1. How much do you charge to rent my property?
$250 – Reserve Account Balance. This must be maintained at all times for the normal payment of minor expenses on behalf of the Owner. At no time will approve any expenses above $250 without Owner’s prior knowledge and consent. Management Fee – 10% charge of monthly rent paid. Discounts are given if an Owner has 3 or more properties which are all managed by Luxury Realty & Management Properties. Marketing fee – 50% of the 1st month’s rent is paid to Luxury Realty & Management for marketing and advertising the property. Leasing Fee typically $400-$500.
2. How much will my property rent for?
We can recommend a rental amount through a comparable market analysis and by inspecting the property. Please contact Luxury Realty & Management Properties for your free market analysis.
3. What does the Initial Setup include?
- Market evaluation
- Property Inspection
- Property Evaluation and report
- Digital Photos from property evaluation
- Initial setup for Owner including all info regarding homeowner association & home warranty
- Marketing and Advertising for prospective tenants
- Coordinating and signing lease and are necessary paperwork for new tenants
- Collecting deposits and rents
- Arranging move-in for tenants
4. What are my obligations as the property owner?
- Meet all obligations to maintain services for tenants’ full use of property per Nevada Revised Statutes and Landlord Tenant Act
- Maintain an emergency reserve of $250.00 which will be replenished monthly from collected rents.
- Maintain home warranty on all major appliances and HVAC system
- Understand tenant refundable deposits are tenant’s property except in cases of renter default or damage caused by renter holding Luxury Realty & Management Properties harmless of consequences resulting in tenant action including defaults, damage or liability.
5. Does Luxury Realty & Management Properties pay my mortgage?
No, we do not make payments for mortgages, homeowners association, taxes, or insurance on behalf of the client. All payments associated with the property are the responsibility of the Owner.
6. Who will schedule repairs if needed at my property?
If any repairs are needed, the tenant or owner can submit a maintenance request through our website. We will then send someone to the property in order to inspect the issue. Unless there is an after hours emergency, we will not authorize repairs greater than $250 without your prior approval. If it is an emergency and you are not able to be reached, we will make the best decision in order to mediate the problem. The owner will be notified of any repair, regardless of cost.
7. How does Luxury Realty & Management Properties screen their tenants?
It is our goal to obtain the highest qualified tenants. We conduct a variety of screenings including credit, employment, rental history and criminal offenses. Once a tenant has passed the screening process, Luxury Realty & Management Properties will present qualified tenants to the Owner’s for final approval. Luxury Realty & Management Properties abides by the Fair Housing Act and does not discriminate against any applicant or tenant based on race, color, creed, religion, national origin, handicap or family status.
8. What type of Lease does Luxury Realty & Management Properties use?
Luxury Realty & Management Properties uses the GLVAR board forms. We strive to secure a minimum of one-year lease unless otherwise specified or approved by the Owner. At lease signing we will go over the entire lease with the tenant and answer any questions they might have.
9. What type of deposit does Luxury Realty & Management Properties require from the tenants?
We require one month deposit and first month rent prior to move-in. This payment is accepted only in the form of a cashiers check or money order. Each payment thereafter can be a personal check. Dishonored checks will be charged a fee and from there on, only certified payments will be accepted.
10. Should I allow pets?
Most families do have pets. It is easier to rent a property if you do allow for pets. If it makes you more comfortable, you can set guidelines for the pets (i.e. under 20 lbs or cats only, etc.). If you do allow pets, it is normal to require a refundable pet deposit of $250 for rental properties of $2,000 per month, a $300 refundable pet deposit for rental properties of $2,001 and more per month. We do ask for pet references from the potential lessee.
11. What are mid-term inspections?
Mid-term inspections include a complete walk through and inspection of the rental property which is conducted half way through the current contract. This inspection is important to preserve the value of the owner’s property. Mid-term inpsections cost $75 and are billed to the owner.