- Why use Cunningham Group?
- What is a security deposit?
- What can a security deposit be deducted for?
- How much do you charge for security deposits?
- When is first month’s rent due?
- How do you send me my rent money?
- When is the rent money deposited into my account?
- How long is a typical lease period?
- How much rent can I get for my home?
- What things can I do to help me get more rent for my property and rent it faster?
- What about PETS?
- How do you qualify a tenant?
- How long is the management agreement I sign with you?
- What if I want to sell my house later on?
- How do I get started?
Why use Cunningham Group?
Cunningham Group is affiliated with the premier Re/Max name. We strive to adhere to the highest standards of ethics and professionalism that come along with the Re/Max brand. Our company manages homes in every area of the Las Vegas valley. Through communicating the truth to our clients and aggressively marketing our rental listings, we're proud to say that we rent the typical property on average within weeks, not months. Our belief is that everyday a rental sits vacant, the owner of the home is losing cash. That's the mentality we work from and that's how we keep our clients' rentals occupied with great tenants.
What is a security deposit?
Some people confuse 1st & Last Month's rent with a “Security Deposit”. Laws that govern the use of rents vary substantially from those that involve security deposits. Our company requires all our tenants to remit an amount of money equal to one month's rent (at least) in addition to their first month's rent before they can move in. This additional money is called a security deposit. The deposit is held in a brokerage trust account and can't be touched unless the tenant vacates the property. The security deposit is then 100% refundable minus any expenses that are incurred to restore the property to the condition it was in when the tenant moved in. The benefit of taking a reasonable security deposit is that the money acts as leverage for a tenant to leave the property in great condition when they move out. If we were to take First & Last Month's “Rent”, that money would never be returned to the tenant and thus would not provide any real security for the owner as the tenant has no real motivation to leave the property in good condition.
What can a security deposit be deducted for?
We can deduct any costs related to restoring the property to its previous condition from a tenant security. Tenants fill out a pre-occupancy inspection report that absolves them of any issues that were in existence before they move in. This signed report is kept on file until the tenant vacates the home. Examples of things that can be paid from security are:
- General cleaning
- Carpet Cleaning
- Repairs of items that were not broken when the tenant moved in
- Unpaid utilities that were supposed to be maintained by the tenant but were not
- Landscaping Repairs
- And More
How much do you charge for security deposits?
We charge a security deposit that is equal to 1 month's rent. In some circumstances, we may elect to require a deposit of two to three times one month's rent. This would only happen if we can't verify a strong credit history and residence history for a prospective tenant.
When is first month’s rent due?
Rent is due immediately upon lease signing. One month’s rent is required to move-in.
How do you send me my rent money?
We offer direct deposit of your rent check directly into your bank account. We do not mail checks. We can do this to any major national or local bank: Bank of America, Bank of Nevada, Washington Mutual, Wells Fargo, US Bank, Citibank, and Nevada State Bank. You will need to have an account at one of these institutions to receive rent checks. Out of state accounts are perfectly fine.
When is the rent money deposited into my account?
Rent checks are deposited on the 10th of the month. The only other delays to rent deposits could be caused by late rent payments. If a tenant pays late (which is not common), they are also required to pay late fees which you would see reflected in your deposit.
How long is a typical lease period?
Lease periods are typically 1-year. In some cases, we can authorize short term leases of 3 – 9 months depending on owner discretion. Additionally, we prefer not to end leases between Dec 1 and Jan 30 except in special circumstances or when absolutely necessary because of the difficulty of filling vacancies during the holiday season.
How much rent can I get for my home?
How much rent you can get depends on the size of your home, the community it's in, and any upgrades to the property. To get a free rent comparable analysis, go to the “Contact Us” Form above. You'll want to send us the full address of the property you want to rent out. The comparable is done free of charge and there is no obligation to utilize our property management services if you don't wish to.
What things can I do to help me get more rent for my property and rent it faster?
There are several things to remember when you are trying to market your rental property.
- The important thing is that the home is “clutter free” and extremely clean. Prospective tenants are most attracted to clean homes when they are walking through them. They need to be able to see your home as a place “they” could call home.
- Paint your home in neutral colors. If not white, then any beige or light cream color would work. We recommend strongly that you avoid green, blues, or other more custom colors; especially dark colors.
- Fix anything that is broken: If we turn over a clean, operational and maintained home to a tenant, it is much easier to hold them accountable for returning it back that way.
- Install landscaping: If your property is dirt and barren in the backyard, we highly recommend that you “at least” pour some rock down to make the yard more appealing. Additionally, having a patio back there adds a great amount of value to your home and will get it rented faster. Homes can still rent without anything in the backyard, but it will hurt the rent you can get and the speed in which you could get it.
- Have appliances available: 98% of potential tenants do not have their own refrigerator, washer/dryer, stove, or dishwasher. These items are covered under the security deposit if damaged and the tenants will have to maintain them if you leave them in the home.
What about PETS?
They are a lot of horror stories about pets destroying homes. In our opinion, the damage a pet can do to a rental is far more indicative of the quality of the tenant we find and NOT the pet. A great tenant will keep the house in great condition, regardless of the existence of a pet. It's our job to find the great tenants so that you don't have to worry. Additionally, we charge anywhere from $300 or more in additional security deposit to allow pets in rental properties.
Also, you should remember that more than 2/3 of potential tenants have or will have a pet at some point. Turning down applicants with pets can “significantly” increase the amount of time your property sits on the market.
How do you qualify a tenant
The criteria that we use to qualify prospective tenants is a “tiered” system. The higher the credit score, the easier it is to qualify. Verifiable rental history, co-applicant qualification, and income verification can all be used to qualify a tenant.
- Applicants who have been evicted in the past are automatically disqualified. Evictions typically show up on credit reports
- All applicants MUST submit a Greater Las Vegas Board of Realtors rental application. We conduct our own credit check in all circumstances.
- If a tenant cannot qualify under our normal qualification procedures, additional security deposits (up to triple the normal amount) may be requested to qualify a tenant.
How long is the management agreement I sign with you?
Our agreements last at least for one year. After a year, they automatically renew until cancelled.
What if I want to sell my house later on?
Selling your house is always possible, with or without a tenant in it. It's important to remember that the lease agreement you have with your tenant supersedes anything else. This means that unless you wait for a lease to end, you'd have to sell your home to an investor. When you do this, you “sell” the lease right along with the home. There are plenty of investors looking for homes that they will end up renting out anyway. Otherwise, you can sell your home once any given lease period ends by giving the tenant a 30 day notice to vacate.
How do I get started?
Visit our Management Sign-Up Page and fill out the form to have a property manager send you the management contract for signature. You will need the signed contract, 3 keys, mailbox keys (if applicable), two garage remotes, and the setup fee. To take the first step toward renting your home, click on the “Signup for Management” button and send us your info. A Cunningham Group representative will contact you quickly to setup a free consultation!