Property Management Frequently Asked Questions

8% of the collected rent each month. There are other fees associated with special events. The short list includes:

• $30 for each maintenance event.
• $50 for posting notices
• $50 for annual inspections

The long list of rare events is listed here.

Experience. Decades of experience keeps rent dodgers out of your property and you out of court. Property management isn’t about just kicking back and collecting rents. Having the right vendors lined up, screening tenants and knowing what to do when things go wrong is what you are really paying for. You are paying for time spent handling your property, responding to HOA violations, tenant inquiries, your inquiries, monthly reports, year end reports and hundreds of little tasks that get showered on us every day. Then there is overhead. There are literally thousands of expenses related to managing properties. Here are just a few things we have to pay to stay in business.

• Accountants to make sure money is at the right place, at the right time for the right reasons.
• Software is required to pull all this data together and tie it to accounting and our website.
• Business Licenses (Las Vegas, Clark County, North Las Vegas, Henderson)
• Real Estate Licenses
• Mandatory continuing education classes (these are painful)
• GLVAR association dues
• Car Expenses (gas, insurance, maintenance)
• Phones
• Computers
• Photography Equipment
• Signs
• Lockboxes
• Office Supplies
• You get the idea. All this little stuff ads up.

Yes. We are confident in our services. You are welcome to leave at anytime. You don’t even need to give us a 30 day notice. We will reconcile your account the next business day and pat you on the back. Many of our competitors require one year exclusive contracts and penalties for terminating early. Here is our SAMPLE CONTRACT.

• Getting comparable rents for marketing.
• Putting a lockbox on the property.
• Getting photos.
• Getting video.
• Providing you expert guidance on repairs if needed.
• Creating a record in our system for tracking.
• Posting the property on our site with application links.
• Posting the property on the MLS and about 40 other sites.
• Screening hundreds of prospects.
• Going through applications.

Pretty much the entire Las Vegas Metro area:

• Las Vegas
• North Las Vegas
• Henderson 

Our portfolio as of January 2019 is about 450 doors. 90% of that is “Single Family” . We eliminated about 200 “Multi Family” doors in 2017 and our hair stopped falling out. We manage a handful of commercial properties consisting of mixed use and office. We are not afraid of any neighborhood. We can handle anything from the rough areas near downtown to bling bling in Summerlin. Our screening processes are different for the rough neighborhoods and that’s proprietary information.

We do not manage properties in Boulder City or Pahrump.

Only if you are going to let us put it on the market for sale in the next few months. These things are a nightmare to manage and rarely make a decent profit. All of our lawsuits come from these and nearly 90% of our evictions.

Yes but only on our terms. You should also be aware that over time your property will degrade more rapidly. Here are the basic terms we require:

• Each tenant has a lease.
• Each lease is only 30 days (existing ones are ok but they will turn into 30 day leases)
• The cost to place each new tenant will be $400.

No. Unlike most of our competitors, we don’t want to hold your money for no reason. We trust that you will reimburse us in a timely fashion for smaller repairs and we will ask for 50% on large ticket items.

We drive around the heat with a baseball bat. Just kidding. Most of our tenants pay us electronically. The ones who need to pay cash or with a money order pay at any 7-Eleven or CVS Pharmacy. We do not accept checks in the mail or money in person.  

Day 1 – Tenants make a deposit. Most tenants have a 5 day grace period.
Day 5 – Tenants who have not paid rent get a reminder via text.
Day 6 – On Day 6 we will post a 7 day notice to pay or quit.
on or before Day 15 –  Money will appear in your account. 

You will get an email from us stating how much you received. You can login to your owner portal to pull up you statement.

$100. However, circumstances can mitigate that fee. For example, if we have a naughty tenant who doesn’t complete their lease, most of our agents will waive this fee. We generally don’t recommend renewing a lease unless you are want to bump up the rent. The downside to kicking a sleeping dog is they are likely to wake up and go to another property. 50% of the tenants who get an increase in rent leave. Be careful.

No. It’s hard for me to believe competitors actually charge an owner for a vacant property. We do have security packages for vacant properties that you may consider. Those are one time set up charges. We require you purchase our basic security package if your property is furnished. Furnished units are frequently attacked.

Monthly and yearly.  Every month you will get a statement with all the transactions. This owner statement also includes actual invoices of repairs completed. At the end of the year, you will get a profit and loss statement along with a 1099. Those 2 documents are the only 2 most CPAs require to complete your taxes.

Deposits go into a trust account monitored by the Nevada Real Estate Division. That money isn’t your money and it isn’t our money. When a tenant moves out, a walk through is completed and any damages are paid with that deposit. Generally, we video this walk through so you can see what needs to be done if anything. That money is distributed between the owner and the tenant. Limestone Investments makes no money on repairing or cleaning a unit. We also factor in “wear and tear” on a unit. That is a gray area requiring me to decide what is excessive and what isn’t.  

Tenants call our maintenance hotline which is  monitored about 20 hours a day. This voicemail is converted to a text to all our maintenance supervisors. A specialist is dispatched based on the complexity of the problem. If more than a couple of trades are involved, we will send a general contractor. Generally, we charge $30 for each service call. If the problem is really complex and involves managing more than a couple of vendors, a major event could go up to 10% of the overall invoice (usually a major rehab). A garbage disposal for example would be the cost of the plumber + $30.
This page goes into our maintenance process in detail.

Yes! This is a requirement because we don’t want surprises. Every year we discover tenants who are not taking proper care of a property and we take steps to get rid of them. 

The communists are slowly taking over. In the good old days, we could charge tenants a maintenance deductible to eliminate frivolous maintenance requests. That ended in 2023 with new legislation. If a tenant breaks something, we can pin it on the tenant but otherwise, we can’t charge tenants for repairs anymore.

Maybe. There are a few items we need from handymen AND they have to be responsive to text / emails. We don’t have time to drive across town to give your handyman $100 to purchase materials. Most handymen object to 1099s and electronic payments. It’s also not practical for us to dispatch a handyman and you pay them. It’s our way or no way because we don’t have the ability to have dozens of different processes. If your handyman is willing to use our processes AND responds in a timely fashion, we will do our best to use them.  

This forces tenants to care for them. Our leases have a clause where tenants are responsible for appliances. If a tenant doesn’t clean or maintain an appliance, we make them pay for a new another one UNLESS you decide otherwise. When an appliance breaks, we give that decision to the owner by providing photos or an assessment of that appliance.

Unless it’ a minor, we replace it with another used one. Generally, the cost to look at an appliance and repair it is about half the cost of another used one. We don’t recommend new appliances because tenants in general are not careful and you don’t want some fancy appliance they will chew on. A clean refurbished appliance is all you need.

If your property becomes vacant AND utilities are necessary, you have the option of turning them on yourself. We charge $10 to manage each utility. Properties that have a lot more going on with pools, plants and so on which require constant utilities will keep on until the new tenant arrives. Gas is usually not required on a vacant property.

Every city has a different process so the answer is city dependent. Generally you never want your tenants to pay for anything that could put a lien on your house.

• Las Vegas – Tenants pay water, gas and electricity. Owners pay sewer, garbage, HOA, taxes and insurance.
• North Las Vegas – Tenants pay water, sewer, garbage, gas and electricity. Owners pay  HOA, taxes and insurance.
• Henderson – Tenants pay water, sewer, gas and electricity. Owners pay garbage,  HOA, taxes and insurance.

We don’t recommend cleaning deposits. If you do require a cleaning deposit, we recommend you make it refundable. If you a make a cleaning deposit “non refundable” you are providing incentive for the tenant to leave the property dirty. It is cheaper, faster and better for your tenants to leave the property clean. If the property needs to be clean, we take it out of the security deposit. There is no reason to make this rocket science.

We must have a joint defense. Sadly, we get sued time to time from desperate tenants who are trying to get your money. The majority of these cases are fraudulent “slip and falls” that are expensive to defend. In every case, they will sue you and us to get the most opportunity. When this happens, we will be using your attorney hired by your insurance company to defend us.