Nicklin Property Management Company Updates

As the entertainment capital of the world, Las Vegas has many concerts and residencies by popular musicians and groups, such as Celine Dion, Rod Stewart, Elton John and even the Backstreet Boys! However, did you know that a number of popular singers and groups had their start right here in Las Vegas? Consider just a few:

The Killers: Formed in 2001 here in Las Vegas and one of the most popular rock bands in the world have headlined major venues all around the world and have albums that have advanced to the top of the charts.  Brandon Flowers, lead singer, is from Henderson NV and continues to reside in the city.

Imagine Dragons: Having its start in 2008 and rising to fame within a couple years after, the band had its breaks in Las Vegas, hometown of lead singer Dan Reynolds. The band recorded their first songs in Las Vegas and quickly rose to popularity with many hits, currently being an international sensation and winning a couple of Grammy awards.

Panic! at the Disco: Formed in 2004 in Las Vegas, the band went on to fame with a number of popular hits, winning an American Music Award, Billboard Music Award, nominated for a Grammy Award and winning iheart Music Awards.

Ne-Yo: Also known as Shaffer Chimere Smith, began his musical career right here in Las Vegas. He is a singer, songwriter and record producer. He is a Grammy Award winner and reached the top of the Billboard 200.

Other notable musicians who had significant success here in Las Vegas include Wayne Newton and the band “The Cab.”

Perhaps you have seen some of these notable performers walking the streets of the city.  Yes, while Las Vegas attracts many aspiring musicians, a number have had great success and are proud to call Las Vegas home.

las vegas home rental

“A beautiful luxury home in a suburb of Las Vegas, Nevada.”

As the economy shut down in March, many feared what would happen to the real estate market. With each extension to keep the economy closed, many feared a complete economic collapse and drastic changes in resale and rental values.

Fortunately, the drastic changes many feared never came. Granted, the real estate and rental market did experience change. For example, tenant occupied properties cannot be readily shown due to government imposed restrictions to limit the spread of COVID-19. Additionally, with many being furloughed or laid off due to business closures, demand for real estate dropped off significantly, especially when it comes to home buying.

Even as home prices dipped slightly, they appear to be showing signs of appreciation again as the economy re-opens and people get back to work. Additionally, tourist activity in Las Vegas appears to be drumming up as more hotels and casinos have decided to open up to accommodate the demand. All of these are excellent signs. Real Estate rental values have remained relatively steady as well, with some fluctuation but overall consistent.

What will the future hold for Las Vegas real estate and rental values? For the remainder of this summer, it appears that values should hold stable, with relatively minor fluctuation. We can expect the market to attract more buyers but also more sellers. Of course, much will depend on the big picture. How will the economy throughout the country hold? How will the spread of COVID-19 affect business growth? At what rate will tourism increase to allow even more people to return to work? Fortunately, even after 2.5 months of closures and a high unemployment rate, Las Vegas continues to maintain its real estate value, a trend we look forward to seeing into the future.

Plexi-glass dividers. Limited capacity in restaurants. Hotels with limited occupancy. Will Las Vegas ever be the same? That is the question posed by many, especially as cases of COVID-19 spike again due to lifted restrictions and many foregoing social distancing practices.

The truth is, the road to recovery will take time, even as hotels and casinos open tomorrow, June 4. Reports are showing that visitors are making plans to come back to Las Vegas and enjoy what the city has to offer. For example, a recent giveaway of 2,000 one way flights to Las Vegas by one casino owner was met with great popularity, with all tickets given away within hours. Also, there are reports that bookings for hotels and flights into Las Vegas are on the rise as the city prepares to open. All of this, of course, is encouraging since it will bring locals back to work and the central part of the Las Vegas economy moving again.

However, will Las Vegas ever be the same again? The hope is that it will.  As time goes on and COVID-19 is brought under control, we can expect more and more people to become comfortable with the idea of traveling and meeting in larger groups. However, that comfortable feeling may not come for many for awhile.

As anyone who has traveled or lived in Las Vegas knows, large groups of people mingling with each other is a common occurrence and what Las Vegas is all about. Hotels are booked. Restaurants are packed. Sports stadiums are full. While it may take some time to get to that point again, Las Vegas has always been on the radar for many as a place to vacation, enjoy the warm summer months, the pools and the many shows available. Eventually, we will reach that point again. But we will need to all be patient.

These views are the opinion of Nicklin Property Management.

Americans are constantly on the move. Have you wondered where most are moving to? Here are the top 5 states according to United Van Lines (2019):

1. Idaho
2. Oregon
3. Arizona
4. South Carolina
5. Washington

Though Nevada is not on this list, in 2018 it was the 4th most popular place to move to. What attracts people to Nevada? According to United Van Lines:

“What attracts people most to this desert state is the Las Vegas Strip with its year-round, warm climate and plenty of activities. But, the most popular reasons for moving to Nevada in 2018 was for a new job (46%), or to retire (29%).

Those looking for a new job probably found Nevada to be an ideal location as the tourism, manufacturing and aerospace industries bring many jobs to the area. Its improving economy is also a plus, as it continues to expand each quarter.”

– United Van Lines (https://www.unitedvanlines.com/top-states-to-move-to; https://www.unitedvanlines.com/moving-tips/blog/top-states-moved-to-and-from-in-2019)

If your a rental property owner, you know all too well the importance of finding a quality tenant for your property. A well qualified tenant will take care of your home and pay their rent on time – ideal qualities for a landlord! But how can you find a tenant like that? And what should you do to ensure a successful tenancy? Here are 3 ways!

1. Be patient. While most landlords want little to no vacancy understandably, patience is sometimes necessary in order to find a qualified tenant. Feeling rushed to fill a vacancy can lead to accepting a tenant who may not be very qualified and sacrificing on qualifications, such as credit and rental history. While limited vacancy is preferred, a well qualified tenant can lead to a successful investment.

2. Screening. Screening is an important step to find a qualified tenant. Why? Because proper screening can shed light on a prospective tenants history of paying bills, upkeep of homes they have rented before, evictions and paying their rent on time. This history can provide you with crucial information to see how a prospective tenant, who is interested in living in your home, will treat you and your home. Finding a tenant who has a solid history of maintaining homes, paying their rent on time and keeping up with other obligations is a good indicator of what to expect. On the other hand, if a tenant has poor credit, unpaid bills, evictions and late rent payments , what will motivate them to now turn around pay you rent on time? What will motivate them to upkeep the home? These are important factors to consider.

3. Sign a lease! Believe it or not, many properties do not have executed leases. In order to have a successful tenancy, a lease will go along way. A lease will spell out your expectations to a tenant, which can include the rental amount, maintenance handling, non payment of rent procedures and other pertinent details. This way, there won’t be any surprises should situations arise at the home.

So, find a great tenant for your property by being a proactive landlord.

As a property manager with hundreds of clients and customers, we care that everyone stays healthy and avoids getting sick. You have probably heard a lot through various news agencies about the wide spread effect of the Coronavirus and the impact is it having on health, travel, business meetings and the general economy. As a result, Nicklin Property Management has been proactively discussing this topic in an effort to keep everyone healthy, including our property managers. Here are some practical steps you can take to keep yourself healthy, as reported by the CDC (Center for Disease Control and Prevention):

There is currently no vaccine to prevent coronavirus disease 2019 (COVID-19). The best way to prevent illness is to avoid being exposed to this virus. However, as a reminder, CDC always recommends everyday preventive actions to help prevent the spread of respiratory diseases, including:

  • Avoid close contact with people who are sick.
  • Avoid touching your eyes, nose, and mouth.
  • Stay home when you are sick.
  • Cover your cough or sneeze with a tissue, then throw the tissue in the trash.
  • Clean and disinfect frequently touched objects and surfaces using a regular household cleaning spray or wipe.
  • Follow CDC’s recommendations for using a facemask.
  • CDC does not recommend that people who are well wear a facemask to protect themselves from respiratory diseases, including COVID-19.
  • Facemasks should be used by people who show symptoms of COVID-19 to help prevent the spread of the disease to others. The use of facemasks is also crucial for health workers and people who are taking care of someone in close settings (at home or in a health care facility).
  • Wash your hands often with soap and water for at least 20 seconds, especially after going to the bathroom; before eating; and after blowing your nose, coughing, or sneezing.
  • If soap and water are not readily available, use an alcohol-based hand sanitizer with at least 60% alcohol. Always wash hands with soap and water if hands are visibly dirty.

Source: https://www.cdc.gov/coronavirus/2019-ncov/about/prevention-treatment.html

For additional information, visit www.cdc.gov.

Las Vegas is booming with activity! And what a year 2020 will prove to be for the valley. Billions of dollars are being invested in the local economy in the form of new construction with millions in residual income from these projects. What upcoming projects are shaping and in the works?

ALLEGIANT STADIUM (nearly a 2 billion dollar project)
Allegiant stadium is only a few short months away from completion and from hosting the Las Vegas Raiders. The state of the art design and features make it a sight to behold and add to the steep price tag.

THE BEND
A new mixed use project which will include a 12 screen movie theater, restaurants and entertainment across from IKEA will be the largest development in the area and add a much needed venue in the Southwest.

CIRCA HOTEL
A new hotel being developed downtown is taking shape and is scheduled to be open this year. It will feature 777 rooms, a rooftop pool amphitheater and new food and beverage concepts. It is the first hotel to be constructed in many years in the downtown area, adding excitement and an economic boost to the area.

LAS VEGAS CONVENTION CENTER
The Las Vegas Convention Center, one of the most popular convention spaces in the world which hosts a number of world famous expo’s and conventions such as CES, is adding 1.4 million square feet of convention space and renovating the existing 3.2 million square feet. The budget is nearly 1.5 billion dollars! Additionally, an underground people mover being developed by The Boring Company, owned by Elon Musk, will transport people between 3 locations across the convention center.

MSG SPHERE
The Madison Square Garden Sphere, being built right next to the Venetian, will feature 17, 500 seats and a state of the art entertainment experience. A 160,000 sqft screen will encompass the arena which will be complemented with a infra sound haptic system, making for an unforgettable experience for those that attend the venue.

VIRGIN HOTEL & CASINO
With the closure of the Hard Rock Hotel, Virgin plans to revitalize the hotel and concept and feature a new, modern look at the site.

Additionally, other projects are taking shape which we will discuss next week! Stay tuned.

Contributed by Nicklin Property Management.