Henderson and Las Vegas Residential Property Management Articles

Your rental property, most likely the most expensive investment you will ever make, requires an involved owner. Why you may ask? If my home is leased to a good tenant who promised to maintain it, can I take a step back? Consider the following.

1. Ultimately, the property belongs to you, the owner. You are responsible for what happens with it, with exception of course. Knowing that there is an ownership responsibility should prevent a homeowner from taking a back seat and allowing things to chance. A proactive homeowner will typically ensure that their liability is in check and that they have a good handle on THEIR investment.

2. Maintenance, one of the costliest items a rental property owner will experience, requires immediate attention in certain circumstances. For example, a water leak, lack of cooling or heating or a home with no hot water can be considered habitability issues and require repairs within an allotted amount of time per the law.

3. Nevada law stipulates responsibilities upon an owner and what is expected of them. The same is true of tenants. Being a proactive owner will allow you to stay compliant should something arise.

As evident, it is important to be a responsible and responsive rental property owner. As a result, being involved and highly interested in what happens is key to minimizing your liability and having a successful investment.

Contributed by Nicklin Property Management.

Did you know that the Strip is different than downtown? Many mistaken the two as one and the same. However, there is a considerable difference. Downtown Las Vegas, which is north of the famous Las Vegas strip, is where what is known as Las Vegas began! The original hotels, such as The Plaza, Binion’s Horseshoe and California still make up the skyline. Our local government and court system is downtown. And of course, Fremont Street. Further south, from the Stratosphere to the Mandalay Bay is what is known as the Strip – the entertainment mecca that draws millions every year. While tourists may be familiar with the hotel, dining and entertainment options in both downtown and the Strip, what about living in those areas? Are there properties available?

To answer this simply – yes! Properties will vary considerably though. In the downtown area, older, vintage type housing will be available. Depending on the upkeep, those homes will need make over’s and updates. However, in more recent years, mid and high rise residential buildings have taken shape. For example, the Ogden and Soho lofts offer beautiful amenities, contemporary units and luxury features, such as rooftop pools and exercise facilities. Of course, these properties come at a premium and monthly expenses in the form of HOA dues are considerably higher than a single family home. However, for those interested in downtown living, options do exist.

The Strip has gained considerable attention as well within the last 20 years. While residential communities of homes exist within a relatively short drive to the strip, those wanting to live directly on it or within short walking distance have options. For example, Turnberry Towers, Panorama Towers, Skytower and others offer this experience.

The amenities are luxurious – for the right price. Views can be extraordinary, encompassing the Las Vegas skyline and mountain ranges surrounding the Las Vegas valley. The features of each individual unit offer a unique lifestyle. Of course, as go the features so goes the price. However, for those desiring that lifestyle, the strip delivers.

For those interested in investing in either downtown or the Strip, especially with the goal of generating a return on their money via renting their units, it is important to talk to a qualified property manager since rental income will vary. Nicklin can help. We have experience in both leasing and management of high rise units.

Downtown Las Vegas along with the Strip are continuing to attract many. New developments and multi billion dollar projects are underway, adding to the excitement of living in this prestigious area. This, along with the amenities that high rise buildings offer, continue to attract new homeowners and investors.

Contributed by Nicklin Property Management.

When a tenant states that they want or need to break their lease early, they are many times asking about what will happen to their security deposit and obligations to the lease. Because every lease is different, the obligations will vary. To what extent a homeowner or investor holds their tenant to the terms of the lease is up to them. It may vary based on how long the tenant has resided at the property, what condition the property is in or what the circumstances are surrounding the early termination. For example, is the tenant looking to terminate the lease early due to a job transfer, burglary at the home or other unforeseen circumstances. Every owner has to make the decision within the confines of the lease term.

One thing to keep in mind is no matter the circumstances of the early termination, keep a respectful and professional demeanor. Getting angry or agitated will not cause the situation to go well. The goal is to have the property returned to you in as good condition as possible. Keeping a positive attitude can also help you in developing a working relationship with the tenant so that your home can be re-leased in as little time as possible, preventing unnecessary down time and loss in rental income.

So, beyond the contractual part of renting a home and having a broken lease, look at the bigger picture. Stay positive and make the best out of the situation.

Contributed by Nicklin Property Management.

When owning a rental property, one of the more costly improvements is the flooring. Logically, then, you want to make the best decision possible – finding a quality floor that can last a considerable amount of time without breaking the bank. What choices do you have? What should you stay from?

CARPET
Carpet may seem a strange option initially. However, if you are on a budget, this may be your best choice. An average quality carpet should last between 5 – 8 years with proper shampooing and average wear and tear. The cost compared to the life expectancy is a good choice. Choose a carpet that has a minimum of a 25 – 30 oz density.

VINYL
Vinyl has come a long way over the years. Today, there is sheet vinyl, vinyl planks and vinyl square’s. Vinyl planks are gaining popularity since they are installed piece by piece, similar to laminate or engineered wood flooring. However, they do not absorb water, tend to be fairly durable and are reasonable in cost. Kitchens, living and dining areas are prime candidates for this type of floor. This floor, with average wear and tear, can last a long time. Of course, be sure to choose a finish that will flow well with your home.

TILES
Tiles can be a long lasting floor as well. Materials and labor are reasonable compared to the life span of the floor. With average wear and tear, tile floors can last for many years – 15 years or more. Be sure to choose the right material that will last a long time and be resistant to cracking or chipping.

FLOORING THAT MAY NOT BE THE BEST CHOICE FOR A RENTAL PROPERTY

LAMINATE WOOD

Laminate wood has an appeal to many. Primarily because it resembles a wood product and the cost is hard to beat. However, laminate wood is made out of recycled wood with a thin veneer over the top. It is subject to scratches that cannot be repaired and swells when exposed to moisture. It requires specific care in order to last. If damaged, the floor has to be replaced in order to remedy the issue. As a result, it is not a good product for a rental property.

EXPENSIVE / UNIQUE FLOORING
On the opposite spectrum, expensive and unique flooring may be beautiful and even rated highly for durability. Perhaps it is flooring that you wish to enjoy in the future when making the house your primary home. However, even the most durable floor is subject to damage and wear. Trying to repair it correctly may incur considerable cost. As a result, it may not be the best choice for a rental home and may cause more expense and worry than the monetary benefits of rent.

Choose the right floor that will make your home look clean, presentable and give you the best return and life span for your money!

Contributed by Nicklin Property Management.

The Las Vegas real estate market has been the talk of many homeowner’s and investors for a long time. The uniqueness of the city itself dazzles many and the recovery of the market continues to draw attention. As a matter of fact, the Greater Las Vegas Association of Realtors recently stated that Septembers average home price reached $310,000, just $5,000 short of the peak during 2006. What is on the horizon, as we head into 2020?

Though prices inched up, the market has slowed down. More homes are available on the market with no offers and buyers are finding more room to negotiate. After years of steady appreciation, the market has stabilized. This will allow buyers to gain some traction. For first time home buyers, this is no doubt relief, as they will hope to find a home without the same competition as months and years prior.

However, not to be understated is that there is still demand for housing. Investors are looking for opportunities. And new home builders are continuing to expand with new communities, such as a new multi builder community in northwest Las Vegas. Interest rates are still low as well, contributing to an interest from buyers.

With sales price appreciation came rental rate appreciation as well over the last few year, and so the reason investors are interested in the market. Rental property owners are finding that their properties are leasing for substantially higher rates than in years prior and many existing and new investors want to capitalize on a more stable market and higher rental rate returns.

Homes below $300,000 are still in demand since they fall into the affordability range of most buyers. Those properties we expect will continue to be in demand throughout 2020. Though we do expect the market to stabilize more and even see prices pull back some, we anticipate there to be strong demand for housing.

Contributed by Nicklin Property Management.

With summer behind us and fall in full swing, many trees are at their full growth for the season. With each year, you may have observed that small sapling become a mature tree – a tree that may now be offering considerable shade but also getting very close to structures on your property. What should you do? Here are a few basic tips!

1. If you observe limbs of a tree starting to hang over the roof, it may be time to trim them back. Smaller trees may be easily maintained by you. Larger trees, on the other hand, with large limbs, may need a professional arborist. Limbs hanging over your roof line or other structures, such as shed, can invite unwanted guests such as rats, who can use these to climb onto your property. They can also pose a human and property hazard. During strong winds, these limbs can give way, break and cause significant damage or injury. So, be sure to take note and address these issues in a timely fashion.

2. Trees planted close to dividing walls or structures, such as your home, can cause foundation issues. As these trees grow, so does the root. After some time, you may notice a block wall begin to lift, a side walk beginning to buckle or even the foundation of your home beginning to heave. These are signs that the root system is encroaching on those areas. It would be time to contact a professional to determine your options, including removal of the tree.

3. Along with point 2, tree roots can encroach on your plumbing, entering your drains and even exit or sewer lines. Homeowners who have reported difficulty flushing toilets or water draining have been surprised to learn that roots were the cause! This too would be an indicator to contact a professional to learn your options.

When planting trees, be sure leave plenty of room between structures. Also, be sure to choose the right tree as well, before planting. That small tree can one day be huge! Talk with an expert at a nursery and do your research. The more you do ahead of time the more headaches you will avoid in the future.

Contributed by Nicklin Property Management.

The stories are out there. Tenants who found a rental listing online, met the “owner” at the property, gave them rent and a security deposit and then never heard from them again. Rather, they found themselves in the middle of eviction proceedings by a property manager or the real owner of the property. The stories are sad to see and hear about.

So, what can a tenant do to protect themselves? Here are 3 basic things:

1. Be weary of someone who says that your credit or rental history don’t matter and are willing to lease the home to you. A quick move in, without obtaining an application with your information, especially when it involves a privately owned home may be a sign that something isn’t right. Be weary! The individual you are working with may not be the owner or in any way connected to the rental of the property. Do your homework. Check the Clark County Assessors website to see who the owner of record is and verify the information.

2. Read the lease! Does it include pertinent information, such as the security deposit, monthly rent, where to pay rent, owners legal name as listed in official property records and in other ways comply with Nevada Statutes.

3. Try and use a Realtor. A Realtor will have access to the MLS where properties are listed through real estate agencies or property management companies. This way, you can have a more reputable way of searching for your future home.

Make home hunting more exciting by being safe and savvy.

Contributed by Nicklin Property Management.