property management

When you don’t look too far behind the scenes, being a Property Manager sounds pretty ‘easy-peasy.’ After all, what does a Property Manager do, anyway? Hand out keys, collect the rent, and get paid big fees for a few minutes of work each month?

Well, as soon as you find a Property Manager that does only that – give us a call. Because we’ve never met a reputable property manager who didn’t work hard on behalf of their clients to keep all the i’s dotted, the t’s crossed, the tenants, owners and maintenance people happy – all while complying with the laws and regulations of the city, county, state – and the Feds.

Not that we’re complaining! Far from it! When you’re an experienced professional in the real estate industry – as are the experts at New Home Resource – it’s almost a genetic thing for us. We can’t wait to dive-in to organize and address all the steps involved in managing our clients’ properties to the nth degree. It’s something we love, or we wouldn’t be doing it!

But be under no illusion that it’s an easy job – and that’s something that a new income property owner might not realize. A Property Manager needs to know how to handle all the steps required in order to do their job well – while at the same time maximizing the owner’s investment. That includes setting the rental rates, advertising for new tenants, properly screening and researching potential tenants, addressing maintenance issues, handling emergency calls, keeping detailed records, collecting rents on time – and much, much more.

Being prepared by taking as many steps as possible to avoid potential problems may be an even more crucial responsibility for a Property Manager. By not properly screening tenants, a situation might turn into an eviction and/or legal nightmare. By failing to properly maintain a property, a minor repair issue can turn into a major expense. Even unanticipated events such as storm damage can create far larger and more costly issues than they should — if they’re not addressed properly at the time they occur. (Sometimes, even the best laid plans get can have the proverbial wrench thrown into the mix!)

Of course, not everyone thrives on those challenges like we do. It takes time, knowledge, experience and connections throughout the industry to do it well. That’s our business. But for a property owner, handling all these details on your own may not be something you enjoy, have time for, or be the most effective use of your own talents.

That last part is perhaps one of the biggest advantages Property Managers have to offer you as the owner. By taking all that responsibility off your plate, it gives you the time to do what you do best. That frees you up to acquire more properties and assets, develop your investment portfolio, and increase your personal wealth.

To find out how the New Home Resource Property Management team can help take the burden off you and maximize your investment better than you ever imagined possible, give us a call. We’re here to help!

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 Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

Let’s say you own a piece of income property in Las Vegas, or perhaps you’re in the process of considering making that leap from “homeowner” to “landlord.” Outside of your due diligence in finding the right property (or properties) to buy for this substantial investment – one of the things you also need to take into consideration is this: Who is going to be your property manager?

The smart real estate investor is going to be leaning towards finding the right Property Management company to handle those details. Why would they want to use a Property Manager instead of just doing it all themselves, you ask? Actually, for a lot of reasons. So many, in fact, that we recently wrote a 5-part series of articles that specifically address those reasons – and you can find this series on our blog, 12 Reasons to Hire a Property Manager, and How a Property Manager Takes Care of Business (Parts 1-4).

Those articles address everything from meeting legal requirements for screening tenants to maximizing savings with your property manager’s vendor relationships – and a few dozen other details that lie between.

But that all happens after you select a Property Management firm to work with. So how do you get started down that road? You want someone that can take the day-to-day management burden off your shoulders, and allow you the time and freedom to move forward with acquiring additional properties and increasing your income potential.

At New Home Resource Property Management, there are four key steps to the process, and we’re happy to outline them here – so there are no surprises, you know exactly what to expect, and you can rest easy knowing that your valuable investment has been placed in the right hands.

Step 1: Discovering Your Goals

Initially, we’ll want to sit down with you to discuss your needs and determine your long-term goals for your investment – and explain how our services can best support those goals for you. We’ll also prepare a rental analysis so you can see what’s currently happening in the market and how much rental income you can anticipate getting for your home. All your questions about our services and the property management process will be answered at this meeting.

Step 2: Setting Up Your Account

Next, it’s time to put a property management agreement into place. We’ll also gather additional data about your home so we can effectively manage it, and do a pre-list inspection with multiple photos that can be used for managing, marketing and leasing purposes moving forward.

Step 3: Marketing & Locating Potential Tenants

Marketing your property to all the relevant platforms is where we start, and as potential tenants contact us, we’ll show the property, screen backgrounds of applicants, check references, and constantly update you on the status of our progress. Effective tenant screening is one of the most important aspects of property management, as long-term, high-quality renters will increase your profitability. It is an element that we take very seriously at New Home Resource Property Management.

Step 4: Leasing and Property Management

Once a tenant has been approved, we handle all documentation, inspections, and then take over all the relevant management responsibilities as per our agreement. That includes setting up access to our online software portal, wherein you can view statements of income and expenses, and keeping you in the loop regarding maintenance and repair issues. Maintaining a good relationship with tenants is a critical aspect of our operation, as it results in less turnover for your property, thus fewer expenses for you.

It’s estimated that 48% of the people living in Southern Nevada are renters. With roughly 2.2 million residents in Clark County, that’s a pretty staggering figure. (Approximately 1,056,000 renters, just to help with that math.) There’s a reason real estate investors choose Las Vegas as one of their top cities for acquiring rental properties – the demand is there to support it.

Of course, that also means that the demand is there for many other aspects of this type of ownership, including maintenance and repair vendors – among other things. The last thing you need is to spend your days chasing down contractors and negotiating pricing, on top of the thousand-and-one other duties involved in finding the right tenants, collecting rents, and paperwork – lots and lots of paperwork.

At New Home Resource Property Management, we have all those resources already in place and working for our clients – not to mention years of experience in real estate as a whole, unique knowledge of the area, and the staff to make sure your investment is maximized in every possible way. In addition, we also offer investment strategies and can help you identify other investment opportunities that might be available so you can continue to grow your portfolio. Find out more by contacting our office today.

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 Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

That’s a tough topic, huh? As Property Managers ourselves here in Las Vegas, it seems like this article might sound like it goes a little against our own interests. Or . . . does it?

Actually no. Because we firmly believe that if we’re not doing a great job managing your rental properties, then maybe we should be fired. Although we would like to believe that our clients know us well enough that they would be comfortable voicing their concerns and allow us to ‘clear the air’ – either by assuring them of our efforts, or changing things to their liking.

But perhaps you’re already working with another property manager, and you’re not quite sure if they’re doing a good job. How, exactly, can you know? Especially if you live in another city far away from your properties – because you’re having to rely on them completely for accurate information and current updates on the status of your homes and tenants (or lack thereof).

Enter: New Home Resource Property Management with the answer to that question. In fact, make that a list of “5 Red Flags” you should be aware of to determine whether or not you’re getting the service and value you should.

Red Flag #1: When is the last time you heard from your property manager? If they’re not contacting you promptly with any updates and reports on your properties, then that’s a problem. You shouldn’t have to reach out to them to get that information and an assurance that everything is under control. Even worse: What if you’ve tried to get in touch with them, and they’re not returning your calls or emails? Then start worrying. Because if they’re not even handling their paying clients (you!) properly, how can you feel comfortable that they’re coping with your properties and tenants as they should?

Red Flag #2: You’re Consistently Getting Bad Tenants. This is typically the result of poor screening policies. Sure, a bad tenant can happen to anyone from time to time, despite all the best efforts. But if it keeps happening over and over, it’s costing you money – either in repairs, lost rental income, or (gah!) perhaps even lawsuits with tenants over possible mismanagement.

Red Flag #3: Typically, you should receive an annual interior inspection. If you’re not getting a detailed report on a regular schedule, it could mean that there are repairs or code violations needed that you’re not being advised of – and that your PM isn’t managing.

Red Flag #4: Speaking of reporting… Depending on your property manager’s software systems, you should either have 24/7 access to your own property account, or you should be receiving a monthly printed report of your properties’ income and expenses – broken down item by item. If not, then, uh……we don’t have to tell you that’s a bad sign.

Red Flag #5: You’re hearing directly from tenants that repairs or other issues aren’t being addressed. Not only does this unnecessarily and adversely affect your relationship with your tenant, but if a minor repair becomes major due to lack of attention, the expense to you goes up – and it may even be bad enough to give your tenant grounds to break the lease. Result: Lost income.

If any of these red flags should arise during the course of your relationship with your property manager, it’s a good idea to reach out to them to discuss your concerns. In some cases, they may have a staff member who’s “gone rogue” and they haven’t discovered the problem yet. And there’s the possibility that they may just step up their game and come through for you better than you might have hoped. But after one more chance (if you feel comfortable giving that to them), you may discover that you’ll do much better by hiring a different company to handle your income properties.

In that case, did we mention that New Home Resource Property Management is always here to help? ☺

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 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!

There are a lot of landlords in Las Vegas these days. In fact, ever since the Great Recession when investors took advantage of great opportunities in our city, the number of rental properties in Las Vegas has risen rapidly.

What hasn’t risen as rapidly is the number of quality property management companies. Notice our use of the word “quality.” Because as you know, when any new need in the market is filled – there are usually choices of great, good, so-so, and ‘stay-away-from-these-guys’ options for that service.

That’s why we would like to remind our Las Vegas clients and friends that New Home Resource Property Management is among one of the best choices that Las Vegas property owners can make – that is, if they want their rental homes to be managed professionally and cost-efficiently. And, all that while building a reputation that makes their homes the first choice of qualified renters.

Why hire New Home Resource as your Property Managers?

If any of the following reasons sound familiar, then we should talk:

• You have multiple rental properties.
• You don’t live near your rental property.
• Your time is limited.
• Hands-on management is not your preference.
• You’re inundated with too many tenant issues.
• You don’t want to hire “employees”, thus an independent contractor is your preferred option.

We’re in it for the long-term on your behalf, and we make it possible for you to rest easy knowing that virtually every detail of managing your rental home is being handled by experts. Even better, we provide a personal touch with dedicated software to stay on top of the details and allows you to be in the loop at all times.

That’s why you can rely on us to take care of it all – from marketing to finding and properly vetting new tenants, checking references, collecting rents, handling repairs, taking care of tenant complaints – even pursuing evictions, if necessary. We have the resources and the expertise to make sure it all happens smoothly, without a hitch.

The only thing you need to ask yourself is this: “How valuable is my time?” Let New Home Resource Property Management take the ‘tasks’ off your To-Do list and put them on ours.

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!

There are a lot of landlords in Las Vegas these days. In fact, ever since the Great Recession when investors took advantage of great opportunities in our city, the number of rental properties in Las Vegas has risen rapidly.

What hasn’t risen as rapidly is the number of quality property management companies. Notice our use of the word “quality.” Because as you know, when any new need in the market is filled – there are usually choices of great, good, so-so, and ‘stay-away-from-these-guys’ options for that service.

That’s why we would like to remind our Las Vegas clients and friends that New Home Resource Property Management is among one of the best choices that Las Vegas property owners can make – that is, if they want their rental homes to be managed professionally and cost-efficiently. And, all that while building a reputation that makes their homes the first choice of qualified renters.

Why hire New Home Resource as your Property Managers?

If any of the following reasons sound familiar, then we should talk:

• You have multiple rental properties.
• You don’t live near your rental property.
• Your time is limited.
• Hands-on management is not your preference.
• You’re inundated with too many tenant issues.
• You don’t want to hire “employees”, thus an independent contractor is your preferred option.

We’re in it for the long-term on your behalf, and we make it possible for you to rest easy knowing that virtually every detail of managing your rental home is being handled by experts. Even better, we provide a personal touch with dedicated software to stay on top of the details and allows you to be in the loop at all times.

That’s why you can rely on us to take care of it all – from marketing to finding and properly vetting new tenants, checking references, collecting rents, handling repairs, taking care of tenant complaints – even pursuing evictions, if necessary. We have the resources and the expertise to make sure it all happens smoothly, without a hitch.

The only thing you need to ask yourself is this: “How valuable is my time?” Let New Home Resource Property Management take the ‘tasks’ off your To-Do list and put them on ours.

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!