All Forum Posts by: Account Closed

@Cho T. this is a courtesy response. I'm a property manager in Vegas but I don't service your area (the location is too far out for most renters).

1) try professional photos w/ Wild Dog Digital. Your photos were taken w/ an iphone and no lights are on. The photos could be much better. Wild Dog will include a Zillow 3D tour for $99. This is important for greater exposure on Zillow (MLS and Zillow are the best resources for renters in Vegas).

2) accept pets. Use www.petscreening.com to verify service animal requests and/or adjust security deposit/rent based on accepted pet

3) the rental for $3,900 is a single story on the golf course (both of those features will increase rent rate). It's been on the market 42 days. The other two rentals in the neighborhood are also overpriced and have been on the market 22 and 26 days.

4) going back 2 years the highest rent rate for your model match has been $2,300. 99% of the houses in the neighborhood have historically rented for under $2,400. There was a unicorn June 2022 that rented for $2,810 but it has amazing views of the golf course

5) to rent the house quickly you should be at $2,500.

Your current property manager Key Property Management is a good manager. I don't think you need to switch property managers...you just need to lower your rent rate to $2,500 and accept pets.

-Heidi

@J. Wang  Change your lease to have rent post and be due on the 25th of the month prior. Charge late fees as of the 2nd of the month. You will receive rent on the 1st. This is how my lease is written....I comply with all local late fee laws and still get rent on the 1st (Las Vegas has a 3 day law and I technically give 6 days). I've been doing this for 10+ years. Simple fix to outsmart the chronic late payers. An added bonus is receiving rent earlier than the 1st: I would say 50% of my tenants pay on the 25th and another 40% pay prior to the end of the month. About 10% actually pay on the 1st. Simply brilliant. @Russell Brazil Can you tell I love my chosen field? I seriously used to play property management/office as a kid. Other girls played family or school and I played office. lol

PSA

Get this...for anyone questioning whether iBuyers (Open Door, etc.) have had an impact on the residential real estate market the last two years they have! iBuyers, along with institutional investors, have bid up housing prices in Las Vegas and Henderson. Now they are decreasing their list prices below what they purchased!?!? I've previously mentioned their laser focus on residential real estate was reckless and now is the time of reckoning.

Here is a real world Las Vegas example on the market: 8177 Coyado Street, Las Vegas, Nevada 89123

Open Door purchased May 9th, 2022 for $742,100. They've lowered their list price as follows:

$640,000 DOWN $682,000 -> $640,000 08/04/2022 
$682,000 DOWN $715,000 -> $682,000 07/21/2022 
$715,000 DOWN $737,000 -> $715,000 07/07/2022 
$737,000 DOWN $754,000 -> $737,000 06/23/2022 
$754,000 DOWN $790,000 -> $754,000 06/10/2022 
$790,000 NEW -> A 05/26/2022

For anyone starting out in residential real estate (in any market) do your due diligence on the impact of iBuyers, institutional buyers, pandemic migration (if it's sustainable long-term) before you start investing in a certain city!

I keep being told that the residential real estate market boomed because of houses being underbuilt during the last recession. While I believe that is partially true I believe the involvement of iBuyers, institutional investors and pandemic migration have had a stronger overall impact on entry level prices. The media and government will wise up to this over the next 2-3 years and it will become a hot topic politically. The iBuyers and institutional investors will become the new Wall Street/Main Street.

@Bud Gaffney I believe due diligence in any market is key. For example, in Las Vegas some single family homes that were selling for $460-$475k in Q1 of 2022 may very well be selling for $380k - $400 in the next 12-18 months. One of the main reasons is that institutional investors have drastically lowered their purchase threshold by more than $50k in the last 30-45 days. I follow institutional investors in the Las Vegas market closely and neighborhoods they were previously bidding up are now in a holding pattern. With less competition the primary buyer will have more inventory to select from and Sellers will slowly decrease list price if their house sits on the market too long. 

@Ronaldo Marion I live in Las Vegas and I am! But I'm also visiting Lakeville, Minnesota right now and there are water restrictions here too. And ironically water is more expensive in MN than in NV!!! The twin cities haven't received enough rain water. Brown grass here too.

I have a client who's a US Diplomat and he lived in the middle east for many years. I spoke to him about desert water concerns and he believes there is too much existing technology that hasn't been tapped in the US yet. The middle east is an expert at desalination.  The technology is expensive and energy-intensive and their government heavily subsidizes water rates to keep prices low. But it's a feasible long-term option for California and surrounding states.

I believe the biggest impact will be with landscape irrigation. Fines in Henderson can be anywhere from $40 - $2,560. Las Vegas is already one of the premier cities for sewer water reclamation from home/hotel/business use. Just be prepared for the city to become less green overtime. Near my house in Green Valley the city of Henderson is actively removing sidewalk/ornamental grass and replacing with water wise desert landscaping. 

I'm less concerned now than I was 3 months ago.  

-Heidi 

@Phillip Dwyer Try calling Steve at Brown Masonry. -Heidi

7.1.2022: Single Family Residences = 6,200 and total available (including condos/townhomes) just under 8,000. Basically 75 days inventory (2-2 1/2 months). Las Vegas market still active but we are seeing about a 10% correction in list price.

New Listing (367)
Back On Market (59)
Price Decrease (435)
Price Increase (34)
Under Contract - Show (51)
Under Contract - No Show (107)
Sold (271)

Check out these numbers from the local Vegas MLS market watch:

New Listing (356)
Back On Market (63)
Price Decrease (359)
Price Increase (16)

356 new listings in 1 day! Crazy...And 359 price decreases in 1 day! extra Crazy

Our market has been on a wild ride since Fall 2020...

@Ju Feng in 18 days detached SFRs in Vegas have increased from 4,016 to almost 5,000! I'm also starting to get emails from other real estate agents doing "reverse prospecting" because their listings aren't selling. It's been a wild 2 year ride in Vegas but the market is definitely changing. The active listings are up 100 houses from just yesterday. TBD if institutional/wall street investors keep buying under the $475k price point. Open Door is definitely upside down on some houses locally as I'm seeing them do price decreases on houses they've recently purchased.

@Michael Paling Thank you! I just messaged you. I'm interested in Marquette as it's such a beautiful city. I'll be curious to hear what you discover as you begin investing in Marquette. That was always my favorite city when I travelled through the U.P!