A successful business relationship works both ways. THE Brokerage takes their management responsibilities seriously, and requests that owners do so as well.
Owner Responsibilities Are:
Notify THE Brokerage of any ownership change or eminent owner change for the managed property.
Supply us with accurate information so we can service the management account properly.
Review statements monthly and notify THE Brokerage of any discrepancies found as soon as possible.
If using ACH, check statements monthly for accurate or missing deposits and notify THE Brokerage if there are problems immediately.
Support Fair Housing Laws and guide lines, as well as all necessary legislation.
Maintain a current insurance policy for their property and name THE Brokerage as an additional insured.
Review your property insurance yearly and update as needed.
Exercise responsibility for required maintenance and the safety of your tenants.
Treat THE Brokerage personnel with courtesy and notify THE Brokerage principals if there are problems with THE Brokerage Property Managers or Operations sta so they can be resolved quickly.
Let THE Brokerage be the point person for your property and allow us to make all initial communications with tenants. You have hired us to manage your property and as much as possible we want you to allow us to do our job.
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THE SCOPE OF PROPERTY MANAGEMENT
The property owner(s) authorize(s) THE Brokerage Property Management to perform the following services: rental analysis, coordinating any needed minor rehabilitation to make the property rent ready, marketing, advertising, tenant screening, lease preparation, day- to-day management, lease enforcement, monthly accounting, and disbursements and annual renewals.
Company Policies It is critical that THE Brokerage follow all local, state, and federal legislation and guidelines. Our company takes pride in our industry, and we further implement guidelines and policies of several organizations, such as the National Association of Residential Property Managers (NARPM), the Las Vegas REALTORS®, Nevada REALTORS®, and the National Association of REALTORS®(NAR). Additionally, we train all personnel and Property Managers by requiring them to read our own Management Policy and Procedures Manual and to stay in compliance with all laws and regulations.
Nevada Real Estate Division The Nevada Real Estate Division (NVRED) requires all real estate professionals that conduct property management to carry an additional property management permit on their license. We maintain strict policies on Trust Account reconciliation, and we take our custody of “other people’s money” seriously.
Drug-Free Policy THE Brokerage has a drug-free policy for all personnel, vendors, and tenants. THE Brokerage incorporates this policy into our rental/lease agreements, tenant, personnel, and vendor documentation.
Communication works both ways. We need accurate and timely communication from you, the owner. It is important that you let us know of any meaningful change that can a ect your account. THE Brokerage needs to know when you are moving, if you have a problem with your account, if you establish a Trust or LLC, if your social security number has changed to a Tax ID, or any other essential information. Please email us to notify us of any changes.
Legislation
THE Brokerage adheres to the lawsand guidelines of federal, state, and local legislation, and incorporates this into all documentation, policies, and procedures. Here are some of the agencies and acts THE Brokerage follows:
Fair Housing (HUD) – THE Brokerage supports and follows Fair Housing laws and guidelines; the office displays Fair Housing signage. For this reason, we do not involve our owners in approving our tenant applicantsas outlined in the management agreement.
Equal Opportunity – THE Brokerage is an Equal Opportunity employer; our office displays Equal Opportunity signage.
SCRA Act – Serviceman’s Civil Relief Act, which has replaced the Soldiers’ and Sailors’ Act of 1940.
URLTA – Uniform Residential Landlord- Tenant Act.
FCRA – Fair Credit Reporting Act
FTC – Fair Trade Commission.
EPA – Environmental Protection Agency.
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Lead-Based Paint
Lead-based paint became a major issue in the 1990s that prompted mandatory requirements for residential housing and continues today. THE Brokerage follows all mandated federal and state guidelines for lead-based paint. All properties prior to January 1, 1978, require disclosure to all tenants and owners.
Tenants sign lead-based paint disclosures prior to renting a property and THE Brokerage provides them with the required EPA Pamphlet, Protect Your Family from Lead in the Home. We then forward the required disclosure to the owners for signature.
Property owners and/or Property Managers must also notify tenants, in writing, of any scheduled work necessary for lead-based paint on the property. Legislation now provides that owners and managers must use certified vendors to work on lead-based paint.
MOLD ISSUES THE Brokerage regards mold issues as a top priority in property management. Owners should be aware that mold is another leading issue in the property management industry and failure to act if tenants report or discover mold can lead to costly lawsuits. Several cases regarding mold have resulted in millions of dollars in damages being awarded to tenants.
BED-BUGS can be a significant issue, and owner(s) must disclose the existence of them and eradicate them in compliance with state law if they infest the property.
Water Heater, Smoke Detector(s) & Carbon Monoxide Detector(s)
Nevada state law requires water heaters to be seismically strapped properly, carbon monoxide (one on each floor of the home) and smoke detectors to be installed in a manner consistent with state law. THE Brokerage will comply with these regulations.
