PROPERTY MANGEMENT
QUESTIONS AND ANSWERS
Why use Trade Wind Investments as property Management Company:
Renting your home out to a complete stranger can be very scary, screening tenants adequately, the possibility of unpaid rent, damages and possible evictions if the right person is not chosen. At Trade Wind we screen our tenants in-house and very thoroughly. We have a developed a point, grade and match system for screening tenants. The tenants can accumulate good and bad points based on credit, rental references, home ownership and job history. Based on their final point score they are then graded A to F. Each of our homes are also given a grade based on condition and location. Within our company no tenant will qualify for a property with a higher grade score that what they have. Although screening and securing a good tenant is critical it is only the first step in the process. Next comes the move in, documentation of condition, lease signing, monthly rent collections, routine inspections, monthly financial statements and eventually the move out and turn over of the property to find another tenant all the while following Nevada law. We are trained and educated in every aspect of property management our team of professionals will handle every step for you all the while keeping you informed.
What is the initial cost to me: Trade Wind Investments has the lowest cost in the business to get your property rented. We charge $50 a week for advertising and $350 as a referral/leasing fee to agents once the property rents. So if you price your home correctly and it rents in the first week your total cost would be $400. Add $50 per week for every week after that the property is vacant.
How do you get my property rented: To get your property rented we must photograph and gather all data pertaining to your property. We list your property in the Realtors MLX program, this data base is available to all real estate agents city wide. For MLX we must place a lock box to allow access to all other agents to show the property at anytime they have a perspective tenant wanting to see it. We place your property on our website. We have a search engine optimization company working for us every day to keep our site coming up on page one of all five major search engines. Our website frequently ranks higher than all the other “for rent” commercial sites. But we still continue to post our rentals on other “for rent” sites. We have drive by traffic and walk in traffic as we advertise our homes for rent in the front of our building and we are located on a very busy street. We at all times have “hot sheets” available for the general public listing with photographs all of our available rentals. We have a leasing agent in our office during all business hours to take leasing calls. We have a leasing agent available to show properties when prospective tenants call. We answer our phones and have over 14 phone lines so perspective tenants can get through to us. We receive over 200 leasing calls on average monthly. Currently our vacancy rate is 6% while the city wide average is well over 10%.
How much will my property rent for: Pricing a property correctly is the most critical decision an owner can make to start off on the right foot. Rental price determines everything, how fast a property will rent, what type of tenant you will get etc. We will conduct a comparative market analysis for you from the MLXchange data base. This report will show what properties are available for rent in your sub-division and neighborhood and what all homes in those areas have rented for in the last 18 months. Based on the price per square foot of the averages we see, we will multiply that by your square footage to come up with “fair market value”. It is always advisable to list your property a small amount below the competition or below far market value. Tenants that have good credit and income are looking for a deal, they know they will qualify and want the best bang for their buck, so well priced properties attract good tenants. Over pricing your property by even $50 in our aggressive market could end up costing an owner months of vacancy and is rarely ever worth it in the end.
How do I know if a prospective tenant is qualified: As explained previously we have a point, grade and match system. Once a tenant is screened they will presented to you for your final approval. All information on the tenant will be relayed to you. No property manager in our company is able to accept an un-qualified tenant, or a tenant that’s score is not as high as it should be for the house they are interested in. Only an owner can approve a tenant. Sometimes if the tenant scores lower than required additional security deposits can be requested.
When will I receive my funds each month: Trade Wind Investments will get your money to you very fast. All checks and statements for the properties that tenants have paid rent on time go out of our office by the 10th of each month via USPS. If that is not quick enough you can have your money directly wired into your checking account from us.
What happens if my tenant does not pay rent: Our rents are due on the first day of the month there is no grace period. If rent is not received by the 5th of the month the eviction process is started. It begins with a “5 day-notice to pay or quit” this notice actually takes 8 working days not including weekends and holidays. If the tenant still hasn’t paid by the end of the period, the 5-day notice is followed by a “24 hour lock out”. This is where the tenant is physically removed from the property by the sheriff’s office, the locks are changed and the property is secured. Complete evictions are very rare. Tenants will usually pay at some point during the process. Once a tenant is late we do not accept personal checks, tenants must pay in certified funds. The owner is contacted during this period and kept in the loop.
How would I know if the tenant is tearing up my rental home: Many property management companies claim they inspect properties but when pushed on the issue you will find out at best they are doing a “drive by” once a year. With Trade Wind Investments we go into the property every 6 months during the occupancy of the tenant and take photographs and do a report for our owners. There is a nominal cost involved for this but the money it can save in the long run is well worth it. This provides great peace of mind for our clients to know how the tenants are living, decorating and caring for the property.
What if there is maintenance repairs needed at my rental: At Trade Wind Investments we have an “in-house” maintenance staff. That means we control time, schedules and prices. This has been one of the best things we have ever done in our business. There is no more waiting for an outside handyman to get around to our tenants or worse waiting for the invoices to come in and not know what to expect. Our maintenance staff is scheduled by us on a priority level so emergencies can be handled quickly. Owners can set their own limits on the amounts they want to be contacted for. We ask that owners provide us with cell numbers and email address as all of our managers are provided with smart phones to be able to contact owners whenever necessary.
