The average homeowner will only buy or sell a house a handful of times during their lifetime, if even that. As a result, the industry of real estate exists as a sort of mysterious, intimidating netherworld that most homeowners are reluctant to delve into. That’s why it’s so important for real estate agents and property managers to have warm, welcoming personalities and be able to communicate efficiently with their clients. It’s crucial that any incorrect assumptions or misunderstandings about the real estate industry are straightened out in order to make the entire transaction as smooth as possible for buyers, sellers, and agents alike. Here are some of the most common real estate or property management myths that plenty of clients still believe, and the ways that a good real estate agent or property manager can dispel them. The 7 Biggest Myths and Misunderstandings about Real Estate and Real Estate Agents:
Hopefully, you now know why myths and false preconceived notions can be so dangerous: they can seriously hurt your chances of closing a deal at a fair price. The worst part about these misconceptions is that people often don’t even know what it is that they don’t know! Take the time to look up various myths and debunk them for yourselves, and your real estate experience will go much more smoothly. Article Resource The post Top 7 Most Common Real Estate Myths appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/top-7-most-common-real-estate-myths/
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IMS Realty is hand down the best property management and real estate company in Las Vegas. With over 10000 clients served we have a pristine track record with experience to go along with it. The post Best property management and real estate company in Las Vegas appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/best-property-management-and-real-estate-company-in-las-vegas/ IMS Realty is the best property management service in Las Vegas The post IMS Realty is the best property management service in Las Vegas appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/property-management-service-las-vegas/ 5 Things to Look for in a Real Estate Agent
It should go without saying that the Las Vegas property management industry is a competitive and fast-paced scene. If you’re trying to find the most reliable real estate agent in Las Vegas, here are some foolproof traits you should look for:
. The post 5 Things to Look for in a Real Estate Agent appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/5-things-to-look-for-in-a-real-estate-agent-and-las-vegas-property-manager/ Can a Real Estate Agent be a (Las Vegas) Property Manager?
To the layperson, it might be hard to distinguish the difference between the different titles you’re likely to hear in the real estate market: brokers, appraisers, property managers, agents, and more. In a nutshell, a real estate agent is focused primarily on the buying and selling of property. That is to say, if you’re renting or leasing, you’ll be in touch with a property manager most of the time, who is able to keep you up to date on inspections, loan payments, and more, rather than a real estate agent helping you close a deal before they move on to their next client and leave the new property in your hands. However, a property manager works closely with both parties to make sure that both the tenant and the property owner (you!) are satisfied with the living conditions. (Las Vegas) Property management is less about the exchanging of money and more about the relationship between the residents and the property owner. It should be made clear that in most states, a property manager does not need to hold a real estate license. Real estate license are distributed to agents who function in leasing activities and the collection of rent, for example. So it’s clear that there are some differences between the two roles. Is it possible for those two areas to experience any kind of crossover? Of course! In fact, more people than ever are hiring real estate agents to act as property managers for their rental properties, for example. Let’s take a closer look.
Since real estate agents have to have extremely strong “people skills,” so to speak, they make great property managers because they’re quite experienced at mediating conflict and facilitating communication than businesspeople trained in marketing, for example. Experienced real estate agents will be comfortable handling emergencies and problems such as late payments, repairs, maintenance, and other unpleasant details. Some of the responsibilities that fall on a property manager include, but are definitely not limited to, the following: the advertisement and marketing of the property to potential tenants; the screening and selection of those potential tenants; handling the scheduling and restrictions of property inspections, especially when it comes to reaching out to contractors if repairs are needed; the management of your main financial accounts; negotiation and conflict mediation, if necessary; and more. Of course, the details of the responsibilities will be filled out in your contract, and many people prefer to have accountants separate from their property manager, so it all depends on personal preference. Nobody likes dealing with problems like late rent, but they can’t be avoided forever. Many tenants feel more at ease talking to a property manager rather than the owner, as a property manager is more of a go-between and therefore less intimidating than the owner. The property manager’s investments are different from the property owners, and this concept is definitely not lost on residents.
Anybody who’s willing to work hard, communicate, and can provide you a list of references should be more than suited for the job. The post Can a Real Estate Agent be a Property Manager? appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/can-real-estate-agent-property-manager/ Can a Real Estate Agent be a (Las Vegas) Property Manager?
To the layperson, it might be hard to distinguish the difference between the different titles you’re likely to hear in the real estate market: brokers, appraisers, property managers, agents, and more. In a nutshell, a real estate agent is focused primarily on the buying and selling of property. That is to say, if you’re renting or leasing, you’ll be in touch with a property manager most of the time, who is able to keep you up to date on inspections, loan payments, and more, rather than a real estate agent helping you close a deal before they move on to their next client and leave the new property in your hands. However, a property manager works closely with both parties to make sure that both the tenant and the property owner (you!) are satisfied with the living conditions. (Las Vegas) Property management is less about the exchanging of money and more about the relationship between the residents and the property owner. It should be made clear that in most states, a property manager does not need to hold a real estate license. Real estate license are distributed to agents who function in leasing activities and the collection of rent, for example. So it’s clear that there are some differences between the two roles. Is it possible for those two areas to experience any kind of crossover? Of course! In fact, more people than ever are hiring real estate agents to act as property managers for their rental properties, for example. Let’s take a closer look.
Since real estate agents have to have extremely strong “people skills,” so to speak, they make great property managers because they’re quite experienced at mediating conflict and facilitating communication than businesspeople trained in marketing, for example. Experienced real estate agents will be comfortable handling emergencies and problems such as late payments, repairs, maintenance, and other unpleasant details. Some of the responsibilities that fall on a property manager include, but are definitely not limited to, the following: the advertisement and marketing of the property to potential tenants; the screening and selection of those potential tenants; handling the scheduling and restrictions of property inspections, especially when it comes to reaching out to contractors if repairs are needed; the management of your main financial accounts; negotiation and conflict mediation, if necessary; and more. Of course, the details of the responsibilities will be filled out in your contract, and many people prefer to have accountants separate from their property manager, so it all depends on personal preference. Nobody likes dealing with problems like late rent, but they can’t be avoided forever. Many tenants feel more at ease talking to a property manager rather than the owner, as a property manager is more of a go-between and therefore less intimidating than the owner. The property manager’s investments are different from the property owners, and this concept is definitely not lost on residents.
Anybody who’s willing to work hard, communicate, and can provide you a list of references should be more than suited for the job. The post Can a Real Estate Agent be a Property Manager? appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/can-a-real-estate-agent-be-a-property-manager/ 2018 Las Vegas Real Estate Fun FactsReady to learn a thing or two about the recent market trends in the Las Vegas property and real estate industry? When you live in a city as “fast and furious” as Las Vegas, it’s crucial that you stay on top of the current trends if you want to be successful. Whether you’re looking to buy, sell, rent, or get a job as a property manager or real estate agent yourself, here are some of the most exciting real estate trends projected for 2018! (Don’t believe us? Look up any of these claims yourself and you’ll see!)
Right now, Las Vegas is one of the “hottest” real estate markets in the United States, ranking in next to Seattle. We mentioned that prices are riding across the country. You can imagine what’s happening in Las Vegas! If you’re looking to move, you might as well act fast, especially if you’d like to sell later. The Las Vegas property management industry shows no signs of slowing down anytime soon. The value of homes are rising at a higher rate than in recent years, and new hotels are springing up in addition to family-orientated apartments, condos, and houses.
Hopefully these top 6 fun facts put you in a motivated mood to kick off 2018! What trends do you remember from recent years, and do you think these recent Las Vegas real estate trends are likely to change in the near future, or do you think they’re here to stay? There’s only one way to find out. The post 2018 Las Vegas Real Estate Fun Facts appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/2018-las-vegas-real-estate-fun-facts/ Find a property manager: What questions to askFinding the right property management for your real estate investment lies all is the inquiry. Knowing what question to ask about services, fees, money management, property maintenance, and contract duration will help you find the best manager for your property. Here is a guide to what questions to ask to find the best property management. Services & Fees Services and fees are the primary part of a property management contract. It is essential that you must understand all the terms and conditions of the services and costs. The services and fees part of the agreement is where the property manager agrees to specific services for an agreed-upon fee. It is vital that you fully understand what you will be paying for, what services are extra, and what services you will not be getting. Questions to ask about Services and Fees
Most companies charge a management fee, understand the fee breakdown.
Usually, the fee is between 4-10% of the total monthly income.
This distinction is crucial because it is the difference between still having to pay fees in the event of vacancy.
Just because they offer low rates, does not mean that their services cover all your assumptions in their property management fee.
Each property management company has different regulations. Understand what stipulations are considered to be extra, such as tenant placement, maintenance, advertising, evictions, or filling vacancies. Money management The second part of property management contract is be about the responsibilities as a landlord. It is important that you understand what your responsibilities consist of as a property owner. The landlord is responsible for creating reserve funds the property manager uses to maintain the property, as well as the types of insurance and coverage you must acquire. Questions to ask about money management:
Understand if all the property’s income is in a separate account and if so, who will have access to it?
Ask specifics regarding what day of the month you will receive funds.
Depending on your state, security deposits may be required to be in the interest-bearing account.
It is essential that they are aware of your state’s law and how to withhold a portion of the tenant’s security deposit properly.
Property maintenance: This part of the property manager’s contract is about the property’s manager’s liability. It is essential to understand that the property manager is not responsible for negligence, and you will want to know how to protect yourself. Question to ask about property maintenance:
Preventative maintenance includes testing smoke detectors, flushing water heaters, checking for leaks or water damage, and regular extermination can help you catch small issues before they become significant expenses.
Make sure you understand what they consider emergency repairs.
Are you relying on them solely to accumulate estimates for contractors, or maintenance specialists? Contract Duration The last part of the property management contract you need to understand is how long your agreement with the property management company is, and carefully distinguish their notice to terminate. It is crucial to know how the property management company can terminate the contract with you, and how you can end the deal with them. Question to ask about contract duration:
Usually, the termination notice will be within 30-90 days.
Depending on the company usually, you have to pay a fee or the entire remaining amount for the length of the remaining contract.
You will want a contract that allows you to terminate.
There should be a list of duties to complete within a time frame before the termination date. The post Find a property manager: What questions to ask appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/find-a-property-manager/ A 7 step guide: understand property management responsibilities
What is a property manager, and how would they benefit you, and your real estate investment? Property management is a third party who is hired to manage daily operations of any real estate investment. In other words, a property manager makes sure that all types of properties remain rented, and that each establishment runs smoothly. The responsibility of property management varies depending on their salary and the specific terms of their contract. However, a property manager is responsible for rent, tenants, repairs, knowledge of the landlord-tenant law, supervising, managing budgets, and taxes. Here is a 7 step guide to help you understand property management responsibilities of having property management. 1) Responsible for Rent Property management is accountable for setting rent prices, collecting rent from tenants, and adjusting rent rates when applicable on your real estate investment.
2) Responsible for tenants Property management is accountable to manage all aspects of tenants, regulating capacities, finding tenants, and dealing with tenant complaints, as well as initiating evictions.
3) Maintenance The physical management of the property such as all regular maintenance, and alternative repairs, is the responsibility of property management. Maintenance and repairs go a long way in keeping tenants happy, and in attracting new tenants.
4) Knowledge of Landlord-tenant Law Dependable property management knows statewide and national laws that relate to real estate investment, such as the proper way to screen tenants, terminate leases, comply with safety standards, as well as handle evictions, and security deposits. 5) Managing Property management is responsible for supervising all aspects that ensure that a real estate investment runs smoothly. Such as overseeing employees like concierge or security, as well as hiring contractors to perform seasonally, and routine maintenance. 6) Maintaining Records Property management is responsible for managing the budget for the unit and keeping relevant records.
7) Responsible for taxes Property management can assist the property owner with taxes by keeping clean records, and understanding how to file expenses for a real estate investment property. Now that you understand what a property manager does, can you appreciate how having a property manager would benefit your real estate investment? Having someone who is hired to manage your property’s daily operations, making sure it remains rented and runs smoothly. With the help of property management, your real estate investment will feel like it runs itself because you no longer have to agonize about efficiently finding and keeping tenants, acquiring rent, making repairs, plus maintaining the budget and record keeping. The post A 7 step guide: understand property management responsibilities appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/understand-property-management-responsibilities/ Questions to Consider Before You hire a Property Management ServiceA property management service should be everything you can hope for. This guide includes some thought-provoking questions that help you to successfully build a relationship with your property management and your tenants, and above all result in a successful real estate investment. This guide includes questions and advice about hiring operations, establishing policies and procedures, building a communication strategy, outlining expectations, and introducing your new property manager. Questions to ask potential property management:
For example, can they inspect, administer background checks, market, lease, manage and sell your properties?
You want to understand their size, and their potential ability to meet your needs.
Can this person efficiently help you with your investment property?
A property manager should be able to determine possible rent prices founded on a comparable market analysis based on your property’s amenities and location.
It is always important to understand the terms and conditions of a contract, and how to be released from them.
It is essential to understand your monthly charge, as well as the pricing options. How does the management fee work if the property is vacant? What motivates your property manager to fill vacancies?
Some companies offer a flat rate fee for their services, even if your property is empty.
A quality broker would never require you to sign a contract that forces you to use their services, should you ever chose to sell. Beware; some companies have this detail in their contracts. Expectations: When hiring property management, it is important to establish expectations right from the beginning. Having a clear a set of expectations is a critical first step to developing a successful relationship between you, the property manager, and the tenants. It is vital to outline assumptions, and have a full understanding of how your property manager is going to take care of your real estate investment. Establish policies, procedures & expectations:
Communication Establishing a communication strategy in the begging of a real estate investor and property management relationship ensures that there won’t be miscommunication issues in the future. It is important to sketch your expectations and assumptions on how frequently you expect to receive updates. Let your property manager know if you want updates over every single detail, or if you feel that no news is good news. Establish a communication strategy:
For example, agree to receive updates once a month, quarterly or semi-annually
For example, identify a list of notification expectations scenarios, like if you want email notifications on every detail or vital information only. Build a building file As a real east investor, you want your property management to be familiar with your property. The best way to guarantee that your property manager is familiar with the fundamentals of your property is to do a full inspection. In an ideal case, your property manager should be able to produce a building file of the property. However, it never hurts to understand the essential details of what a building file should include. Essential building file items:
Roof & windows Heating source & hot water tank Water shut off Central air system Pool Maintenance Introductions After you have selected a property manager how are going to introduce them to the tenants? Establishing a relationship between the property manager, and the tenants are vital to cultivate communication and a successful rental experience for everyone involved. Tenant Introductions:
The post Questions to Consider Before You hire a Property Management Service appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/hire-a-property-management-service/ |
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