FREQUENTLY ASKED QUESTIONS

HOW DO I GET RID OF MY CURRENT MANAGER? - We can provide you with a professional statement/letter that you can forward to your current manager. After that is sent out we normally can get involved and complete the transition.

HOW MUCH MONEY DO YOU KEEP IN THE OWNERS TRUST ACCOUNT FOR REPAIRS?- We require a minimum of $200.00 per property and/or a minimum of $50.00 per unit. This of course will vary with the total number of units involved. Many owners keep much, much more.... we're flexible. If repairs must wait because of insufficient funds then the tenants will suffer. In the long run an owners profits may suffer because tenants will move when repairs are not completed in a timely manner.

DO YOU SELL REAL ESTATE TOO? - Yes. However, 98% of what we do centers around Property Management. We do not actively seek sales. When the time comes most of our owners will request that we either find them additional investments or list their existing rentals. Since we have had a long term relationship these owners are comfortable with our recommendations.

HOW MUCH DO YOU CHARGE TO GET A NEW TENANT? –We do not charge a leasing fee. The owner will always be charged for out of pocket advertising, and any referral fees paid to other MLS Brokers that refer a tenant.

WHO HOLDS THE TENANTS SECURITY DEPOSIT? - We do! In Nevada the Broker is always responsible for the money. Below we have retyped the Nevada Statutes regarding this matter.

NRS 645.310 Deposits and trust accounts: Accounting; commingling; records; inspection and audit.
1. All deposits accepted...
2. Every real estate salesman...
3. A real estate broker shall...
4. If a broker receives money, as a broker, which belongs to others, he shall promptly deposit the money in a separate checking account in a bank in this state which must be designated a trust account. All down payments, earnest money deposits, rents, or other money which he receives, on behalf of his principal or any other person, must be deposited in the account unless all persons who have an interest in the money have agreed otherwise in writing. A real estate broker in his discretion may pay to any seller or the seller's agent the whole or any portion of such deposit. The real estate broker is personally responsible and liable for such deposit at all times. A real estate broker shall not permit any advance payment of money belonging to others to be deposited in the real estate broker's business or personal account or to be commingled with any money he may have on deposit.

HOW MUCH SECURITY DEPOSIT DO YOU CHARGE THE TENANT? - As a general rule of thumb we usually get a minimum of 95% of the rent. So, if the monthly rent was $1000.00 we would normally take in $950.00 as a security deposit. However, there are many factors that make up the figure. Are there pets, gate cards, pool keys, furniture, garage door openers, etc. Is it a brand new home or is the property made of stone from the dark ages? Why 95%? Because we do not want the tenant, or the courts, to think that it is last months rent. Also it usually only takes 21 days to evict a tenant. Assuming no extensive damage the deposit should cover most of the expenses and unpaid rent. Extremely high security deposits are great if you can get them.... but they also keep good tenants from being able to afford the overall move-in.

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