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Property Management

Working with Las Vegas Homeowners’ Associations

By Tony Sena July 2, 2010

Las Vegas Residential property management companies provide managers who are assigned to work with several homeowner associations and consequently, must be familiar with the specifics of each HOA Community.

One of the many important responsibilities of the manager is to attend the association meeting which may be held monthly – usually in the evening – and remain for the Executive Board meeting.   This may be held after close of the HOA meeting to possibly meet with homeowners who are in violation of the CC&R’s (Covenants, Conditions and Restrictions) and who have not cured the violation.

Depending on the degree of involvement of  the manager in accordance with the requirements of the Las Vegas HOA Board of Directors, he or she will help guide the direction of the meeting by clarifying legal issues based on association documents and responding to some homeowner questions.  Sometimes managers will have to help maintain order when homeowners respond to emotional issues related to decisions made by the Board.

Some managers take Minutes of the meeting and subsequently provide them to Board members for approval.  The Minutes are then read at the following HOA meeting for comments from homeowners.

Some of the skills necessary to homeowner association managers include:

  • Logical problem solving
  • Communication ability
  • Customer service skills
  • Conflict management
  • Effective time management
  • Group decision making
  • Understanding budgets
  • Multi task oriented

The manager must be familiar with the association documents and be knowledgeable of  the State of Nevada regulations governing homeowner associations.  He or she should guide the Board in the decision making process so that they are in compliance with State and Federal regulations.

When a problem arises that is beyond the scope of the manager’s expertise, it should be recommended that the association attorney is contacted.

The manager is required to maintain an inventory of all records of each client.  If the relationship between the residential property management company and the client is terminated, the manager will turn over all records to the new Las Vegas management company.

The manager is required to attend classes and obtain ongoing CEU’s (continuing education units) in order to stay current with changes in rules and regulations pertaining to HOA’s including (but not limited to) new developments in law, insurance coverage and accounting principles.

Some residential property management companies offer classes to their staff members and members of their client Boards; State agencies provide training to community mangers, Board members and interested homeowners wishing to be knowledgeable regarding HOA updates.

The manager must be careful to reveal any personal connection with service vendors or professionals to avoid any appearance of inappropriate business dealings and must not accept any gifts which will influence his or her acting in self interest or gain in HOA decision making.

The manager must ensure that financial transactions of a client are current, accurate and properly documented and maintained in compliance with applicable State laws and regulations which govern financial records.

Property Management

Working with Las Vegas HOA’s

By Tony Sena July 2, 2010

A Las Vegas residential property management company can work with HOAs (Homeowners’ Association) to help the Board of Directors manage the myriad details – both large and small – that are involved in the daily decisions of community life.  Since the Board is responsible for determining the policy of the association, the property managers act as advisers to the Board providing the value of their experience and expertise.

The manager may take on the responsibility of carrying out the directives of the Board which often includes daily operations of the HOA such as:

  • Providing routine inspections of the property
  • Noting and reporting violations of the CC&R’s (Covenants, Conditions & Restrictions)
  • Providing notice of violations to homeowners regarding lack of compliance
  • Helping homeowners resolve issues of property violations

Las Vegas Residential property management companies will maintain a list of vendors who are carefully and thoroughly screened to provide a high level of service to the HOA clients.  They can help the association by suggesting and obtaining three required bids from vendors in areas of pool maintenance, landscape gardening, plumbing repair and electrical work.  They also maintain a list of professionals which include attorneys and accountants.

In communities that maintain security services, the management company can provide a list of security companies.  When club houses need to be redecorated, the management company will locate vendors who will paint, wallpaper and install carpeting or new floors.

When emergency repairs are needed, a designated staff member of the property management company can be reached 24/7 to help solve the problem by finding and dispatching the appropriate repair person.

All vendors are required to complete specific forms and attach necessary documentation before being considered an approved vendor for goods and services:

  • Independent Contractor Information Form
  • Vendor Agreement Disclaimer of Liability Form
  • W9 Request for Taxpayer Identification Number
  • Secretary of State Trade Name Registration Form
  • Liability Insurance  Certificate from vendor’s insurance agent stating minimum liability coverage of $1,000,000
  • Certificate of Workers Compensation for company with more than one employee
  • If vendor is sole proprietor, an Independent Contract Workers Compensation Indemnity Agreement.

Residential property management companies also provide business and financial services to the HOA.  These financial reports include – on an interim as well as an annual basis:

  • Operating budget
  • Balance sheet
  • Accounts Receivable report
  • Bank reconciliation of all accounts
  • Cash disbursement report
  • Budget comparison report.

Las Vegas Neighborhood Communities that are governed by HOA’s are required to pay a monthly fee for maintenance.  Depending upon the services covered, the fee can be anywhere from the high $xxs to the low to medium $xxxs.

Of course, homeowners may pay these monthly fees  by sending a check to the management company or by paying in person at the company office.  Some companies have arranged to allow homeowners to pay their dues by automatic withdrawal payment.  They provide an ACH form which must be completed and given to the company along with a voided check so that the maintenance fees are conveniently paid each month.

Property Management

Las Vegas Real Estate Investing

By Tony Sena July 2, 2010

Investing in Las Vegas Single Family Homes

If your real estate investment focus is primarily on the Las Vegas single-family home market, there are a number of options to consider, any of which could prove quite profitable, provided your investment strategies are on target.

  • Purchase/rent or resell
  • Purchase/repair (fixer-upper)-rent or resell
  • Purchase fixer-upper/ sell to renovator as-is
  • Lease/option rental
  • Purchase/sell to investors

As in any money-making endeavor, the old saying “buy low/sell high” is the ideal scenario for any profitable venture; however, there are few simple money-making scenarios in the Las Vegas real estate investment game, particularly considering current market conditions.

In order to find the most profitable deals, you need to locate motivated sellers, including lenders with an inventory glut of deals gone bad, and adapt your methods to concur with the marketplace.

Since finding the properties that can make you money is the key to your real estate investment success, you have to know where to find the deals most suited to your investment goals, for example: Las Vegas Short sales, foreclosures, “underwater” homeowners, homes for sale due to divorce, death, relocation, etc.; these offer many opportunities for the astute investor to capitalize on.

Don’t forget the MLS. That may seem obvious, but the MLS allows you to quickly evaluate a property to see if it fits your profile of targeted properties. The MLS can be a shortcut to finding the particular kinds of housing that suit your investment strategies best. Check with the county recorder’s office as well to keep up to date on realty transactions.

Network with your business associates, attorneys, Realtors, accountant, etc., even your mailman. Let everyone know that you are in the market to purchase Las Vegas single-family homes. You may be surprised to find that some of your best deals can originate from many an unlikely source.

Another form of generating new business can be from Yellow page ads and flyers targeted at specific neighborhoods which work well in some cases, and not in others. However, you won’t know if they work for you unless you try them.

Once you have found a property or properties of interest, don’t make a move until you have determined the property’s current market value. Seems like a no brainer, but this is where your Realtor comes in. He/she will have access to the up-to-date information you need in order to determine how much you are prepared to pay for the property, as opposed to the asking price.

Once you have concluded a deal, it is imperative that you have given equal thought to formulating effective strategies to attract buyers or renters, in order to generate profits as soon as possible after purchase.

Always keep in mind that reliable information and advice is the foundation upon which every successful real estate venture is based.

Property Management

Investing in Las Vegas Real Estate

By Tony Sena July 1, 2010

Fixer-Uppers

There are countless innovative and creative ways to invest successfully in Las Vegas real estate, but the following is an overview of one of the possible ways to buy, manage, and sell real estate profitably:

Fixer-uppers:  Single family homes in need of repair, (some minor, some major) can often be purchased at a significantly below market price, and basically, repaired and sold for a satisfactory profit.

Not so simple! As in any financial transaction, you better know what you are getting into before attempting this, or any other method of making real estate based profits. Read More

Property Management

Move In – Move Out Inspection Procedures

By Tony Sena June 22, 2010

Move In – Move Out Inspections

Prior to occupancy, the property manager and new tenant should mutually inspect the premises, checking for wear and tear and any defects, damages or malfunctioning utilities, plumbing or electrical problems, etc., that may have been overlooked by the landlord or property manager during the move out inspection of the property after the previous tenant had vacated.

The inspection results will be documented in detail by the property manager, with copies submitted to landlord and tenant. This report can either be hand written or electronically documented. This inspection report will assure the tenant will not be held responsible for any damages to the premises that occurred prior to his/her move in. Read More

Property Management

Las Vegas Property Management Essentials

By Tony Sena June 21, 2010

A property owner appoints a professional Las Vegas Property Management Company to protect and enhance his investment. As the owner’s representative, the property manager’s priorities are to maximize occupancy levels, thereby increasing property values, assure timely collection of revenues, maintain and enhance the property, have a good rapport with the tenants, quickly and efficiently handle problems and promptly respond to emergencies.

Timely collection of rents is obviously most important to the landlord, and the transferring of these rent receipts to the landlord from the management company in a timely manner is just as important.

A frequent complaint from Las Vegas Property Owners in relation to their management company’s performance is a delay in transferring funds from manager to landlord within a reasonable time period. Frequent delays in transferring revenue can result in serious friction between the property owner and the management company.

Obviously, since the collection of rents is the primary source of a landlord’s revenue, the property owner must be assured that prospective tenants are thoroughly screened for past payment history, current credit worthiness, and sufficient income necessary to meet the property’s rental requirements.

Particularly due to the current economic situation, the property owner and his appointed agent should be in agreement as to what, if any, allowances are to be made in regard to a tenant who has recently fallen on hard times, but has maintained an excellent record for on-time payments in the past.

Once a new applicant has been approved for tenancy, it is important for the property manager to ensure that there is a full and complete understanding of the date and time when rents are due, and address any questions the new tenant may have about the leasing agreement, building amenities, maintenance procedures, etc.

Another property management essential is to complete daily, weekly and monthly documentation relative to reports of new tenants, evictions, pending legal matters, revenues, expenditures, and any and all matters pertaining to the owner’s property. This documentation is to be submitted to the landlord within a previously agreed upon time frame, as requested by the property owner.

In order to avoid misunderstandings and client dissatisfaction, it is of utmost importance that the property management company has reached a full and complete understanding of a client’s requirements, and that the client is in full understanding and in agreement with the property management company’s  fees, policies and procedures as well.

Successful property management requires, among other things, continuous education – keeping abreast of current and changing regulatory policies and procedures – access to the most up-to-date local market information available, excellent people handling/negotiating skills, and honoring commitments to landlord and tenant in a timely manner.

Establishing a good working relationship with the client unquestionably leads to client satisfaction and client referrals, the ultimate key to the successful operation and profitability of any business.

Property Management

Are You a Nevada Landlord Violating Nevada Law?

By Tony Sena May 26, 2010

Being a landlord can be very rewarding but there is also a downside of being a landlord, Liability!  Every city, county and state has different laws and ordinances that you need to know and follow.  Staying current on these changes can be a burden but by not being informed it can cost you where it hurts the most, in your wallet!  NRS 118A.260 is one of the most common landlord obligations not followed based on conversations I have had with Landlords who have decided to hire a Las Vegas Property Manager. Read More

Property Management

HUD Charges Las Vegas Real Estate Broker and Owners with Violating Fair Housing Act

By Tony Sena December 26, 2009

A Las Vegas Real Estate Broker and two homeowners have been charged with violating the Fair Housing Act by the U.S. Department of Housing and Urban Development (HUD).  They allegedly denied a single mother of (7) the opportunity to rent a four bedroom home because of the number of children she had.  It’s a violation of Fair Housing to discriminate based on family status as well as the number of children.  They could be facing civil penalties and/or punitive damages if it is determined discrimination has occurred. Read More

Property Management

Property Management in Las Vegas

By Tony Sena July 19, 2009

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!

Property Management

Finding The Right Las Vegas Property Manager

By Tony Sena June 21, 2009

Finding the right Las Vegas Property Manager could mean the difference in your property being rented and maintained or sitting vacant and costing you money.  Even though most property management companies in Las Vegas offer the same services, not all companies follow through with their services.  I get several calls a week from real estate investors stating their property managers aren’t providing monthly accounting statements, rent money isn’t arriving on time or at all and there is no communication.  This is why our clients have access to their account via a link to our property management software, we automatically deposit all rent monies by the 10th of the month and we always keep our clients updated on the status of their property.

Another key aspect in property management is properly screening tenants.  Unfortunately, most property managers never even meet the tenant until they are signing the lease or picking up the keys.  They choose the tenants based on the information they receive on the credit reports, criminal background check, employment check, rental history and reference checks.  An area that is commonly over looked in the screening process by property managers is interviewing potential tenants.  Sitting down for 15-20 minutes can tell you alot about someone and is just another factor in screening a potential tenant.  Being a former City of Henderson Police Officer, I have years of experience interviewing subjects and I rely on my experience when I sit down and interview potential tenants.  I feel my experience makes me the ideal Property Manager to find the best tenant for your investment property.

So if you just purchased an investment property in Las Vegas and need a Property Manager or looking to replace your current Property Manager, give us a call at 702.376.7379 and I will be happy to go over our services.  We are available 7 days a week for all your Property Management needs.

Property Management

New Law to Protect Las Vegas Rental Tenants When Home is in Foreclosure

By Tony Sena June 13, 2009

Renting a Las Vegas Home can be very scary in today’s real estate market.  With so many homes going into foreclosure, it’s hard to know if the home you are renting could be next. Many times, renters find out the home they are renting foreclosed after the fact which doesn’t give them much time to find a new home to rent, pack and move.  Well now there is good news for renters in Las Vegas. The US Government just passed the “Helping Families Save Their Homes Act of 2009”.

The “Helping Families Save Their Homes Act of 2009” became law on May 20, 2009.  It included provisions to protect tenants from eviction as a consequence of a foreclosure affecting the property being rented.  The new law requires tenants be given 90-days notice prior to having to vacate, and allows them to stay through the remainder of their lease, if the home will continue to be a rental property.  The protections of this law apply only to “bona fide” tenants – who have a written contract, the lease was the result of an arms-length transaction, and the rent is not substantially less than the fair market rent for the property. Under any conditions, tenants may still be evicted if they violate the lease terms.  These provisions expire on December 31, 2012.

With the passing of the “Helping Families Ave Their Homes Act of 2009” renters can feel a little more at ease if they get the bad news that the home they are renting has foreclosed. They will have ample time to get their affairs in order and locate a new Las Vegas home to rent.

If you are looking for a home to rent in Las Vegas, feel free to give us a call at 702.376.7379 and we can assist you in finding a home for rent.

Property Management

Property Management in Las Vegas Running Rampant

By Tony Sena May 15, 2009

When I decided to get into the business of Property Management in Las Vegas, I knew I needed someone that had experience to teach me the ropes.  After interviewing a few property managers, I decided that JoAnn Davis was the right one to teach me.  JoAnn has been a licensed real estate agent since the mid 1970s and has been doing property management for the last 5 years.  When we first began to talk, she told me crazy stories about what she has experienced in her years and I chuckled and thought to myself, “business just isn’t done that way anymore.”

Boy was I wrong.  Some of our recent Landlord clients have told me some crazy stories of what their previous property managers were doing which just blew my mind.  One client advised they were no longer receiving rent checks and he called his property manager.  She advised that the tenant moved out last month and he asked why didn’t you tell me and she said she forgot (are you kidding me).  He then asked if she was going to get it rented and she said she would work on it.  After 3 months and no contact, he called his property manager and asked for an update and she advised that she rented it a month ago but the tenant needed some time to get the rent but yet the tenant was living in the property.  When he told me this, I was in shock that this Las Vegas Property Manager was in business.

I had another client advise they noticed their monthly deposit for rent had changed so she called the property manager.  The property manager advised the last tenant broker their lease and moved out so she rented it to someone else for a lower amount.  My client was very upset that the Propety Manager never contacted her to let her know what was going on and then to top it off she rented it for less without consulting with her.

I have heard many other stories and I am sure other property managers have as well.  I just can’t believe that there are property managers in Las Vegas that operate like this and are still in business?  My advice for any landlords looking to hire a Property Manager in Las Vegas, ask lots of questions and request to speak with some of their current clients.