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Category Archive : Property Management

How Tenant Screening Helps

Real estate in Las Vegas can be quite lucrative for those seeking to acquire rental income. Whether the landlord is providing residential homes, condos or office space, a steady stream of monthly income can yield a reliable revenue source that carries through the entire year. Of course, this process can be completely undermined if the renter turns out to be less than desirable. That is why it is critical to perform tenant screening long in advance of accepting the renter.

The purpose of tenant screening is to acquire a clear picture of the renter’s background. Specifically, landlords can explore the tenant’s rental history, credit report, and financial situation. This then allows the landlord to make an appropriate decision as to whether or not the tenant will make a proper fit. Again, this is no minor point. Signing a lease agreement with a “bad renter” comes with many serious problems best avoided. For example, a potential renter that has an extensive history of not paying his bills clearly would not be a safe bet to make his rent obligations on time. Such a renter can turn an lucrative real estate venture into an unstable one within a few months.

Then, there are those tenants that could be labeled even worse renters. Renters that allow their dwellings to fall into complete disarray can create a number of repair costs and other expenses. However, a quick call to their previous landlords could reveal such problem renters with a single phone call.

If there was a moral to this story it would be this: perform a tenant screening prior to renting your Las Vegas Investment property. It will eliminate many hassles and problems long before they even start.

Las Vegas Real Estate: Taking Advantage of a Down Market

With the economy and land values plummeting it can be an opportunity for resourceful people. One of the biggest areas that investors are looking for help in is property management. Las Vegas has some of the highest value investment property in the world. Many of these investors are looking for quality property management to protect their investment.

Las Vegas property management is a growing and changing field in an economy and market that currently is taking a strong beating. If you are looking for a way to make an honest living and have unlimited income potential a career in Las Vegas property management may be exactly what you are looking for. There are many high quality firms in the area that are always looking for help. Qualifications for getting into Las Vegas property management are not difficult to meet. As long as you have a clean criminal record, high school diploma, and a strong desire to work hard and honestly finding a career in Las Vegas investment property management will be a breeze.

If you are a land owner in Las Vegas now is the time to look for property management to help you protect your investment. By using an outside firm to guarantee your investment you can have the free time to follow other more profitable pursuits. In this economy it is going to be the investors that can aggressively move forward that will survive. Those spending time worried about their current investments and wasting time managing them will be left behind.

The Experienced Property Manager Can Handle Many Tasks

As a landlord, you may be contemplating hiring a Las Vegas property management company. While many landlord’s often handle the duties themselves, if you have many rental properties, you may find it difficult to handle everything. An experienced Las Vegas property manager will be able to carry out many different tasks. Their main tasks should include the following:

Marketing: This will include all of the advertising of your properties, as well as following up with any leads that are generated from the advertisements. They can also schedule all of the property showings, as well as show the properties themselves.

Tenant Affairs: The property manager can also take care of all of the tenant affairs for you, including rental agreements, background checks, resolving any complaints from the tenants, and handling all evictions. They can handle all issues as they arise to make certain they are all handled in a timely manner.

Maintenance: As the manager, they can also take care of all inspections, repairs, and general maintenance of your buildings. All emergencies can be directed to your property manager, as well and you can relax, knowing that your sleep will not be disturbed by an issue as small as a blown out light bulb.

Finances: If you desire, your Las Vegas property manager can also handle all aspects of the financial management of your properties, from collecting rent to paying the utilities. If someone is behind in their rent, your property manager will have the time it takes to track them down. All of these financial tasks, however, can be decided at the discretion of you and your property manager.

The fact is an experienced property manager can handle all aspects of your rental business, but you will have the choice on which tasks they will take over for you. If you find that you want to purchase properties in another state, a property manager can make it feasible for you to do so. They can be there in a moments notice and make sure your rental properties are well taken care of, as well as your tenants.

The Benefits of Hiring a Las Vegas Property Management Firm

If you are the owner of a property or are currently a landlord, you may find yourself sometimes overwhelmed with the many tasks involved with the management of your properties. When you hire a Las Vegas property management firm, you will find there are many benefits.

The main benefit is property managers are experienced in both renting and selling properties. They will understand all of the details required to successfully keep your investment properties rented, as well as highlighting all the advantages when trying to sell your properties. This will include doing background checks on all potential renters, as well as collecting the rent.

You will also find the property management firm will help you to take care of all aspects of your property maintenance, including scheduling inspections, repairs, routine maintenance, and cleaning. If something goes wrong in the middle of the night, such as the heat goes out, you will no longer receive a phone call to handle the issue. They will handle all emergency calls and take care of these items in a timely manner.

The main benefit of hiring a property management firm to manage your real estate is it will allow you the time you need to take care of more important details in your business. This may include purchasing more properties to expand your business or investing the earnings you make in another venture.

Hiring a Las Vegas Property Management Professional

When it comes to owning investment real estate in Las Vegas, Nevada it is easy to learn that there are a lot of responsibilities that come along with the job. The more properties you own, whether you are fixing them up to sell them or you are renting them out, you have to have a lot of organization going in order to keep everything in line. With so many laws to watch out for, so many expenses to pay for, and so many people to please, it can be hard to take care of such a job by yourself. This is why developing a relationship with a good Las Vegas Property Manager is a great idea.

By taking advantage of what a property manager can do for you, you will be able to run your real estate investment business in a much smoother manner. When you are looking into such an avenue though, you will want to make sure that you are being honest with yourself in what you are expecting from the person handling your investment properties. The person you hire to work on your team must have experience under his or her belt. Hiring someone with little or no experience is only going to cause you a headache in the end.

There are many people out there offering their services as Las Vegas Property Management professional. Such advertisement can be found in the classifieds, both the online and print versions. Start looking through those and do not forget to write up your own ad in regards to the position you are trying to fill. The sooner you find someone to help you keep everything in line, the more secure your investment will be.

You will also be perceived to be a true professional, which is something that is highly sought after by many people who work for themselves. One word of advice though, you will want to make sure that you scan your applicants very well. This is because the person you hire will have access to your properties and to a lot of your money if they handle such things as rent payments and evictions.

Should I Sell My Las Vegas Home or Rent it?

I have received many emails and phone calls lately with this question. “In your opinion, should I sell my Las Vegas Home or rent it out?” As much as I want to help and give my opinion, my opinion really doesn’t matter.  What matters is that I provide you with all the facts and information that will help you make a decision for what’s best for you and your family. Only you know your true financial situation.

What we do with our clients that have questions like this is break down the Las Vegas Rental Market and the Las Vegas Real Estate Market.

Las Vegas Rental Market:

  • Increase supply of properties for rent
  • Rental Prices have fallen
  • More Tenants have credit issues due to foreclosures
  • If you purchased your home between 2004 – 2007 with 80% to 100% financing, the rent you collect will not cover your mortgage payment.

We are seeing an increased amount of rental inventory which has caused rental prices to drop a bit.  We are also seeing an increased amount of potential tenants with foreclosures on their credit history.  With Las Vegas being an epicenter in the foreclosure market, you can expect many of these previous homeowners entering the rental market.

Las Vegas Real Estate Market

  • Buyer’s Market
  • Most homes on the market for sale are either a REO (Bank owned home) or a short sale.
  • Chances are you owe more on your Las Vegas Home than it is worth if you purchased your Las Vegas home between 2004 – 2007.

Las Vegas Home prices have fallen significantly over the last year and a half due to the amount of foreclosures.  Banks and Lenders have placed these foreclosed homes back on the market and priced them well below market value which has driven down home prices.

Chances are you owe more on your home than it is worth, but you can still sell your Las Vegas Home.  This is called a short sale. A short sale is where the Lender/Bank agrees to take less than you what you owe.

If you would like to keep your Las Vegas Home but can’t afford to keep making the payment, you can always try to get a Loan Modification.  A loan modification is where the Lender agrees to modify your existing terms of your mortgage agreement.  However, before you go and contact your Lender/Bank to look into this option, remember the person you are speaking with is an employee of the Lender/Bank.   Their job is to get the best deal possible for the Lender/Bank, not you.  That’s why we recommend having an Attorney represent you on a Las Vegas Loan Modification.

If you have any questions, please call us at 702.376.7379 or fill out our contact form.

Homes for Rent in Las Vegas

Many people in the Las Vegas Valley have lost their home due to foreclosure and have been forced into the rental market.  With the recent changes to FHA lending guidelines, homeowners whose homes were foreclosed on will not be able to purchase a home for 5 years.  So instead of buying a home in Las Vegas within the next few years, they will be forced to rent a home a little longer than they had thought.

Even though you might look at renting a home as a setback, if you look at it from a different aspect, it could actually be just what you needed.  Majority of the time, the rent that you are paying is much less than what your monthly mortgage payment was and you are no longer responsible for paying home owner association fees.  If you add the savings between the two, this extra money can help pay down some other debts that you may have or save the money for a future down payment on a home.

You also don’t have to worry about fixing items that break or are need of repair, just call the property management firm that is representing the homeowner and they will handle it.

If you are in the market for a rental home, feel free to contact us and we can assist you in finding the right rental home in Las Vegas for you!  We can be reached at 702.376.0088.

Selecting a Las Vegas Property Management Firm

It’s very important that you do your homework when selecting a Las Vegas Property Management Firm to manage your investment property.  Your property manager is responsible for maximizing your cash flow on income producing properties, minimizing vacancies, maintenance, proper tenant screening and so much more!

Here area few questions you should ask a prospective Property Manager to help assist you in choosing a Las Vegas Property Management Firm:

  • How long have you been in business?
  • Are you familiar with the landlord/tenant laws in Nevada?
  • How will we communicate?
  • How will you market my home?
  • How do you qualify a tenant?
  • Do you provide accounting?
  • How do you handle the repairs and maintenance?
  • What are your fees?

The above questions should give you some insight about the property management company that can assist you in your decision on which Las Vegas Property Management Firm will best manage your Las Vegas Investment Property.

Before you make your decision, make sure you give us a call and we will gladly answer the above questions!  We can be reached at 702.376.7379.

Should You Sell Your Las Vegas Home or Rent It?

Las Vegas Home prices have dropped throughout 2008 and the trend could continue through the fall and winter. As more and more foreclosures hit the market, banks will continue to offer these homes at prices below market value in an effort to get them off of their books.  So with that in mind, you have to determine if it’s the right time for you to sell your Las Vegas Home.

If you determine the time is right to sell because of divorce, loss of job, job relocation or any other reason, it’s important to understand the Las Vegas Real Estate Market.

Unless you purchased your home before 2003 or put a substantial amount down, it’s unlikely your home has any equity and is most likely worth less than you owe.

This means, you have two options:

  1. You can pay the difference that you owe at close of escrow
  2. You can attempt to sell your home as a short sale

You have the option of selling your home and paying the difference at close of escrow but that amount could be substantial!  Not only do you have to factor in the difference between the offer amount and what you owe but also have to include real estate commissions, closing costs and taxes.

Selling your home as a short sale is not guaranteed!  A short sale is when your lender agrees to accept an offer for the purchase of your home at a price less than what is currently owed.  A short sale usually requires some type of hardship like divorce, loss of job or job transfer.  A short sale package has to be completed and submitted to your lender for approval and this can take anywhere from 3 weeks to 16 weeks!  Having an experienced Las Vegas Real Estate Agent that specializes in Las Vegas Short Sales is a must if you decide to sell your home as a short sale.

If you can afford to hold off on selling your Las Vegas Home in this market, I highly recommend it!  The Las Vegas Rental Market is doing very well and you have a greater chance of renting your home than selling.  Having an experienced Las Vegas Property Management firm representing you is important.  With so many homeowners losing their home to foreclosure, they are being forced into the rental market.  Completing a credit check is very important to determine the potential credit risk of your tenants.

Obviously your situation will play a key decision on whether you can afford to rent your Las Vegas Home instead of selling it in this real estate market.

Feel free to contact us at 702.376.0088 to discuss your situation.

Las Vegas Property Managment

With home prices declining all across the Las Vegas Valley, it makes it very difficult to sell your home, especially if you don’t have any equity.  Instead of selling your home, what about renting your home?  The Las Vegas Rental Market is doing very well right now with so many Las Vegas residents looking to rent due to the loss of their own home.  So instead of trying to sell your home in this down market, why not rent it out and just sit and wait until the Las Vegas Real Estate Market rebounds?

If you are going to rent out your home, I highly suggest using a Las Vegas Property Management Company to handle the whole process so all you have to do is deposit your check every month.  You could do it on your own but managing a rental takes a lot of work and you can expect to receive phone calls at all times of the day from a tenant with something that needs to be fixed.

If you are looking for a property manager, contact Tony Sena at 702.376.7379