Here you will find answers to some of the most frequently asked questions about property mangement and the services we provide.
How long will it take my property to rent?
There are several factors that will affect how quickly your property will be rented. First and foremost, it’s essential that you have a realistic and current market comparison done in your specific neighborhood and with comparable properties and amenities.
Listing your property too high without any convincing evidence demonstrating that it is worth the additional money, virtually guarantees your property will sit vacant longer than you would like.
When you list your property at a fair and comparable price based on location, amenities, and other prevailing factors based on those rented within the previous six months, you can usually expect to have your property rented within 30 days or less.
How important is it to have a home warranty and is it worth the cost?
Based on our experience, we have discovered that home/properties older than 10 years greatly benefit by having a home warranty plan. Statistics prove that plumbing, fixtures, electrical, garage doors, water heaters and HVAC systems tend to start to show wear and breakdown after this period. Ultimately, you will save
money in the long run when those repairs are covered.
Why is it important for my property manager to have good relations with the tenants?
Happy renters make happy property owners. Maintaining good relations with your tenants is part of our job. Tenants who are happy tend to take better care of the property, pay their rent on time, and generally are easier to work with regardless of the situation that might arise.
Tenants who are happy with the management company also comply with their leases and take accountability for tenant responsibility. Perhaps most importantly, you have a much greater rate of retention meaning less turnover with your rental.
Does SierraLV require tenants to carry renter’s insurance?
Absolutely! This is part of the rental agreement and tenants must have rental insurance beginning on the first day of occupancy. Landlords have one less, very big concern, knowing that tenants have the extra protection with a renter’s insurance in place. SierraLV also ensures that throughout the lease term, if any tenant fails to maintain their own renter’s insurance, per our lease agreement, our lease allows to automatically enroll tenants into a Landlord Liability insurance policy for which they will be responsible for paying for each month. The landlord liability insurance will cover for accidental tenant damages.
Is SierraLV equipped to handle major renovations or repairs?
We take pride in the fact that the Property Managers at SierraLV have long history of experience and success assisting owners with large repairs and remodel work. We not only have the knowledge and expertise to guide our clients with such repairs, we have professional contractors and vendors who we’ve worked with many times in the past with great results. Furthermore, you can rest assured, that one of our Property Managers will be on hand to review the quality of work and ensure that everything is completed to your satisfaction. Before any project begins, we will evaluate to determine the type of renovation your property will need to achieve based on the rent goal.
Are tenants responsible for any costs associated with repairs?
Every SierraLV’s lease agreement includes the stipulation that tenants have an associated cost for all repairs after one month of moving in. Tenant participation in such costs ultimately creates two things, one, keeps tenants responsible for caring for the property and two, helps with owner cash flow.
If the tenant’s security deposit can’t cover the cost of repair, do I have any recourse?
In most cases, the security deposit on file that is collected by SierraLV is adequate enough to cover repairs that tenants are responsible for. However, in a rare situation where it’s not, and tenants do not reimburse owners back for such repairs after being billed, we have the legal resources to collect.
How do you determine if a renter should be allowed to renew their lease?
Lease renewals is not an automatic privilege. All tenants must undergo and pass an annual inspection. Other factors such timely rent payment history, HOA violations and the amount of maintenance and repairs throughout the year(s) also play a major role in renewing the lease. Our goal is to find and retain only the best
tenants for your property.
What action is taken if the tenant is late with rent payments?
SierraLV is serious about timely rental payments. We set very clear expectations to all tenants when rent may be late. The measures we take to enforce late rent payments help to maintain and establish grounds as to when rent is due.
Will I receive a 1099 at the end of the year?
All owners who made over $600 within that tax year will be sent a 1099 before January 31 st the following year. Along with their 1099s, each owner will receive a full year detailed cashflow report that can be shared with their tax advisor.