Vegas Realty Check
Join hosts Trish Williams and Tiana Carroll every week as they provide comprehensive coverage of the Las Vegas real estate market. From market updates and current inventory to real estate news and expert opinions, this podcast brings you the latest information straight from the professionals in the industry. Unlike national news data, which can often be weeks or even months behind, Trish and Tiana provide real-time updates on what's happening in the local market each week. They also interview different professionals in the industry to provide a well-rounded perspective on a variety of real estate topics. Additionally, the podcast features bonus episodes, including "Community Spotlight," where a locally owned business is featured, and "Coaching Corner with Sharon Swanton," where listeners can learn how to improve their mindset to advance their career and personal life. Whether you're a buyer, seller, or investor, this podcast is a must-listen if you want to stay informed on the Las Vegas housing market.Trish Williams 702-308-2878 S.0175530 Tiana Carroll 702-379-9948 S.0178943Keller Williams the MarketplacesEach Office Is Independently Owned and Operated
Vegas Realty Check
Solving Challenges in Property Management
Unlock the secrets of the Las Vegas real estate market in our latest episode of Vegas Realty Check! Join us, Trish Williams and Tiana Carroll, as we sit down with returning guest Mark Lister from Nevada Superior Property to dissect the current market trends. Discover why the residential market feels sluggish despite a rise in inventory to nearly 5,000 homes and a significant drop in sales to just 410. With potential rate drops from the Federal Reserve on the horizon, we explore what this could mean for buyers, sellers, and investors alike. Mark also sheds light on the peculiar trend of summer rental inventories mirroring winter levels, and touches on the benefits of allowing pets to make properties more attractive to tenants.
In this episode, we introduce an innovative rental product making it easier for tenants to move in without the hefty upfront deposit. Instead, a smaller fee is paid to a company that covers the deposit, benefiting both tenants and landlords. We break down how this system works, its advantages, and the importance of screening tenants. Plus, we delve into the current property management trends, including why some property owners are choosing to sell rather than rent based on market conditions and their personal suitability for being landlords.
Finally, we tackle the rising costs and challenges of post-COVID maintenance repairs, highlighting the frustrations of unreliable home warranties. From excessive repair times to inadequate coverage, we discuss when bypassing these warranties makes sense to ensure timely fixes, especially in rental properties. Our conversation rounds out with tips on proactive property management, such as regular inspections to catch small issues before they become costly repairs. Contact us for more insights and detailed property management advice – your go-to resource for navigating the Las Vegas real estate landscape!
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Hey, las Vegas, welcome back here to Vegas Realty. Check your local Las Vegas real estate news show and our monthly community spotlight. I am Trish Williams and I am Tiana Carroll. Welcome back Vegas. Yeah, and we have our returning guest, mark Lister. Property Management Lister the Lister a sister.
Speaker 2:The rental Lister, the rental.
Speaker 1:Lister yeah, at Nevada Superior Property, mark Lister. Yes, so we're going to be talking about the rental market today, but before we do that, let's get into what's going on in the residential real estate market.
Speaker 3:Oh yeah. Well, like every episode, we are going to start off with the numbers so you guys can gauge the temperature of the market that we are in. And today we are getting close to that 5,000 mark in inventory, can I yeah?
Speaker 1:I just want to say our numbers look crappy.
Speaker 3:Our numbers are definitely showing that there's a change in the market. That's for sure. Cause we're at 4,968 properties available. Well, single family homes available on the market today.
Speaker 1:Yeah, and when I see numbers like this, you know, while I don't like the numbers, numbers, it also like kind of makes me feel better. Because when I feel like a slowdown in my business and things happening and everything's like coming, like starts creeping down, I'm like, oh, what's going on? Is it me? Why do I always think it's me?
Speaker 2:but I always go with that is it me?
Speaker 1:am I doing something wrong and these numbers show that it's not me?
Speaker 3:it is definitely not you. These numbers are speaking for themselves, and if you tune in the show, if you've already liked, shared, subscribed or you're part of our community, then you know we cover these numbers every week and we always talk about how, when we get to that $5,000, $6,000 home mark, then we're going to be in a balanced market. But it doesn't really feel balanced, does it? It just feels slow.
Speaker 1:It just feels slow. There is not much activity going on. Everybody's like, maybe later, not now. And you know, is it the quiet before the storm?
Speaker 3:I kind of think it is, especially because every headline this week was feds are dropping rates. In September Rates are dropping.
Speaker 1:We're dropping rates. We all know that's happening in September. So two things can happen when rates drop. If rates drop and there's like no activity, still it's like uh-oh, what's going on here, but they drop and what we all think is going to happen is people are going to flood, the market Flood, the market so much competition.
Speaker 3:I don't want to see us get into a market again where we have those over-appraised values and those cash outs. It's hard enough for people to get into homes in this market, but to have to pay cash over value and be susceptible to all those cash buyers, that's going to be rough.
Speaker 1:Yeah, it definitely will, especially in this market, with all the changes happening and everything like that. The cost for buyers can really get a lot higher if we have a highly competitive market.
Speaker 3:Yeah, so that inventory spiked up, but our solds. What happened there? What's?
Speaker 1:going on with that. 410 sold. Yeah, that's a slow week, man. Yeah, it sure is.
Speaker 3:The price decreases are up a little bit Up 662 of those bad boys this week.
Speaker 1:Yep, and then those under contracts still down 539.
Speaker 3:Down a hair. I like the under contract number more than I like that sold number. There's some more activity there, so that's cool. So those are all of the homes for sale. Now, mark, you actually do property management, so you have a whole other set of numbers that you track.
Speaker 2:Yeah, I'm glad to hear it's not just me.
Speaker 3:You and Trish have the same syndrome. Is it me? What am I doing?
Speaker 1:wrong. I'm not doing something right. There's something going on.
Speaker 2:I thought she expected the summertime where the numbers be a lot less, but they're actually not. Right now it's on the market total. Anything you put on the market is 3,869 properties for rent. So you break that down to single-family houses that's 2,383. These are numbers that we had in the wintertime, so you would think that it'd be lower because a lot more active in the summertime. But it didn't work out that way this year yeah, it's a weird year. Condos and townhouses 1292. Now here's an interesting fact if you have a single family home on the market for rent, if you allow pets, that brings inventory only down to 1042. So it pays to have pets.
Speaker 3:It does pay to have pets. I remember you saying that on an episode before.
Speaker 2:Yes.
Speaker 3:That accepting pets is definitely a way to get buyers in there I mean leasers in there and people, so many people have pets.
Speaker 2:Las Vegas has gone to the dogs.
Speaker 3:Indeed it has, and we're glad to be here for it, because we all love the animals.
Speaker 1:I I've noticed that in short terms, I have a, I have a short-term rental and, um, I've noticed that just in like tracking the numbers there, even if you allow pets, you get more bookings and you're booking at a higher rate. So it does pay off to allow them, but you know they can be, they can be troublesome well, they're like people there's good pets and there's bad pets.
Speaker 3:I would like to think that my pets are just perfect little angels who would never destroy anything.
Speaker 2:Well, and they probably are. It's the way you look at it. Now, great thing about us we screen our tenants and we can also screen pets, and then we can also decide whether we're going to take the pet or not. That doesn't fall under fair housing, so I can discriminate on pets. So say, for instance, you have, you know, if you have roommates and each one has a pet, I don't like those very much because it's not the family pet right now. If you have a family, they have a family pet. That's much better because that that animal belongs to the family and it's treated much, much different. They treat the house much, much different. So I like those. I find those. You get the house back in probably perfect condition okay, but it's when each roommate has a pet. That's where you're going to have. I found you have a lot of problems oh so these uh, pet screenings.
Speaker 3:You do background checks on them so you have a criminal record, a little paw print. Let me run your paw prints.
Speaker 2:You're 100% correct Is that real? Yeah, it's a paw score. So the highest score is five paws. Okay, the lowest score is one paw.
Speaker 3:Okay, wow, okay. So what's the rating system? I'm going to go home and rate my fur babies.
Speaker 2:Well, if you have vaccinations, that's a rating. The breed is a rating. So if it's a dangerous breed, then that's going to be further down. If it's not a dangerous breed, like a Frenchie French Bulldog, that's going to be up on the higher end. If it hasn't been trained and not any biting incidents, then you'll get the five paws.
Speaker 3:Wow. So is there a system, or is this your own rating?
Speaker 2:No, it's actually it's called Pet Screener. Okay, so we go to a system that the tenants pay that and that they could. Then we screen their pets and that's even emotional support and service animals, cause I'm not qualified to tell whether they have emotional support and service animal, so we put them through. Then they charge 20, but if it's actually a genuine emotional support or service animal, then they get the money back because you can't actually charge for that.
Speaker 1:But fair enough, but you can't verify because there's a lot of people out there that throw a vest on their dog and say it's a service dog right that is not really a service dog that's 100 correct and we run across across all time.
Speaker 2:Probably about 60%, don't add you qualified as emotional support. I don't have the problem on service animals, but I have that on most of support all the time, because the public is not really trained on what makes a real service app, what's the qualifying paperwork that they have to have right. So what I do is I can always kind of tell. So I said, well, listen, we can't put it on them, we. It stays on the market until they tell us it's emotional support. Now here's what you can do is you can pay us the deposit and then we can go ahead and move you in, and most of them do that. Now, if we do get the paperwork back and says it's emotional support, then we have to give deposits back. We have to do that by law and hardly ever do I have to do that, which means it never was emotional support.
Speaker 3:Wow, I beg to differ. As a pet owner, my animals are my escape and my emotional support. When I'm having a bad day, it is good to see a furry face.
Speaker 1:I think I'm my dog's emotional support.
Speaker 3:I think you are your dog's emotional support. Well, your dog just thinks he runs the world.
Speaker 2:Everybody is his emotional support his financial support Does he have the animal that doesn't get enough attention. He thinks so. He thinks so. I run across that all the time.
Speaker 3:When he was a puppy and he'd be sitting down and people would walk past him. He would look at you like, um hello, do you not see me?
Speaker 1:sitting here. Where's my love?
Speaker 3:and attention. You are not the center of the universe.
Speaker 1:He thinks he is. He's pretty convinced he is Um. So, uh, what? What you guys are seeing in rental inventory right now, mark? Is it um like what we're seeing, like an increase in inventory, or Are people starting to reduce rent prices as a result of that? Oh, we have to, yeah.
Speaker 2:Either that or it's just going to sell on the market and collect dust.
Speaker 1:Yeah.
Speaker 2:You know, yeah, you have to. Well, there's a lot of different things we have to do to market our properties differently. Back in the days where you can take a few shots, a few photos and put on the MLS, that's gone. Yeah, you know you can't even do iPhone photos anymore, that that doesn't work. You have to use professional photos to get it to the red doubt. Yeah, be a lot more aggressive, answer the phone, whatever you possibly can, and make sure you get out, go show that property, otherwise it's just gonna sit. And we have some new products. Uh, one of them is uh. So let's say, for instance, you have a $2,500 a month rental property. Okay, now it's a mistake if you make the deposit $2,500, because that can be construed as last month's rent that's what everybody thinks that's right.
Speaker 2:Yeah, so what happens is if they don't pay it now, you got to take them to court to complain to the judge. By the time you get them out, you're at that amount anyway. Stand up winning. So they didn't work. So we always make ours a little bit higher. So it'd be twenty six hundred. So you're looking at fifty one hundred dollars to get into a property. Okay, so we have a new product now that it Lua painted a posit to us. They actually pay a fee to a company and they cover the deposit for us. So now they can get in for uh 20, uh 2500.
Speaker 1:affordable. The company covers the fee. How does that work?
Speaker 2:the company gets paid a fee. Owner the covered deposit okay. So if if I charge off their positive once they move out, then they go, they get it from the tenant so they cover that. They have us covered so I I put in for it.
Speaker 1:They send the money to us automatically so it's kind of like a credit card or a line of credit that the tenant has, that um that you know. I mean, of course they don't want to have to pay it, but if it comes that time, then they owe payments to that company.
Speaker 2:That's right. That's how it works.
Speaker 1:That's pretty amazing. That's a good quality, because you can offer those move-in specials now.
Speaker 2:That's right yeah.
Speaker 1:What's that fee?
Speaker 2:It depends. It depends on how much it is, but it's very novel. It's like $40, $50, $60.
Speaker 3:So you could pay a company $60, and they could throw down your $2,600 deposit for you.
Speaker 2:Well, they hold on to it and I get it from. If I charge, say like $500, $600 off their deposit, then I get it from them.
Speaker 1:Yeah, and I'm sure the company does their due diligence as far as like. So at the end of a property management lease or whatever, and the landlord says $2,000 is due from this deposit, I'm sure the company is going to do their own research and say like hey, show us why this $2,000 is due, right? Actually no.
Speaker 2:No, I don't do that Because I don't want to get into that, because I don't need to be fighting with them as well as the tenants. So well, first of all, we did a little bit differently. If you look at, if you go look at reviews on any property management, you're gonna see they stole my money.
Speaker 2:So we found a way years ago to get around that. We fell into it by accident, but what we do is we send it to them. Here's what we're going to charge. So it's $1,800. This is what we're going to charge you. Are there any disputes? So I find about 90%, no problem. Send me the rest of my money, okay. Then you have the ones that are going to fight you tooth and nail, okay, well. Well, now you know up front, so we could say well, these are the reason why this is how we found, gave you the property, this is how we got it back. Here's the parts that you violated, okay. And sometimes you get down to where it's only like a hundred dollars and they're going to fight you on that hundred dollars.
Speaker 3:so you just go to the owner man.
Speaker 2:well, you go to the owner do you really want to fight over this, over a hundred dollars in most cases, say no and let it go because you. So that's how we do that and we don't get those kind of reviews by doing it that way. Be very fair, you know. So we can talk about it before it's etched in stone, and that works real well. So we do the same system. Okay, then once we have what we're going to charge, then we send it to them and they just pay it. Now what they do with us is we look us over and see how you know if we're getting their deposit every single time, they're not going to approve us. Okay, so they see what we're actually charging each time and if it's in with the norm, then they're fine with that.
Speaker 1:So, as a company, you have to qualify for the service as well. Yes, yeah, that's fair, that's reasonable. Are you seeing any increase or decrease in owners or investors selling their properties, getting rid of them or obtaining them?
Speaker 2:Kind of both ways. Yeah, yeah, we still have investors investing in our properties. You still get the ones that probably don't really not everybody belongs in the rental market so they decide to sell, for for many reasons. Uh, you get some that would rather sell than rent. So if they're in a position where they have to rent and they find they can sell it real fast, they'll do that. Yeah. So, um, you know it's. Uh, you know, like I said, not everybody is is in it, for is is meant to be a landlord and there's, there's that actually should probably sell and they don't, you know.
Speaker 1:One thing I see I tend to see a lot, you know, and it's very common. It's a very common concept. You know, if someone's house is on the market, it's not moving. We're, you know, doing price adjustments or we're doing some things, and they have the ability. Sometimes people will say I'm just going to go ahead and rent it for a while until the market strengthens up a little bit more, or something like that, and that seems to be a default backup plan for a lot of people.
Speaker 1:So have you seen any increase in that? Yeah, I've seen that. Yeah, people that have tried to sell their houses and decided to rent instead yeah, it didn't sell.
Speaker 2:So now we're coming to you. You know we're going to let the realtor go. Yeah, I've seen that. Yeah, and then sometimes also happens is as soon as the realtor knows they're being let go of the whole, they find an offer.
Speaker 1:You're like, hey look, look guys, guys, it's just like one of those things when realtors it's just an unspoken law, when we go on vacation, all of a sudden everything goes into escrow.
Speaker 3:Every buyer, every client's like, hey, I'm ready to buy now. Can I see this house tomorrow? And you're like, yeah, hi, I'm in Hawaii, nice try.
Speaker 1:Yeah, and the same thing. As soon as they already set in, they sign that property management agreement, they're ready to put it on as a rental. It's like whoa, we got an offer.
Speaker 2:Yeah.
Speaker 1:And that's why I do appreciate working with you on some of these things, because we both understand, are pretty understanding in terms of things like that.
Speaker 2:I'm always concerned what's best for the client? Yeah, always, I can get plenty of business. I don't have to steep the low means to get business. And we have actually in our management agreement. I believe highly in customer service and that's the reason why our owners should stick with us as customer service, not because we're in a contract. So there's a guarantee in our contract that says that for any reason you're not happy, you can get out and you're not happy you can get out.
Speaker 1:Yeah yeah, I offer very similar to my listings and now buyer contracts too, is you know? I don't want to force anybody to work with me, that doesn't want to.
Speaker 3:We are not holding people hostage. We want to help you, we want to be there for you, and if you do not want or need us, then be free enjoy Absolutely that will make both of our lives miserable.
Speaker 2:Yeah, exactly, exactly. Well, it's a good way to do that, because there are people, no matter what we do, you can't make them happy, so it's best just to cut that relationship and let them go someplace else.
Speaker 3:I do that in my regular life.
Speaker 2:Yeah, you're gonna spend so much time trying to make someone happy. You can't make happy and now you can't make happy, and now you can't make happy the ones you can actually make happy. Yeah, so it makes sense to you know, just to part company and we wish them best and you know, if anything we can help you out in the future, let us know, uh.
Speaker 1:But uh, you know, wish you best for your property, so there's no hard feelings yeah, it's just business and I'm sure it works the same for you as it does for me. That just that mindset in general helps. It does People when they know that about you, that they're not obligated to use you, they're doing it because they want to. That's when they go and tell their friends about you.
Speaker 1:You have return business where you're going to force somebody to work with you if they decide they don't want to. That is a one-time transaction, a bad review, and they're never working with you or considering working with you or telling anybody to work with you ever again.
Speaker 3:But they'll be more than happy to tell people not to work with you.
Speaker 1:Yes, absolutely so I think the longevity of a business and having a good referral base and things like that. That's where it's all seeded from.
Speaker 2:Yeah, yeah, and I really would like to see the industry and the property management side go up a lot higher. We seem to have a real bad reputation. So it's been my, my mission to, to, to turn that around, to have some place to go where it's uh, they're going to be treated right not just the owners, but the tenants as well. You know, tents are the goons is laying the golden egg. We got to take care of them because the longer they stay means that you don't have tenant turnover. Tenant turnover is two to five thousand dollars and, uh, that stays in our pocket the longer that tenant stays, okay so we, we want to do that.
Speaker 2:Make sure the tenants happy and cooperate with us. They got a good property and then we also have the ability to to explain to the owners why we want to get these repairs. You know, let's get it done so the tenants are happy, they stay there longer because you don't want to skip on, say, a five hundred dollar repair and then they move six months later. Now it's going to cost you two five thousand dollars.
Speaker 3:Man, it doesn't work out yeah, and you got to do the repair anyways. Yeah, exactly, exactly, yeah.
Speaker 1:One thing I found is houses don't fix themselves yeah, you have to get the repair done for the next tenant, so you didn't save anything. Um, yeah, that, and are you seeing? Um, I know, for the longest time rental prices were just increasing year over year over year, but now that your inventory is coming up, you're not really having it's leveled out some so in 2001, 2002, that went up so we had like about a 400 a month increase overall and that has that.
Speaker 2:You're not doing that now. It's subtle, and there's more inventory. There's a lot out there that don't know what they're doing, so they underprice them. So we're more of a quagmire. It's more flat than it is anything else. So if we do any increases at all, they're $25, $50 increases and a lot of them that were not, because if you increase it they're going to move out. You've lost money.
Speaker 1:Yeah, and there was a time where the landlords were increasing rent prices but the tenants didn't really have any better options. But the tenants didn't really have any better options. It wasn't like oh no, I'll go find a cheaper place somewhere else, because there was no such thing as a cheaper price.
Speaker 3:And all of that ended up bringing on tons of conversations about having, like, rent caps in the Valley and stuff. Yeah, yeah.
Speaker 1:But they're still talking about that.
Speaker 3:They're still talking about that.
Speaker 1:Yeah, there's a lot of um controversy around that subject. It's definitely not good for investors um, definitely not good for um I I believe, the overall uh growth of the real estate market. Um, but people have uh, people have their reservations on it.
Speaker 2:So well, one of the criticisms I have is when landlords and property management companies send out a letter and they'll say you're our best tenant, we're so happy with you.
Speaker 3:Next line is we're raising your rent by 100 bucks we love you so much, we want you to stay for another year and it'll only cost you a hundred dollars.
Speaker 2:Just went out the door and now they're really upset because they don't remember how great they think you are. They're upset about the 100 or 200 month rent increase. So we don't do it that way. Actually put it. We uh do a house visit, look the house over, make sure not run a herd of cats out of the place. It looks good. Then we talk about lease renewal. We actually show rental cops what the market is and then let them know that, listen, we have to get some kind of increase because the owner has increases in taxes and insurance and pays for the repairs. So we need to try to get something. In most cases we can do that. Some cases we can't.
Speaker 3:I love that you're transparent about it, because getting hit with a letter saying that we're going to raise your rent is rude and it feels almost like an attack and you think, hey, I've been loyal and I've done everything, why am I getting this? But you're right, there are changes, circumstances, taxes go up. You do need to compensate for it and I think that it's nice that you do have that conversation and they're aware of it. Yeah, that's right. Sometimes information is just all you need to make a transaction smooth.
Speaker 1:Absolutely, and I love that you bring the tenants in the conversation and make them feel important to the whole decision, the whole transaction, because that is so many times tenants just think of landlords as, like you know, these people with endless deep pockets that can afford everything and is just sticking it to them with the you know, with prices and everything like that, but explaining that the cost of everything is going up and that usually is the reason for the increase well, they think that they're not going to repair anything, but they want more money, you know, yeah.
Speaker 1:So, yeah, it's, it's not a good relationship yeah, yeah, but keeping a well-maintained property, I mean, I even know on my investment properties taxes have gone up over the last couple years, year over year. When you have an investment property, you don't have that tax cap in place, so the percentage of your property taxes goes up a lot higher than it does on your primary residence About 2% more, yeah. And then there's also the maintenance repairs since COVID. The maintenance repairs since COVID, I mean, price of everything has doubled as far as labor, maintenance and AC units. Oh my gosh Hot water heaters.
Speaker 1:Hot water heaters, everything. I mean the cost of those. It was a pretty reasonable cost. When you obtain a property you take those into consideration as a cost that may be coming. And you have you know some people most people, I hope would keep a budget in mind of what it's going to cost to repair these certain items. But when that cost doubles it becomes unexpected.
Speaker 2:Well, here's what they do, is they? Now they go to the home warranty and the home warranty is going to take care of everything. But the fact of the matter is it doesn't. We had one recently where, um, the owner thinks he's going to get a free hot water heater for 75 bucks. Okay, and it doesn't happen. They want eighteen hundred dollars or well, actually in this case it was about thirteen hundred dollars and my guy, but they wanted a month to be able to put it in.
Speaker 2:Well, we have tenants. You can't do that. Okay, I, I have a. I have 72 hours to get it done, okay, for nevada law. So I, I can't wait around. So I had a plumber that could do for 1800 and we had to go that route. Now there's some ways to get around that. What you can do is take that invoice and send it back to them, because they're supposed to do that. It is insurance. They won't cover the whole thing, but you should get something out of it. Now, the way to do that is don't talk to the person that answers the phone. Okay, they have no ability to do any negotiation. You have to ask for a supervisor and then, if they don't cooperate, just say okay, I'll cancel out, and then you'll walk a lot of times. They'll, they'll do the back flip and oh, okay, all right. Well, okay, we can magically make it happen. Now, don't't put it that way, you know, come on.
Speaker 1:I had a home warranty claim recently on an AC that in my opinion should have completely been covered. It was ridiculous. Their resolution to it was ridiculous. I'll never use the company again. It was a $10,000 AC replacement and they paid me $1,300. That's so harsh. I was not happy and it was on an investment property. It had always been. It had been operating really well over the years. They've done their repairs on it over the years. 30-year-old AC it was on its last leg Could not be done. It was hot outside.
Speaker 3:We obviously had to get it replaced.
Speaker 1:It had a good life, it had its run, but I could not believe that that was the warranty company's resolution on that. I mean, I was expecting at least a meet in the middle, um, so uh. But you know, even even I, sometimes people are like I'm going to call my realtor because they're going to fix this problem. I couldn't fix my own problems.
Speaker 3:Yeah. So I kind of have a love-hate relationship with home warranties. I think I don't know, Maybe I should just keep my mouth shut, but I don't love them yeah.
Speaker 2:Well, you should see it on our end because we're doing with them a lot more. Oh, I bet. Yeah, so it's we now. We know. You know when a microwave goes out you can't fix it. We had one to try to fix it. Oh, they spend month after month after month trying to fix it and then meanwhile that was an older owner doesn't care. So I think they're saving money. But now you know if it's under own property. But if you got a vessel, probably got a tenant paying good rent for that place. They're not gonna sit around. They want that microwave working or whatever appliance.
Speaker 2:Absolutely they want that working. Yeah, so what again? What happens is, in this case, that he actually has sold a property. Uh, but other cases they'll actually move out. It happens over and over and over, so it costs you more money to save money, so it makes sense just to fix it yes, so yeah, and I do.
Speaker 1:I feel like over the last couple years, warranty companies, their service and what they um, they provide is, and what they cover as a solution has gone down a lot from what we've seen before yeah, yeah, a decade ago it was a different story yeah, yeah, so who?
Speaker 2:is what you remember too, is that you're not dealing with the uh, the best vendor that's out there. You're dealing with the lowest bidder. So a guy that says, okay, I'm going to get into the home maintenance business, now how do I get business? Oh, I'll go to home warranty, right? Well, home warranty is not going to pay them anything and they're not well experienced, so you're not getting the best vendor that's out there, you're getting the lowest bidder. So I've had I've had them worth a pot where it would have cost $250 for a plumber and it did $3,000 worth of damage.
Speaker 3:Oh, geez, yeah. Well, knock on wood. I haven't had them do damage, but I've had them come out multiple times at $75 each a service fee, and when they leave I'm in the same position I was before, Like okay, so now what? You just want me to replace it.
Speaker 1:Yeah, and in my last few experiences with them it was just like so frustrated with going around and around in circles that you just say screw it, I'm going to go buy whatever that is and replace it.
Speaker 3:Yeah, I'm a go-buy-and-replace girl.
Speaker 2:We find being very proactive will actually save, save owner money. So here's what I mean by that. We put an inspector in either once a year or twice. Here it's up to the owner cost them 100. It's not a home inspection, but it's actually a home inspector. So he's looking for plumbing, electrical, hvac and garage doors, okay, and they check all those things over for me. Tell me what kind of kind of problems that we have. So now we can get a vendor to take care of a few plumbing problems and maybe a few other little items all at once, okay.
Speaker 2:And what that does is say, for instance uh, an angle stop in your kitchen, okay, twenty dollar item. Okay, if that thing goes bad, they can do thousand dollars worth of damage if the water starts leaking towards the wall. You don't see it and that just happened to us and it went underneath under the flooring and by the time we got to it we knew about it. It was a 8 500 bill. Plus we had to pay tenants fifteen hundred dollars because they ripped out their kitchen for a month. Okay, till we get it all built back up.
Speaker 2:So it was a ten thousand dollar expense and we couldn't get the insurance to cover it because insurance looks at it has to be sudden, immediate, since it was leaking, even though we couldn't catch it, couldn't see it, the tents couldn't do that. Then they said it wasn't sudden, immediate and wouldn't cover it. And I tried everything to get them to cover it. They wouldn't do it. Okay, they're getting a lot more uh picky on those those claims as well. So owner had to do it. Now the owner was with us for a while and he had the inspections and then when we changed management uh agreements, he, uh he didn't mark it off, he didn't want it. And so hundred dollars versus ten thousand dollars, that was the difference yeah.
Speaker 2:So I said you got to go back to those inspections. That's how we can do our job more effectively and catch these little problems yeah, and I love that.
Speaker 3:I think that every rental, any renter, because you never really know if somebody's going to have eyes on your investment for you so I think that at the renewal of a lease that a home inspector should come in and just make sure that everything's good, and that's good not only for the landlord but for the tenant, because if there are things that are going wrong, they're protecting their deposit and they're living in a house that is more mechanically sound we do it a little bit different.
Speaker 2:we actually put them in probably about six months into the lease, okay, so they they're just there to inspect those items. There's a whole laundry list of things that they do for us that they inspect, but they're not really there to inspect like holes and things like that. They may bring it up to us, but that's not where they're there for what 90 days prior to lease, and we bring someone in to check for that. You know, if we find out that there's they're not taking care of it, we'll come and check it out sooner. But we find 90 days works just fine. So we're there to look at the condition, make sure we don't have a bunch of pets there and if they're all taking good care of the house, then we take the next step for a lease renewal.
Speaker 2:But the inspector, his main job is to catch that small problem before it becomes a big problem. Agreed, and that can be really, really expensive Hot water heaters. So if you've got eight years into it, it's probably time to start looking at replacing it. Now, many of us well, we'll just wait until it leaks, okay, but it leaks. It could leak back into the house and it causes you far more damage. You know you have the hot water heater plus maybe $2,000 in water remediation, or even more, depending on where we find it.
Speaker 1:Right, yeah, it $10,000 in water remediation, or even more, depending what we find it right now.
Speaker 2:Yeah, it's definitely better to stay ahead of it and replace it ahead of time active and get them replaced. You know, in the eight, nine year range. You know the the plumber can advise what it needs to, but they're gonna tell you with the hot water, hardwater, that we have out here that they don't last very long.
Speaker 1:Yeah, yeah, that's true, that is true. They do not last that long. About six to eight years really is their lifespan. Well, mark, you're such a plethora of information, so thank you. If people are interested in contacting you to get their home managed for property management, how do they reach you?
Speaker 2:They got all my cell phones with me all the time, so it's 702-278-4781. Email is rentallister at gmailcom. That's with two L's.
Speaker 1:Rentallister.
Speaker 2:That's right.
Speaker 1:All right, yes, and thank you so much for being on the show Tiana.
Speaker 2:Thank you for having me.
Speaker 1:Thank you and Tiana. If someone's looking to purchase a house, has questions on buying on anything like that, all of that good stuff.
Speaker 3:Want to talk real estate? Just give me a call, shoot me a text 702-379-9948. Okay, great, and Trish, if they want to get a hold of you, how do they get a hold of you?
Speaker 1:702-308-2878. If you guys are watching our show, please like, share, subscribe. Follow us at RealtyCheck Vegas. That's our link tree. You can connect with us everywhere or anywhere you want to.
Speaker 3:Yep send listener questions for our next episode.
Speaker 1:Yep, right from that site. So go check it out and we will see you guys next week. All right, have a good week, Vegas Bye.
Speaker 3:Bye, bye.
