Property Management

ReaI estate property management has four major areas of responsibility: 

Marketing and Financial, Tenant and Occupancy, Facility and Administration & Risk Management

Our property managers control initiatives in maximizing the return on investment of the property through efficient performance of these four function areas of responsibility. We act in the best interests of the owner to maintain the property, keep it occupied with tenants, collect rents, budget improvements and maintain records

Real estate property management involves an understanding of operating expenses and budgeting. From this information, appropriate rental rates are set, balanced by the current market and what it will support in the way of rents. A firm knowledge of the area and competitive rental properties is required.

The property manager may recommend marketing programs, special promotions and other advertising strategies to the owner in order to maximize occupancy and rental rates. Regular financial reporting to the owners is required. Understanding financial statements, profit, and loss, income taxes and budgeting are all very important for the property manager.

Understanding the needs of the tenants is important for this function. Getting them to move in is only the beginning. The property manager must then respond to their requests, monitor their activities as regards the lease requirements, collect rent in a timely manner, and continually assess the tenants’ satisfaction as regards the property’s amenities versus those of competing for rental properties in the area. The unwelcome task of eviction for violations or non-payment is part of this function also.

Property management is also the physical management of the structures and outdoor areas. Landscaping, electrical, plumbing, roof, walls, appliances, and much more are all part of the physical property. The property manager must maintain relationships with contractors and repair companies, budget capital expenditures, and monitor the quality of all repairs and maintenance.

This function ties in with the financial piece, as some improvements will require significant capital expenditures and budgeting for them. It ties in with tenant and occupancy management because it is important to tenant retention to have well-maintained properties. 

This is the files and records part of the property management function. Federal, state and local governments all have some jurisdiction over real estate property management activities. Certain reporting requirements must be met for all of them. Meticulous records for accounting and taxes are a must.

For reasons of liability, all activities and tenant interaction must be recorded and maintained for specified periods. Though also related to financial functions, there are very rigid requirements in most states for the handling of funds paid by renters for disbursement to owners. 

Property management accounted by far for the most consumer complaints and disciplinary actions by the real estate commission. Unlike most real estate transactions when you are representing one side of the transaction, property management involves dealing with property owners and tenants. The complexity and dynamics of dealing with owners and tenants add to risk.

 

frequently Asked Questions

There is a one-time setup fee of $100.00.

There is no yearly inspection fee. Our team will conduct quarterly property checks to ensure tenant’s are satisfying all lease terms and conditions and are properly maintaining the inside and outside of the property. 

We charge a flat fee of $750.00. This $750.00 includes: advertising, showing property, screening tenant (rental history, eviction history, income verification), signing lease agreement and collecting move-in costs. 

Yes, there is a $100.00 renewal fee when renewing the lease with the tenant. However, this fee will only applying if we are renewing the lease for a term of one year or greater. 

No! Our monthly fee includes all maintenance management. 

No, we do not hold reserves for repairs. Per the property management agreement, we reserve the right to approve any necessary repairs up to $250. Any amount greater will require approval from the landlord. Prior to completing repairs, the lease agreement will be reviewed to assess who is responsible for the applicable repair to avoid unnecessary costs for the landlord. We have a team of dependable contractors for every repair need. Those contractors will coordinate with the owner directly for payment.

For your convenience, we have an in-house eviction service, Vegas Valley Evictions. All of our property management clients will receive discounted rates. The cost of an eviction process will depend on the tenant’s actions, however, it will range from $40-$700. As a property management client, Vegas Valley Evictions will keep track of each tenant’s grace period and serve the appropriate notices immediately after the expiration of the grace period if rent has not been received. 

Yes, we do. As every scenario is different, our collection specialist will assess whether it is in the landlord’s best interest to pursue a previous tenant in small claims court or via collections. Whatever route is taken, our company is able to assist landlords throughout the entire process from start to finish. 

There is no additional charge for dealing with a HOA violation. However, there is a $100.00 per hour fee for extraordinary services such as attending a HOA hearing. 

We require a one year contract for property management. 

First Full Service Realty reserves the position to sell the property no matter the occupancy status. However, property managements clients that were referred by a realtor outside of the First Full Service Realty office will be given first opportunity to sell the home for the landlord. If the landlord requests not to use the referring agent, First Full Service Realty will assist with the selling of the property. 

Our property management company will collect all rent and, if applicable, late fees and eviction costs from the tenant. Only certified funds will be accepted, and the payment will still remain as being made payable to the landlord’s name directly. Once payment has been collected from the tenant, we will deposit the funds into the owner’s bank account within 5 business days of receiving the funds.