Las Vegas Property Management vs. Asset Management
There’s no question that the Las Vegas Property management and real estate market has been rapidly evolving ever since the development of true towns and cities began to increase in America, replacing much of the spaced-out farmland and homesteads of the prairie. Today’s prototypical real estate agent had better be flexible and adaptable to those changes – it’s likely that over your lifetime, the market will continue to advance and change even more. Some of the changes that real estate agents have had to adapt to in recent years includes, primarily, learning to be fluent with the different technologies that have become available that can help both buyers and sellers organize their thoughts, research current market trends, and even work with their banks online. However, another line is becoming blurred in the real estate market, and that is the border between Las Vegas property management and asset management. If you’re unclear, property management refers to pretty much every transaction of commercial or residential real estate. This can involve rental units as well as those that are occupied by their rightful owners. Depending on the situation, a property manager fulfills tasks such as rent collection, lease enforcement, tenant relations, maintenance and repair scheduling, as well as assisting individuals with a long-term purchase of a home. On the flip side, asset management focuses on the money that changes hands. This field involves optimizing the amount of revenue potential that each property has, and works to improve the value of the property. These roles are related, and they often intersect in the broad world of real estate, but they are distinct, and it is only recently that people have begun dabbling in both instead of focusing on exclusively one position. It does not help that many agencies, firms, or companies will try and appeal to the masses by using the most general terms possible when describing the individuals who work there. “Real estate agent” is an umbrella term, and “asset manager” is becoming an unofficial title for anyone concerned with the value of property, particularly with agencies seeking to advertise a higher quality of work, referring to the property itself as an asset instead of the revenue. Additionally, it used to be the case that asset managers pursued higher education before or concurrently with their entrance into the work force, particularly in the fields of mathematics, business administration, economics, or similar fields, while property managers would focus on hands-on experience instead of classroom education. However, this has become complicated by the fact that it is becoming increasingly less common for individuals to start working after high school instead of pursuing advanced education, no matter what field their potential career will be in. Another reason it is difficult to understand the difference between asset management and property management is because depending on the individual situation, sometimes an asset manager is highly involved in the property, such as collecting the rent or lease and negotiating, especially on behalf of the property owner. On a similar note, it’s not unheard of for a property manager ends up working closely with financial analysis, such as creating plans for staying within annual budgets, coming up with ideas to increase the value of the property, and offering counsel and resources regarding lenders. That being said, the primary difference is that asset managers deal with the ins and outs of the finances and legalities of all of the transactions rather than the maintenance and marketing of the home. So how are you supposed to know who to hire? The short answer is that it depends! There is no truthful saying that an asset manager is necessarily more useful than a property manager, or vice versa. For instance, a single family looking to sell their house and relocate to a new one is probably more than fine just hiring a property manager and not working with an asset manager, because the transaction will be more or less permanent, and the family is not attempting to use their newly-bought to home to generate more income in the same way that the landlord of an apartment complex would be wise to work closely with an asset manager. In this case, the asset manager will work with the property owner to find out how best to make more capital. As the cast of residents in the complex changes, this will be a constantly-evolving task.
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10 Things Your Las Vegas Real Estate Agent Wants You to Know
This one goes out to all the everyday Jane and John Does who aren’t professional real estate agents themselves but have come upon the need to hire one. When you’re ready to start looking for a new home, you should do some light reading to get yourself familiar with the local real estate market. In any case, here are the top 10 things that a real estate agent wants you to know but might be too polite to tell you, especially if you aren’t open with them about your questions and concerns. (Please note that these generally pertain to people interested in selling their house and buying a new one, but that the principles behind them certainly are relevant in larger-scale commercial properties too!)
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For those of us who aren’t passionate about the real estate industry and property management, when they think about this business, they probably think about stressful bank statements, grumpy landlords, dishonest real estate agents, or some other negative stereotype. Many people are drastically misinformed about exactly how real estate works, since it’s not a class that is taught in primary or even secondary schools, only some university or college-level classes that students are not required to take. This leaves many people scrambling to learn more about real estate at the very last minute – that is, only when it applies to them or a close family member. With that being said, here are 10 cool things you probably didn’t know about real estate before, whether you’re an aspiring realtor yourself, a renter looking for some tips, or a homeowner trying to sell your house. 1. Most realtors operate on commission. Many real estate agents work independently, and even if they are part of a larger agency or firm, it’s not likely that they’re paid a “normal” salary like other jobs or can even depend on bonuses or promotions. In fact, most agents technically lose money if they don’t successfully close a deal, because they will have invested time and energy in a lost cause. As a potential buyer, renter, or anyone looking to hire a realtor, you might fear this means your real estate agent will charge you an outrageous amount of money. While there are bad eggs out there, the vast majority of realtors understand the stress that families go through while sorting out their property. Real estate agents want to help you! When you get a good deal, they make money too. A realtor is just as excited as you are at the prospect of closing on a good deal. 2. The term “real estate agent” can be misleading. You might not be too surprised to hear the specifics, but this isn’t something that you’re likely to think of on your own: there are many, many different kinds of real estate agents. It’s highly uncommon for a real estate agent to be a sort of jack-of-all-trades; rather, there are specific agents to represent sellers, buyers, managers of commercial property, and more. A “dual agent,” sometimes called a “transaction broker,” representing both the seller and the buyer. If you’re unsure who to hire, do some research first! Depending on your situation and your unique role in the process, it’s important to study up before you make a decision. 3. Private property has deep roots in the American constitution. Okay, so this one isn’t necessarily about present-day real estate, but it’s interesting, even if you’re not a history buff! You’ve probably heard the phrase “life, liberty, and the pursuit of happiness,” an iconic phrase coined by the authors of the Declaration of Independence back in 1776. That phrase was inspired by early political theorist John Locke, whose so-called catchphrase was “life, liberty, and property.” The edit was made at the last minute, rumored to be done by Thomas Jefferson himself, to make the phrase more general. Don’t fret, this doesn’t mean you aren’t entitled to your property – if you’re curious, you can look up the 5th Amendment, under which no private property may be “taken for public use without just compensation.” 4. Luxury real estate is not that different from the typical market, but the differences that do exist are extremely interesting. Many high-net worth individuals can afford the most aggressive realtors, but the market is not necessarily more competitive than the typical real estate market in America. The priorities of these individuals are curious to note – some love to live in the heart of the hustle and bustle of the city, while others prefer to live somewhere more private and secluded. Additionally, there is a recent trend with younger celebrities and other wealthy individuals looking to buy the newest, biggest homes, while most older celebrities and retirees are actually intending to downsize their home. 5. Curb appeal has real, psychological effects! If you don’t have much experience in this market, that’s okay – but if you’ve been here for a little while, you probably have heard the phrase “curb appeal.” This refers to the outside of the home. During any showing, it’s important that the entire house is as clean and pleasing to look at as possible, but the exterior of the home will have more of an effect on potential buyers or renters than you think. That’s not to say the interior of the home is not important – of course it is, but the fact is, decorating the inside of the house according to personal taste is much easier than changing up the look of the exterior. When viewers look at the outside of a home, they are looking at a view that will potentially become extremely familiar to them, the first welcoming image after a long day at work, so it’s important to keep it in tip-top shape. The post 5 Things You Never Knew About Real Estate appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/5-things-you-never-knew-about-real-estate/ What is Real Estate?
Of all the things you learn in school – history, math, science, literature – many people make it all the way through college before learning anything tangible about real estate, home ownership, or This is especially true since a majority of young adults make it through college while living at their parents’ home, on campus, maybe renting an apartment or house, but not really delving deep into the ups and downs of the property management industry. In the simplest terms, real estate is phrase that refers to the buying and selling of property rights. This can include ownership, temporary or indefinite, of not just the building itself but the air, land, even underground space. If a property is not owned by an individual, they can purchase permission from the owner of the property to live there for a temporary or extended period of time through the processes of renting or leasing. The different types of property that the real estate market deals in can be classified into four different categories. Residential real estate includes the construction, maintenance, and reselling of homes. Most people tend to think of single-family houses, but this type of real estate includes townhouses, apartments, condominiums, multi-family houses, and even vacation homes. Almost the complete opposite of this is vacant land real estate, which includes working farms, ranches, and other undeveloped lots and plots of land. Next, commercial real estate refers to buildings including strip malls, hotels, office buildings, shopping centers, and similar. Some agencies consider apartment complexes commercial, since they are mostly operated for the purpose of generating a profit, even though they are residential buildings. On a similar note to commercial real estate is industrial real estate, which operates mainly in the manufacturing of buildings and property such as warehouses, factories, and research centers. However, sometimes buildings that produce and distribute goods are considered commercial, so it can be difficult sometimes to keep track of where the lines are blurred. Now that you know a bit more about the different areas of real estate, how exactly does this industry work? Simply put, it’s all about the production and trade of property. Real estate plays a huge role in local and national economies, since everybody has to live somewhere. Let’s focus on the production of real estate: construction of new buildings plays a huge role in the industry, since public buildings such as offices, hospitals, and schools are nearly always funded in some respect by taxpayers’ dollars. The building of new homes is a huge driving factor in this aspect. The average single-family home takes between six months and a year to build from scratch, so many people use this number to predict how well the market will be doing that many months in the future. For instance, if the sale count of new homes has been especially high or low, the pattern can be traced into the future. When it comes to the trade of real estate property, there is a wide variety of individuals who are trained to help out during this process. The typical real estate agent is a person who assists businesses, homeowners, and investors gauge the market and figure out what is the best move to make at a certain time, whether it is buying a home, selling a home, investing in the construction of a certain building, or something else. Real estate agents typically specialize in one of the four types of real estate that were discussed in detail earlier. They focus on keeping their client as satisfied as possible, saving them as much money or turning the highest profit possible while handling the legalities and formalities of the interaction. Sellers’ agents help property owners find clients through networking, professional contact, or some other channel of connection. Whether a property owner is looking to sell the entire building or just a rent out part of their home, sellers’ agents are the ones who assist in communication with potential buyers or tenants. A sellers’ agent will tell you how best to increase the value of property and how to attract a large crowd of interested residents or buyers. Sellers’ agents are usually well-versed in the local market and can advise you in areas tailored to a certain audience, whether you are selling a commercial building or selling a single-family home. On the other side of the coin are buyers’ agents, who know where to look in the market to find the best building that will suit the needs and preferences of the buyer. Where sellers’ agents look to make a profit for their client, buyers’ agents try to keep things as affordable as possible for their client. The two play an important role in negotiating and communicating so that a compromise can be reached where both parties feel satisfied. For example, a buyers’ agent will voice reasons as to why the value of a home should be higher or lower based on what the sellers’ agent is saying. The post What is Real Estate? appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/what-is-real-estate/ 5 Reasons to Study Real Estate
If you ask a child what they want to be when they grow up, chances are you’ll get some ridiculous and endearing responses. There’s the one kid who already has her head on straight and is confident that she will become the next big doctor, powerful female lawyer, or astronaut. There’s the one who dreams of being a rock star, circus clown, gymnast, or athlete. And there’s probably more than one who wants to be a wizard or a dinosaur or something totally outlandish.
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If you ask a child what they want to be when they grow up, chances are you’ll get some ridiculous and endearing responses. There’s the one kid who already has her head on straight and is confident that she will become the next big doctor, powerful female lawyer, or astronaut. There’s the one who dreams of being a rock star, circus clown, gymnast, or athlete. And there’s probably more than one who wants to be a wizard or a dinosaur or something totally outlandish.
The post 5 Reasons to Study Real Estate appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/5-reasons-to-study-real-estate/ Las Vegas Real Estate-Things to Consider if You’re Relocating to Las Vegas
Las Vegas Real Estate is a large subject, especially when you are considering moving to Las Vegas. Whether it’s an arrangement through your job or you’re just drawn to the palm trees, hustle and bustle, and constant excitement, we can’t blame you for wanting to stay. So let’s just start off by giving you a warm welcome! There’s so much to do and explore in the Las Vegas area, we’re confident you’ll learn to love Sin City as much as the rest of its loyal residents, especially those who work in property trade. As beautiful and lively as Las Vegas is, moving from one established home to another can be scary, stressful, and even overwhelming. There are so many things to keep track of, not the least of which include your personal belongings! If you’re looking to pick up and relocate to Las Vegas, we hope to be of some help to you during this busy and exciting time. Stay tuned for five things you should know before you relocate to Las Vegas, Nevada. 1. Las Vegas’ real estate market is currently thriving. Luckily for you, the real estate industry of Las Vegas is one of the best in the country. It should come as no surprise that such a major city is equipped with highly-trained, experienced, and professional real estate agents. Since the city is such a major tourist attraction and travel destination, in addition to housing many of permanent residents and families, the property management business in Las Vegas is equipped to handle a wide variety of needs. Whether you’re looking to buy a home, build a home, take out a mortgage, lease an apartment, or just rent a room for a few months, you can rest assured that the Las Vegas real estate scene is one of the best in America. 2. All of the neighborhoods and properties are absolutely beautiful. We’re not just saying this because we’re biased, we promise! Las Vegas is one of the most attractive cities in the country. No matter what neighborhood you live in, there’s never a bad view. The sunshine, palm trees, and glowing lights feel like home to everybody, no matter where in the area they live. There is truly no such thing as an unattractive neighborhood. In Las Vegas, the whole city has potential to feel like your home. 3. Las Vegas’ school district is well-established and a public priority. Branching off from the real estate end of things, you don’t have to stress about your kids’ education when moving to Las Vegas. Clark County, the fifth-largest school country in the United States, has been working intensely to improve for the last several years. In order to have room for all of the students and families that began to moving to Las Vegas in the early 1990s, Las Vegas began allocating funds to build new schools and expand existing ones. Additionally, the Clark County district has some involvement with charter schools and even provides transportation for a handful of private schools in the area, so you’ll have plenty options to choose from, not to mention the beautiful and nationally-acclaimed University of Nevada at Las Vegas, whose campus is located right in the heart of the city.
4. There are plenty of family-friendly activities for people of all ages. It’s not for no reason that Las Vegas has earned its affectionate nickname of Sin City. The night life and adult entertainment scene – including but not limited to bars, clubs, and casinos – is arguably the largest in the country. However, Las Vegas is well aware of the fact that many families in the city are raising children and adolescents. That’s why Las Vegas is also home to zoos, museums, theatres, amusement centers, and more. Your whole family is bound to find something that they can enjoy at Las Vegas, not just the party-happy adults in the group. 5. Job opportunities abound in Las Vegas. Since Las Vegas is such a busy urban center, there is always some establishment looking for work. Whether you’re a real estate aficionado yourself or looking for something completely different, you’re sure to find in Las Vegas: business, food service, teaching, medicine, you name it, Las Vegas is probably hiring. Not to mention the fact that Las Vegas is a popular travel location – if you end up working out of state, you’re sure to have no problems getting to and from.
Whenever you move homes, there are so many different factors to keep track of, it’s easy to feel overwhelmed. That’s why it’s so important that you work with a reputable real estate agent: not only will they help you handle legalities, finances, and other logistics, but they know how to handle pretty much every situation you’ll find yourself facing. We hope we’re able to ease some of your concerns and make the transition from your previous home to Las Vegas as seamless and worry-free as possible. The post Las Vegas Real Estate-Things to Consider if You’re Relocating to Las Vegas appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/las-vegas-real-estate-relocating/ The Pros and Cons of Buying a Condo In Las Vegas
Owning a condo is a good thing- typically, the Las Vegas real estate market stays stable in regards to condos regardless of how the economy is doing. Condo sales in Las Vegas have been rising steadily, and with this, their values has also been increasing. Some condos are worth the same- if not more than- as a single family, detached home. Because of this, selling a condo is just as good of an idea as buying one is. However, condo living isn’t always clear cut and easy. Like living in and buying or selling any other type of home, there are pros and cons to condos. Before you buy a condo for yourself, consider the following list of pros and cons.
Pros Security A good majority of condos available for buy and rest come with extra security measures. These measures include locked gates or entryways, security cameras, and sometimes doormen. In addition to this, the close proximity of the other residents in the condo make use of the “strength in numbers” saying, because in a time of need, you would have plenty of people nearby to turn to for help.
Fun amenities Many condos offer residents extra amenities. These amenities may or may not include outdoor pools, fitness centers, and clubhouses that other home owners are unlikely to have access to.
Maintenance Living in a condo often means that maintenance such as yardwork and roof repairs are done for you by a professional or designated handyman within the community. This means that you have time to relax and can do so while the designated lawn mower mows and waters your lawn.
Cost Condos are some of the most affordable housing units available. They tend to be sold at lower prices than single family homes. If you are looking to have a roommate, the cost of condos can be lowered still by splitting the bills and rent down the middle.
Cons No privacy Condos are essentially apartments that you own. This being said, they come with all of the “perks” of apartment living which include neighbors on both sides of the wall, across the hallway, downstairs, and upstairs. If you like privacy and prefer not being able to hear your neighbor’s TV or phone conversation, a condo might not be for you.
Rules Owning a house comes with perks like being able to renovate and customize whatever you want about your home. While living in a condo, this is also true- to some extent. However, if you wanted to install a solar panel in your roof you would have to check with the condo’s manager. Unfortunately, if he or she says no, you’re out of luck and will have to stick with what you have.
Sharing When you own a condo, you essentially own the area of floor space between the two outside walls of your unit. This doesn’t mean that you own common areas such as pools or clubs, and because of this, you have to share these areas with the other tenants of the building.
Fees Living in a condo comes with fees. Like in an apartment, where you have to pay to do laundry, you have to pay small fees in condos, as well. When living in a condo, you might not have to pay for laundry but you still end up paying monthly fees to keep the maintenance of the building and common areas current and up to date. This sometimes means that you are paying for the maintenance of areas that you don’t use. In general, living in a condo is nothing too special. At first, it’s exciting and new, but like living in any other type of house, its charm eventually wears off. After this happens, you become aware of the downfalls of your new home. Despite this, condos are still a popular choice for home buyers in Las Vegas, as they are cheap to buy and easy to afford in the long run- the fees are small and the extra amenities that your condo might offer can help make even the worst downfalls seem like minor issues. To buy a condo in Vegas, get in touch with a real estate agent and find out more information. IMS Realty
The post The Pros and Cons of Buying a Condo In Las Vegas appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/pros-cons-buying-condo-las-vegas/ Different Types of Homes Available in VegasLas Vegas is best known for its gambling and party scenes, and is often low down on the list of family friend places to settle down. Despite this, however, some of the best properties can be purchased in or around the big city as the city offers ample space and a variety of different kinds of homes. Between the different options here, you’re almost guaranteed to find a home that will work with your budget and sit well with your family or roommates. CondosCondos in Las Vegas tend to compete with apartments for tenants, and because of this, many condos offer incentives or discounts to potential buyers. Most condos can’t be financed- this is unlikely to affect you if you’re buying with cash, but in the future, this fact can have an impact if you choose to sell your condo. By selling your condo in the future, the most likely buyers are going to be investors, and if occupancy rates drop due to the competition with apartments, the values of condos is likely to fall. A condo’s outer maintenance is taken care of by the association that owns it- this sounds like a big advantage, but the outer half of the home doesn’t usually need maintenance. The inside of the home – that isn’t covered by the association- is what needs the most repair. Multi-familyMulti-family homes in Las Vegas range from $500 to $800 a month, and are occupied primarily by people who live their day to day lives with cash. Typically, only investors own multi-family homes. As with condos, multi-family homes compete with apartments, and they are often located in undesirable areas of town. These types of homes offer a full set of appliances, but a fourplex multi-family home (on average) needs four times as much maintenance as other types of homes do. These types of homes include duplexes, triplexes, and fourplexes. Single-familyA single-family home generally appeals to singles or couples with children. They offer more privacy than other options, but are also known to be more expensive. They don’t compete with condos or apartments, and are built with sturdy materials. When these materials break down, they are often more costly to repair or replace, as they are more expensive to begin with. When it comes time to sell a single-family home, you’ll have your choice of two buyers: a home owner or a home investor, and have good luck selling as single-family homes are almost always going up in value. Town homesTown homes in Las Vegas usually have a small backyard, which is something that separates them from condos or apartments. They also have one or more garages, and each town home complex usually has an outdoor pool for the complex tenants to use. In other parts of the state and country, town homes are often called attached homes and are classified as a type of condo. No type of home is really better or worse than any other. Each type of home has its pros and cons, and a market of buyers, as well as a group of supporters who will swear that it is the best kind of home to live in. Along with this, comes the group of people who are against each type of home. Both groups have their reasons and most of these reasons have truth behind them. It comes down to a matter of opinion and personal preference, but if you’re having a hard time deciding, ask a realtor to take you to see each type of home to give you more of an idea of what living there would be like. Be sure to ask him or her any questions that come to mind- there is no such thing as a stupid question! Also, remember to have fun choosing your home as this is where you’ll be living for the foreseeable future. The post Different Types of Homes Available in Vegas appeared first on IMS Realty, LLC & Property Management. from http://www.imsrealtylv.com/different-types-of-homes-available-in-vegas/ Benefits of Buying a Home in Las Vegas
If you’re a first-time home buyer or buying your first home in Las Vegas, it can be hard to decide where you want to purchase your property. The average home price in Vegas is $185,000 but this number fluctuates as home value in the area is going up and down with each passing year. The current average home value is the same as it was back in 2004 before the recession. Chances are, if you’re looking at Vegas to settle down, you’re probably attracted to the city for one reason or another. When it comes down to making a purchase, though, one reason to live in Vegas might not be enough to sway you to take such a big chance on a city that never sleeps. This being said, Vegas is a great place to buy a home for a number of reasons. If you aren’t totally set on Las Vegas already, you might be after you read the following list of reasons that buying in Las Vegas is beneficial.
Warm weather One of the biggest benefits of settling down in Las Vegas is its warm weather. For most of the year, the city sits at an average temperature of 69.3 degrees Fahrenheit. Las Vegas has been known to get various amounts of snow during the winter, but winters are generally pretty mild and there is usually less snow here than in other parts of the country. Even if there is snow, Vegas isn’t likely to get big snow storms like other parts of the country might. Night life If you’re a young person looking for a city with exciting night life or an older person who enjoys the life of a night-owl, Las Vegas is a good destination to buy a home in. Most establishments in the city are open 24 hours a day, and there are dozens of bars, pubs, and clubs speckled around the area. If you work a late shift and are hoping to have some fun after work, there is always something fun for you to do- even if it’s at 3am that you decide to go out.
Housing prices Compared to other large cities in the country, Las Vegas is able to gloat that it has affordable housing. The price to rent within city limits is lower than the cost to rent in other locations, and the same can be said for purchasing a home. Things such as utilities are generally lower in cost, as well, making the overall cost of living fall onto the lower end of the price scale. This is especially true when it comes to heating costs, as Las Vegas has generally warm temperatures that often means that heating is the least expensive bill residents receive. Low chance of flood/hurricanes If you’re moving to Vegas from somewhere that is prone to flooding and hurricanes, the desert landscape can offer a much-needed escape. Due to the city being surrounded by desert, the area is safe from flooding, hurricanes, and overly rainy weather.
Location The location of Las Vegas means that residents are surrounded by travel opportunity. From Vegas, residents have a short 4-hour drive to Las Angeles, a 5-hour drive to San Diego or Phoenix, and short 4-6 hour drives to great skiing locations in Northern California and Utah. Being so close to other states and their attractions means that Las Vegas residents can take weekend vacations and be back by the next work day.
Festivals and celebrations Las Vegas is home to an assortment of annual cultural festivals. Some of the festivals include celebrations for the Greek, Hawaiian, and Latin cultures. There are also several beer festivals each year that draw large crowds of locals and visitors.
Settling down in a city like Las Vegas can be intimidating- however, as time goes on, you’ll adjust to how the city works and find a peace of mind knowing that you have bought a house in a city with affordable costs and no shortage of fun things to do. After you settle in, you’re sure to make friends with the locals and enjoy getting to know the various groups of tourists that the city hosts each year.
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