.
We also offer Premium Property Management service at 10% of the monthly rent, which includes several additional valuable services. Please see Pricing here for more detail.
This is a more inclusive service that provides owners with more peace of mind. Owners choosing this level of service will enjoy all of the standard services plus a reduced Leasing Fee and the following services for FREE:
Professional Marketing Photos
Quarterly Air Filter service
Annual smoke detector service
Annual rental inspections
We do provide all of these services with our standard property management service, but for a fee. By choosing the Premium level of service, you enjoy greater protection at a more predictable cost.
Please see Pricing here for more detail.
Yes. We are confident in our services. You are welcome to leave at any time with an early termination fee. Please see our sample property management agreement.
We pay electronically through direct bank deposit at the end of the month. This eliminates the need for us to hold a "reserve" on your funds, and provides you the convenience of receiving your monies at the beginning of each month.
Foreigners with EIN / ITIN - You must have a US bank account to get paid. We do not mail checks.
Foreigners without EIN / ITIN - You will need to obtain an EIN or ITIN in order to avoid FIRPTA withholding. We can refer you to a professional to help with that. You must also have a US bank account to get paid.
No. Since we pay owners at the end of each month, we will simply deduct the cost of smaller repairs from the rent. 50% up-front deposit is required on larger items or rehabs.
No. This creates too many problems with tracking, tenant confusion, and liability. As a licensed property management team, we have an effective system in place and we are happy to help. However, we do not make exceptions to the rules, and this is one of those rules.
Most homeowner insurance policies will not cover your property when it's rented. You need a "landlord policy" to cover your rental property. Our brokerage (Limestone Investments LLC) must be named "Additional Insured" on that policy with $500k minimum liability coverage.
Note: "Additional Interest" is not the same as "Additional Insured" and will not work. All standardized Las Vegas property management contracts require the owners to add the brokerage as "Additional Insured".
Here are some insurance agents who have helped our clients with this:
6070 S. Eastern Av Ste 400
Las Vegas NV 89119
Contact: Iliana Lima
6345 S Rainbow Blvd Ste 103
Las Vegas NV 89118
Contact: Stephanie Martinez
4013 E Sunset Rd
Henderson NV 89014-0215
No. This creates more liability risk for you as well as our company. Specific reasons:
1) If we manage your property, our team takes care of the day to day issues, inspections, repairs, etc. There is no reason for the owner to have to deal with any of this.
2) If you have keys, and a tenant experiences a break-in or stolen belongings, then they can potentially blame you. This is an unnecessary risk.
3) Tenants want and need privacy and quiet enjoyment at home. It's not ok for owners to just "stop by".
4) We perform property checks so you don't need to.
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Tenant Placement and Leasing
Online syndication - We pay for a syndication service which pushes listings all over the internet, to 80+ real estate related websites. This generates the most traffic.
Sign on Property - Yes, when appropriate. A sign on a vacant property can attract vandals and squatters, so we use this method judiciously and with owner approval.
Craigslist - Property listings get renewed every 3 days. We still find lots of quality tenants through Craigslist!
Social Media - We have a healthy social media following and often find leads this way. Twitter, Facebook, Instagram, YouTube.
Our average placement time is 13 days. However, there are factors that affect this, and the biggest is price.
Price: The speed of placing a tenant is a function of price. Some owners believe that higher rents attract better quality tenants - that is absolutely not true. The more qualified tenants can choose any rental they want within their budget, so they tend to take the better deals, which are priced at or below market rates. This leaves the overpriced rentals to the tenants whose qualifications are less than perfect. If you want a super high price for your rental, it will languish on the listing pages forever. If you price your unit a little below market, we can get a qualified tenant much faster. Typically, we use rental listings which are active or leased within the last 6 months, within half a mile of the subject property, to suggest a price range. We don't use "Zestimates" - those are often very inaccurate.
Vacant Ready: The "vacant ready" clock starts ticking when the place is ready for move in. Most "rehabs" take a few days. It will take 7-21 days if the property was really thrashed. It will take several weeks if the place was stripped of copper and plumbing. We can sometimes line up tenants while a property is still occupied or being rehabbed, but that is NOT typical. Most people like to see what they will get, before signing contracts and paying in their hard-earned money.
We use an online application that performs a nationwide background check including credit, evictions, criminal history. We look at the overall picture and use a standard "grading" system for all applicants.
If an application is weak, then we may require an increased security deposit as a condition of approval. Learn more about our Rental Requirements here.
Proof of Income - We require verifiable income at least 3 times the monthly rent.
Rental History - We look for tenants who have a history of paying rent on time. Tenants with eviction history in the last 5 years will not be accepted. Eviction history more than 5 years old would require further consideration and/or increased security deposit.
Credit History - Most tenants in Las Vegas have less than stellar credit history. A low credit score does not necessarily indicate they won't be a good tenant. As policy, items like money owed to previous landlords, eviction, unpaid utilities or payday loans will result in decline or an increased deposit.
Criminal History - Active issues result in decline. Tenants with criminal history less than 5 years old including violence or drug sales/distribution will be declined. Registered sex offenders will be declined. We do local checks as well as national screening.
No. This creates a Fair Housing liability risk. We follow Fair Housing guidelines and look for qualified renters. In the case of multiple applications, we process complete applications in the order received. A complete application means it includes all supporting documents.
As policy, occupancy on all rental contracts is limited to 2 persons per bedroom. Studios are limited to two persons total.
Yes! Download a sample Lease Agreement here.
Deposits go into the brokerage's (Limestone Investments LLC) trust account which is monitored by the Nevada Real Estate Division. When a tenant moves out, we complete a walk through of the property and pay any damages out of the deposit. Generally, we video the walk through so you can see what needs to be done, if anything.
A property condition report is done prior to tenant move in. Tenants receive a copy of this at move in and are encouraged to report anything we may have missed within the first week. This report includes photos and is used to compare the condition of property after tenants move out.
Tenants are charged for the cost to repair damages incurred during their occupancy. If damages exceed the amount of the security deposit, we will attempt to collect from the tenant, which may include turning the debt over to a collection agency.
This issue is up to you. According to these statistics, 68% of US households include at least 1 pet, and most of those have at least 1 dog. By not allowing pets, you discard the majority of the tenant pool, which means it will take longer to find a qualified tenant. When accepting pets, a general suggestion is $200-400 per pet deposit, up to 2 pets. You can also choose a non-refundable pet FEE. However, it's totally ok if you don't allow pets. Keep in mind you will get fewer tenant prospects and may lose income due to longer vacancy. Fair Housing rules require us to accept valid service animals / emotional support animals without restriction, fee, or other requirements.
We use PetScreening to collect information and verify animals as part of the rental application process.
Reminders, late fees, 5 day notices, etc. Typically, there is a 3 day grace period, then a $35 base late fee + a daily late fee until paid. Our system automatically charges late fees on unpaid balances. If tenants don't pay by the 6th day after rent is due, we post a 5 day notice and charge another $35 for serving the notice. These fees are specified in the lease. If the Tenant does not pay within 5 judicial days after the 5 day notice is posted, we file eviction with the court. Since we must wait 5 full judicial days after posting a notice, we normally file eviction in the middle of the month. We also have a reminder system for tenants and make other attempts to collect the rent before going to eviction. However, we will waste no time evicting someone who does not pay.
We do. Here's why: Our management fee is dependent on both owners and tenants abiding by the lease. When tenants pay late, this causes a lot of extra work. We must spend time and resources sending notices, listening to their sad stories and complaining, repeating the lease terms, collecting certified funds, spending extra time to deposit the certified funds, and so on. The late fee is our compensation for that extra work.
Furthermore, Late Fees are not a profit center for us. We don't want to deal with late payers' stories and excuses - we would prefer to avoid that disruption entirely. We make every effort to place good tenants. In fact, almost every late payer we've had, was an existing tenant when we took over a property, not someone we placed. When tenants pay late, we work hard to collect so we can get owners paid on their correct payment date. The owner never notices the late payment unless the tenant does not pay at all. Bottom line: we do all the work to collect, and it is an extra service, so we keep the late fee.
If this is a dealbreaker for you as an owner, we invite you to find another property manager who will bend more easily. However, we would question how great an advocate they will be for you, when they have to deal with challenging tenants.
We post a 5 day notices on the 6th of the month (or the next business day after). After that, tenants have 5 full business days to pay. At that point if they have still not paid, then we file eviction (around the middle of the month).
Otherwise, the rule is 50% behind. This means if the tenant only paid half their rent, or their unpaid charges add up to half their rent, we start eviction proceedings. At this point, 95% of tenants either pay or leave.
Most problem tenants leave gracefully. We have specific procedures for evictions and we don't mess around. (More info on Las Vegas evictions.)
If we get a fighter, we will have to go to court. The most common excuse fighters use for not paying rent is "pests on property" - this does not work. If they don't pay rent, they get evicted. In most cases, we can get a bad tenant out within about 22 days. However, it CAN take as much as 3 months in some very rare cases. Eviction regulations dictate that we can only perform eviction procedures on business days. Example eviction timeline (if we have to go to court, it may add another 1-2 weeks to the process):
1st day: Rent due
4th day: Late fees start
6th day: 5 day notice
14-16th day: Eviction filing
17-19th day: Constable notice
Day 20-22: Lockout
If the tenant doesn't pay these costs, you will. Most of the time we collect this from the tenant unless we have to go to court and/or obtain a Lock Out. We offer FREE eviction service for new full-service property management clients. We also offer Eviction Protection to our Premium Property Management clients. Please see Pricing for details.
5 Day Notices - $35 - We add this fee to tenant's rent. If unpaid late fees accumulate to 50% of rent, we start eviction.
Eviction Filing - $150 - This is the first step in eviction process and some tenants will leave at this point. Court filing fee is included.
Court Appearance - $300 - If the tenant fights and we have to suit up for court, this is the cost to represent you.
Lock Outs - $250 - In the rare event a "lock out" is required. This includes the constable, lock change and a video of the property.
If you choose our Premium Property Management service, Eviction Protection is included. It means that if a tenant must be evicted, we will perform that service for FREE, plus waive the Leasing Fee to place a new tenant. The only exception is if we have to evict a tenant we did not place within the first 6 months of new management agreement.
If you are a new client needing an immediate eviction and choosing Premium Property Management: We will perform the initial Eviction Service for free (filing costs not included). Then you will pay the $300 Leasing Fee for a new tenant, and you will enjoy Eviction Protection after that.
Repairs and Maintenance
Tenants make maintenance requests directly to our team, via their secure Online Tenant Portal or our 24x7 hotline. Depending on the nature of the request, a vendor will be requested immediately, or within 1 business day. We take emergencies seriously and have vendors who are happy to work with us as needed.
- Calls Under $400 - It is cheaper, faster and better to fix the problem right away. We will dispatch an appropriate vendor and get the item fixed in a timely manner, then charge the cost to your owner account. Normally, the cost is simply deducted from your rent. Examples of non-urgent calls may be: broken garbage disposals, dripping faucets, minor irrigation leaks... things that don't immediately jeopardize your property or the health and safety of the tenant.
- Non-Urgent Calls Over $400 - We will contact you to discuss the issue and your options, and/or provide up to 3 bids. We may collect a payment from you to cover the cost. Examples of non-urgent calls over $400 may be: major appliances, pool equipment failure... bigger ticket items that don't immediately jeopardize your property or the health of the tenant.
- Urgent Calls Over $400 - If we can't reach you immediately, we will make a decision for you. We are required by Nevada law to take care of health and safety issues right away. Examples may include broken pipes, AC failure in summer or heating failure in winter, leaking roof... things that immediately jeopardize your property and/or the health of the tenant. This happens rarely and may never happen to you. If it happens, we take care of it ASAP.
When a tenant makes a maintenance request, a specialist is dispatched based on the nature and complexity of the problem. If more than a couple of trades are involved, we will send a general contractor. There is an administrative fee. If you have our Premium Property Management service, we will include quarterly air filter changes and some other items for free. Please see Pricing or request more information.
No! Contrary to some folks' belief, all property managers are not crooks out to rip you off on repairs. We have a long list of tried and tested vendors at our disposal, so work gets done efficiently and at a reasonable price.
In addition, we pay vendors immediately upon completion of work, instead of the typical "net30". This helps us keep costs down, and keeps vendors who are happy to prioritize our service requests. This helps keep your tenants happy, which leads to better tenant retention!
No. We have tried this in the past, and it caused many more problems than it was worth. WHEN that cheap handyman or your friend's cousin's buddy becomes unreliable or fails to fix a problem correctly, and a tenant is harmed as a result, that tenant will sue you as well as us. Our management and professional maintenance team are worth much more than the few bucks you hope to save by using this method.
Probably not. If the main reason you want to use them is price, chances are they are not the best in availability or service quality. We will not let an important repair wait for 1 particular vendor to answer the phone. We reserve the right to choose which vendors we feel are best suited for the job, based on the work needed, availability etc. If a repair is needed immediately, we will use whichever trusted vendor is available asap.
However, if you have a vendor who is a rockstar, we will be happy to test them. If they work out, great! But if they don't pass muster, we won't keep using them. Again, WHEN a cheap handyman fails, the tenants will blame us as well as you. We have a long list of tested vendors who will do the work at a fair price. They give us priority and fair pricing because we use them frequently and we pay quickly. Over time, this will definitely be worth much more to you than the few dollars you hope to save by using someone super cheap.
Probably. If you have recently purchased the property, or if a tenant was recently evicted, brace yourself mentally for a repair list. This is normal and to be expected. If we have already been managing the rental, there may be fewer repairs needed after a new tenant is placed. However, we are not Home Inspectors and some tenants may not report every issue, so there could be something someone missed. A new tenant will often discover something wrong after living there a few days. It is usually nothing major but it happens. If there are no repair requests within a month after a new tenant moves in, consider yourself lucky! (ha)
The tenant calls us and we start a work order. Not all events will be covered by a home warranty. You or your tenant will pay the deductible, depending on lease terms. Each contract is a bit different so please make sure you are clear on the terms. If you have a warranty before we place a tenant, we will need to know this up front so we can discuss lease terms with you and tenants.
We will charge $26 administrative fee to deal with home warranty service calls because this takes up a lot of staff's time. Most home warranties are not recommended except *maybe* for big ticket items like water heater, roof, or HVAC. If you have ever had to sit for hours on the phone with a home warranty company, begging them to get someone to fix your air conditioner in the middle of 115-degree Las Vegas summer, you will understand why we don't recommend home warranties!
Be advised, if a home warranty company takes too long to fix an item, we will exercise the right to skip the warranty company and get the item repaired at your cost. Our real estate and property management licenses require us to ensure necessary items are repaired in a timely manner. Waiting days or weeks for a warranty company to do something will put you and our company at risk. It is our job to protect your property and you, so we won't wait too long. We will notify you via email if this is happening.
Unpaid property taxes, HOA fees, sewer and trash bills can trigger liens on your property. Therefore, it is ALWAYS best for owners to receive all notices from HOAs, tax assessors, sewer and trash services. We strongly recommend you get the HOA to set you up for EMAIL notices, as mail is slow. It is imperative that you ensure the county assessor, HOA, and utility companies have your correct mailing address. See the Landlord Checklist for more info on that.
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