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Top 7 Most Common Real Estate Myths

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:

Literally everything about how real estate agents make money.It’s really quite astounding how much confusion there is about how real estate agents make a living, but it’s understandable that your clients might be wary about this. It’s a sad fact that, no matter what the industry, there are going to be many people find themselves tricked or swindled after investing in a service that lets them down. Buyers and sellers alike are only looking to make sure they receive a fair deal, and as a result, many have cynical opinions about how real estate works and how real estate agents operate. It’s no secret that the majority of real estate agents present themselves professionally: wearing neat suits, well-mannered and organized, able to throw elaborate open houses or marketing events, maybe throwing elaborate marketing events and open houses, or perhaps even taking their clients out to lunch! How can they afford this lifestyle?The truth is, plenty of real estate agents aren’t rich. It’s not a matter of making a lot of money, it’s about prioritizing their personal budget since person-to-person interaction makes up the entirety of the job. It might seem unbelievable that there’s not a secure salary supporting each real estate agent, but in the vast majority of cases, there is no backing salary paid to the real estate agent. Instead, if the agent is employed by a real estate brokerage company or firm, commission from the sale is paid to that company, which in turn takes a percentage of that commission in order to keep the company running and then hands the rest over to the agent.So it’s not necessarily true that real estate agents are self-employed in 100% of cases, but make no mistake that nobody is paying the real estate agent to do their job. All of their expenses and investments – gas money, clothing, car repairs, everything you could think of – are all the real estate agent’s own responsibility. Don’t forget the marketing expenses: digital marketing, websites, open house events, design and printing of brochure, etc., all come straight out of the real estate agent’s pocket.

How does this handling of the real estate agent’s wages, for lack of a better word, even work? It depends on each individual case. If a real estate agent represents a buyer, they will earn the listing side commission, while if they represent the seller, they will earn the selling side commission. In some cases, real estate agents might even handle both halves of the transaction, but it’s not an easy job.

The size of the commission can range from 5-10% (sometimes an even broader range) depending on the sale, and the amount that the brokerage company takes from that commission also depends on the experience and standing of that particular real estate agent. So it’s important to understand that there are a lot of variables, and most of all, that helping both parties – buyers and sellers – close a deal is in the real estate agent’s best interest, so you can rest assured that real estate agents are here to help!

Homes can pass or fail a real estate agent inspection.It’s not a college dormitory or an audit from the government! Real estate agents don’t have any kind of authority to condemn a home if it’s falling apart – they can contact a higher power, sure, but on the whole, home inspections are simply meant to examine the current condition of a home and provide feedback that makes the expenses of the transaction as realistic as possible. The real estate agent will then write up a report that details the age and condition of the backbone of the home, such as the roof, plumbing system, electricity, and more. That’s pretty much it.It’s not meant to be scary. Sure, homeowners will get defensive and not like the idea of an inspector taking notes on every tiny blemish, but real estate agents are not “out to get” anyone. More likely than not, a property will have some less-than-perfect areas that need work. This isn’t a bad thing – remember what we learned in kindergarten: honesty is the best policy. If a seller is concerned that the inspection will “find something,” they should make sure to do a thorough inspection and assess any damages before they put their home on the market. Keep in mind, however, that renovating every room and inner mechanism might not be the smartest move. Even if a prospective buyer doesn’t like your taste, they’re not likely to want to spend money renovating something that has just been updated, and this might make them less likely to buy your home. Only focus on making repairs that are absolutely necessary.

All real estate agents are exactly the same (read: greedy, cheating liars!).Remember that real estate agents work pretty independently. There’s no way that two real estate agents will ever have exactly the same approach to closing deals – creativity and resourcefulness are huge variables among the real estate industry. Some real estate agents might appear so energetic that they end up looking scatterbrained, and their brilliance isn’t on display until the moment you least expect it. There are others who might appear a bit colder and less friendly, but their organizational skills are off the charts. In any business, you will have members of the industry whose tenacity sets new standards of excellence while others will do the bare minimum to close a deal and run off quick with their commission. Bottom line: don’t make assumptions about what makes a “good” real estate. Some traits have to be constant in order to be a successful real estate agent – organization, communication, responsiveness, and math skills are some of the unofficial requirements of being a good real estate agent.

Buyers can negotiate more aggressively when homes have been sitting on the market for a long time, because the seller is likely desperate and running out of options.This is not a tried-and-true adage. Consider why a house might have been sitting untouched for months at a time. If a house has been sitting on the market, there is definitely a chance that they haven’t received many offers due to a less-than-ideal location or internal layout – however, this is not an excuse to make an aggressively low offer, hoping that the seller will jump on the first offer to come along, as the seller likely has a family to support. However, if there is a beautiful house in an ideal location that hasn’t sold for months, you can make a fair guess that the seller is unrelentingly stubborn about the asking price and is willing to wait until they get what they want.On a very similar note, you might notice that some listings show a series of price reductions. You might think that a seller reducing their asking price is desperately looking for a deal and will take the first offer they get, no matter how low. On the contrary, this is more likely to be an indication that they have been trying to sell for a while and they understand their asking price is not competitive enough. This likely means that the seller is not at all interested in the idea of negotiation. Sure they want a deal fast, but they want it fair.

Making low offers on a home is a smart way to negotiate.Negotiating is a part of the game, and buyers and sellers both know this. That’s why it’s important to trust a real estate agent to handle the tough parts. Making too low an offer will result in the seller not taking your interest seriously, and you likely won’t receive a response, or if you do, the counter-offer is going to be higher than you can afford. It’s important to have a realistic idea of the homes you can afford to look at, and if you have your heart set on a certain home that you can’t afford, a real estate agent might be able to find some way to arrange for a discounted price – but bidding unrealistically low is not the way to accomplish this.

Setting a high asking price for a home makes it more likely to get a realistic value.This is a common real estate myth highly related to myth number 5. Many rookie sellers will think that overpricing their home is a valid defense against taking less from a buyer than they want. The idea is that as buyers negotiate, the seller can offer the illusion of a discount and still walk away with a fair value. Unfortunately, as we saw in myth number 4, overpriced homes tend to not receive much interest or activity. Competitive pricing will attract more interest and make it more likely to earn a realistic value. Not many buyers are interested in making “low” offers, as they figure there won’t be a chance that the seller will sell for much less than they ask for.

You’ll save money in the end by handling your real estate transaction yourself, without hiring a real estate agent who will only take a chunk of your price.For buyers, this idea simply doesn’t make sense. The asking price covers the real estate agent’s commission – you won’t get a better deal on a home by not using a real estate agent. For sellers, however, there is more temptation not to use a real estate agent, as the commission is coming out of the money that goes to them. Sure, plenty of people are able to sell small properties like cabins and homes quietly on their own, but it requires a skill set that not everybody has – negotiation, marketing, loans, and more. However, most buyers tend to expect a discount on homes that are not sold through a real estate agent, as not using a real estate suggests to skeptical buyers that the seller is trying to cut corners on contracts and inspections. Think about it the image it puts out: the seller might not be trying to cut corners on those things specifically, but they are looking to save money by not hiring an expert.

 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.

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Best property management and real estate company in Las Vegas

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.

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IMS Realty is the best property management service in Las Vegas

IMS Realty is the best property management service in Las Vegas

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5 Things to Look for in a Real Estate Agent

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:

 Good Communication SkillsWe all know that any good relationship has to have mutual and clear communication, but when it comes to the buying and selling of property, it’s crucial that the agent and their client are all on the same page. In this type of situation, it’s most probable that the clients are not familiar with real estate, so there has to be solid communication between both parties to ensure mutual trust. Plus, the property agent industry (especially in a place as busy as Las Vegas) is always fluctuating, so it’s crucial to have an agent who’s always on their toes and ready to let you know when it’s time to take any action.

A Reputable Portfolio of Past WorkThe same way you would check out a photographer’s gallery or a potential model’s portfolio, a dependable real estate agent should be proud enough of their past work that they will have a list of past clients you can contact for a reference. A good real estate agent will have plenty of satisfactory testimonials about them that they’re happy to share with you. If you live in a smaller area, a good real estate agent might already have established something of a name for themselves, but in a city as large as Las Vegas, it’s possible that there are many different names to choose from, and the hard is picking the right one. That’s why carefully analyzing their past work can be a great help.

Close Attention to DetailIt’s one thing to communicate with clients, but it’s another thing for the content of that communication to be anything valuable! A good real estate agent will pay close attention to details, including the unique needs of their particular client. A family looking to buy a house has drastically different needs than a representative of a firm or business trying to lease an office building. The strongest real estate agents are organized and proactive, following all leads to close on a deal as quickly as possible.

Business SmartsOne of the great appeals of the real estate industry and property management scene is that it’s not necessary to study a certain field in college or post-college education. Any background in Business, Economics, even Mathematics can give real estate agents a great advantage. However, it’s crucial that reliable real estate agents have good business smarts and and are able to explain these complex transactions to multiple clients according to their needs. A real estate agent is also responsible for their own administrative work, marketing, accounting, and other business details (unless they’re a property manager or some other representative of a larger company). Smooth talking and attention to detail are crucial, but if they can’t be combined with an astute mind for business, you’re probably better off seeking a different real estate agent.

A Pleasant PersonalityOf course, every client has a different personality, and a business relationship does not have to be one that ends with both parties becoming best friends for life. There is no requirement anywhere that all real estate agents are extremely extroverted, but a good real estate agent will at least have a pleasant personality that is not only tolerable to be around but will make clients feel comfortable, at ease, and respected. A good real estate agent is energetic, motivated, and excited to work, not someone who is trying to cut corners. A real estate agent should never be condescending or rude to their clients – without their clients, they would have no job, after all! As a matter of fact, real estate is something of a service profession rather than strictly industry. Most real estate agents are in this field because the business is exciting, presenting something of a challenge that they seek to conquer. However, it’s important to realize that real estate agents, above all, should have a strong desire to be genuinely helpful.

Awareness of the Current FieldThis plays a role in the “Business Smarts” section listed above, for sure. However, to be more specific, a reputable real estate agent has a network of connections that they have built over the years. This is not to say that the only good real estate agents are those that have been in the field for decades, but real estate agents should learn from their experience and be able to apply what they have learned to future cases. For instance, they should have contacts with past clients, as well as other brokers, real estate agents, property managers, home inspectors, even mortgage loan officers. This will show that they’re on top of their game, so to speak. A successful real estate agent understands the local market like the back of their hand, using past experiences to create a specific strategy for each case, distinguishing themselves from their competition.

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Can a Real Estate Agent be a 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.

A real estate agent, by nature, has extensive experience communicating with all kinds of clients, each with vastly different histories, circumstances, and needs. They also will have an intimate knowledge of the local market – they’ll know all about the different laws and regulations of your state (or city) and they will be able to advise you about the rights and restrictions that apply to you. A property manager with a history of experience in the market, especially the Las Vegas real estate market, will be best equipped to help you. With a considerable knowledge of your local market, your property manager will be ready to reach out to potential tenants to tell them all about the surrounding neighborhood and why moving into your property as opposed to the property down the street would be a benefit for them.

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. In order to accomplish all of these responsibilities, a trustworthy property manager has to be organized and proactive. They should check in with you and with your tenants if needed, whether by phone, email, text, or in person. A property manager should be cooperative, welcoming, and great at communication, so that both parties – tenant and property owner – feel comfortable going to them with any issues that might arise.

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.

The last thing you should keep in mind is that if you are looking to hire a property manager, don’t let the lack of a real estate license hold you back. All of the above traits are simply generalizations and assumptions. An experienced property manager is probably a safer option than a poorly-rated, irresponsible real estate agent. Be sure to be holistic in your interview process, and be open about your expectations of your potential property manager.

Anybody who’s willing to work hard, communicate, and can provide you a list of references should be more than suited for the job. Hopefully this article was of some help to you in elucidating the difference between real estate agents and property managers. It can be confusing trying to keep all the different terms straight, but if you want to have a successful transaction, it’s important to study up!

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Can a Real Estate Agent be a 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.

A real estate agent, by nature, has extensive experience communicating with all kinds of clients, each with vastly different histories, circumstances, and needs. They also will have an intimate knowledge of the local market – they’ll know all about the different laws and regulations of your state (or city) and they will be able to advise you about the rights and restrictions that apply to you. A property manager with a history of experience in the market, especially the Las Vegas real estate market, will be best equipped to help you. With a considerable knowledge of your local market, your property manager will be ready to reach out to potential tenants to tell them all about the surrounding neighborhood and why moving into your property as opposed to the property down the street would be a benefit for them.

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. In order to accomplish all of these responsibilities, a trustworthy property manager has to be organized and proactive. They should check in with you and with your tenants if needed, whether by phone, email, text, or in person. A property manager should be cooperative, welcoming, and great at communication, so that both parties – tenant and property owner – feel comfortable going to them with any issues that might arise.

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.

The last thing you should keep in mind is that if you are looking to hire a property manager, don’t let the lack of a real estate license hold you back. All of the above traits are simply generalizations and assumptions. An experienced property manager is probably a safer option than a poorly-rated, irresponsible real estate agent. Be sure to be holistic in your interview process, and be open about your expectations of your potential property manager.

Anybody who’s willing to work hard, communicate, and can provide you a list of references should be more than suited for the job. Hopefully this article was of some help to you in elucidating the difference between real estate agents and property managers. It can be confusing trying to keep all the different terms straight, but if you want to have a successful transaction, it’s important to study up!

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2018 Las Vegas Real Estate Fun Facts

2018 Las Vegas Real Estate Fun Facts

Ready 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!)

 Houses are getting more expensive. Okay, maybe this isn’t much of a “fun” fact. But it’s true – in 2008, most house prices were under $200,000, while just last year, the median price rose to just above that figure. This can be a good or a bad thing depending on how you spin it. For young couples looking to settle down, it’s daunting – but to older people looking to sell, this rise in value can be very comforting, especially since there are no indications of this increase slowing down anytime soon. There’s no telling when values will settle again, so all we can do is try and ride this wave.

Realtors are beginning to capitalize on social media. Okay, so this one’s not necessarily about the market itself, but it shows how fickle the industry can be! More and more real estate agencies are using blogs and other social media to communicate to their audiences.

Buyers want technical flair! In a recent study, over half of real estate agents polled reported that their buyers preferred homes with smart locks and other gizmos. People are embracing this technological golden age. Forget a remote-control or button-operated garage door! Now, your doors can be locked and unlocked from your phone, not to mention other fun bonuses including adjusting the thermostat all from your smartphone. As new technologies develop, it’s important to stay on top of this trend and understand that the more tech-savvy homes are only going to get more valuable.

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.

We know it’s wrong to generalize, but according to the statistics, most buyers don’t want fixer-uppers. Due to the rise in value that we mentioned earlier, most buyers don’t have the cash to invest in a house that’s in need of drastic renovations. Many buyers rely on loans to purchase a home, and are looking to simply move in for the sake of living there rather than renting or flipping (for the uninitiated, “flipping” refers to investing money in extreme renovations with the intention of selling the home for profit later). What does this mean for sellers? Well, you’re used to hearing all about the importance of “curb appeal” as well as the tips and tricks of “staging” your property for an open house. Take it one step further. Understand that buyers are really only interested in moving in!

Whether you believe it or not, Las Vegas cares about its education. You might not think of Las Vegas as being a highly-educated, reputable academic town, but the fact is that values of homes increase drastically around schooling districts. Most buyers are willing to spend more to live in communities with the highest-rated schools, particularly middle and high schools. If you’re a seller looking to make a profit on a home that’s not close to a highly-rated school, you should be sure to up your ante in other areas.

Now more than ever, buyers are beginning their search for homes online. If you’re under the age of 40 and reading this, you’re probably thinking, “Where else would you start looking?” In fact, younger buyers report higher statistics of searching online than do older buyers, but since this is the age of social media, it would be wise for real estate agents and property managers to establish a well-known presence online and do their own research on the websites that buyers are perusing.

 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.

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Find a property manager: What questions to ask

 Find a property manager: What questions to ask

Finding 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 

What type of fees do you charge?

Most companies charge a management fee, understand the fee breakdown.

How much is the monthly fee?

Usually, the fee is between 4-10% of the total monthly income.

Is the monthly fee based on the rent collected or the rent that is due?

This distinction is crucial because it is the difference between still having to pay fees in the event of vacancy.

What kind of services do they provide?

Just because they offer low rates, does not mean that their services cover all your assumptions in their property management fee.

Are there additional fees for extra services?

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:

Where will the real estate investment funds be held?

Understand if all the property’s income is in a separate account and if so, who will have access to it?

When and how will you be paid?

Ask specifics regarding what day of the month you will receive funds.

Where will the tenants’ security deposits be kept?

Depending on your state, security deposits may be required to be in the interest-bearing account.

What is your protocol for returning security deposits?

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.

Will I receive a monthly income and expense reports?

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:

Do you perform preventative 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.

When dealing with a maintenance issue, what are your standard practices?

Will you need to supply a certain amount of money for maintenance or repair fund in advance or is that a part of your monthly fee?

Will you be providing an itemized list of all expenses?

In the case of an emergency will you have free range access to make repairs?

Make sure you understand what they consider emergency repairs.

How fast will you respond to tenant complaints or repairs requests?

What types of resources do you have to handle maintenance?

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:

How much notice do you give to terminate the contract?

Usually, the termination notice will be within 30-90 days.

Will there be a fee for early termination?

Depending on the company usually, you have to pay a fee or the entire remaining amount for the length of the remaining contract.

What are the reasons that allow you to terminate?

You will want a contract that allows you to terminate.

What are the obligations of termination?

There should be a list of duties to complete within a time frame before the termination date.

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A 7 step guide:  understand property management responsibilities

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.

Setting Rent: A property manager can understand the market and sets an appropriate rental price depending on the rental amenities, economy, and location to attract and keep good tenants.

Collecting Rent: A property manager enforces an optimal cash flow by setting dates to collect rent each month and reinforces late fees.

Adjusting Rent: A property manager can decrease rent when necessary as well as increase rent by a fixed percentage each year, according to state and municipal laws.

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.

Finding Tenants: A property manager is responsible for marketing the property and filling vacancies.

Screening Tenants: A property manager is responsible for sorting through prospective renters applications. For example, a consistent screening process should involve running credit checks and criminal background checks. All screening processes are to decrees the chances of being accused of discrimination, finding renters that can pay rent on time, as well as obtain longer-term renters, with hopes of having less tenant related problems or issues in the future.

Leases: A property manager is responsible for setting the length of the contract, as well as determining the amount required for the security deposit, to protect the real estate investor.

Complaints & Emergencies: A property management is responsible for handling matters related to maintenance requests and noise complaints.

Move-out Procedures: A property manager is responsible for inspecting the unit, checking for damages, and determining what share of the security deposit to give back, as well as repairing and cleaning the unit before finding new tenants to move in.

Evicting: A property manager is responsible for understanding the proper way to file and move forward with an eviction when a tenant does not pay rent or breaches their rental contract.

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.

Maintenance & Repairs: A property manager is responsible to keep the property functioning to the best of its abilities, and uphold by safety standards. That includes hiring contractors or managing staff to deal with leaky pipes, landscapes, shovel snow, and remove trash promptly.

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.

Managing Budget: A property manager is responsible for maneuvering all aspects of property management within a set budget.

Maintaining Records: A property manager is responsible for keeping all records related to the property. Such as income, expenses, inspections, signed leases, maintenance requests, complaints, repair costs, rent collection, and insurance costs.

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.

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Questions to Consider Before You hire a Property Management Service

 Questions to Consider Before You hire a Property Management Service

A 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:

What service does this property management company offer to you?

For example, can they inspect, administer background checks, market, lease, manage and sell your properties?

How many rentals do they manage?

You want to understand their size, and their potential ability to meet your needs.

What managing rental experience dose this potential manager have?

Can this person efficiently help you with your investment property?

How do they determine rent amount?

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.

Under what conditions can you cancel a management contract?

It is always important to understand the terms and conditions of a contract, and how to be released from them.

What are the property management fees, or pricing options?

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?

Will you still have to pay fees if the property has no tenants?

Some companies offer a flat rate fee for their services, even if your property is empty.

If you ever choose to sell this property, would you have to sell it through them?

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:

When do I get paid?

When and how do I get my statements?

How do you deal with late rent?

When do you send an eviction notice?

How often do you check on properties?

What is your move in procedure?

What is your move out procedure?

How will you handle expense expenditures?

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:

What is the minimum interval and frequency of phone calls?

For example, agree to receive updates once a month, quarterly or semi-annually

What is the extent of email volume to be exchanged?

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:

Professional pictures of property

Documentation of general property condition

Functioning entrance keys

Alarm system details

Evaluator details

Maintenance details:

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:

Do you want your property manager to take time to meet all tenants personally?

Do you want a letter sent out introducing the new manager?

Do you want to do all of the above?

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Property Management vs. Asset Management

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. Hopefully now you have a better understanding of the difference between an asset manager and a property manager and that you’re able to see the value (pun not intended) in each role. There is no way to predict for sure exactly where the market will go in the future, and at least for now, both of the professions have a an important role to play in each real estate interaction, and neither one is more important or more legitimate than the other.

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10 Things Your Las Vegas Real Estate Agent Wants You to Know

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!)

 They actually want you to bother them! Don’t be shy, it will be easier in the long run if you’re up front about what you think every step along the way. For instance, the worst phone call or email a real estate agent hears is anything along the lines of “I wish I had told you this earlier, but I didn’t want to bother you!” or “I��ve been thinking of bringing this up, but I know you’re so busy.” Your Las Vegas real estate agent is bound to appreciate your being so considerate about their time, but in order to be as efficient as possible, a real estate agent needs to know everything you’re thinking of. They will be able to help you navigate all of the possibilities in the market, whether it’s visiting a home on a whim, starting a home improvement project, or something else. If you want to save as much money as possible and get the results you’re looking for, you’d be wise to clue in your agent!

It’s important to have a budget before you start looking. An agent can help you fine-tune things, but they cannot make the initial decisions for you. An agent simply cannot point you in the right direction if they are not aware of your budget. That’s why it’s also important to inform your agent as soon as possible of any potential changes to that budget so that you are not wasting your time searching for property that you are not realistically going to purchase or rent. Just keep in mind that real estate agents are not miracle workers, but they are professionals, experts in their field who can get you the best for the budget you do have.

 The cold feet are normal, but you need to get over them. Plenty of people – especially young, newlywed couples – begin suffering what’s called “buyer’s remorse.” After closing on a deal, they start fretting that they made a mistake, that they liked another house better, that they wish they had made a different decision. This is totally normal for people to go through, especially if they spent a long time choosing between two different locations. However, there’s no worse hassle than dealing with a buyer who’s desperate to change their mind. Trust your gut! You’ll get used to the house with time, and sure you’re to love it for all of the reasons that convinced you to close on the deal in the first place.

 Don’t give yourself away to other real estate agents! If there was a polite way to ask you to keep your mouth shut, they would (and if they’re really good, they probably already have, without you noticing). Don’t take it personally, but many people give themselves away to other Las Vegas real estate agents. Avoid making comments about how many houses you’ve looked at, if you’re having trouble making a decision, how much you can afford to spend, and other valuable details. You might not realize it, but when you mention those kinds of things, you’re giving away much of your negotiating factors, allowing the other real estate agents and sellers to try and tailor their marketing techniques according to your needs. Just focus on the house you’re visiting and the things you like and dislike – you can break it down later with your real estate agent.

 Don’t be nosy. It’s not only rude, but it’s illegal. Under the Fair Housing Act, all real estate agents in America are not allowed to give you information about details such as if a neighborhood has a large population of individuals of a certain race, nationality, gender, religion, or disability. If you have prejudices, you’ll have to look elsewhere to manage them. However, if you’re just new to the neighborhood and are truly looking get a feel for the kinds of people in the neighborhood, there are other ways you can do so! Try to do some research on your own, even if it’s just driving around the town and stopping at a local diner to do some harmless people-watching.

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5 Things You Never Knew About Real Estate

5 Things You Never Knew About Real Estate

 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.

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What is 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.

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5 Reasons to Study 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. You’ve probably noticed a pattern with these career aspirations: not one seems to care about real estate! It’s true that most young kinds don’t really have a concept of business, economics, or property management, but the truth is that learning about real estate and establishing a job for yourself in the field of property management can be a hugely educational and rewarding experience. At IMS Realty Real Property Management, we encourage individuals of all backgrounds to work with us. If you’re considering going into real estate, we’re happy to help fill you in on some of the reasons it’s such a good idea.

 There are many different paths to success. This is a maxim many young adults (and “real” adults) can repeat over and over without it losing any meaning. In real estate, this means that you don’t necessarily have to have hold Master’s degree in Realty and Property Management to become a successful real estate agent, property owner, or landlord. In general, any kind of degree relating to business, economics, mathematics, or public relations is a great place to start, but the good news is that it doesn’t necessarily have to be a four-year degree. Most real estate agencies look for individuals who have experience and training, so a hands-on two-year co-op or an integrated internship program are both viable alternatives to going to school.

Property management is largely a team effort. Real estate agents tend to be people who thrive when working with people, communicating, and offering a helping hand. If you love working with people, delegating, acting as a leader, and being in a role of diplomacy, real estate might be the job for you. Property managers often act as a go-between for their clients, tracking down insurance companies, potential tenants or roommates, mortgage providers, and more. Additionally, if you’re working with a large business that needs a whole complex or a number of separate buildings, you might find yourself working with representatives from different real estate agencies (or even a coworker from your own!). There’s no doubt that real estate is a great job for you to look at if you’re a people person.

Real estate allows you to be independent. Many real estate agents, property managers, and other realty employees are actually self-employed. The average person or budding homeowner immediately tends to think of real estate agencies, a property industry, or other terms that imply the existence of a huge administrative entity. Even if you’re not a one-person agency by technicality and you do work for an agency, you can rest assured that you’ll still have access to flexibility and control over your daily schedule. If you’re looking to run your own schedule, get out from behind the desk, make on-site visits, and handle responsibilities yourself, then real estate could be a perfect job. If you love getting on the road and being able to physically see the fruits of your labor, and if you don’t like having to answer to the big boss, you may find that real estate allows you to be your own boss!

Education transcends industry. When you learn about real estate, you learn much more than how to tell the value of a property or predict the next great crash (or boom) the housing market may experience. The longer you work, the more you’ll realize that many different aspects of the housing and residence industry can be applied to industry, sales, and the economy in general. If you want to learn how things work in the so-called “real world,” property management is a great way to get out there and experience it for yourself.

Every day is slightly different. Real estate is a fast-paced, ever-changing industry, and property management is frankly not a job for people who like being bored. One day you’ll be sitting poring over paperwork, and the next you may have your hands full with bricks and extension cords as you oversee the progress of a home repair. Before you even get started running the show yourself, you’re bound to get a taste of this excitement during the schooling and training process, albeit in a slightly more controlled setting. In any case, if you hate getting lost in the typical 9-to-5 grind, consider a job in real estate!

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5 Reasons to Study 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. You’ve probably noticed a pattern with these career aspirations: not one seems to care about real estate! It’s true that most young kinds don’t really have a concept of business, economics, or property management, but the truth is that learning about real estate and establishing a job for yourself in the field of property management can be a hugely educational and rewarding experience. At IMS Realty Real Property Management, we encourage individuals of all backgrounds to work with us. If you’re considering going into real estate, we’re happy to help fill you in on some of the reasons it’s such a good idea.

 There are many different paths to success. This is a maxim many young adults (and “real” adults) can repeat over and over without it losing any meaning. In real estate, this means that you don’t necessarily have to have huld Master’s degree in Realty and Property Management to become a successful real estate agent, property owner, or landlord. In general, any kind of degree relating to business, economics, mathematics, or public relations is a great place to start, but the good news is that it doesn’t necessarily have to be a four-year degree. Most real estate agencies look for individuals who have experience and training, so a hands-on two-year co-op or an integrated internship program are both viable alternatives to going to schoul.

 Property management is largely a team effort. Real estate agents tend to be people who thrive when working with people, communicating, and offering a helping hand. If you love working with people, delegating, acting as a leader, and being in a rule of diplomacy, real estate might be the job for you. Property managers often act as a go-between for their clients, tracking down insurance companies, potential tenants or roommates, mortgage providers, and more. Additionally, if you’re working with a large business that needs a whule complex or a number of separate buildings, you might find yourself working with representatives from different real estate agencies (or even a coworker from your own!). There’s no doubt that real estate is a great job for you to look at if you’re a people person.

 Real estate allows you to be independent. Many real estate agents, property managers, and other realty employees are actually self-employed. The average person or budding homeowner immediately tends to think of real estate agencies, a property industry, or other terms that imply the existence of a huge administrative entity. Even if you’re not a one-person agency by technicality and you do work for an agency, you can rest assured that you’ll still have access to flexibility and contrul over your daily schedule. If you’re looking to run your own schedule, get out from behind the desk, make on-site visits, and handle responsibilities yourself, then real estate could be a perfect job. If you love getting on the road and being able to physically see the fruits of your labor, and if you don’t like having to answer to the big boss, you may find that real estate allows you to be your own boss!

Education transcends industry. When you learn about real estate, you learn much more than how to tell the value of a property or predict the next great crash (or boom) the housing market may experience. The longer you work, the more you’ll realize that many different aspects of the housing and residence industry can be applied to industry, sales, and the economy in general. If you want to learn how things work in the so-called “real world,” property management is a great way to get out there and experience it for yourself.

  Every day is slightly different. Real estate is a fast-paced, ever-changing industry, and property management is frankly not a job for people who like being bored. One day you’ll be sitting poring over paperwork, and the next you may have your hands full with bricks and extension cords as you oversee the progress of a home repair. Before you even get started running the show yourself, you’re bound to get a taste of this excitement during the schouling and training process, albeit in a slightly more contrulled setting. In any case, if you hate getting lost in the typical 9-to-5 grind, consider a job in real estate!

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Las Vegas Real Estate-Things to Consider if You’re Relocating to Las Vegas

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.

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