Owner FAQs

Management Agreement

Owner employs Broker [George Kypreos] as the sole exclusive agent of the Owner to manage the property upon the terms and conditions provided within the Agreement.

Terms are typically for a period of 1 year, and renew automatically for an additional term.

Inspections

Once an Owner executes a Property Management Agreement, GK Properties will perform an initial inspection.  The purpose of this initial inspection is to help Owners understand the current condition of their asset, and allow the Property Manager an opportunity to understand all physical aspects of the property.

This process helps ease the rental process so that any vacant properties can be leased as quickly as possible.  If the asset is not in excellent condition repairs will be recommended, along with an estimated cost, which will improve prospective tenant impressions.  Typical repairs include debris removal, carpet cleaning, minor drywall repairs and paint, and landscape maintenance.

Additional inspections are performed prior to tenant move-in and upon tenant move-out.  Results from these inspections are fully documented for the tenant files to include property photos.  Photos help further identify issues which might arise during a tenant’s occupancy, which will assist with the security deposit disposition.  Lease renewals also prompt an inspection to ensure your asset is being well-maintained as per the terms of the lease by the occupants.

Follow up inspections also occur between 60 – 120 days of occupancy.  The purpose of this inspection is to observe the condition of the home to ensure the new tenant is adhering to the terms of the lease.

In the event of a Home Owners Association, additional inspections may be performed as a result of HOA violation notices.

Additional inspections may be conducted at the request of the Owner.

Furnished Properties

Some Owners choose to rent their property furnished. Furnished properties are, at times, more difficult to rent as applicant may want to bring in their own furniture.  In these cases Owners have to choose whether or not to allow this, and if so, how to store or dispose of existing furnishings.  Furnishings also experience wear-and-tear from daily use by the occupants, which can increase operating expenses and your overall return on investment.

Repair & Maintenance

Any costs exceeding $500.00 must be approved by the Owner in advance, except that in an emergency where repairs are immediately necessary for the preservation and safety of the property.

Tenants are responsible for any minor repairs necessary to the premises up to and including the cost of $75.00. Tenants are to change the air filters on a monthly basis and are responsible for any heating or cooling system repair due to neglect of monthly maintenance, unless otherwise noted in the lease. Tenant is also typically required to maintain lawns, shrubs, trees and sprinkler system in good condition.

Repairs and emergency requests can be submitted online by the tenant. Tenants are also provided with an after-hours emergency number on their lease.

All our preferred contractors are licensed, bonded and insured.  Insurance is verified prior to every payment.  Lien releases are obtained for all capital improvements.

Any and all work orders performed on a property are reflected within monthly Owner statements.

Home Warranty

The best defense against costly repairs is to purchase a good home warranty plan.  Upon request, GK Properties can recommend qualified home warranty companies.

Home Warranties can cover structural, plumbing, appliances and electrical repairs. Coverage depends on the Home Warranty plan purchased.  Home Warranties deal with their own preferred vendors.

Service Charges are typically assessed when a Home Warranty vendor arrives onsite.

HomeOwners Insurance

HomeOwners insurance is required to properly protect real estate assets.  GK Properties recommends your policy include coverage for rental insurance.  We will be happy to work with your insurance agent to review your current policy to ensure your asset is protected against major repairs.

Tenant Screening/Qualification

Upon receipt of a completed rental application, a complete background will be performed.  This check includes verification of current and previous tenant history, current and previous employment, credit history, contact personal references, and to receive any criminal history information pertaining to the applicant that may be found in federal, state, or local criminal justice agency files and to verify any other information deemed necessary to fulfill the tenant requirements.

Some of the criteria used in qualifying prospective tenants include credit rating of 600 or above, dependable rental history and applicant’s income to be at least three times the monthly rent. If applicant does not meet the standard requirements, an additional security deposit may be requested up to triple the amount of the rent. Owner will also have the final decision in the approval process.

Pets

Pets are considered on a case-by-case basis as requests arise.  Each Owner has complete autonomy in whether or not pets are allowed on a property.  Service animals are not considered pets as they are registered with the State of Nevada.

Applicants are required to provide photos of their pet(s) along with their application.  No pet shall be on the premises without written consent by the Owner.  An additional security deposit will be required at time of lease signing.

Smoking

To protect real estate assets, GK Properties does not allow smoking in any of our rental properties. Tenants are permitted to smoke outside.  If any signs of smoking are present inside the home, the tenant will be responsible for any cleaning or smoke removal services.

The no smoking policy has not affected the market-ability of the rental properties.

Owners Portal

Owners can access their monthly accounting statement through the online Owner’s portal at anytime.  Statements include rents received along with deducted management fees and any other expenses which GK Properties pays on your behalf.

GK Properties will post updated statements by the 15th of each month.  For access see home page of our website.

Mortgage Payments

Unless otherwise requested, GK Properties does not typically manage mortgage payments on behalf of Owners.

End of Year Statements

Year end statements provide a complete account summary of each transaction posted on your account during the year.

Statement will be mailed with your 1099, but can also be accessed through your online Owner’s portal.

Collection of Rents and Other Receipts

Rent is due the 1st of each month and considered late after 3:00 pm (office hours) the 3rd.

Eviction Proceeding commence the 8th of each month unless tenant has made prior arrangements.

Disbursement of Owner’s funds are sent by direct deposit or check by mail.  Owners set up via direct deposit typically receive funds on or before the 10th of each month.

Paper checks are mailed by the 13th of each month and may take up to 5 business days to receive.

Security Deposits

Broker shall maintain a separate Security Deposit Trust Account for security deposits, cleaning, pet and other deposits as per State requirements.

Deposits are based on the monthly rental amount and the credit status of the tenant up to three times the monthly rent amount.

Security Deposit Dispositions are prepared within 30 days of tenant move-out and will include a deduction for any repairs required which are above normal wear-and-tear.  Deductions from Security Deposits can include general cleaning, carpet cleaning, maintenance and repairs, unpaid utilities, landscaping, painting, etc.