Las Vegas Real Estate Market Update
For those of you who don’t like to read, here is an excellent video by Youtuber “Rventure Consulting”. That video covers why many investors in Las Vegas who purchased property recently are bleeding. Increasing mortgage rates and declining rents are making a lot of investors desperate. Notices of default are steadily increasing and every week we get some desperate investor trying to find alternative ways to increase cash flow.
There are 2 contributing factors creating a larger rental inventory: 1) Investors who missed the peak selling period last year decided to put their property in the rental pool instead. They are waiting for the next peak (a long way away). 2) The government has become increasingly aggressive in shutting down unlicensed short term rentals.
We have learned mid term rentals perform about the same as long term rentals minus all the brain damage. All of these new rentals on the market are forcing rents to decrease as much as 10% in some areas. Many of our investors have not come to Jesus yet and repeatedly ask us to advertise properties above market so we can collect more spider webs.
In summary, I still believe there is no benefit to investors to purchasing real estate right now in Las Vegas. Rents are decreasing and properties are still overvalued.
Dealing With Homeless
Some of our investors still have the courage to manage their own rentals. This video demonstrates the skill necessary to deal with homeless people who took advantage of a deceased tenant. If you find yourself in this situation, here are the key points to remember:
- ALWAYS treat tenants with respect. This will save your life and prevent injury.
- Never threaten a tenant with anything.
- Get the homeless person to commit to a departure date.
- Offer cash incentives to leaving a property gracefully.
- Visit the property frequently to remind them you are on top of it.
- Do what you say you are going to do.
Quick snapshot of our staff.
We have more folks to help manage our properties now. Vennetta and Victoria will be managing some of our portfolio. Our goal is to provide even better customer service than before. Recent customer reviews on Yelp and Google have been excellent!
Looking for a quick getaway in Las Vegas?
We manage a dozen short term rentals. Our customers get discounts for staying with us and we would love for you to visit!! Click here to see what we have available.