Rental Market Questions and Answers
Below are a few questions that we get regularly from new Henderson property management clients that may be helpful for you to gain an overall understanding of our current Las Vegas rental market climate:
How quickly will my home lease?
Well, while we would all like the magic answer to this question as you know there is no crystal ball in Las Vegas real estate! Currently, we have more than 5,000 rental homes on the market so there is a lot of competition. This reason alone is why it is so crucial to hire a property management company that is assertive, tech-savvy, and has your best interests at heart.
We are past the days of sticking a listing in MLS, throwing up a sign and wishing for the best- You need aggressive marketing tactics, a strong internet presence, and a team of professionals that have systems and processes in place to efficiently get the job done.
We are proud to report that the vast majority of Black & Cherry Real Estate Group's homes lease within (45) days. Keeping in mind those homes need to be move-in ready, priced correctly and this number excludes "niche-type" homes. Remember, we do not get paid until you get paid, so it is always in our best interest to find you a qualified tenant as quickly as possible!
What is your Eviction rate and who pays for an eviction?
Here at Black & Cherry Real Estate we like to do our diligence on the front end in order to make everyone's life much easier. We do not slam applicants into properties in order to make a quick leasing fee like some of the other companies in town; we make sure to carefully screen all applications so that we can be a sure as possible that the potential tenant is qualified to pay rent for the home in which they have applied.
Click hereto view our screening process (link to that section of PM page)
While there is never a 100% guarantee, we are proud to report that our eviction rate is LESS THAN 1%. This is a direct result of the way we do business at Black & Cherry Real Estate Group. We feel that our relationship must be mutually beneficial and therefore, if you are not happy then neither are we. We would much rather it take an extra couple of weeks to occupy your Las Vegas rental property than place someone in it who is unqualified from the get-go.
We are, however, flexible with today's economic climate. Things like a short sale or foreclosure can obviously negatively affect one's credit score so we do off-set those items with additional resources. All owners are asked to sign off on derogatory credit, such as in this case or in others, to proceed with renting to a person with less than perfect credit.
Should eviction occur, we have a complete process in place and will handle it from A-Z. The details and circumstances can vary based on property specifics, but we stay well apprised of all legal and ethical requirements regarding eviction proceedings. The typical Las Vegas or Henderson eviction costs approximately $300 and is charged to the tenant (taken from deposit) . We also have collection companies in place to further pursue delinquent accounts when needed and Black & Cherry Real Estate Group can point you to the proper channels for filing a civil suit should you decide to do so.
How do you handle repairs?
Good question! Repairs can be addressed in one of two ways, if the homeowner has a home warranty policy then we keep that policy on file at Black & Cherry Real Estate Group and will call in all repairs to the warranty company first. Assuming they can remedy the issue, the deductible will be paid and we will coordinate all scheduling with the tenant to complete the repair or replace.
If the homeowner does not have a home warranty policy or the warranty does not cover the problem at hand, then Black & Cherry Real Estate Group has a well-rounded list of vendors that give us discounted pricing based on our volume and who bill on our (30) billing cycle.
We have the authority to approve repairs up to $300 and all repairs over that amount require an owner approval. If the problem is of a larger magnitude we are happy to obtain (3) bids and give you the option to choose. These services are INCLUDED in your monthly management fee and there is NO additional charge to the owner for bidding, coordinating and/ or scheduling repairs.
*Please note that if a property owner prefers to use their own vendor then we can notate the file accordingly and that is no problem at all.
Who pays for repairs depends upon who is responsible for the item(s) per the Lease Agreement. If the issue is structural or mechanical often times the owner is responsible. However, if the repair is a result of tenant negligence or standard property maintenance than the tenant would be charged accordingly. Our leases also state that tenants are responsible for minor maintenance repairs up to $100.