Q: When is rent due from the tenants?
A: Under a Nicklin lease, rent is due on the first of each month. There is no grace period. If the first lands on a weekend or holiday, it is due the next business day.
Q: What is the process if a tenant fails to pay rent?
A: Nicklin will attempt to collect the rent as quickly as possible within the guidelines of Nevada law. Thus, if rent is not received on the first, Nicklin initiates the posting of a "5 day pay or quit notice" using a process server around the 5th of the month. This notice is the official way of notifying a tenant that rent is due within 5 days or that a tenant has the option to vacate during this time and relinquish possession. The tenant is also contacted by phone during this stage. If rent is not received at the expiration of the 5 day period, a summary eviction must be obtained through the courts which in turn is submitted to the local constables office for an eviction. This process typically takes 2 weeks following the expiration of the 5 day notice. Nicklin coordinates the whole process for the owner without incurring service or hourly fees. Notice, court and constable fees are the responsibility of the tenant and the security deposit can be applied towards those.
Q: What is the average time it takes to lease out a property?
A: Every area of the city is different, depending on the amount of available properties. However, Nicklin has been able to lease most properties in under 30 days. Aggressive marketing in a variety of advertising sites along with the MLS and Realtor referrals have enabled us to receive multiple showings on listed properties and even multiple applicants!
Q: How do you screen potential tenants?
A: Once a potential tenant submits an application (located on our website or in person at our office), we utilize a third party screening agency to verify all information. This includes providing us with a detailed credit report, landlord history verification (which includes contacting prior landlords listed on the application to see if proper notice was given to vacate, rent was paid on time and if they would re-rent to the tenant) and employment / income verification (verifying employment status and wages). As soon as the information is provided to us, we present it to you, the owner, for a final decision.
Q: How do you determine a security deposit?
A: A security deposit is typically determined by a potential tenants qualifications and pets (if applicable). If a tenant is well qualified with no derogatory remarks on their credit report or landlord history verification, meet the financial requirements and have no pets, a one month refundable security deposit would be collected. Additional security deposit would only be collected if the qualifications are not met or if the tenants have a pet. The owner also has the option to not approve a tenant if qualifications are not met.
Q: How do you determine the condition of the property before and after tenants?
A: Initially, when first acquiring a new property to manage, we inspect it thoroughly and make appropriate notations about the condition. Pictures are also taken. Recommendations are made to the owner for items that may need to be addressed. The goal is to have a property in good and clean condition that will attract a well qualified tenant as quickly as possible. Pictures are taken of the home at that point both for marketing and to establish what condition the property is in prior to anyone occupying it. Once a tenant is approved, one of our property managers meets them at the home to document the condition via a move in inspection report. House and mailbox keys along with any remotes and community access keys are also documented. The tenant will be required to sign and acknowledge receipt of these and the condition of the home. This same inspection report is completed when the tenants move out and photos are taken to support the documentation. The move in and move out reports along with pictures taken will be used to determine the condition before and after the tenancy.
Q: How do you determine what the tenants are responsible for when they move out?
A: After a tenant vacates, the condition of the home is determined using the method described in the paragraph above. Nevada law states that a tenant cannot be held responsible for wear and tear items. In addition, any pre-existing condition that was notated on the move in inspection would likewise not be a tenants responsibility. However, items beyond wear and tear, such as repairs to items that were in previously good condition or cleaning would be the tenants responsibility. The cost to remedy those items would be charged to the security deposit.
Q: Are there any inspections during the tenancy?
A: Yes. Nicklin believes that proper oversight of a property can minimize issues. Thus, during the course of a tenants first year, we schedule a 90 day and 9 month inspection of the property. This inspection is designed to see the condition of the property, both interior and exterior, and address any issues. These inspections will also help both you and us to see if the lease should be renewed. After the first year of a tenants lease, inspections can be done annually or at the owners request. Nicklin does not assess separate charges for additional inspections.
Q: How are maintenance issues handled once a tenant occupies a property?
A: Minor maintenance, such as changing out AC filters or lights bulbs, are the tenants responsibility. In addition, per the lease agreement, tenants are responsible for the first $65 on all repairs with the exception of major structural items, appliances that are provided, garbage disposals, and mainline sewers. This provision helps offset the full expense of items commonly used in the house and shares it between you and the tenant. Of course, if an item at the home is deemed deliberately damaged, then the full cost is passed on to the tenant. We commonly work with home warranties and vendors that our owners have requested us to use. We also have a working relationship with 50+ vendors for various repairs that may come up at a property.
Q: What do you do if I have a fire, water intrusion or other major event?
A: We will assist you through it. We commonly work with insurance companies and their adjusters to give them access in the event a major event occurs. We will also work with the parties involved, such as the tenant and any neighbors affected. If a tenant has to vacate due to the scope and extent of damage, we will handle the entire transition. We will work with any neighbors and their insurance company if the issue arose from their property, such as in a condominium or townhome situation. This is a part of our service to you.
Q: What if my property is part of a homeowner's association?
A: We manage many properties that are in a homeowner's association, some being a part of a master association as well. We notify the homeowner's association when we begin managing a property within it. This makes them aware that if an issue needs to be corrected, we will receive notice of it. We provide every tenant with a copy of the rules and regulations prior to the lease being executed. Per the lease agreement, the tenants are responsible for staying in compliance with those. Any costs incurred from non compliance will become the responsibility of the tenant.
Q: Does Nicklin require a tenant to obtain renter's insurance?
A: Yes, per the lease agreement, the tenant agrees to obtain necessary renters insurance for their own liabilities.
Q: What bookkeeping services are provided by Nicklin?
A: Nicklin utilizes a system called Rent Manager to track payments, create notations about properties, store inspection reports and handle the day to day bookkeeping that is necessary for our owners and tenants. We strive to keep our records accurate and have dedicated bookkeepers that keep our operation running smoothly. Each month, we provide our owners with a statement that shows the rent paid, owner funding (if applicable) and any expenses that needed to be made. In addition, we electronically deposit the majority of our owners rent money to a bank account of their choice. Paper checks are also an option if needed. At the end of each year, we send each of our owners a final profit and loss statement along with a 1099 for accounting purposes. In addition, we also send every tenant a monthly statement indicating the next months rent payment and any additional costs they are responsible for, such as utility bills, repair fees and the maintenance deductible.
Q: When do I get paid?
A: Rent payments are sent to our owners by the 15th of each month. However, electronic deposits are initiated much sooner and most of our owners are paid before the 15th.
Q: How are utilities handled?
A: The tenants are responsible for all utility charges at a property. Power, water and gas are typically transferred into the tenants name directly by them. Trash and sewer are usually billed separately through our office (restrictions from the city in transferring sewer and the possibility of liens with trash service are the reason for this). This can vary slightly depending on the city your property is located in. The city of Las Vegas, North Las Vegas and Henderson vary in how trash and sewer is billed. Utility bills included in homeowners association dues are not billable to a tenant. Nicklin handles all utility transfers and shut offs for our owners as part of our service.