Las Vegas Property Management: Consider This Before Hiring a Property Management Company

Are you responsible for managing residential or commercial real estate in Las Vegas?  Thinking about retaining a Las Vegas Property Management company?  Consider the following points.

Does the company offer “full services”? Are they able to supply tradesmen to answer every need – plumbing, electric, landscape and so forth?  Consider finding a company that hires and manages its own maintenance staff.

Does the company contracts out some functions? If they do, are references available for these subcontractors? You should shy away from a property management company constantly trolling through the yellow pages for subs.

Is the company insured and bonded? Can the company provide you with current certificates of insurance policies and bonds? Do they carry workmen’s compensation insurance, which is a requirement in the State of Nevada?

Does the company have references? Will the company provide you with contact names and numbers of current and former clients that you can contact directly?

Is the company accessible 24 x 7? Will your tenants be able to reach them any time, day or night, to report an emergency?

Is the property management function the primary portion of their business? You want your property management company to be dedicated to that function, not a sideline of a real estate company.

Does the property management company invoice you on a regular basis for work done? You should have a clear understanding of their standard charges, along with charges for extraordinary service, along with an understanding of terms of payment.

Most importantly, put yourself in the place of your tenants – whether commercial or residential. Would you be comfortable working with the property management company you are considering retaining. If you are, it’s probably a good fit and the start of a comfortable, professional relationship.

If you would like to speak with one of our Property Managers about your Las Vegas Investment Property, feel free to give us a call at 702.376.7379 or complete our contact form and we will contact you.

If you are fortunate enough to invest in a property suitable for short term rentals in a resort area like Las vegas, you should be working with a full services property management company. Doing so will enhance your return on investment, while protecting the integrity of your property.

A local full services property management company will work with you to set rental rates based upon your property’s characteristics and appropriate seasonality. They will be able to market your property to a broad base of qualified renters. They will make sure that your asking rental rates are competitive with other similar properties.

The company will make reservations for renters for you. They will coordinate renting the property out with your usage of the property. They will collect rental and damage deposits and amounts due, they will work to optimize the rental days and income, and they will enforce any reservation cancellation clauses for you.

When your property is rented, the property management services company will inspect the property before the arrival of the renters, making sure that the property is clean, appropriately stocked and does not have any outstanding maintenance issues. While your renters are using the property, the property management company is available to answer any calls for service requests. When the renters leave the property, the management services company will make sure that the property is clean, do any repair or maintenance issues and get the property ready for the next renter. On a periodic basis, the company will do annual or seasonal cleaning and maintenance tasks.

As the owner of the property, you are relieved of marketing and sales, answering service request phone calls, cleaning and maintenance and much more. The property management services company provides all these services, in addition to generating accounting and tax information for you.

This is, above all, a contractual relationship. When you retain a company, check their references. Talk to other home owners who use them. Ask if they have the necessary insurance and bonds. Find out if they are easy to reach in case of an emergency. Make sure you understand their fee structure.

A good relationship with a property management service company will have no surprises and will enhance your investment and when you do use your property yourself, it will be a stress-free experience.

If you would like to speak with one of our Property Managers about your Las Vegas Investment Property, feel free to give us a call at 702.376.7379 or complete our contact form and we will contact you.

Property management refers to the management of residential, commercial, or industrial buildings. Property managers find tenants, collect rent and fees, manage building maintenance, assist homeowners’ associations and advise on litigation issues. Though property managers often deal with multi-unit residential and commercial buildings, landlords who own single-family dwellings may also choose to hire a company to manage their property.

For multi-unit complexes, such as condominiums and townhouses, the property manager serves as an adviser to the homeowner’s association, which is responsible for common area maintenance and improvements.

In the United States, many individual states require property managers to hold a real estate license. Organizations such as the National Association of Residential Property Managers (NAPRM) offer certifications to property management professionals that ensure ethical and professional behavior. To obtain a certification, a manager must log a certain number of hours managing properties and take training classes offered by the association.

In recent years, the industry has increased its use of software to help manage properties. Available programs let managers maintain different sizes and types of properties, track tenant information, schedule work orders, and organize accounts payable and receivable. The use of software enables smaller companies to compete in the industry.

A major advantage of a property manager, especially for out of state landlords is their knowledge of the local rental market. Property managers can survey average rents for similar properties in the area and determine the fair market value. They are also often available on a 24-hour basis to deal with maintenance emergencies that might otherwise cause property damage.

If you are in need of Property Management Services, Shelter Realty offers full service Property Management.  You can reach a Property Manager at 702.376.7379.

I have been receiving numerous phone calls and emails asking if a Loan Modification will affect your credit.  With so many inquiries on this topic, I am assuming there are others that would like to know the answer to this question.  Loan Modifications do not affect your credit.

If you are current in your mortgage payments, a Loan Modification will not affect your credit.

A loan modification is simply a re-negotiation of the terms of your mortgage with your current lender or lenders.  Whether it is a reduced interest rate, longer term, forbearance or a principal reduction, the main objective of a loan modification is to create an affordable mortgage payment that works for the borrower’s current financial scenario.  A loan modification is a contractual agreement to change the terms of the existing mortgage, and because there is no effect on the timing or non-payment of the loan, the credit reporting agencies simply do not see the changes, much less report on them.

If you are currently behind more than 30 days on your mortgage payment, chances are your Lender has already reported you to the credit agencies and your score now reflects a derogatory item.  Completing a Loan Modification might actually help you become current with your mortgage payments and place you in a payment that you can actually afford.  Bringing your mortgage payment current as quickly as possible will minimize the damage to your credit.

Establishing a timely mortgage payment history may actually help improve credit scores, especially if it makes things easier to pay other monthly credit obligations.

If you think a Loan Modification might work for you, I highly recommend having an Attorney with the Paladin Legal Advocacy Center represent you.  Call today to make an appointment for a free consultation at 702.376.0088 or you can attend one of their free Loan Modification Seminars held every Wednesday at 6 pm.

One of the most popular areas for people to rent these days is Las Vegas, Nevada.  Long known as one of the best cities to visit in the world, it is now becoming a place where people come to live.  Whether you are looking to buy or rent a home in Las Vegas there are many residential homes, condos, and town homes to choose from in and around the Las Vegas Valley.

There is a Las Vegas that exists outside the famous “La Vegas Strip.”

The neighborhoods in Las Vegas tend to be the typical culprits of urban sprawl, with partitioned sub-divisions all over the city.

All in all, Las Vegas provides a ton of things to do and things to see, even beyond what you might find on Las Vegas Boulevard. It features excellent restaurants, lots of great entertainment, shopping and only a 20-30 minutes drive to Lake Mead National Recreation and Mount Charleston.

If you need any assistance in locating a home for rent in Las Vegas, don’t hesitate to contact us today at 702.376.0088 or complete our contact form.

Rental Homes in Summerlin

If you are interested in renting a home, condo or town home in Summerlin, it’s certainly an option to consider. Located just west of Las Vegas, this 22,500 acre master planned community is known for its beautiful natural surroundings, its focus on arts and the environment. Summerlin is only 15 to 20 minutes away from the famous Las Vegas Strip and 30 minutes away from McCarran International Airport.

If you enjoy the outdoors, Summerlin is only minutes away from Red Rock, world famous for its rock climbing faces and Mount Charleston. Mount Charleston offers skiing and snow boarding in the winter and hiking in the spring and summer.

If you prefer recreation in the Summerlin area, you could always choose to golf at one of the nine golf courses in the area.  Summerlin also offers shopping centers, ballet theater, restaurants and activities that provide something for everyone’s pleasure.

If you need any assistance in locating a home for rent in Summerlin or Las Vegas, don’t hesitate to contact us today at 702.376.7379 or complete our contact form.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

If you are thinking about moving to the Henderson, Nevada area, you will discover that this area has a lot to offer its residents. Whether you are thinking about renting a home or condo, you are sure to find many excellent and suitable options for you and your family. Henderson boasts many great attractions and amenities that make it a great location to relocate.

Whether you are interested in Green Valley, Anthem, Seven Hills or any other part of Henderson, we are sure you will be able to find a home to rent suitable to your needs.  No matter where you decide to rent a home or condo in the City of Henderson, you won’t be to far from a Park.  If you enjoy biking or running, just find one of the many paths throughout the City of Henderson.  Also spread out throughout Henderson are recreational centers that offer indoor and outdoor swimming, basketball courts, exercise rooms and other activities.

For those who enjoy shopping and fine dining, you can choose to shop outdoors at The District at Green Valley Ranch or visit the local mall, The Galleria at Sunset.  There are several fine restaurants to choose from at Sunset Station, Green Valley Ranch and the newest Hotel and Casino to open in Henderson, “The M Resort” located on St. Rose Pkwy and Las Vegas Boulevard.

If you need any assistance in locating a home for rent in Henderson or Las Vegas, don’t hesitate to contact us today at 702.376.7379 or complete our contact form.

As a busy short sale listing agent here in Las Vegas, I am asked this question all the time by prospective sellers. Legitimate sellers in a short sale are usually in a serious financial bind, but I do recommend that they keep their home owner association (HOA) dues current whenever possible.

One key to getting a short sale to close successfully is to limit the number of liens that will be recorded against the property.

Sellers already have at least one mortgage to clear, many have two. Having to extra liens is time consuming and can endanger the viability of a short sale.

Remember the order of priority when it comes to liens on a property; HOA’s, Taxes, 1st mortgage, 2nd mortgage holder, and any judgments for additional debt placed against the property. While this is the pecking order, remember that ALL must be cleared in order to transfer the property to a buyer. The 1st mortgage will get the lion’s share of the proceeds, but even their portion is a negotiated settlement. Junior liens further down the chain generally receive even worse settlements, but an HOA and the government will get exactly what is owed to them.

If a lien is placed on the property for HOA dues and fines unpaid, the listing agent will be forced to try and clear yet another lien, and usually has to deal with collection agencies to do it. I am sure all of you are aware of what it is like to deal with that lot. For most people the HOA is a relatively small cost and letting it spiral out of control into a large debt is often unnecessary and can threaten your short sale’s ability to close.

If you have a condo or something similar with very high fees, then you’ll just have to make the call whether or not you feel it is worth it to keep them current, but the majority of sellers should not let them lapse, considering their cost is usually modest.

When I’m driving with Buyers showing them properties in Las Vegas they inevitably ask me a question I can’t answer. I am not trying to be evasive I just can’t answer them without the risk of being sued, fined and/or having my license revoked. What I am writing about here is mostly in response to Fair Housing laws and the governments attempt to eliminate discrimination in Real Estate/Lending.

The first important definition to understand is a practice called steering. Steering is “the illegal funneling of home buyers to particular areas based on a desire to keep the make up of a neighborhood the same or intentionally change it” (definition provided by ask.com). The second important definition to understand is the practice of Redlining. This term was coined when lenders actually drew a redline on a map and refused to lend money to people buying in that area.  The lenders argued that they were unacceptably risky areas to lend in. The lenders lost that argument on the grounds that they were discriminating against people based on racial and income profiles.

So please don’t ask me (or your Realtor) if there are a large percentage of one type of people (read: Race) or another in a particular neighborhood. Even if I knew (which I usually don’t) I won’t tell you anyway. There are decent demographic statistics at the US Census bureau’s website if you are interested in such things (and the new census starts in 2010). The same goes for me offering specific information about various religious buildings in the area (I can’t do it, look on the Internet). Ditto in regards to school ratings, environmental issues and crime statistics. Two good ways to get a feel for a neighborhood is to drive the area and talk to the neighbors.

A Realtor is also prohibited from disclosing confidential information about their clients to anyone other then their broker (for a certain period of time). The exceptions being unless they are ordered by a court of law or given written permission by the client. The reason why I mention this is sometimes the Realtor can be representing both the buyer and the seller. In this case, the Realtor has to walk a fine line as to what he or she can reveal to whom.

Fortunately, we live in an age of abundant information. If you know where to look you can find almost anything on the Internet. Want to know how much the seller paid for the house, look at your county recorders website for their property tax records. Want to know how many sex offenders live in the area, you can go to Family Watchdog website. School information can be had at the National Center for Education Statistics website. I often tell my mother, “don’t be afraid to try things on your computer, it will stop you before you do something stupid”. I suggest a similar thing to you, if you want to know something about a neighborhood (and I can’t tell you), ask a search engine.

My name is Greg Hoffman and I have lived in Las Vegas since 1990. I have been a Realtor here since 1999. I welcome your comments good, bad  or indifferent.

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.

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.

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.