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Real Estate

Avoiding the pitfalls that come with older rental property and finding profit the aging housing stock.

By Tony Sena March 25, 2012

One of the realities of real estate is that it needs maintenance and upkeep. The older a property the more issues tend to arise that will cost investors, landlords and homeowners more and more money. The trend in Las Vegas is to invest in newer property that will have less maintenance issues and in turn less tenant phone calls. The idea is to keep the management costs to a minimum. Many companies will manage older property because of the additional time and expenses that tend to come with older property. However, you may be missing out on some great deals and fantastic opportunities to make money or find a home if you set your sites on only newer property.

There are ways to limit the future issues that will come up with an older property and they often do not cost as much when done in advance. The major expenses come in when you find out a water line running through the attic springs a leak which can lead to the replacement of the ceiling, insulation and light fixtures. Another major headache can if the water heater is located inside the property and not in the garage. If the water heater leaks or rusts enough to leak out the bottom you could have a repair bill out of this world.

The question is whether you can do things to limit major issues and expenses to make it worth while to consider an older property as a home or investment. You may be able to find what you want in investment property in Las Vegas today that is only a few years old but this will not always be the case. The housing stock will get older and older. If you are not willing to consider properties more than 10 years old you will be limiting your opportunity to find great deal.

How can you avoid some of the headaches and costs of owning older property in Las Vegas? The number one answer is better preparation and planning. You will have to account for somewhat higher maintenance costs that are completely normal in older homes. In order to cover the higher costs you will have to look for property that will get slightly higher cash on cash return than newer units. This is simple enough to by just looking for slightly undervalued property in rental areas that have monthly rental pricing that has remained strong. There are many of these areas in town and there often is far less difference in rental pricing then there is in home price variation. Rental rates seem to fluctuate less over large areas of town where home prices can be much more inconsistent.

Once you find the property you like you can evaluate any issues that may lead to more management complications. Nearly everything can be fixed in older homes but there is always a price to pay. Some things are just not worth fixing if it will mean you will spend 10 years trying to recoup the cost. However, most property can be put in perfectly good rental condition by spending a reasonable amount of time and money before you find a tenant.

I will go into more detail about the minor and major things you can do to make owning an older rental property another profit center for you portfolio.

Has your nest egg become your anchor? Just about everyone is in the same position. We can help get your head above water again and allow you to take control of your future. Call me today and find out your best options to get out from under your monster mortgage. Don’t let the housing crash control your future. You have options.

Real Estate

Increase Your Real Estate Returns Using Leverage

By Tony Sena March 20, 2012

Leverage is the number one reason you can get such great returns on real estate. Most people don’t understand leverage or understand the principals that make leverage such a fantastic tool in your real estate investing arsenal.

First let me define leverage in the way it applies to real estate. You use leverage when you buy a $200,000 property with a 20% down payment and borrow the rest of the money from the seller or the bank. If you paid cash for the property you would need to come up with 200,000 and change at closing to take over a piece of real estate. You would be using no leverage and you would be looking for a return on your capital that would be similar to what you would get in other investments. If you made $2400 in rent per month and after expenses put $1500 cash in your pocket each month you would make $18000. This $18,000 would be your yearly return on capital invested. It is a good return and it is possible to make a good living buying property for cash. You can calculate your cash on cash return by taking your $18,000 profit divided by your $200,000 investment.

The number is given as a percentage. You would end up with a return of about 9% for the year. This is a good return on capital but not nearly what you can get if you use leverage to make your purchase.

Let me give you the same example but with a 20% down payment. You would have to bring $40,000 to the closing for your down payment and you would be financing $160,000 from the seller or the bank. Rates are relatively low now but they tend to be higher on investment property but I will use 6% rate of interest on the $160,000 financed. We can calculate what it will cost you in interest the first year by taking 6 % of $160,000. The amount of interest on your loan will be $9600. You are paying $9600 the first year of your loan in interest to use leverage. If you fully amortized the loan you will pay $959.28 a month principal and interest.  This also leaves you the 160,000 in cash that you would have been investing in one property available in your bank account for other purchases so you are keeping your options open to buy more real estate.

Let’s take a look further at my example and see if you can actually make more money by using leverage.

You will still receive the same 2400 payment for rents per month except now we need to add in the interest cost into the calculation. You will still be taking in the 18000 a year but you have to pay your mortgage or at least the cost of interest out of cash flow.  You will pay principal and interest of $11,511.36 out of your gross rents and your free cash flow at the end of the year will be only $6489 in our example. It looks like a lot less but let’s pencil out what return you can actually get by using leverage and not paying all cash.

We take the $6489 net gain for the year and divide it by the amount of capital invested which is 40,000 this time. So what looks like smaller gain in income becomes a much greater return as a percentage of your capital because the new calculation comes out to over 16% return on your investment.

Leverage is the key to profiting from real estate. It is possible to double or triple your return on capital invested by financing a portion of the deal. The lower your down payment the greater your return on your money.

If you have any questions about investing in Las Vegas Real Estate, give us a call at 702.376.7379!

Real Estate

Stuck with a Las Vegas High Rise Condo?

By Paul Rowe October 21, 2011

It wasn’t long ago that Las Vegas was going to experience a phenomenon coined as the “Manhattanization” of Las Vegas. Approximately fifty high rise towers were planned, but in the end only around 12 were ever built. There are many owners of these buildings who own units that they now cannot afford, especially given the high monthly association fees.

Due to plummeting Las Vegas real estate prices, many of the owners of high rise condos are now upside down on their mortgages as well. It is a myth that mortgage holding banks will not consider short sales on these investment properties. This is untrue. As long as we have an offer that provides for a better return than a foreclosure, the bank will generally consider a short sale.

Generally, with a short sale, a seller must possess a financial hardship (job loss, decreased income, divorce, moving out of the area for work, death of an owner, medical hardship). Now some owners of these owners may not have a classic hardship but are planning to let the property go anyway. Banks may still want to consider a short sale. In this strategic default scenario sellers may not be able to simply walk away without making a cash contribution, but if a settlement can be reached for 10-20% on the outstanding balance for a full release, this can be preferable to many borrowers who don’t want to foreclose and simply want to settle their debts.

If you don’t have classic hardship, a full team of professionals will be needed: tax advice, asset protection attorney, a REALTOR® with short sale experience where the sellers have assets. In our short sale department here at Shelter Realty, we can make recommendations for attorneys and tax preparers to help you get the answers you need to make the right decision on whether to list your condo unit.

Paul Rowe is the managing agent for the short sale division at Shelter Realty Inc. He may be contacted via email: info(at sign)shelterrealty.com or by calling 702-376-7379.

Real Estate

What You Should Keep In Mind Before You Downsize Into Your New Las Vegas Home

By Tony Sena October 10, 2011

There are many different reasons why people downsize – they retire, get divorced, become empty nesters or are just tired of paying for (and maintaining) a larger home. But before you move from your 5,000 square foot Las Vegas home to a bungalow, you should…

…remember location, location, location.  Even though your kids don’t live at home anymore, the proximity of your local school (and how well it’s ranked) will influence your property value. Remember, schools (with good test scores), taxes, public transportation, highways and shopping all impact the value of your home.

…keep all costs in mind.  Costs to remember when buying either a home, condo or town home (besides the down payment, closing costs and mortgage) are HOA fees, building and maintenance fees (pool, tennis courts or fitness rooms) or assessment fees (for common area renovations, for example). Try to get an idea (either through association meeting minutes or from copies of HOA invoices) to how much fees have gone up in the past and if there are any planned for the future.

…picture yourself in the future.  Visualize yourself living in your smaller home when possible health conditions may surface. You don’t want to buy a multi-level home (with many stairs) if you have hip or knee problems. You also want to think about where (and how high) you kitchen cabinets are. Is grabbing your morning coffee mug going to be a problem because you can’t reach it without using a stool? Remember, downsizing is supposed to make your life easier – not more complicated.

…size up your stuff.  Oversized furniture fits and looks great in your 5,000 square foot home, but may look cramped and stuffy in your new smaller place. See if you can sell your larger pieces of furniture, then take the sale money and buy separate pieces that fit (and can be moved around) in your new home. This is also a good time to de-clutter and streamline your possessions. There’s no point moving things that you don’t want or have room for.

There are many homes on the market in Las Vegas that are perfect for downsizing homeowners. Give one of our agents a call at (702) 376-7379.

Real Estate

Marketing Your Las Vegas Home

By Tony Sena October 9, 2011

Just as successful businesses don’t use one single marketing strategy to the exclusion of all others, so is it with real estate.  Successful Las Vegas real estate agents use a number of marketing tools to market their clients’ homes.  That said, some are more popular than others.

Listing online.  Once the mainstay of real estate marketing, newspaper ads have become dramatically less popular.  With the rise of searchable home listing sites like REALTOR.com, Zillow.com, Trulia.com, and others, flipping through the pages of a physical newspaper is, for most buyers, so 1999.  And that’s the key in successfully marketing your Las Vegas home to sell – going where the buyers are.  Sure, you can get a killer deal on a 1/4 page ad in the newspaper, but if very few buyers read it, what’s the point?

Another benefit of advertising listing online is the ease of measurability.  You can easily measure the number of impressions your ad or listing received (how many times it appeared on a page that a web visitor was looking at), the number of clicks on that ad or listing, and more.  That way, you can see what’s working – and what isn’t – and make smart changes in response.

It’s all (or partly at least) about who you know.  They say that most real estate transactions are the result of connections.  That’s why the best real estate agents have extensive networks of other buyers’ agents and sellers’ agents who act as one big referral network.  That way, I can target my clients’ listings to buyers’ agents who help buyers in that particular neighborhood, for example.

Market, then market some more.  At the end of the day, marketing – online, offline, through connections, with a yard sign, whatever – is how you’ll get the word out about your home for sale.

When interviewing real estate agents to help you sell your home, ask about their marketing strategies – ask how they spend on advertising and where they advertise. (How much money a real estate agent spends on marketing is not nearly as important as how he spends it.) Ask what kind of innovative technologies they use to market your home.  And perhaps most importantly, ask to see the proof.

Ask me how we can market your Las Vegas home for sale.  Call us at (702) 376-7379 or contact Shelter Realty online here.

Real Estate

Is Your Las Vegas Neighbor’s Home an Eyesore? What You Can Do About It

By Tony Sena October 8, 2011

They’re a growing problem, especially in those Las Vegas neighborhoods most heavily affected by foreclosures. You know who they are – they’ve got weeds as high as corn and chipping paint on the outside of their homes.  They can wreck havoc on the value of any neighborhood.

No one wants to live near an eyesore and have to see that mess every day.  But homes like that can also affect whether or not buyers will buy in your neighborhood.  It’s bad enough living near an eyesore, but if you’re a buyer, of course an eyesore is going to affect whether or not you buy. Why?  You know, who wants to live next to an ugly house or yard?

And remember, the kind of neighbors who don’t keep up their homes and yards are the kind of neighbors who can be problematic in other areas – loud noise, disruptive behavior and police visits at all hours of the night!

For those reasons, if you’re thinking about selling your Las Vegas home and there’s an eyesore nearby, you’ve got to do something about it. After all, it’s still a buyer’s market and competition is still tough. To maximize the chances of selling your home (and selling it for the most money), you want your neighbors to be “on their best behavior.”

What you can do about it

. . . If the home has been foreclosed (or is being foreclosed and is empty), then it’s the bank’s responsibility to maintain the home – especially if there’s an HOA or city code. You’ll have to investigate what the codes are (no weeds, overgrown shrubs or peeling paint, for example) to determine if the home is in violation of any codes.

Since most Las Vegas bank-owned homes are listed for sale by a real estate agent, you may be able to call the listing agent and point out the problem. If that doesn’t work, file a complaint with the HOA or city code department.

Resolving the eyesore problem may take time, so one of the quickest (and easiest) ways to get the problem fixed is to clean things up for yourself. Band together with your other neighbors to at least remove weeds, mow the grass and trim shrubs.  Be sure to get permission from the owner before your start; you don’t want to be charged with trespassing.

. . . If the home is owner-occupied

If someone lives in the home, use tact and diplomacy when confronting them about the problem. Try talking to them face-to-face (maybe bring over some fresh baked cookies or cupcakes to ease any tension) to resolve the issue. If the lawn needs to be cut, then bring some names and phone numbers of lawn service companies with you.

Explain why their untidy yard is important to you and your neighbors and that you are willing to help them if they need it. If kindness doesn’t work, then file a complaint with the HOA or city code department (again, assuming that the problem is an infraction of the code). Most HOAs take those kinds of complaints seriously and will work hard to resolve the problem.

If you’re thinking of listing your Las Vegas home for sale, give our agents a call at (702) 376-7379 to see how we can help you.

Real Estate

6 Tips for De-cluttering Your Las Vegas Home Before You Hang Your “For Sale” Sign

By Tony Sena September 20, 2011

Do you want potential buyers to see your beautiful hardwood floors, granite countertops and custom built-in bookcases? Well, they won’t if you have furniture, knick knacks, and piles of stuff covering every square inch.  Indeed, clutter can (and probably will) drive buyers right out your front door.

You don’t need to throw things out (although this would be a good time to “simplify” your belongings before you move), but getting them out of sight (not crammed into closets and under the bed) is a good idea. Here are 6 de-cluttering tips to help you prepare your Las Vegas home before it goes up for sale:

#1: Remove most appliances from your kitchen counters. If you have a counter microwave, then removing it may not be sensible (you use it every day and it’s big, besides) but stowing your coffee maker and toaster after breakfast is a good idea. Showing as much counter space as possible will make your kitchen look larger.  Buyers love to look at the kitchen, so make the most of your space.

#2: Reduce the amount of stuff in your cabinets, closets and built-in bookshelves. Even though I just said to store appliances away in your cabinets, you’ll want to eliminate excess and unnecessary items stored there. You’ll want your closets to show how organized they can be (not how much you can cram into them). Potential buyers are buying the closets, built-in bookcases, and cabinets along with the rest of the home, so show how spacious they are.

#3: Clean up the kids’ stuff (their bedrooms, playrooms and wherever they leave their things). Kids’ toys, books and games tend to scatter throughout a home, but they’ll be distracting to potential buyers. Use bins, totes and baskets for sorting and storing (don’t forget to label everything).

#4: A sparkling bathroom indicates a well-maintained home. Most buyers judge a home by how well a bathroom looks (and smells). If you’ve taken care of your bathroom (it works properly and is clean), then most likely you’ve taken care of the rest of your home (fewer repairs for a buyer). Again, store everything out of sight (even your rubber ducky!). Don’t forget to clean out the medicine cabinet – yes, buyers definitely snoop in there!

#5: Remove all bills, newspapers and magazines that pile up around your home. Paper can be very distracting and take the focus off of your rooms and onto your messes. As you remove these items, dust and clean (plus sort, discard and file any papers).

#6: Remove and/or rearrange your furnishings. Now I am not saying get rid of your heirloom grandfather clock, but if it blocks a hallway or door entrance, then move it or put it in storage. Take down family photos and other personal decorations (sorry, the hunting trophies need to go into storage). Again, it’s the house that buyers should be looking at – not your daughter’s kindergarten graduation picture.

I know some of these de-cluttering tips can be a pain, but they can help sell your Las Vegas home (and, let’s be frank, sellers need all the help they can get). Our agents can help you determine where and how to de-clutter – and give you all the other tips that will help you sell your home for more money in less time.  Give us a call at (702) 376-7379 or contact us at www.shelterrealty.com.

Real Estate

Think You Don’t Need An Inspection On Your Las Vegas Home? Think Again

By Tony Sena September 19, 2011

Imagine lying awake at night listening to your brand new Las Vegas golf course home cracking or needing to replace the roof on your new home even before you replace its light bulbs. This isn’t a science fiction thriller – this is reality for some homeowners of newly-built homes.

The scenario doesn’t stop there – some homeowners are forced to move out only months after moving in (thanks to toxic mold growing in their new home). You see, you don’t have  to own an older home to experience defects or problems – they can also happen in newly-built homes.

What should you do?

Bottom line: Despite what many people think, a home inspection is a must – even when you’re buying a newly-built home.  An inspection by a reputable, licensed building inspector (the state of Nevada requires all inspectors to be licensed (NAHI)) will help you avoid buying one of the 17% of new homes with significant defects.

It’s also a good idea to get another home inspection (in addition to the one you got before you bought your home) just before the builder’s warranty expires. Since some problems don’t show up until the home is one or two years old, any problems that come up can be fixed at the builder’s expense as long as you catch them before the warranty is up.

During the height of the real estate boom, builders and sub-contractors wanted to build as many homes as possible to keep up with the red-hot demand – at times sacrificing quality in the process and resulting in homes with defects.  Some of those homes are now being resold, and if the defects weren’t addressed, they’re probably now worse. Plus new problems may have developed and they’re all expensive to fix. Bottom line: When you’re buying a resale Las Vegas home (whether it’s two years or 100 years old) you should get a home inspection.

What happens if you have an unsatisfactory home inspection?

After you sign your purchase agreement, you have ten days to get a home inspection. You can specify in the purchase agreement that your offer is contingent upon a satisfactory home inspection – that means that if the home’s inspection is unsatisfactory, then the deal is off (or the price can be negotiated lower to reflect repair costs). This can save you many headaches (and money) in the future.

If you’re about to sell your Las Vegas home, then a home inspection before you list is a good idea too. An inspection can make you aware of any problems and give you time to fix them. It may also prevent a sales deal from falling through (something you don’t want in today’s tough real estate market).

For these reasons (and more) getting professional help to buy (or sell) your Las Vegas home is important. Call us at (702) 376-7379 or contact us at www.shelterrealty.com.

Updated March 24th, 2017:

NAHI closed its doors last August 2016 and their website went dark in September 2016. Here is a great article on What Happened to NAHI.

Real Estate

10 Questions to Ask When Buying Your New Condo (Part 2)

By Tony Sena September 14, 2011

The other day I wrote about the first 5 questions you should ask when buying your new Las Vegas Condo.  Here are the other 5.

Question # 6: Has the condo unit been professionally inspected? It’s a good idea to include a contingency clause in your purchase offer for a profession inspection (you don’t want to be “surprised” by any defects). If the condo is a new-build, don’t rely on the buildings permit of occupancy (city building inspection) – the city carries no liability for defective or incomplete inspections.

Question #7: Is the condo soundproof? The main problem with condos is the lack of good soundproofing. It’s a good idea to view the condo in the afternoon or evening (when most neighbors are home). If they’re making noise (like watching TV, listening to music or talking), then you should be able to tell if the condo has good soundproofing. To reduce the chance of noise, try to buy an end-unit or top-floor-unit – this will limit the amount of neighbors (down to one) and therefore the amount of noise.

Question #8: Is the seller up-to-date with the applicable state statutes? If the condo was built before 1978, then a written lead-based paint disclosure report is required.  You may opt to have the condo professionally inspected (at your own expense). Additional local or state disclosures may be required for energy efficiency, building-code compliance, radon, and well-water quality; our agents know which disclosures are required in Las Vegas and Nevada.

Question #9: Are there any special contracts or long-term leases affecting the condo complex? You’ll want to find if the condo owners have control over the whole complex. Some new complexes still have titles (and contracts) through the developer, which gives the developer control – not the HOA.

Question #10: What are the key points to consider when assessing the condo complex?

  • Floor plan
  • Construction
  • Parking
  • Street access
  • Location
  • Property taxes
  • Amenities (community center, pool, tennis courts, golf)
  • Visual obstructions or sound concerns (power lines, factories or noisy railroads)

Buying a condo can be complex if you don’t know the right questions to ask. Hire a Shelter Realty agent to help you find the right Las Vegas condo at the best price and ensure that you’re asking the right questions. Call (702) 376-7379 to speak to one of our agents or browse our Las Vegas condos for sale.

Real Estate

10 Questions to Ask When Buying Your New Condo (Part 1)

By Tony Sena September 7, 2011

Think buying a condo is easy? Think again. When you’re buying a condo, there might actually be more to consider than when you’re buying a home.  Just knowing what to look for (and ask) can be a challenge. Hiring a good Las Vegas real estate agent and asking the right questions is a start, so here’s a list of 10 questions to ask before you make on offer on your Las Vegas condo.

Question #1: What about the HOA? Most Las Vegas homes, whether they’re single-family or condos, have homeowners associations (HOAs).  Before you buy, you want to check up on that organization whose umbrella you’ll be living under.  Check out:

  • Covenants, conditions and restrictions (CC&Rs)
  • By-laws and rules
  • Financial reports
  • Minutes from most recent meetings

You’ll also want to ask: How and when might my association fees increase?  Is the HOA involved in any lawsuits? Are there any plans for major repairs (new roof or new pool) in the near future?

Question #2: What is the percentage of renters in the complex? Mortgage lenders tend to see condo buildings with more than 20 percent renters as a lending risk.  That means they’ll charge higher interest rates or won’t lend at all.  Plus, a higher proportion of renters to owners can impact how easy (or difficult) it is to sell your Las Vegas condo down the road.  It also often lowers market values (renters usually don’t treat the condo as well as owners). As a safe rule, look for condo buildings that have less than 10 percent renters.

Question #3: Is the complex professionally managed? All condos need regular maintenance and repairs and using a professional management company usually pays for itself.

Question #4:  Are the complex fees similar to other comps? For that regular maintenance and repairs, plus management of facilities like a pool, you’ll pay a monthly fee in addition to your mortgage payment.  Compare maintenance fees at the different Las Vegas condos you’re considering.  Given factors like the size and age of the condo complex and level of amenities offered, fees should be comparable.

Question #5: Has your condo seller prepared a defect disclosure report? Most states require a defect disclosure report (Nevada is one of those states).  If the seller discloses that something is wrong with the condo, get a professional contractor to estimate repair costs, then factor those costs in to your offer.

Buying a Las Vegas condo can be more complicated than buying a single-family home in large part because so much of your condo ownership experience will depend on those neighbors with whom you share walls.  From dealing with common area maintenance needs to reselling your condo, you’re kind of all in it together.

So stay tuned here tomorrow for the next 5 questions to ask when buying a Las Vegas condo, or go ahead and give the Las Vegas condo experts a call at (702) 376-7379 or view our lists of condos at www.shelterrealty.com.

Real Estate

Looking to Buy a Las Vegas Home? Complete These 10 Steps First

By Tony Sena September 2, 2011

If you’re a first-time home buyer or looking to upgrade to your dream home, there are 10 steps you’ll want to complete before you even start looking at listings of Las Vegas homes for sale.

Step #1: Figure out how much Las Vegas home you can afford. Figure out how much money you make and how much you’re able to use for your new home. A good rule of thumb is that your new home’s value should equal between two to three times your gross income (that means if you make $100,000, your new home should cost no more than $300,000).

Step #2: Create a wish list. Write down what you want in your new home. Do you want four bedrooms and three baths with granite throughout? A backyard big enough for pool and swing set?  Golf course views?  You’ll also want to prioritize your list. Write down (from top to bottom) what’s the most important to the least. Do you really need (or want) a fourth garage?

Step #3: Pick three or four neighborhoods. Drive through neighborhoods that seem appealing to you and your family. Do you like the way the homes are maintained? Are the neighborhoods close to school and work? Find out the neighborhood statistics like crime rates.  Find out about future developments (including road expansions) planned for the area.  Your Las Vegas real estate agent will help you get that information; we have some of it here on our website.

Step #4: Do you have enough money saved? Determine if you have enough money to cover your down payment and closing costs.  Depending on the type of mortgage you get, your down payment could be anywhere from 3% to 20% of the purchase price of the home.  Plus, you’ll have to pay closing costs, which typically run 2-3% of the loan amount (though many mortgage lenders will wrap those closing costs into the loan).

Step # 5: Check your credit. Make sure your credit is up-to-date and accurate. Get a copy of your credit report and go over every section of your credit history. Does your report say that you’re delinquent on a credit card when you actually paid it off? It can mean the difference in several points in your mortgage interest rate (which can mean a higher monthly mortgage payment).   To learn the ins and outs of your credit score, check out our recent blog Score High for Your New Las Vegas Home.

Step #6: What size mortgage do you qualify for? After you have checked your credit report (and had any errors corrected), you can approach a few lenders for a mortgage pre-approval (it pays to shop around.  Explore all the different loan options (ARMs and fixed rates, 15-year and 30-year).

Step #7: Get all of your documents in order. Since you’ll want to get pre-approved for a mortgage before you start looking at homes, have all of your necessary paperwork ready you give to your lender. The documents you’ll need to get started are:

  • Pay stubs
  • Bank account statements
  • Tax returns

Step #8: Research if you qualify for any federal mortgage or down payment assistance programs. You may be surprised how the government may be able to help you buy your new home. There are specific restrictions with some programs, but the potential savings make them worth looking into (we can help).

Step #9: Calculate how much it’ll cost you to own (and maintain) your home. Some regular expenses to think about (other than your mortgage) are:

  • Property taxes
  • Homeowner’s insurance
  • Home maintenance costs (landscaping, pool/spa, air conditioning)
  • HOA fees (if applicable)

Step #10: Find an experienced real estate agent. Our agents at Shelter Realty can help make sure that you’ve completed all 10 steps and can help make your new Las Vegas home purchase as smooth as possible.  Call us at (702) 376-7379.

Real Estate

Looking for a Las Vegas Real Estate Agent? You’ll Want to Ask These 10 Questions First

By Tony Sena September 1, 2011

Hiring a real estate agent can be a confusing process, especially if you are new to the market and don’t already have someone you know and trust lined up to help. Yet whether you’re selling a Las Vegas home or buying a new one the right Las Vegas agent can make all difference.

When deciding who is the right person to help you find the right home at the right price (buyer’s agent) or the one who can get your home sold for the most money in the least time (seller’s agent), interview in person at least two or three agents.  Ask all of them these 10 questions.

1. How long have you been a Las Vegas real estate agent?  You can never underestimate the power of experience, though you’ll want an agent who’ll give you excellent service (and sometimes this can come from newer agents, who have fewer clients and more time to spend on you).

2.  Do you have experience closing your listings in a depressed market? Do you have at least 25 closed short sale listings (If  you’re considering a short sale). If you want to sell your home as a non short sale (meaning you owe less on your mortgage than the home’s worth), you’ll want to ask the agent how they plan to price, market and sell the home in an evironment of declining values.

If you’re looking to buy a home, you’ll need an agent with real experience in representing buyers on foreclosures, short sales, new homes and traditional sales, since you may encounter all four types when purchasing.

3. How are you going to sell my home or find me a new one?  If you’re buying a Las Vegas home, your agent should only show you homes within your price, location and need range (so you’re not wasting your time shopping at Wal-Mart, or Barneys, when Dillard’s is really your range).  As a Las Vegas home seller you’ll want your agent to design a marketing plan that will sell your property the fastest and for the most money.

4. Can you give me any references?  All agents have references, even if they’re new to the real estate business. If a reference had a good experience with the agent, then most likely you will too.

5. What are the top 3 things that separate you from your competition?  Any of these traits would be good to have in an agent: honest, trustworthy, assertive, a good negotiator, easily to contact, friendly, analytical, professional and most importantly a good communicator.

6. Will you allow me to review all documents before I sign?  A good agent should make all forms available to you. As a buyer you’ll want to see the Buyer’s Broker Agreement, Agency Disclosure, Purchase Agreement and Buyer Disclosure. As the seller you’ll want to see the Agency Disclosure, Listing Agreement and the Seller Disclosure.

7. Can you recommend additional professionals (mortgage brokers, title companies, home appraisers, home inspectors)?  Since you’ll most likely need the services of some or all of these professionals during the home buying or selling process, getting a referral can save you time (you won’t have to thumb through the yellow pages) and a good agent will be able to recommend other good professionals.

8. How much do you charge?  Generally speaking, real estate agents charge a percentage. Usually the percentage negotiated between the seller and the listing agent covers both commissions if there are two agents involved in the deal. Commissions and fees are fully negotiable.

9. Do you offer a guarantee?  Finding out if or what kind of guarantee an agent offers can help you decide if the agent is a good fit for you. Will you be able to cancel your listing/buying agreement if you are unhappy with your service? How does the agent’s company handle canceled agreements?  Has anyone else ever canceled before?

10. Is there anything that I forgot to ask you but need to know?  An agent should always have something to add (to make you feel confident in their service). After all, they’ll be representing you in your real estate transaction, so good communication is important.

If you’re looking for a Las Vegas real estate agent, you’ll want to call Shelter Realty.  With experienced, expert buyer’s agents and seller’s listing agents, we’re happy to answer questions.  To make your appointment today, give us a call at (702) 376-7379.