How much are standard Property Management Fees?
Typically you are charged a flat fee per month or a percentage of the monthly gross rent. Percentages could range from 5%-15%. Other fees that could be charged outside of this monthly commission could be an initial setup fee, lease renewal fee, early cancellation of contract, advertising costs, and costs for any repair work.
How much are YOUR Property Management Fees?
Our monthly property management fee is 8% of the collected rent on single family homes, condos and townhomes. Our rate increases for multiplexes. You will not be charged while the property is vacant.
Do you charge other fees in addition to the monthly property management fee?
We charge a $500 lease fee when we place a tenant in your property. This lease fee is collected from the first month’s rent. We do not charge any other fees. We do not charge for Inspections, renewals and initial set up.
What is a reserve and am I required to keep a reserve with your company?
A reserve is a positive balance kept in your property account to facilitate addressing repairs or emergencies in a timely manner. We require that each owner keep at least $300 in reserve.
How much do I need to pay you to start managing my property?
Zero. It does not cost you any money up front for us to start managing your property. The lease fee, management fee and property reserve are all taken from the first month rent after we’ve secured a tenant in your property.
What services are included with the monthly management fee?
Thorough inspection with condition report and photos
Appliance inventory report and record of serial/model numbers
Professional marketing photos
Listing input in the MLS and online syndication with other rental marketing sites
Vendor coordination and supervision for any repairs or cleaning
Tenant screening – credit check ,rental history , eviction history, criminal history, employment verification and supporting documentation
Collection of rent and deposits
Move in walk through and exchange of keys
HOA tenant registration
Greater Las Vegas Association of Realtors approved lease agreement and additional addendum or disclosure forms as necessary for compliance
All tenant communication – Directly through the management company
Collection and distribution of rental income – Monthly accounting statements, maintenance invoice, direct deposit of rental income and year end tax statements with 1099.
Maintenance repair coordination with tenant and approved vendors
HOA coordination – Bring violations into compliance and attend HOA violation hearings as necessary
Free lease renewal for current tenants
Inspections – Initial, mid lease term, move out and as necessary.
Final accounting for move outs
Maintenance turnover coordination – Getting the property rent ready for the next tenant.
Property marketing & new tenant search
Eviction paperwork processing
Court appearances -3rd party fees paid by owner (Process Server, Justice Court Filing & Constable)
Do you charge a cancellation fee?
We do not charge a cancellation fee if your property is vacant. If your property is occupied we charge ½ of the anticipated management fees for the remainder of the lease. We’ve put this term in place to deter owners from abusing our low cost lease fee by hiring us to place a tenant and terminating us immediately after to avoid paying the monthly management fee.
Do you have inhouse maintenance?
We do not have in house maintenance. We do not have handymen and technicians on staff. When a repair is required for your property we will coordinate the repair with a third party vendor, completely independent of Lantana Real Estate.
Do you receive a commission, referral or kick back when using a vendor?
We do not nor will ever accept a referral, commission, kickback or gift from a vendor. We vet our vendors and choose to work with them because they bring value to our clients with workmanship, customer service, competitive price and knowledge.
Do you mark up repair invoices or charge a fee for coordinating repairs?
No, we do not mark up invoices and we do not charge a fee for coordinating repairs. When we are invoiced by third party vendors for repairs performed on your property we will pay the invoice amount and provide you with the accounting and a copy of the invoice for reference.
How much will my property lease for and how long will it take to place a tenant?
Your lease rate is determined by several market factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. With our market research we can project how much your property can lease for and how long it may take to place a tenant. Please contact our office or fill out the contact form so we can prepare a rental analysis specific to your property.
How will you find tenants for my property?
Your property will be advertised on our website and in the Multiple Listing Service (MLS). Although only Realtors have access to the MLS, your property MLS listing synchronizes with various other major sites like Zillow that are available to the public.
How do you screen tenants?
Tenants apply by completing an online application. In addition to completing an application tenants are required to provide proof of income and identity. Upon providing these documents, we run a full background and credit check on everyone over the age of 18 who plans to live in your property. We verify employment, income, credit history, background and rental history.
How long are your lease terms?
Lease terms are typically 12 months but we can discuss longer or shorter terms based on your needs.
Do you charge for lease renewals?
No, we do not charge for lease renewals.
When can I increase rent on an existing tenant?
2 months prior to the lease expiration we will research the market to determine whether the market supports a rent increase. We will then report back to you with our recommendation and proceed according to your instruction. We’re required to give tenants 45 day notice to increase rent.
How often will you inspect my property?
Regular inspections of your property are completed by your property manager when taking on your rental property, 3 months into the lease term, when a tenant moves out and any other time upon request.
When is rent due and what options do tenants have for paying their rent?
Rent is due on the 1st of each month. Tenants can pay their rent online for free, in person at our office or they can mail a check to our office.
When will you send me my rental income and do you mail a check?
Owner payments are made directly to the owner’s bank account every 11th of the month with echeck/ACH. This method will securely get your rental income to you more quickly than mailing a check.
Do you send monthly statements?
Yes, we will email a monthly statement along with invoices for any expenses on the 11th of each month. In addition to sending you monthly reports, you’ll have 24/7 access to your owner portal where you can retrieve all documents, statements and invoices ever sent to you via email.
How often will I hear from my property manager?
We understand every owner has different needs and expectations. You will hear from us as often as you’d like. Some owners prefer to be contacted every time something occurs with their property and others prefer us to handle situations with their best interests in mind. Will discuss your preference during the onboarding process.
Who handles emergency after hour calls?
We do! We are on call 24 hours a day. Why worry you? That’s why you hired us! Most emergencies are prioritized and often can wait until the next day.
Who do I call when I have a question concerning my property?
We know how frustrating it can be to be passed around through different departments when trying to get answers, that is why your assigned property manager can answer all your questions ranging from maintenance, leasing, accounting and marketing. Our management is not compartmentalized into different areas of service. Clients have direct access to a single point of contact who is hands on with all aspects of managing their investment.
Why should I choose your company instead of another?
There are many reasons why you should choose to work with us.
We believe in our business model of being a detail oriented boutique agency. Clients receive personalized service geared toward their specific needs rather than a “one size fits all” standard service.
Our management is not compartmentalized into different areas of service. Clients have direct access to a single point of contact who is hands on with all aspects of managing their investment.
Rather than relying on computers to make all the decisions, we use problem solving strategies, past experiences and scenario based forecasting to mitigate liability and property expenses.
We offer a competitive rate that is all inclusive. Our clients are not charged for inspections, lease renewals or initial set up of the property.
We are 100% transparent. We have the unwavering belief that in order for any relationship to flourish there must be full transparency on both sides.
Communication is a key tool that keeps our business healthy. This includes communication with clients, tenants, vendors and our Realtor partners.
What do you charge for processing evictions?
We do not charge owners a fee for processing an eviction. Owners will incur third party fees in conjunction with evictions. The third party fees are Justice Court filing, constable, licensed process server and locksmith fees. These fees fluctuate depending on mileage the constable has to travel and how many locks need to be rekeyed. On average the total cost of all fees combined amount to about $300.
How long is the eviction process?
Each case is different. Several factors will have an impact on the process and the judge’s ruling. Best case scenarios evictions will take 2-3 weeks and worse case 4-8 weeks. We have an extremely low eviction rate. Over the years we’ve fine tuned our tenant screening processing which has successfully reduced the amount of evictions.
What are the most common mistakes made by investment property owners?
1. Requesting a rent amount that is too high.
This mistake leaves you with long term vacancies while generating no monthly income. Tenants in the rental market have a good idea of what current rents should be. If your property is priced higher than your competitor, then you’re essentially helping your competitor place a tenant more quickly.
2. Not keeping an open mind regarding applicants
The changing economy has forced us to make decisions and review tenant applications differently. Some tenants with less than perfect credit may have excellent rental history and income. It is important to review their application results as a whole rather than focusing on credit alone.
3. Failure to take advice from your property management company.
The rental property business is complex. But years of experience have introduced us to almost every obstacle rental ownership may present. Trust in your management company. We are here to protect your best interest.
4. Not addressing tenant concerns in a timely manner.
Failure to respond to tenant requests can create additional issues for a rental owner. The rental market is highly competitive and failure to respond can lead to the loss of a good tenant when their lease expires.