Our maintenance procedures are especially popular with our out of town investors. You are free to utilize our services as much or as little as you desire. Here are some answers to frequently asked questions.
Do I have to use you for maintenance?
No. We are slammed with work and have no problem with you doing your own maintenance. Our rules are simple, if you want to handle your own maintenance, your tenants must call you first. If your tenant calls us, we will contact your preferred vendor first. If your preferred vendor doesn’t respond or goes MIA, we will use ours. These “favorite handymen” that owners love rarely last more than 6 months in Vegas.
How do you accept payment?
Our electronic payment system goes through an online property management software system. It’s the only method of payment we use. That system allows you to pay via credit cards or directly from your checking acccount. We do not accept checks in the mail. It’s hard enough chasing tenants down for money.
How much do you mark up your vendor invoices? Unlike most of our competitors, we show you our vendor invoices. We have nothing to hide.
|Utilities (we prefer you manage your own)||$10 each|
|Minor Repairs (generally stuff under $400)||$30 over invoice|
|Major Repairs (multiple trades involved over $400)||5% – 10% over invoice|
|Rehabs / Trash Outs||5% – 10% over invoice|
|Home Warranty Calls||$20 over warranty invoice|
Can I set my threshold to repairs under $400?
Our standard threshold for contacting you is $400. If you want us to call you for small stuff under $400, we charge you 10% for property management because you are adding more work to our processes. We call you, you call us back, phone tag, tenants are pissed and that whole circus costs you and us about an hour of frustration. If you can’t trust us for the small repairs, we are not your company.
Do you use home warranties?
We can but they are a pain in the neck. 50% of the time, they don’t cover an issue and our maintenance department spent an hour on the phone with the tenant and the warranty company trying to get status. They are best used for major ticket items like AC units, furnaces and foundation leaks. The cost benefits are dubious for small repairs. We simply don’t recommend them but we will not stop you from using them.
Our Maintenance Process
When a tenant places a call to (702) 690-9201, their voice mail is converted to a text and sent to all our maintenance managers and the broker. The first person to take the call will enter the call into our system to “open a ticket” for that property. We use this call log in case we get a clever tenant who tries to use this as an excuse not to pay rent. The first person to take the call gets paid $20. The $20 includes figuring out which vendor(s) to send, creating an invoice, creating a photo album of the before and after photos, billing you and paying the vendor. This is a complex task and we have 3 people at Limestone qualified to do it.
Vendors are only paid when they provide evidence that the job was completed and they send us an invoice. We include vendor phone numbers, photos, and invoices in case you want to roll up your sleeves and quiz them on the details. We have about 4 vendors for every task you can think of because we don’t want any one of them to have us hog tied.
Invoice Mark Up
Limestone charges $10 per maintenance event. This means that every maintenance event will be $30 over invoice. $20 goes to the maintenance supervisor described above and $10 goes to Limestone. Most of our competitors simply mark up vendor invoices and shield you from what they actually paid out. The only exception to our mark up rate would be massive problems requiring multiple trades. Examples of this will include “burn outs” and massive rehabs. Anything major will require your approval, so you will know the costs before work is done.
Your property management contract will spell out the threshold of pain required for us to get permission. This is typically $400. So if you have a maintenance issue less than $400, we just fix it and bill you. It isn’t practical to send 3 handyman out to do an estimate on a $100 problem. We use vendors that we trust to do a good job at a fair price. If one of our vendors starts charging us too much, we simply cut them off. Vendor management is a constant internal process at Limestone. If you want us to call you for small stuff under $400, we charge you 10% for property management because you are adding more work to our processes.
We get love letters from HOAs on a daily basis. Not a problem. We first inform the tenant to fix the issue. We put the deadline in our calendar. If they don’t fix the problem, we fix it for them and then bill them. If they don’t pay us, we toss them out.
Don’t forget that you can fire us at any time. We do things efficiently at a fair price. If you don’t think we are doing an excellent job, you can move along to another company at anytime. We fire more customers than customers fire us. The number one reason why we fire customers is because they don’t pay us within a reasonable time. We are able to retain inexpensive vendors because we pay them promptly before we get paid. Limestone is floating thousands of dollars because we trust our customers will pay us back in a timely manner.