I have been corresponding with a potential Las Vegas Property Management client for a few weeks now.  The initial contact I received was an email asking about our services, fees and an idea of how much his property would rent.  As soon as I received the email, I began to do some research on the condo located in Henderson, Nevada but I couldn’t find the unit number he provided, it didn’t exist.  I sent an email back to him and within a few minutes he sent me the correct unit number as he had the numbers mixed up.  I did my research and sent him an email with details about our services, fees and rental rates.

A short time later he responded and asked if I would be able to meet with him while he was in town working on the unit.  So of course I agreed.  Well today was the day I met with him and his wife.  During the appointment, they asked me several questions pertaining to renting their condo, my experience and why I would be the right Las Vegas Property Manager for the job.  As the appointment drew to a close, I asked them if they had a chance to interview any other Property Managers and his reply was a bit shocking.

He advised that out of all the Property Managers in Las Vegas that he emailed, I was the only one that caught the Unit Number mistake in his email.  It wasn’t like they could have a done a search based on his name and received the correct Unit Number because at the time he was in the process of buying the condo and it was still in the name of the Lender.   So how were the other Property Managers able to provide rental rates without knowing if the unit was a 1 or 2 bedroom unit?  He never provided that information, all he provided was the address.  Makes you wonder how some people are even business!

Many homeowners who purchased their Las Vegas Home between 2004 and 2007 are most likely upside down, unless they put a substantial amount down of at least 40%.  With home values dropping from a high of $315K in June 2006 to today’s average price of $140K can make selling your home very difficult and most likely will require you to sell it as a short sale.  Unfortunately, just because you want to sell your home does not mean the Bank/Lender is going to agree to take a loss without some type of hardship such as job relocation, job loss, divorce or death.  So depending on your financial situation, renting your home for the next 3-5 years could be an option to selling.

Giving the state of the economy, the Las Vegas Rental Market is doing well.  Many former homeowners are now becoming renters as they have lossed their home to foreclosure or sold it as a short sale.  For those that lost their home due to foreclosure will be unable to purchase a home for 5 years, making them an ideal long term renter.  Knowing that there is still a market for rentals, the next step is determining what your home could rent for based on what other homes have rented for in the area.  The rental price could be the determining factor on whether you can afford to rent your home out or if the negative cash flow is going to force you to sell your home.  The last thing you want to do is rent your home out knowing full well you are going to let it go in foreclosure as this is very unethical and could cause a hardship for the tenants when they are forced to vacate the property.

If you are in a position that is forcing you to sell or rent your Las Vegas Home, it is important to contact the right real estate agent.  Chances are, if you are going to sell your home, you will need a real estate agent that specializes in short sales and remember there could be legal and tax implications.  If you are going to rent your home, I would recommend having a Las Vegas Property Management Company handle the management of your property.

If you have any questions about the short sale process, feel free to contact Paul Rowe at 702.376.0088.  If you are thinking about renting your Las Vegas Home and are in need of Property Management Services, feel free to contact Tony Sena at 702.376.7379.