There are significant differences between leasing and full services property management companies, after reviewing our processes, please read our 9 Questions To Ask Leasing Agents blog post.
Property Management Frequently Asked Questions
Where does the LRA Management team come from?
The executive team at Luxury Real Estate Advisors is comprised of industry veterans who previously oversaw the leasing and property management efforts at The Residences at Mandarin Las Vegas, Veer Towers Las Vegas, Vdara Las Vegas, Juhl Las Vegas, and The Ogden. In addition, we represent Board of Director members at Mandarin, Veer, Turnberry Towers, Turnberry Place, The Martin, Panorama, and many other towers.
How can Luxury Real Estate Advisors (LRA) help me select the best investment property?
Any broker can run comps, but LREM takes analysis multiple steps forward by reviewing days on market, absorption rates, HOA policies and their effectiveness, and long-term events such as new employment centers which add value over time. We recommend buying in projects that are near planned or in-progress developments. For example, the projects of Panorama and Martin will benefit from the NFL Raiders stadium, which is planned to be 1.8 miles south of Panorama.
What is the difference between a leasing agent and a full-service property management team?
Leasing agents often take subpar pictures, place the residence on the MLS, and use standard template based lease agreements. LRA deploys a property specific marketing campaign including professional imagery and protects our landlords by including three full pages of disclosures for every lease.
At a mediation hearing in late 2017, the mediator asked LRA executives if he could use their language in his rental property lease agreements. A mediator who has performed thousands of tenant/landlord mediations being impressed by protective, risk mitigation language is the best comment a property management company can receive.
How do you determine the rent price?
We assess 12 months of floor plans and view specific leasing data in your building, but also evaluate current market inventory, days on market, quality of marketing for rentals on the MLS, and time of year.
How does LRA market my rental property?
Luxury Real Estate Management is the only company to offer professional photography on all rental listings, which are then syndicated to the top 86 real estate websites in the US and Asia, along with thousands of agent MLS websites.
What screening is performed when selecting my tenant?
LRA uses AppFolio, the industry’s leading property management solution. LRA screens for both credit and criminal records and requires employment information, bank statements, and pay stubs from all applicants.
How much is the security deposit for tenants?
Security deposits of typically one month’s rent, in addition to any deposits collected by your building’s HOA. If a residence is furnished, we often ask for two months security. This is on a case by case basis.
Is my tenant required to obtain insurance? If so, for what amount?
Yes, LRA requires a minimum $250,000 liability policy that increases based on building requirements (for example, Mandarin is $1,000,000).
What software and processes does LRA use to simplify processes?
LRA uses 10+ software solutions including, but not limited to:
Listhub, which displays your rental property to hundreds of real estate websites including Zillow, Trulia and Realtor.com.
AppFolio, which simplifies all aspects of the property management process.
Happy Inspector, the leading mobile property inspection app.
How are maintenance calls handled?
LRA offers a fully integrated service with professionally trained engineers who respond to maintenance requests and can often diagnose, resolve, and troubleshoot issues, saving you time and money. Live agents are on call 24 hours per day, 365 days per year.
How can LRA help me reduce maintenance and improvement costs?
LRA has vetted many of the vendors who work in the high-rise segment and negotiated bulk discounts, which are then passed on to our owners. In addition, LRA created Luxury Home Services (LHS). LHS is the fastest growing luxury housekeeping and paint company in the Las Vegas luxury condo segment. LHS assists with cleaning services, refreshing residences while on the market, and the recurring cleanings that tenants often subscribe to during their lease term.
Cleaning packages starting at $70.
What tech tools does LRA use to keep me better informed?
There are over 33 steps to complete a lease agreement, which often requires 100+ emails, calls, and text messages to the executive. LRA provides its owners with event-based email notifications with a daily summary so you are informed of what has been completed and the next steps.
How and when are rent distributions shared and what reporting do I have access to?
Most management companies collect rent checks and then mail landlord rental distributions once the check has cleared the brokerage account. This process can take up to 21 days. Our E-Check distribution process provides our landlords with their distributions no later than the 10th of each month (or the following business day if the 10th falls on a weekend).
What collection processes does LRA implement for non-payment or damage to my residence? Which legal teams are used?
LRA employs Rocket Evictions and the Law Office of Davis| Stibor. Davis | Stibor is recognized as one of the top law firms specializing in property management law in Nevada.
What laws in NRS 118A expose me to risk? What lease terms are implemented to reduce or mitigate my risk?
We understand the nuances and legal issues outlined in NRS 118A and we provide guidance to avoid the legal pitfalls that can come with tenant and landlord disputes. We strictly follow federal fair housing policies and laws. We also include landlord-friendly terms in our agreements, which limit expenses and solve landlord and tenant disputes via mediation rather than expensive litigation
How will LRA assist in the event of a water or fire event in my rental property?
The executive team at Luxury Real Estate Advisors previously held direct supervisory roles overseeing the construction of over 2,000 homes and 700 condo renovations. There are very specific processes to remedy water events to limit repair costs so that a $500 problem doesn't become a $5,000 problem. We have a quick response team that assists with mitigating damage and repairing residences quickly so there is limited disruption to occupants.
No junk fees
Our competitors often try and match us on price but then add junk fees like set-up, advertising and sizable lease renewal fees. Read the fine print…
Commission structure for leasing fees:
Leasing Fee $1500
Ongoing management fees start at 6% for luxury high-rise condos (minimum fee is $100/month)
Thanks to Luxury Real Estate Advisors for assistance with leasing and managing our Mandarin residence. I’d highly recommend LRA to anyone who’s looking to buy, manage, or sell a residence in the greater Las Vegas area. Aldo Manzini, Former Chief Administrative Officer and Executive Vice President of MGM Resorts International.
Thank you Anthony for all the hard work you put in on the sale of my condominium in the midst of such a difficult market. Your efforts are greatly appreciated. Joe Lacob Owner, NBA Golden State Warriors and Partner Kleiner Perkins, Caufield & Byers
You and your team made our entire condo purchasing experience exceptional. If the opportunity arises in Las Vegas for a great Realtor again, there is no doubt who I am calling. Thanks Anthony. Tony Rector, Board President, Turnberry Towers East