For busy home owners or landlords, staying on top of everything can be a challenge. In addition to having to deal with current tenants, ongoing building maintenance, and emergency repairs, you also have to worry about getting the word out regarding vacancies, screening applicants/possible tenants, and keeping up with ever-changing property regulations. This is where hiring an experienced and reputable property manager can really make a difference. Depending on the number of properties and units you have, hiring an experienced and knowledgeable property manager can streamline the process and free up much of your valuable time.
Simplified Tenant Interaction
One of the most beneficial aspects of hiring a property manager is having a dedicated point of contact for your tenants. An established property management company will have qualified staff in place to take incoming applicant and tenant calls, answer questions, handle complaints, and schedule repairs. If you own multiple properties or your property is comprised of a large number of units, you may find yourself on-call all day, every day, if you don’t have a property manager to oversee everything for you. With a property manager, you can have peace of mind knowing that there is always somebody there for your tenants without having to make yourself personally available at all times.
Collecting rent is another important piece of the tenant puzzle that is often the least favorite for many property owners. Ensuring timely rent payment collection is crucial to maintaining your property and securing the value of your investment. However, oftentimes it can get messy when dealing directly with tenants who are unable to make their rent payments on time. By hiring a property manager, you take yourself out of the equation and hand the responsibility over to the management professionals. This extends to situations in which tenants have reached a point where eviction is the only option. Simply put, a property manager will handle the rent process from beginning to end, including implementing late fees and other consequences for tenants who fail to pay rent on time or even at all.
The amount of time and energy it takes to find good quality tenants can be incredibly demanding. Every property owner appreciates tenants who consistently pay rent on time, rent for longer periods of time, and don’t put heavy wear and tear on the rental property. A property manager will expertly advertise your open listings to fill the vacancies quickly and with tenants that fit your specific preferences. Property management companies also have an understanding of the local real estate market and know the best strategies to identify and target the ideal renter for that region. This particularly comes in handy if you do not live in the same area where your property is located.
Once the applications come in, a property manager will also be responsible for the screening process, weeding out those who don’t qualify and bringing in the best candidates who do. This involves verification of employment, previous rental history, pulling a credit report, and conducting a thorough background check. If there are any inconsistencies, you can choose to have your property manager present the full application to you so you can make the final decisions.
Maintenance and Repairs
An involved property manager will conduct regular inspections of your property and suggest improvements before they become a noticeable problem for tenants. Aesthetic repairs may seem somewhat inconsequential, but staying one step ahead with cosmetic improvements will help your tenants see value in the money they spend on rent and ultimately will help improve tenant retention. Additionally, having a reputation that these improvements are made quickly and regularly is an incredible draw for potential future renters.
Property managers will also advise on more serious repairs if any issues come up while doing regularly scheduled preventative maintenance. By tackling problems early and using professionals within the property manager’s licensed and insured network of contractors, you can be sure you’re getting quality repairs for a good price. Property management companies also have experienced in-house maintenance staff to handle the regular routine repairs that come along with any property. They will almost always have somebody available at any time for emergency repairs that need immediate attention as well.
Personal Advantages to Owners
Many landlords try to avoid the cost of hiring a property manager by attempting to do everything themselves. Although this may make sense for some smaller properties or owners who have a lot of free time, landlords who have multiple properties and a substantial amount of tenants can find themselves overwhelmed. There comes a point, from a business perspective, where this approach is no longer sustainable. There’s only so much one person can do and being stretched too thin can lead to important things slipping through the cracks. Landlords could fall behind on collecting rent, put themselves at risk of not having accounting information up to date, miss essential repairs, or become subject to other major occurrences that could regrettably have an effect on their bottom line.
The stress and risk a property owner faces when deciding to “go it alone” can far outweigh the cost of bringing in a property management company. A property manager will professionally maintain every aspect of your property, freeing up your valuable personal time. Not being tied down to the property can open up opportunities for personal growth or other business ventures as well. Owners are also able to travel and be away from the property for extended periods of time with a trusted property manager watching over things. Reduced stress and increased free time are some of the many reasons most home owners see the value and opt to hire a property manager when renting their properties.
Although hiring a property manager can be advantageous in many ways, not all property management companies are created equal. Black & Cherry is a professional property management company in Las Vegas specializing in a full range of services offered to owners of residential properties including houses, condos, and apartment buildings. With a full staff and years of experience in Southern Nevada real estate, the Black & Cherry property management team members are ready to maximize your rental income and minimize property expenses through progressive marketing, streamlining repairs, professional accounting services, and aggressive listing exposure.
Moving to Las Vegas in 2018? You have either just landed a new job, or you have decided to be bold and move away from everything you have ever known to start a new life in the City that never sleep. Either way, you will more than likely need to find a place to move to before the actual move. Living in hotels seems like to cool thing to do, but unlike movies; the hotel expenses will add up, and at the end of the month you will be spending more on hotel fare than you would on rent. No everyone has the time to come to Vegas to go house hunting before they move, so finding an agent you trust in Las Vegas is your best bet. Do your homework; locals can check out homes and know the areas they want to live in before they even move, but if you have only ever been to Las Vegas to visit finding your ideal location might be a little hard. Rather you want to live near the strip, or on the complete opposite of town, that is something you should consider before moving here. Start reading Real Estate blogs, and looking at listings. More than likely, you will find a blog on the area you want to live in, read about the crime level in certain areas, and think about what kind of job you are going to have. If you are retiring here, it is not necessary that you live close to the strip; you might want to look into Summerlin homes, or if you are a lake girl, look into moving to boulder city. Use technology to your advantage; most people have a smart phone in their pocket at all times; use that to your advantage. Find an agent in the Las Vegas area who can facetime you, or send you photos of the actual condition of the home, not just the professional photos they put online to impress people. Real Estate agents and/or property managers in Las Vegas also do video tours; which is kind of like a facetime if you will, where they show you every knock and cranny and send to you in an email so you can see actually video footage of the property you are interest in. Rental fraud in Las Vegas is at an all-time high, people are creating fake postings and collecting monies from people and then turning their phones off and never been heard from again. Having an agent that will go look at a home for you, an verify it is an actual listing will prevent you from being scammed; but do not be too trusting, there are also fake agents out there, do you research. More than likely your agent will be registered on Realtor.com, or call the office they claim to work at and confirm they do in fact work there. Your best bet at finding an agent that is not a fraud is going through an actual office. Here at Black and Cherry Real Estate we offer a FREE leasing team, just calling our office and asking for an agent will ensure the fact that you are dealing with a licensed agent. Don’t trust everything you see on the internet, and get a second confirmation before you just trust what you found online.
The New Year is here, and there is no doubt you have already started thinking about your company goals for 2018. But are they SMART goals (S-specific; M-measurable; A-achievable; R-realistic; T-timely)? There are a couple of things to think of when you start writing, and plotting your 2018 goals. Before anything can change for your business, you must first change from the inside out. Start praising your team members. Everyone thrives on praise; praise encourages, motivates, and inspires people to work not only hard for themselves but hard for you as the business owner. Praising effort creates a work environment that values growth and improvement; as the business owner you should strive to create a culture where agents think anything is possible. As the broker of a Real Estate company in Las Vegas you should try to remain calm- you’re the leader. The mood you set right when you walk in the door is the mood your team will have for the rest of the day. Coming in positive, encouraging, and calm with also make your team want to have those same moods. Do not check your email first thing in the morning, as the broker and business owner, if there is an emergency more than likely you will not find out about it through your email, so instead of using your most productive hours of the day checking an email, use it to set new goals, get new deals, or to set new goals for your team. Changing your environment by changing your behavior; for example, start working from home for the first hour of the day so you can get work done with no distractions. With changing your environment, making a consistent routine will truly change how your business is run. Committing to being in the office for agents two times a week for questions, or making sure your agents know they can reach you on your cell at any given time, will make your office run more smoothly. If agents think they cannot get a hold of you, they will start guessing if they have questions instead of coming to you and then it could potentially bite you at the end. Not only setting the tone for the office set a tone for yourself; make the 8-2 rule (or whatever works better for you) of the things you do every day, so that you know every day during those times you have a block where you can get the required things done. Making your goal sheet the night before, while relaxing really can change how the following day is going to go. In the morning when you are scatter brained it is hard to remember everything you have to get done, but if you are doing it in a relaxed state of mind with pen and paper. Even if personal things are on your check list, it will help you get them done so when you wake up the next morning you remember everything you need to get done, and nothing is missing. Keeping a positive and easy going work flow is as easy as you make it.
Going into the New Year, it is important to know what to market is estimated to be; especially if you plan to buy or sell your home in the Las Vegas area this year. Most studies estimate that 2018 will be the best housing market Las Vegas has seen since the last housing crisis. New homes are being built all over the Las Vegas area, so not only are the Market/ Real Estate booming in the Las Vegas area, so is the job field. With all these homes being built, these giant corporations like KB and Toll brothers are looking for workers. Experts are saying this is the best the Las Vegas job and Real Estate have been in over 7 years. Those stats were not only for new homes, or new builds. Those are also stats for home that are just on the market. Las Vegas has seen more investors pop-up to buy and flip homes in the past two years than they have seen in the past. Buying a new home/ flip home is perfect for those of you who do not have the time and money to buy a “fixer upper”. Purchasing a home in Las Vegas that has already been fixed with new cabinets and flooring will make your busy life easier. Not everyone has the monies and time to buy a home, and before moving into it completely rip out the old carpet and put new flooring. With people living in all different budgets, I know it is not possible for everyone out there to purchase a home that is already remodeled, so buying that home that is a little cheaper, with older cabinets and carpet might be the only way to go. When you are purchasing a new home or your first home, the first thing you are going to want to do is talk to a lender. Seeing how much you even qualify for before starting to look for home will really help you and your agent when you start looking. If you look before you get pre-approved you might be looking and falling in love with home that is 250k when you only qualify for 180k. That only wastes you and your agent’s time. Before you even start looking or talk to a lender, you should first start to save, the market here is so intense, and homes go on and off the market in the same 24 hours, so if you are not prepared before you put in an offer, and it could really hurt you in the long run. In 2018 studies show that the market is only going to go higher, and higher. It is not predicted to slow down anytime soon, so if you are looking to sell your Las Vegas home now is the time.. Homes in Las Vegas are WAY over market prices, and sellers are getting well over what they paid for the home, so even making a profit on 100k after closing costs. So get out there, talk to a lender, save some monies, and purchase a home in the Las Vegas valley in 2018!
Coming into the New Year, there has been a lot of talk about people wanting to buy vacation homes in Las Vegas. As news broke out about the Raiders coming here, and now having a professional hockey team, The Golden Knights, more and more people want to purchase home in Las Vegas without living in them full time. Do not get me wrong, a vacation home would be amazing to have, but it is not all sunshine and swimming pools. You really should do your research on the homes in Las Vegas before purchasing one, and also finding the perfect agent to help you with your out of state needs. First things firsts, the location of your vacation rental is very important; buying something so far from all the sports arenas really might hinder you from finding a renter for the time being. Finding a home that is conveniently located in Las Vegas where most tourists want to visit will really make a difference in how many renters you will get over the year. Knowing the cost up front so you are not left with any surprises is very critical in purchasing a vacation home in Las Vegas. Not only will you need to come up with agent fees, closing costs, and maintenance cost; you will need to think about the fact you will be furnishing a second home. Most people will not rent a vacation home if it is not furnished unless they are a long time renter. If you are an out of state owner, I would recommend someone to care for the home. Unless you plan to come every time you have a renter, it would really make a difference to hire a property manager like Black and Cherry Real Estate that could do walk through, hold deposits/keys, release deposits back, and create a legal document between you and the renter so things do not fall back on you as the owner. Buying a vacation home in Las Vegas might cost you a little bit more than it would have cost a few years back, be prepared to have bidding wars, or for your dream vacation rental to have multiple offers on it. Right now the market is insane, and it is only going up in value. Get with an agent and really go over what you are buying. Making sure inspections are done thoroughly and the inspector is taking his time. Nothing worse than you buying a rental, and the first renter discovers the shower leaks and there is mold growing. Spend the extra monies on having an inspector go through the house with every single detail is more worth than a cheap inspector that just walks through and does not find any problems. When buying a vacation rental in Las Vegas, you can also look for brand new homes. They might be a little pricier, but they will be built in a convenient area, and you will not have to worry about if that past seller had mold and did not disclose it. The Las Vegas market is changing every single day, so if you are looking to purchase a vacation rental, an agent at Black and Cherry Real Estate can help you find your dream home.
With Christmas just ending and New Year’s right around the corner there are something’s you should be familiar with if you plan to purchase a home in 2018. The Real Estate market is looking better for first time home buyers in 2018, so now is the time to start shopping around to find your dream home. New Year, new home right? Right off the bat, Mortgage credit is still tight from the downturn and years of stringent underwriting, but the outlook continues to improve. Mortgage interest rates are around 4%, and despite recent increases, rates remain close to their historic lows. An increasing number of lenders also now offer loans with as little as a 3% down payment. Second, it may take time to find your dream home. The most recent data from NAR show that the supply of existing homes for sale is insufficient and new home construction is not meeting demand. More buyers are competing for a smaller number of affordable homes than a year ago, so you’ll likely be touring open houses and listings with many of the same people. Lastly, homes in Las Vegas are on such high demand that market values are only increasing. Going up day by day, according to NAR they are at a record high! Planning for this purchase is what is going t help you in 2018. Find a Real Estate agent who is very familiar with the area you plan to live in. They can give you lots of tips and tricks on the area. If you are working with someone who is not familiar that can lead you too confusion from both ends and you will end up in a home that you were not completely in love with. Getting prepared to speak with lender is what is next on your list, shop around!!! Do not just go with the lender your agent wants you to because they know them, find someone who will work directly with you, and help find you the best rates and deals. Shopping around is what is really going to save you in the long run when purchasing a home in Las Vegas. Once you find the lender you would like to work with, get pre-approved. Getting pre-approved is very important so you are not wasting your time looking at homes that you will not get a loan for, or for something with high interest which makes the value of the home go up. In Today’s competitive market, your offer will most likely not be the only one on the home. Make your offer stand out, writing a personalized letter stating why you want this home, or you can do a little over the list price to let the seller know you are very interested. 2017 was a crazy year for the Real Estate market in Las Vegas and predictions are that it is only going to go up from here. If you are planning on purchasing a home in the Las Vegas area, you should start shopping around and doing your research to find the best agent, best lender, and best deal!
- With the holidays are approaching, most sellers are wondering if listing their home is worth it, or if it will just sit on the market, vacant, for months. Most sellers are thinking about the market back in the day when homes would sit on the market for months with no activity, but that is not necessarily how the Real Estate market in Las Vegas works. Before, potential home buyers were too busy with attending/hosting parties, cooking meals, buying presents or planning out future vacations with their families. With all of that going on during the holiday season, there was just no time for to look for a future home in Las Vegas. The past few years, that has been the complete opposite, with the internet, smart phones, Ipads, and all of the electronics we have access too, that has made the home buying market year round. Today’s home buyers never stop looking online for home, they could be on their way to work, or watching TV with their family, and they will have some sort of electronic searching for homes. Even if they are not checking in their daily life, they will be checking a night before bed when it is quiet and they can focus. A hectic work life also takes a big role on future home buyers. Most serious home buyers are hard working, and put in a lot of time working; which makes it a little more difficult for them to spend an entire day looking for homes in the Las Vegas area. Despite the always-on real estate lifestyle, many sellers are convinced buyers cannot be bothered during the holiday seasons. Making not only the real estate market shortened, it also makes the competition lighter as well. If your home has been on the market for a few months, and you are getting little to no activity on it, maybe try lowering the price on it, most buyers will pass up your home if they think it is overpriced, no matter how beautiful you think your home is. Even if you need to list it a couple thousand dollars under market value to get it sold faster, that will really benefit both you as the seller and your buyer. Make sure you are aware that home typically does not sell in 24 hours during the holidays, if you are patient with your listing, your home will sell. If you as the seller of the home, do not want to constantly be badgered about your listing during the holidays, do not list your home. You will probably show your home to 15 people and only 1 of those people will be a serious buyer, and even they might not “love” your home. TRY LISTING YOUR HOME THROUGH AN AGENT, agents in the Las Vegas area have more resources than just a self list seller. It will also protect you and your home, when you list you home by yourself, you are trusting random people (who sometimes are not with a real estate agent) into your home. Listing your home during the holidays is not like it used to be. List now and sell your home before the New Year.
When you are representing a seller in a transaction there are certain things that come up that are not only very awkward to talk about, but also are things that you wish your seller knew before they even decided to sell the home. More than likely their current furniture is not what we would call “show ready.” While it is probably how they like to decorate it could really turn off the buyers if that is not their particular, and can actually make the buyer not want the home. Cluttering furniture in the home is a real big turn off, it makes people feel cramped. You do not have to have to pay to have your home staged, but if you do not go by the less is more concepts your seller will really pay for the cost in the closing. Be aware if your seller is trying to hide things from you. If they are avoiding certain questions or inspections there is probably a reason behind it. Check and make sure the faucets aren’t leaky, and make sure there is no water damage on the home. Doing these things will really make a different in your sellers home value. When buyers and other agents find little things like that, they typically want to go after the seller to have them fixed; they also usually want to do a more in depth inspection on the home, so disclosing even the small things to them will really make a different in the transaction between the buyer and seller. Before you start the selling process with your client, disclose to them that not every upgrade with make their home value sky rocket. Doing things like upgraded the entire kitchen, or re-doing the back yard can make more people look at the home but there is no guarantee that it will make the value of the home go up; things that will make it go up are painting the walls, and replacing carpets (if damaged and stained). Get your sellers prepared to spend a few bucks on their home. There will be little repairs that come up, and upgrades you will want to do to your home to make it show ready, but if they are prepared they can do these things, take their time, and list it when they are all complete; instead of listing it and then doing the repairs while buyers and other agents are showing the home. If your seller is planning to sell the home while their furniture/they still live in it at least make sure the owner has the home professionally cleaned to make it feel more “move in” ready. The buyer is more than likely going to buy a home that is move in ready, so showing them a home that is messy with a whole bunch of repairs needed will really turn them off on your home. Having open and honest communication with your seller will be the only things that will make your sell go smoothly for both parties.
Have you ever thought about the fact that your website might be the reason some people are turned away quickly. There are a few things that really just irk future tenants, buyers, and sellers. The majority of consumers start their house search online. But could your website’s housing search functionality be turning off potential buyers? One thing that instantly turns clients away is having to many search bars, and tabs and things to click on to find a home. Making it completely simple could really change the cliental on your website. Having your website minimal will also help your clients. When your website has every ounce of information on it, and it a lot of photos and listings, it overwhelms the buyer. Most of the time, simple is more with Real Estate Websites. Do not get me wrong, having the important information is necessary like size, beds and baths, but having information like the room sizes, and what color the walls are painting can really overwhelm them. Asking your clients for too much too soon can also scare them away. Having them instantly sign up for updates, or accepting the location terms can scare them away, but having a section where they can search for rentals and listings all over the valley without hassle. Clients who are searching for homes and realtors on the internet typically do not want to do a question and answer because half of the time they are just checking on the market what is going on in their neighborhoods. According to realtor.com 43% of adults who are searching for homes will not be ready to purchase a home for up to a year. Having a website where clients can go and just browse will keep them coming back in the future when they are ready to find a realtor and ready to purchase or sell their Las Vegas home. Also with keeping your website simple, keeping your marketing like post cards, flyers, and email blasts simple with keep your cliental intrigued. If a client gets an email that is as long as a short story regarding your homes, and prices they will more than likely delete it before it even gets read, but if it a bright flyer with photos and less writing that will make them want to reach out to you to ask you about the home. GET PROFESSIONAL PHOTOS FOR YOUR MARKETING; yes I said it. I know it seems like a waste of monies, and you seller does not want to pay for it, but 90% of Las Vegas Real Estate sells come from the internet first. If you have a listing where the photos are just blah it is going to make a future buyer click off of it faster than they clicked on it; but photos with bright lighting, and a staged home will really bring attention to your listings; same thing goes for your website. You will receive as much feedback as the work you put in. If you slump together a listing without care, you will more than likely not get positive feedback; but if you take your time and build a user friendly website and user friendly listings it will keep people coming back to your website for all their Real Estate needs.