Property Management

Tenant Screening

I take pride in providing residents with quality rental homes, so the ability to accurately screen prospective tenant(s) is the key to having a successful landlord/tenant relationship. All prospective residents 18 years and older must process an application to rent. We use the most up-to-date industry resources in researching and analyzing prospective tenant(s). It is our goal to obtain the highest qualified tenant(s). Income, credit and rental history will be verified. Applicants must provide proof of current employment. Gross income must be a minimum of three (3) times the monthly rent. Salary must be verified with employer or by copies of check stubs. All additional sources of income will also be verified if required to meet the (3) times rule. The basic requirements of Tenant(s) are:

1. Minimum 3 times the gross income of rent.

2. Minimum Credit Score of 600, if lower will review with owner.

3. No evictions or rental collections within the past 60 months.

4. Good current rental verification & current job verification (current pay stubs or and/or in writing).

5. Minimum 1 month’s Security deposit, plus $50 Key deposit, plus $250 (minimum-depending upon size of property) Cleaning fee, plus 1st month’s rent prior to occupancy. These fee’s vary. I conduct business in accordance with the Federal, State and local Fair Housing Laws. It is our policy to provide housing on an equal opportunity basis to all persons regardless of race, color, sex, religion, national origin, handicap or familial status.

Rental Procedures

I prefer a minimum of a 1 year lease term, but is not required and anything less than a 1 year lease term will be agreed upon prior in writing by the owner.

Once the tenant(s) have been fully approved by the owner and myself. I will draft and initiate all tenant(s) leases and agreements and complete them in their entirety all parties. We will convert them into tenants and created their secure log in. We collect all Security Deposits (refundable and non-refundable) which will be held in brokers account. Rents will be collected prior to tenant occupancy.

Security Deposits

All Security Deposits, pet deposits (if applicable) will be held in a trust account. We offer refundable security and pet deposits.

At lease signing tenant(s) are given a complete list of requirements that must be fulfilled in order to have their deposit returned.

Per Nevada State law, within 30 days tenants will receive their Security Deposit return along with all receipts for any deductions as a result of work being done to the property after their move-out inspection.

If property is not properly cleaned or keys not returned the cost will be deducted from the security deposit.

Tenants forfeit their deposits for breaking a lease or causing damage. Should a tenant cause more damage than the Security Deposit can cover, the account will be sent to a collection agency for collection. Collection agencies work on average 30/70 split.

There are no up-front costs for using these services and we will assist in providing all the pertinent information to the collection agencies on behalf of the owner.

Bookkeeping

Life Realty handles all the bookkeeping, billing, processing of owner’s payments through direct deposit and payments to contractors/vendors.

Owners will receive access to a secure portal through a property management program called Appfolio. Owners will receive monthly accounting ledgers along with annual 1099’s.

Management Expenses

I have a straightforward policy and here are the charges. There is a one time step up fee of $500.00 at time of signing the Management agreement.

Once a property is rented, we charge 10%-8% of the monthly collected rent or $100.00 whichever is greater. During vacancy periods there is no management fee charged.

After the property is rented and rent/deposits have been collected, there is a $300.00 referral commission will be paid to the referring agent. This fee will be deducted from the owner’s first month’s rent.

If there comes a time and we have to resign a new tenant, there will be a renewal charge fee of $200.00.

Maintenance Expenses

Should maintenance or repairs be required, I shall all contracted services, all ordinary repairs and replacements reasonably necessary to preserve the Property in a habitable condition and for the operating efficiency of the Property, and all alterations required to comply with lease requirements, governmental regulations or insurance requirements.

All will be clear with owner first prior to any work done on the property. Any costs exceeding $200.00 must be approved by Owner in advance except in an emergency where repairs are immediately necessary for the preservation and safety of the Property, to avoid the suspension of any essential service to the Property, to a avoid danger or life of property, or to comply with federal, state, or local law; such emergency repairs will be paid at Owner’s expense without prior approval.

All maintenance or repair expenses will be deducted from the following month’s rent and a copy of all invoices and/or receipts will be provided with owner’s monthly statement. Unless contractor requires payment up front.

Rent Collection

All rent is due the 1st of each month and will be considered late on the 4th of each month, with the exception of National holidays and weekends. Rent is prorated daily and based on 30 day calendar month. I.e. Monthly rent = $1200. $1200/30 = $40 per day.

If rent is late, we will wait until the 7th of each month before initiating eviction proceedings. Any cost incurred during this time will at the expense of the tenant, to be taken from the Security Deposit if a full eviction takes place. Should the tenant procure the rent and all late fees, prior to the eviction, they will also be responsible for any costs incurred for the eviction proceedings. Any alterations or changes to this policy will be done on a case-by-case basis with the owner’s authorization prior us altering the standard course of action.

Lease Terms

Each owner will have the preference to decide on leasing terms. Leasing terms are annually, monthly (31 days to be the shortest), 1-3 months, 4-6 months, 7-9 months. Based on HOA and city regulations will also determine what marketed. This could also be negotiated once applicant has been approved.