Archives for the month of: February2017

realtor®One of the things that homebuyers seem to take for granted is that every real estate agent knows how to negotiate. It’s much more than simply extending an offer and writing up a contract, and it’s something that not every agent knows how to do well. Of course, it’s important that every step of the home buying process is handled properly, which is why we recommend always choosing an experienced Realtor® with a great reputation.

But it’s not unusual for buyers to be so happy they’ve found the right home, that they forget how critical it is to have an experienced negotiator on their side. In fact, it’s not only the agent’s negotiating experience that matters – but also their knowledge of the area, the neighborhood, the history of the home, and even the Seller’s agent (and then some!). Having all this information not only allows your agent to exude an air of confidence, but it also means they’ll be able to be creative, flexible, and “read the room” – making sure they get the best deal possible on your behalf.

Once you’ve found the home that you love, it’s time to move on to the next step: Negotiating the deal and writing the sales contract. The contract will put all the details in writing, but the negotiation is where the competency of your Realtor® will play a major role through this process. If you have an experienced real estate agent who has written hundreds of sales contracts, you should be in good hands. Make sure that you take your time and ask any questions you may have (because we promise you, there are no dumb questions during this stage of the home buying process!).

Buyers in hot, or even warm, markets need to remember that no one gives anything away in real estate. Sellers may very likely have multiple offers on their home, and they get to pick and choose. If your agent makes a lowball offer while others are offering list price (or even more, which is common), you very likely receive a firm, “No.” – – And just like that, the home of your dreams is gone ☹

Agreeing on a price is just the beginning. Because even if you’re thinking you got a ‘smokin’ deal’ – remember how true this is: The devil is in the details. Some of those details that can end up putting you on the receiving end of a bad transaction include the appraisal, time frame, property inspection, who pays for needed repairs, costs and fees, seller incentives – – and the list goes on. There’s no point in buying a home for a great purchase price if you’re responsible for massive repair costs due to the inspection results. Or if the buyer doesn’t have to move for 8 months. Or, … well, you get the picture.

Don’t be the buyer that an inexperienced agent uses as their “Guinea Pig” to learn what not to do. Your time, money, and life are too important for that. Make sure your Realtor® knows their stuff, because it will save you much frustration, anxiety, and grief down the road.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

home buyerWow. You’re about to be a first-time home buyer. That is a really, really big deal – and don’t let anyone tell you otherwise.

It’s a commitment – that’s for sure – of both your time and your money. But there’s something inherently different and satisfying about spending time working on your own home, and after all – we all have to live somewhere, so why not invest in yourself instead of a landlord’s real estate portfolio?

There is a lot to think about before you decide to buy, of course. For example: Is this the city you plan to stay for a few years? Do you know how much you can comfortably afford? Do you have enough down payment? (To find out more about that, we recommend you visit Premier Mortgage Lending to learn about their new 1% Down Loan Program.)

A while back, we talked here about many other things to consider before making the move from “Renter” to “ Home Buyer.” But if you’ve already reached the decision to start shopping for the perfect place to call your own, there are a few things about the process itself. Read on.

STEP 1: Get Your Finances and Credit in Order

In today’s rapid-fire real estate market, the last thing you want to happen when you find “The One” is to lose-out on it because you don’t have – or can’t get – mortgage loan approval. That’s why your first step should be to get a copy of your credit report. (You’re entitled by law to get a free updated credit report each year.)

STEP 2: Visit at Least Two Mortgage Lenders

Getting your credit report is great, but knowing how to evaluate it is something else. And there are many more steps in the mortgage loan process than just credit. You need to find out what those steps are, how your circumstances measure-up, if there are any things you need to fix or change, and discover how much of a mortgage loan you can qualify for. That last detail will also let you know the price range of homes you should be considering. (Trust us, there are few things worse than falling in love with a home that’s out of your price range!)

But why visit two lenders? Read our lips: So you can compare fees and interest rates. Not all lenders are the same – nor are all mortgage loans. Their fees can vary widely – from $0 to as much as 4-5% of your purchase price. If the interest rates are equal, you can see just how much your get-in-the-door / cash out of pocket will be. You’d be surprised how big the difference in cost can be. (And remember, just getting a loan estimate does not commit you to anything. You’re free to shop around as much as you want!)

STEP 3: Find the Right Realtor®.

Everyone has “a friend” who sells real estate. Or maybe it just seems like it. But our experience has been that once you reveal you’re in the market to being a home buyer, suddenly you discover that your cousin’s ex-husband’s sister-in-law’s best friend’s dog, Lulubelle, sells real estate – you should call her! We hate to be blunt, but here’s our take on that suggestion: W.R.O.N.G.

Why, you ask? (while thinking that we have an ulterior motive – which we don’t, but how do you know that?) Well, that’s precisely the point. You don’t know that. And you don’t know Lulubelle, either. Having a relative or friend that sells real estate is no way to choose your Realtor®.

First of all, if they have the experience, reputation and knowledge that you need in a Realtor®, you would already know about them. Those agents have spent long hours, days, months, and years building that reputation and gaining that knowledge. And they don’t typically need to go searching for new clients – because clients seek them for their expertise.

So, decide what area you want to live. And then do your homework to find out which Realtors® really know those neighborhoods. Interview them. Meet their team, because you’ll be working with them through this process, too. Ask questions and then listen to their answers. Your instincts will take you far in finding the right agent. The right Realtor® will be active in finding properties for you to consider, and help make the entire experience as seamless for you as possible.

Like we said in the beginning, buying your first home is no small decision. Plus, it’s the first of many, many decisions you’ll be making – especially in finding the home you love and getting a mortgage loan. Make it easy on yourself by putting a little effort into finding the best people for the job. Then – you just let them do their job, and you’ll have much smoother sailing.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

Las Vegas Property ManagerThis is our final installment in showcasing the specific benefits for owners when working with a Property Manager (but – just a hint – we have a feeling we’ll have more information to share in the future!).

In our previous articles, we shared a lot of information – but in case you’ve happened upon this article a little bit out of order, here’s where we’ve been so far:

And now, we’ll just wrap it up with these two very important points (if you place value on your time and energy, that is).

Papers, Papers Everywhere

We’ve created an entire series of articles about how a Property Manager can be a very smart choice to handle your income properties – and we’re just hitting the wavetops here. Imagine the scheduling, documentation, legal processes, and more that need to be followed for every single property you own. That’s going to take time, accounting, and some whiz-bang organizational capabilities. If – that is – you’re doing it all yourself.

But a Property Manager can take care of the majority of these details for you much more easily – and here’s the secret: Repetition. The processes and people are already in place to take care of managing your property. Your Property Manager knows the law, the area, and the (seemingly) million-and-one other details that must be followed to make sure it’s all done right.

Just think about having to handle evictions, property inspections, lease negotiations, lease terminations, and the collection of rent from tenants. Tracking the details, keeping the receipts, managing deposits – oy! It can be difficult to organize all of a rental home’s expenses when tax time rolls around, and because of this, many homeowners miss out on some deductions. A Property Manager can provide detailed income and expenses reports as well as cash statements every month – saving you the bookkeeping headache.

What’s This Going To Cost Me?

Many property owners are afraid to hire a property manager because of the cost involved – not realizing they will actually make more money in the long term due to the increased care of the property. And that’s not even considering the time and energy the owner will have available, leaving them free to devote their efforts to more lucrative tasks – like acquiring additional income properties and growing their financial portfolio.

In essence, by hiring a Property Manager to handle the myriad of details, interactions, documentation, and regulations involved with making sure your income property is handled the right way in every respect, you’ll get better tenants that stay longer, have less damage and repairs to deal with, and your property will stay in great shape – all under the watchful and attentive eye of a licensed and experienced manager who is working for you. That will keep your property earning you income for years to come – and isn’t that the whole point? Contact New Home Resource Property Management to learn more. Visit our website or give us a call at 702.365.1000.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

Las Vegas Property ManagementWelcome to Part 3 of our introduction to why a Property Manager may be the best choice for handling your income properties. A week or two ago, we introduced 12 Reasons To Hire A Property Manager, and we’ve delved a bit further into each of those reasons in subsequent posts about “How a Property Manager Takes Care of Business.” Just to recap, in Part 1 – we addressed regarding finding and keeping quality tenants, minimizing potential legal problems, and the ability to rely on your Property Manager’s relationships with vendors. And in Part 2, we explained the importance of setting the right rental rates, marketing/advertising/showing your property, and staying in compliance with the legal requirements a landlord must meet.

Today, we’d like to talk about some of the things that in theory, all sound like pretty simple, straightforward, and easy items to take care of – but then again, there might be a few surprises in here you haven’t had a chance to think through. So let’s get started!

The Right Steps to Finding The Right Tenants

Finding applicants, conducting interviews, doing background checks – and that’s just for starters. Sure, you can do it all yourself (if you have a lot of free time!) – but by hiring a Property Manager, you’re also getting the benefit of their access to a wealth of resources that allow them to find qualified new tenants faster. Property managers typically have a larger pool of applicants from which to choose due to their extensive marketing and advertising programs. In fact, an established property manager may already have a waiting list of potential tenants.

Their experience also streamlines the screening process, which includes securing criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references. One of the biggest advantages to hiring a professional property manager is the ability to avoid legal hassles. With a full understanding of all the local, state and federal laws when it comes to discrimination in screening and selecting tenants, property managers help you avoid problems by ensuring compliance with these regulations. The end result? You receive a small number of well-vetted and highly qualified potential tenants from which to choose

Rent (Like Love) Isn’t Always On Time

“The check is in the mail!” Uh, not always so much. As a property owner, you depend on the rent arriving each month on time. When this doesn’t happen, there can be a tremendous amount of time and effort involved with tracking it down. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You’ll find this particularly important if you have a limited number of properties and collecting payments on time is crucial to maintaining your cash flow. Letting late rent slide can create a situation where the tenant is able to live in your property rent-free for as long as it takes to evict them. A Property Manager will be your no-nonsense rent collector and will take immediate action if the rent is late. They’ll document all steps taken and remain in compliance with the law.

Keeping Your Property in Its Best Condition

Good maintenance and repairs keep tenants happy and preserve the value of your investment – pretty important points about managing your property to maximize your financial return. So making sure that these things are covered requires something not everyone has: Good existing relationships with service vendors. Property management companies have those relationships with maintenance workers, tradesmen, contractors, and suppliers – in a manner that’s almost impossible for an independent landlord to duplicate.

You have questions? We have answers. New Home Resource Property Management invites you to contact us to learn more about our background and expertise in the Las Vegas property management market by visiting our website – or contacting us at 702.365.1000.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

In Part 1Las Vegas Property Management of this series, we provided some context about certain aspects of a Property Manager’s responsibilities – specifically regarding finding and keeping quality tenants, minimizing potential legal problems, and the ability to rely on your Property Manager’s relationships with vendors.

For this segment, we’d like to expand on those details that need to be addressed properly before a tenant even enters the picture. Because the fact is, there’s far more to doing it right than just putting an ad in the paper. Let us explain.

Setting the Right Rental Rates

As an investor, you’ll want to ensure that you’re getting the best price for your rental. But there’s more to pricing than just picking a number. Utilizing a reputable Property management company that has access to resources you don’t will help save you from a lot of trial and error.

Why? Because in order to determine your ideal price, you’ll want to see what other similar properties in the area are renting for – and also take into account the desirability of the neighborhood, amenities, floor plans, proximity to public transportation, schools, recreation, and major thoroughfares, local economic factors, and much more. And while you want to get the best price possible, you also want to keep it low enough to attract interest from prospective tenants. The end result of hiring an experience Property Manager to accurately assess all these factors is this: Your property will command the best price possible without sacrificing interest from high-quality tenants.

Marketing, Advertising, and Showing Your Property

Real estate scams. That’s a scary term – for both landlords and tenants. Following the housing crash when plenty of people lost their homes and the need for rentals skyrocketed, plenty of (not-so-nice) people found ways to take advantage of unsuspecting parties to rent out homes they didn’t own, collect huge deposits for non-existent properties, and just in general – make the property rental market a risky landscape. We bring this up because smart tenants know it – and because of it, they often prefer to work with a professional firm that is licensed and has a reliable reputation in the rental market industry.

On the other hand, not every renter is as straight arrow as you’d like to see, either. Knowing what to look for and how to weed out potential undesirable tenants can – all on its own – be worth the expense of hiring a Property Management firm.

Getting past those elements, though – Property Managers also have the systems and relationships in place to make sure that your property:

• Is listed not only on the local MLS – but gets maximum exposure on the most popular rental search websites.
• Has professional and appealing listing photos taken to optimize your listing.
• Is always show-ready – with all repairs, maintenance and cleaning done properly to ensure the most positive impact possible.
• Is shown to prospective tenants in a prompt and professional manner.

Pre-screening prospective tenants, checking backgrounds and references, and verifying employment and income are the next steps. The ultimate goal for the Property Manager is to take care of all these details and make it easy for owners to simply choose their personal preference from a list provided of Renter #1, Renter #2, or Renter #3.

Staying in Compliance with All Applicable Laws

As a landlord, it’s important to understand your responsibilities and obligations to your tenants. That’s why it’s vital to keep up with changing regulations and to ensure you’re in compliance with federal, state, and municipal laws. Areas that you’ll want to pay especially close attention to include proper tenant screening procedures, rules for handling security deposits, rent increases, and lease termination – and those are just to name a few. A Property Management company is familiar with the law as it pertains to your specific rental unit and will be able to make decisions on your behalf that will be in compliance. Because no one wants to be on the wrong side of the law in a landlord/tenant matter.

Once again, it’s important to note that hiring the right Property Management company is crucial. Be sure to interview them and make inquiries into their reputation. Put us through the paces and we’ll be happy to compare our expertise with the Las Vegas market to our competition. Discover more about the Property Management Services provided by New Home Resource by visiting our website – or contacting us at 702.365.1000.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!