Do you know the difference between owning income property and being a homeowner? In many cases, the only thing that separates the two is your mindset. That may sound odd, but often it’s simply shifting your outlook from an “I can’t do that” to a “Why not?” frame of mind.

Here in Las Vegas, a lot of people have discovered that owning income property is a possibility, and it’s actually a lot easier to start creating a real estate portfolio than they realized. Often, it begins with making plans to move from their existing home into a new one – and deciding to keep (rather than sell) their current home and rent it out.

Many people may read that last paragraph and reply with “I need the money out of my current home to buy the new one!” In some cases, that may be true. But the truth is, most people automatically make that assumption – without sitting down with a professional to crunch the numbers. Surprisingly to many people, it’s entirely possible that it may actually make more financial sense – for tax or investment reasons – to own income property than to sell that home.

For the most part, we find that many homeowners choose to convert their primary residences into investment properties for one of two reasons.

First, if the housing market is struggling and you’re concerned the home’s value has dropped, you can postpone selling the property, rent it out to pay for the monthly mortgage payments, and then sell it when the value has risen. This was a common occurrence during the financial crisis of 2008 – as many homeowners went this route to stay afloat while the economy got back on its feet.

The second reason is that many choose to take advantage of excellent financing now available at the current low interest rates to purchase their next home, leaving them with the option to turn the original home into a rental and increase their income. This can turn out to be a great opportunity, often with a better return on investment than the stock market. Additionally, if the home was originally purchased as a primary residence, it likely had a low interest rate – and when you transition your home to an investment property, you’ll be able to keep this perk.

Whichever route you choose to start the first of your (hopefully) many rental properties that will bring you additional income over time – be sure to make yourself aware of the responsibilities you bear as a landlord to ensure all the legal requirements are met. And of course, having the assistance of an expert in this area is invaluable – from knowing the state of the current local rental market to the financial obligations and details that must be attended to.

The best way to start off on the right foot in owning income property is to find the right Property Manager to help you be assured that you’re doing it all “right” from the start.

Recently, New Home Resource posted a 4-part series of articles that explain in detail “How a Property Manager Takes Care of Business.” In this series, you’ll find out pretty much everything you need to know about taking care of your rental home – as well as why it’s a good idea to work with an experienced Property Manager; including ways to protect your investment, locating and taking care of tenants, and much more.

So, before you just decide to list that home for sale and move to the next one, give some thought to the fact that this may be your chance to start building a real estate ‘empire’ of your own. One that can not only bring you and your family additional income, but help to improve your financial bottom line for the future, as well. And always remember that the professionals at New Home Resource Property Management are here to help you find your best options to make it happen.

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 the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit 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!

It’s like winning the lottery, right? You’ve searched and searched, and finally found the house you love. You put in an offer, you hope it’s good enough, you prayed that the seller liked you best . . . and just like that, all your worries disappear! The seller accepted your offer and you’re thrilled! Woo-hoo! And then you think, “So, what do I do now?”

To be honest, you have a gajillion things to do. Okay, maybe not quite a gajillion, but between getting all the steps done to finish your home purchase – and having to pack and move – it may seem like that.

But the good news is, you went into this with an experienced Realtor®, and you have the comfort of knowing this very important thing: Your Realtor™ has your back for everything that comes next. After all, they are the ones who got your offer submitted and accepted!

Just to make sure you have a good idea of the next steps in your journey to becoming the new owner of this perfect home, we’ve got a quick checklist to get you prepared. (Keep in mind, though, that your specific transaction may have additional steps because every home purchase is different.) Many of these things will be automatically handled either by your Realtor™ or your mortgage lender – but it’s wise to be aware of the status of each item during this process. So always feel free to ask questions!

1. If you haven’t already, shop for your mortgage lender and choose which one you’ll be working with. (Although an experienced Realtor® should have made sure you did this before submitting your offer – just FYI.)
2. Ensure all the necessary “earnest money deposit” funds are paid into escrow.
3. Order the home inspection.
4. Ensure you know which documents and information your mortgage lender needs – and get that to them in a timely manner.
5. Review the home inspection report with your Realtor™ to discuss the findings and any repairs needed (as well any costs).
6. The lender will order the appraisal.
7. Get your closing funds ready, according to the instructions from your lender.
8. Select your home insurance company.
9. Schedule your walk-through.
10. Close escrow at the title company and get your keys!

Of course, in-between all of these steps, you also need to find time to notify your landlord that you’ll be moving, pack, schedule utilities to be turned off and then on again at your new home, change your mailing address and online account addresses – and make sure that someone is going to plan you a nice, big housewarming party! (Okay, that last part is optional, but it sure would be nice, huh?)

During this time of busy transition, you may get a little anxious, perhaps a little stressed, have a lot of questions, or need help finding solutions for some things. That’s part of the process and it happens to everyone. But always remember that your Realtor™ is there to help you and hold your hand through it all.

In fact, we know that’s actually a huge part of our job. Of course, it’s important that you have someone you can rely on that knows all the proper steps to take and the legalities involved – plus make sure that your interests are being looked out for.

Choosing the right Realtor® ensures you’ll have someone on your side who wants you to understand every step of the process, and makes sure that at the finish line, you’re happy with your purchase and with the service they provided to you, too.

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 the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit 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!

The minute you start thinking it might be time to move into a new home – or at least “new” to you – how to choose between a home that’s “new” or “used”? How do you actually go about making that decision?

In our opinion as experienced Realtors®, there are definitely pros and cons to both choices. The final answer, of course, lies with you – the buyer. But that doesn’t mean you can’t look for a little help along the way to make sure you’re considering it from the viewpoints that matter to you. We thought we’d lend you a hand with some of the benefits of each!

The Case for Choosing a New Home

We’ll start here, since the Las Vegas valley does have its share of new home builders to choose from. And you’ll certainly hear from them (and their supporters) all the benefits that new homes have over used ones. They include (but certainly aren’t limited to):

• You’re getting a new, blank slate. One that’s just waiting for your personal tastes and preferences to be applied. It’s a compelling argument, because fresh, clean and new can be very appealing to many people – especially if they’ve never lived in a new home before.
• Updated design and features. Floorplans, looks, and lifestyles change over time. For example, today, it’s not unusual to see multiple generations living in one home – and many new home builders design specifically to meet this need. If you’re in search of lots of light and an open floorplan, that’s probably not something you’re going to see in a typical resale home. Like we said, tastes change – and home designs change with them over time.
• Everything is under warranty. Whether it’s your homebuilder warranty, or the manufacturers of major items in your homes, from appliances to HVAC systems. Those warranties can be real money-savers – not to mention they offer you an opportunity to live frustration-free (for a time, anyway!) That’s more time for you to enjoy the new home and life you’re building, and less time to spend repairing things.
• Energy efficiency and the latest in building materials and construction codes. That can also include safety features, too – not a small consideration, really. More fire-retardant materials, hard-wired detectors, and mechanisms on garage doors or other items to help avoid injuries.
• Location. One of the biggest rules about real estate, as we all know. New homes are built in new communities, near new schools, shopping, and other conveniences. There are often more parks and recreational facilities nearby – because new home builders plan their communities to meet the needs and wants of today’s buyers.

Now let’s consider . . .

The Case for Choosing a Resale Home

• Character. This might sound like an odd reason at first, but the truth is not everyone is wild about brand new items. It’s like the difference between those who love classic cars and those who have to have the latest model every year. A resale home has been lived in and has acquired a personality from its surroundings and the people who live there. From the nearby community, and the people in the neighborhood. It’s individual and personal in a way that new homes aren’t.
• Appeal. Finding an older home may also mean you’re escaping the cookie-cutter appearance and floorplans of small, tightly-packed new home communities. Plus, you’re choosing an established neighborhood with a look and feel you prefer. (Not to mention, zoning changes are unlikely to occur in older areas. You know what’s around you and that it’s more likely to stay there.)
• Quality. New homes may be made with the latest materials – but older homes can offer a level of craftsmanship you’ll never find in a new one. Over the years, the previous owners may have remodeled, adding features and spaces that are unique to only this home, too. Artisans often play a role in these changes and that can result in stunning results that may just seal the deal for you.
• Larger property. Years ago, when land was cheaper, builders built on larger lot sizes, leaving room to accommodate spacious yards, pools, and more. You have the chance to stretch out and relax with some privacy. And, there’s something to be said for that huge, shady fruit tree out back (especially in Las Vegas.) Not to mention established gardens and huge tree canopies seen from the street – all of which add considerable beauty to your living environment.
• Longer-term neighbors. In Las Vegas, this might even be a bit of a rarity – but getting to know your neighbors and having that community nearby to rely upon is one of the reasons many of us enjoy putting down roots in the first place.

The one thing that we haven’t mentioned in either list, though, is the price. That’s primarily because it used to be that a resale home gave you more value for your money. But new home builders have evened the score a bit in that area. This includes walled yards (so you no longer have the expense of adding those yourself), included landscaping, and often perks or discounts for upgrades and options to be included in the deal.

So, when it comes down to the final choice – it can be a toss-up in cost…and the home you select is simply up to your personal preference. You just need to take into account which details matter the most to you and your family, and perhaps this list will help you start thinking along those lines. Although when it comes to getting your mortgage financing, one thing stands true for all homes – whether new or resale – and that’s to shop different lenders to make sure you’re working with the best! You can learn more about that from one of the best local mortgage brokers in Las Vegas, Premier Mortgage Lending.

And keep in mind that no matter which type of home you choose to buy – new or resale – it’s important to rely on the services of an experienced Realtor® to look out for your best interests. That’s the only person who will be working for you — not for the builder, and not for the seller. Only you. (And yes – that’s exactly what we do at New Home Resource!)

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 the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit 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!

Looking to sell your home soon? Or maybe you’d just like to give it some curb appeal for spring. Whatever your reason (oh – we forgot about family coming to visit, too!) — we’ve got just the thing for you: Five ways to spruce up your home’s curb appeal that will go a long way toward extending a welcoming impression. An inspiring list to freshen things up that won’t break the bank (or require a planning commission to get under way).

1. Paint or stain your front door. A brightly colored door is a great way to draw attention to your house and make it feel modern and inviting. Not quite sure which color to choose? Hey – there’s an app for that – literally! You can download it here, and it will show you just how your door will look in different colors – before you do the shopping and labor. Just make sure your HOA approves any paint selections!

2. Don’t you just love the look of kickplates? Most people do (not to mention they actually have a purpose!). It might be just the boost your door needs to take it to the next level of awesome.

3. What about that door hardware? Well, you can replace it – or polish it – or even spray paint it to get an exciting new look. (Just don’t forget about coordinating the doorbell and hinges!)

4. Tile your porch. Sometimes, a picture says a thousand words. Two pictures practically scream at you – – at least, we think these before-and-after images do that. Just think of it as one way to take your front porch from” b-o-r-i-n-g” to” filled with caché!”

5. Exterior light fixtures are always changing in style. Dress them up! Just look at how great your door, hardware and porch look now! Coordinate with your new door hardware colors, or go with something fresh, bold and beautiful.

These five ideas are just to get you started – but there’s no reason you need to stop there. New house numbers, planters, symmetrical pots or décor – the list can go on for ages. Seriously, isn’t that one of the reason you buy a home anyway? Because stuff like this is fun – because when all is said and done, your home looks fabulous!

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 the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit 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!

Late spring and early summer have traditionally been popular home-selling months in Las Vegas (think: kids are out of school, vacations are taken, etc.). But we’d like to share a little secret with you: If you’re planning to sell your home this year – the months of January, February and March may be the better option. Why? Competition.

It may sound counterintuitive – after all, if more people are out shopping for homes in the summer, you have a better chance of getting a buyer, right? Ah – But there’s also this little fact to remember: more houses are on the market for sale, too.

That could mean that your listing gets caught up in in the ‘avalanche’ of homes available for sale, and it could be entirely missed in the process. In fact, it’s easier than you might think for that to happen. As we revealed in a previous blog post, (“Three Universal Tips Every Home Seller Should Know”) – according to studies, 80% of prospective buyers know if a home is right for them within seconds of stepping inside.

Only seconds. Let that sink in a moment. And then you’ll probably think this: Yikes! (Of course, that also stresses how important it is for your home to be presented in as appealing a manner as possible – with attention paid to the smallest of details.)

But even just having those few seconds to grab a buyer’s attention is making the assumption that your home even made the short-list on their tour. That’s also easier said than done, because all those extra homes for sale mean more marketing, more ads, more Realtors® doing their best to highlight their client’s home over the competition. The truth is, if you’re selling during the height of the ‘buying season,’ your home is first being compared just on paper to the many, many other homes for sale also trying to take advantage of the increased buyer market.

On the other hand, if you’re selling your home in competition with fewer available listings – such as during the first quarter of the year, as we mentioned above – it actually has a better chance of making a memorable impression with shoppers because they have fewer options; there are simply fewer homes for them to choose from.

Plus, people that are looking to buy a home during this time are often more motivated. They might have a pressing matter that is pushing them to want to close on a house quickly – such as job relocation or some kind of major life change that is forcing them to move. This can work in your favor in another important way, too: Lower inventory also means you might be able to sell your house at a more favorable price – again, since buyers have less to choose from.

All things considered, there are many factors that can affect your decision on when to sell your home. One more reason it’s important to have an experience and knowledgeable Realtor® that you can rely upon to help you evaluate all the factors involved, so you can make the most favorable decision for your situation.

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 the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit 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!

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!

Wow. 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!

This 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:

• 12 Reasons To Hire A Property Manager introduced an overview of how working with a Property Manager can not only make your life easier, but help to ensure your cash flow is optimized on the properties you own.
• How a Property Manager Takes Care of Business – Part 1 addressed the importance of finding and keeping quality tenants, minimizing potential legal problems, and gaining the ability to rely on your Property Manager’s relationships with vendors.
• How a Property Manager Takes Care of Business – Part 2 explained the importance of setting the right rental rates, marketing/ advertising/showing your property, and the necessity of staying in compliance with the legal requirements a landlord must meet.
• How a Property Manager Takes Care of Business – Part 3 illustrates the many steps involved in locating and screening the right tenants, making sure rents are paid on time, and why it’s so important to keep your property maintained and repaired.

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!

Welcome 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 1 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!