Las Vegas Real Estate Blog

Shall-Ching's Blog

Diary of a Las Vegas Professional Realtor - Day 24

Small projects that pay off big. When buyers are searching for their perfect home the foyer lends the perfect first impression. But if the flooring isn't pleasant, they are definitely going to question whether there's something else wrong with the home.

Cost $200 for tiles (four feet by four feet); $65 for tools.

What you'd pay a pro: $1,000

Skill Level is 2 out of 4

Time: 1 day

Do this if your neighbors all have the entries and you don't. And definitely if you have carpeting or linoleum. Even the cheapest ceramic tile is more appealing to buyers than the pricest linoleum.

Payoff - a buyer's first impression will be a good one. Tile makes a house look luxurious.

Diary of a Las Vegas Professional Realtor - Day 23

I found the best deal with new home construction in Las Vegas with Richmond American Homes. There are several reasons why this is the best deal for now.

*Builder offer 5% towards closing cost. This will lower your monthly payment.

*Builder pays for home inspection, home warranty, HOA doc fees thus no out-of-pocket expenses except for appraisal fee of $450. Saving you a total of $900.

*Builder offers $7,500 towards upgrades. This can be applies to adding a bedroom for certain models, adding granite, stainless steel appliances, oak railing. You can pick and choose upgrades for the home.

Diary of a Las Vegas Professional Realtor - Day 22

Think about buying investment homes in Las Vegas? Let me give you 3 price points for comparison. My analysis is as follows:

$150,000 price point offers 7% return on your investment (rental income $1150)
$125,000 price point offers 11% return on your investment (rental income $1100)
$100,000 price point offers 10% return on your investment (rental income $950)

Based on my calculations home priced at $100,000 to $125,000 are the best investments. For $100,000 one can purchase a 3 bedroom townhome with the 10% return on your money. With 20% downpayment, closing fees, home inspection, warranty, appraisal fees total money required is close to $27,000. Your annual rental profit is $2,770.

Diary of a Real Estate Professional - Day 21

REID LEADS PASSAGE OF BILL TO EXTEND UNEMPLOYMENT BENEFITS, HOMEBUYER TAX CREDIT

Bill also provides tax relief for businesses that are struggling

Washington, D.C. - Led by Nevada Senator Harry Reid, the U.S. Senate today passed a bill that will extend unemployment benefits, the Homebuyer Tax
Credit, and tax relief for struggling businesses.

"These additional 14 weeks of benefits will allow Nevadans looking for work to pay the bills, support their families, and put food on the table," Reid said. "I'm also pleased that we successfully extended the homebuyer tax credit to continue this important incentive that is helping to stabilize the housing market. This amendment is a win across the board for Nevada and the country and I'm grateful that Senator Baucus and I were able to include it in the bill."

Summary of Reid-Baucus Amendment

Extended Unemployment Benefits

*    Provides unemployed workers in all states who have exhausted benefits with an additional 14 weeks of benefits.
*    Authorizes an additional 6 weeks of benefits for workers in high unemployment states (those with unemployment rates of 8.5% or higher).
*    These benefits are fully offset by extending the Federal Unemployment Tax (FUTA) surtax, which otherwise would expire at the end of this year, through June 30, 2010.

Homebuyer Credit

*    Extends the $8,000 credit through June 30, 2010 (must have binding contract by April 30, 2010).
*    Expands the credit (capped at $6,500) beyond first-time homebuyers to those who have owned a home for five consecutive years within the previous eight years.
*    Increases the dollar limits for eligibility for both credits from $75,000 for singles and $150,000 for married couples to $125,000 for singles and $225,000 for married couples.
*    Limits the credits to homes costing $800,000 or less.
*    Waives repayment of the credit for Members of the Armed Forces and others on sent away from home on extended duty.
*    Extends the credit for an additional year for Members of the Armed Forces and others away from home on extended duty.
*    The proposal adds an age requirement, requires corroborating information to be filed with a return claiming the credit, and gives the IRS greater authority to deny the credit based on information reported by the taxpayer on prior returns.

Net Operating Losses

*    Allows business losses incurred in 2008 or 2009 to be used to recoup taxes paid in prior five years.
*    Taxpayers can use 100% of such losses to carry back to prior years.
*    Losses carried back to the fifth prior year are limited to offsetting only 50% of that year's income.

Offsets

*    Delays implementation of worldwide allocation of interest by seven years.
*    Increases the penalties for failure to file partnership and S Corporation returns from $89 to $195.

My team and I have sold over $2,618,000 in sales volume thus far this year. Who do you know that we can help? To adopt a cat or a kitten view all pictures today! Click Here

Diary of a Las Vegas Professional Realtor - Day 20

Came across a new case from lender when granting underwritten approval. Buyer has already claimed $8000 tax credit without buying a house. CPA claimed tax credit with a dummy address. Now that the buyer IS seriously interested in buying a home we are running into an issue, delaying closing. Lenders are now pulling taxes during the underwritten loan approval process. Fraud, changed made to taxes are all important to know before buyers buy a home. This is the first time I came across this situation. Letting everyone in Las Vegas know, buyers, sellers, Realtors.

Diary of a Real Estate Professional - Day 19

Diary of a Las Vegas Professional Realtor - Day 18

I found the best deal with new homes in Las Vegas with Richmond American Homes. There are several reasons why this is the best deal for now.

*Builder offer 5% towards closing cost. This will lower your monthly payment.

*Builder pays for home inspection, home warranty, HOA doc fees thus no out-of-pocket expenses except for appraisal fee of $450. Buyer saves a total of $900.

*Builder offers $7,500 towards upgrades. This can be applies to adding a bedroom for certain models, adding granite, stainless steel appliances, oak railing. Buyers can pick and choose upgrades for the home.

Here is a comparison of purchasing a bank owned home vs. a new home.

*Monthly payment for a $150,000 bank owned vs. a $165,000 new home is a difference of $15 a month

*Paying $5,600 in closing cost for bank owned vs. $0 for new home

*Paying $900 more buying a bank owned vs a new home

*20% downpayment is $3,000 more for a new home than a bank owned because of price points

*Both homes will rent for an average of $1,200 monthly in Las Vegas

Diary of a Las Vegas Professional Realtor - Day 17

In 2007 I quit a management position at a large financial services company. My goal is to be an entrepreneur, do what I want to do when I want to do them. After working 10 years in the corporate environment I did not enjoy the freedom to apply skills and learn new skills. I want to help people in my own way. Instead I turned to real estate and became a full time dedicated agent. Real estate experienced extreme price drop in 2007, 2008 and started to stabilize in 2009.

With many people unsure of the housing market, bank foreclosing on homes, I struggled in for two years in a new profession. Positive thinking with long term vision helped me through all the obstacles I faced. There were many sleepless nights thinking how I will pay for my mortgage payments, will I loose my house, where my next paycheck is coming from. The thought of having a life of my choice, the freedom to build the business I choose, and with the support of my family and friends I made it to 2009. This year has been phenomenal. Everything I took on made sense now. The hard work, the persistence, the endurance all paid off. This year thus far I sold 19 houses in the Las Vegas housing market hit hardest in the country. Home prices dropped 50% to 60% yet I am doing better than just surviving. I am rocking! My project annual income will be equal if not surpass my income in 2006 when I made almost 6 figures. The sky is the limit in real estate. I am looking forward to the years to come. This is the beauty of going after your dreams.

Diary of a Las Vegas Realtor Professional - Day 16

Home Maintenance Guidelines Fall Maintenance Reminders:

As Fall approaches you can take a few key steps to ensure your home serves you well through the coming months. Please take to check these items in and around your home and attend to any that need maintenance.

Check the fit of exterior doors; thresholds are adjustable. Check caulking, inside (sink, tub & shower) and out, and touch up. Review safe fireplace operation. Check garage overhead door, tighten bolts as needed, and lubricate springs with motor oil. Have other repairs done by professionals. Winterize PBV valve in case of below freezing weather. Remove and clean the screens in all faucets. Clean gutters, check downspouts; confirm that splash blocks drain away from house. Check foundation, concrete and yard for settling; fill in as needed for positive drainage. On pleasant days, open windows to allow house to breathe. Decorate safely for the holidays. Do not overload circuits or use worn extension cords.

Other Maintenance Reminders:

Every month run water in unused bathroom sinks so the P-traps do not dry out. Every six months check under all sinks for possible leaks. Pay special attention to hand sprayers; they can potentially loosen as a result of use. They should be hand tightened. Reminder, assure Atrium brand windows are always completely closed before attempting to lock. Always maintain interior temperatures at 75/winter and 85 summer/ whether the home is occupied or not, this will help to avoid excessive drywall cracking.

Diary of a Las Vegas Professional Realtor - Day 15

Tomorrow October 24th is the Magnet School Fair taking place in Henderson, NV. Magnet schools are run by lottery, available to middle schools. Students from across the district may apply to a magnet school/magnet program regardless of the region in which they reside. The purposes of magnet schools/magnet programs are to improve student achievement, promote diversity, and create an awareness of career opportunities relative to the fields of study in which students may be interested. Magnet school fair will take place at the following location. Students applying for the program must fill out an online application via the website http://magnet.ccsd.net.

Galleria Mall
10:00 a.m.- 5:00 p.m

1300 West Sunset Road Henderson NV 89014

For more information on Magnet schools please visit the following website http://schools.ccsd.net/jomackey/magnet.htm Here is a list of Magnet Schools. Most of these schools are located in the North or east of Summerlin.

Diary of a Las Vegas Realtor Professional - Day 14

Diary of a Las Vegas Realtor Professional - Day 13

First time home buyer deadline is fast approaching. Clients without an approved contract right now are not looking at a close date on or before 11/30/09. Cash buyers and conventional buyers are hopeful. Give yourselves 2 more weeks then you need to worry. Or maybe not. My clients who are first time home buyer with FHA or VA loan are not considering meeting the 11/30 deadline for tax credit. Why? All of our offers are outbid by cash buyers. Call it unfair however this is the reality of the Las Vegas market. Banks are taking cash offers over FHA financing or VA financing. Why banks need money and they want moneyfast. My buyers are now looking at new homes and short sales. One buyer is interested in putting an offer on new contruction in the Southwest paying $165,000 for a 1,550sqf home. Not a bad deal. We will close on the home in February 2010. A bit of a wait but we have a house for my first time home buyer. Another buyer is making an offer on a short sale property that will take another 30 days for approval. She will miss the 11/30 deadline however she too will have a house soon! First time home buyer is a great incentive to urge people to buy. It should not be the ONLY reason. Til next time everyone!

Diary of a Las Vegas Realtor Professional - Day 12

Mastermind $100k club is on Tuesdays. Today our group brainstormed on the Las Vegas real estate market. How it is now a seller's market with multiple offers on each property listed for sale. There is less than 5 months of inventory for desirable neighborhoods. Therefore sellers are dictating sales price. Now banks who represent 90% of home sales are not paying for repair costs, home warranty, sometimes closing cost because sellers now have options. If buyer A doesn't want to buy the house there is buyer B, C, D, E, sometimes pass buyer Z. Can you believe it? I can! Home prices in Las Vegas has dropped more than 50% more in other local areas, it's time to buy. Mortgage payments coupled with low interest rate is beating out rental payments. Why not build your home equity now instead of paying for someone else's mortgage.

Diary of a Las Vegas Realtor Professional - Day 12

After taking a week off from my real estate business for training in CA I came home refreshed. Instead of an annual goal of earning $150,000 to $200,000 why not make it big? It's the samey effort why not $100,000 a month? Many Realtors have done it and are doing it now. Why not me? Breaking it down from $100,000 a month in commissions to 33 sales a month at an average sales commission of $3,000, average sales price $125,000. Or that is 15 sales a month at an average sales commission of $7,000, average sales price $250,000. What a new concept! I am getting pretty excited about a new plan, making $100,000 a month.

Diary of a Las Vegas Professional Realtor - Day 11

Did you notice that Realtors are the least respected profession? Well if it hasn't been noticed before I was reminded of it today. I have a client who is panicking because we wrote 9 offers not one has been accepted. Welcome to the Las Vegas market of the new, the impatient, the disobeying :) Well this client has seen several houses today with my colleague then became extremely unhappy and temper tandrum like. She, a female, you figure, is irate because she wants to see more houses. She demanded that my colleague show her houses and asked my colleague to call me and demand that I continue the appointment in the afternoon. Realtors only work with one client that's the latest news I haven't heard. Well needless to say I stuck to my ground and met all of my afternoon appointments without making schedule changes like a good Realtor should. Guess what I am firing her. There are so many people out there who is appreciative, patient, considerate as clients. I don't want to be dragged down by negativity. She can find herself another Realtor who will succumb to her every wish. I run a business, not a child care center :)

Diary of a Las Vegas Realtor Professional - Day 10

Tuesdays is my $100,000 club mastermind group with Las Vegas Realtors. 6 people discussing how we are getting our offers accepted in a multiple offer market here in Las Vegas. Below are several suggestions to stand out amongst many other offers received by seller's agent representing the bank.

Include a cover sheet giving more information about the buyer
Include buyer's credit score and employment history to solidify qualification to buy
Include NRS 113 Waiver already signed notorized
Write in offer that contract is not subject to appraisal if it's a cash offer
Include a summary sheet highlighting financial terms of the contract
Include a summary sheet called 'reasons to accept my offer'
Personally deliver offer to seller agent's office

Diary of a Las Vegas Realtor Professional - Day 9

*There is always someone in a weaker market making less money than us. There is someone in a stronger market making more than us. Stay in the business and make your business market proof!

*Realtors in Michigan opened escrow for $700, $600 homes. The average sales price in Michigan is $2,000. Yet the market center there is profitable. Average home price in Las Vegas $125,000. Are we as Agents profitable in our businesses?

*Are we reaching out and changing what people think about real estate? Opportunity is never lost it's just passed onto someone else.

*Massive success comes from those who are uncomfortable in doing what we do. Massive success comes from massive action.

*Our goal is simple - be a better Realtor today than yesterday.

*Do we always make our listing/buying appointments? Why we do think it's alright to break our lead gen appointments with ourselves?

*90 days of consistent lead generation and focus on 3 areas of business.

*300 Mets in our database and earn $1,000,000 GCI. Goal is to net 120 names each year!

*33 Touch program to Mets Database (see a sample below)

2 mailers per month is 24 touches a year
3 phone calls a year
3 hand written notes
3 birthday, anniversary, children's birthday cards

Diary of a Las Vegas Realtor Professional - Day 8

Today is Tuesday thus my weekly $100,000 club meeting was today. Did you know you can buy membership to www.HouseSeats.com and receive Las Vegas show tickets all year round? Yes everyone this webite is phenomonal. Sign up and tell me what you think. We Realtors can offer show tickets to our favorite clients as a thank you gift for their business. Isn't that awesome? Clients you are lucky if you receive show tickets from your Realtor. You better treat them well and send them referrals!!

Make $100,000 by selling 35 houses this year with averge sales price of $125,000. It is achievable with hard work and good businesses practices. Work 60 hours a week, 5 or 6 days each week. You don't need an Assistant yet. I will need one next year starting in January. Hiring the right talent I am expecting to triple my income next year in 2010.

Did you know you can earn $1,000,000 a year by having 300 people you know in your Database? You must however send consistent mailing each month for 12 months a year. Mailing involves postcards, newsletter, magnets, a phone call, birthday cards, maintenance tips, free drawing, movie tickets, etc. Do you have mailing thoughts and ideas? Email me back!

Diary of a Las Vegas Professional Realtor - Day 7

Fall Maintenance Reminders:

Clean and test smoke alarms. Test and reset ground fault circuit interrupters (GFCI) breakers. Change and clean the air filters every 30 to 90 days. Caulk and paint minor drywall cracks. Operate the heating system. Adjust registers and confirm that cold air returns are clear of furniture or draperies. Adjust or replace weather stripping on exterior doors; as needed. Check the fit of exterior doors; thresholds are adjustable. Check caulking, inside (sink, tub & shower) and out, and touch up. Review safe fireplace operation. Check garage overhead door, tighten bolts as needed, and lubricate springs with motor oil. Have other repairs done by professionals. Winterize PBV valve in case of below freezing weather. Remove and clean the screens in all faucets. Clean gutters, check downspouts; confirm that splash blocks drain away from house. Check foundation, concrete and yard for settling; fill in as needed for positive drainage. On pleasant days, open windows to allow house to breathe. Decorate safely for the holidays. Do not overload circuits or use worn extension cords.

Other Maintenance Reminders:

Diary of a Las Vegas Realtor Professional - Day 6

Diary of a Las Vegas Realtor Professional - Day 5

Today is Friday but to many Realtors in Las Vegas valley it's just another day. I have a huge appreciation of the Real Estate profession and anyone who is successful in the business. It is not what most people think an easy job to earn a commission check. After spending 30 to 40 hours with a client which is a month worth of someone's time in a different profession we receive a commission check averaging $3,000. This is before paying out taxes, social security, expenses, training, medical insurance, dental, vision, etc. After I spent 10 years in Corporate America working for large companys such as Citibank, AT&T, Deutsche Bank, Prudential Financial, I realized Real Estate Professionals work more hours each week than the hours I put in every week. 50 hours is the average work week of a Corporate Professional. 60-70 hours is the average work week of a Real Estate Professional with more expenses to pay out before earning a commission. I love what I do in Las Vegas Real Estate market. I enjoy working with clients who respect our profession and not waste our time. We are not like used car salesprson. We are not available to show houses anytime 24/7. We are not uneducated...many of us have a Masters Degree.

Diary of a Las Vegas Realtor Professional - Day 4

Showed 10 homes today in Las Vegas with intention to write offers for 2 clients. My record has been in this multiple offer market (seller's market) it takes 8 offers submitted to have 1 accepted. Verbal acceptance does not count. One of my clients submitted an offer with a verbal acceptance from Listing Agent. Waited for written contract signed by seller before scheduling inspection. This is a must or otherwise my buyer will be out of pocket $300 for the home inspection they didn't need. Listing Agent accepted a cash offer instead of our conventional loan. Three days later, cash buyer canceled and walked way. My buyer now has an acceptance on the home in Las Vegas. In this market patience is a key attribute to be successful. Many homes selling in Las Vegas will fall out of escrow and be back on the market. Buyers ae buying one house thus keeping trying. Hard work and persistence will trump experience and talent!

Advice of the day: Keep a list of MLS numbers of all homes where we submit offers. Check on these homes every 3 or 4 days. Any properties in contingent status may be back to active status for us to resubmit offers. Be proactive and not trust the other agent will call us back even if they say they will.

Diary of a Las Vegas Realtor Professional - Day 3

Do you have symptoms of an $100,000 plus agent? Symptoms of an $100,000 plus agent often go undiagnosed because many of its symptoms seem harmless. Recent studies indicate that the early detection of symptoms and treatment can increase agent's net income.

You have the symptoms if below points apply. Otherwise immediate treatment is necessary :) Step #1 to treatment is attend the weekly $100K Club Mastermind on Tuesdays at 11.30am (Club 605).

*Always ask for business versus waiting for business to come

*Experience discomfort versus being comfortable in real estate

*Solution oriented versus complaints oriented

*Go the extra mile to commit to goals set

*Time block and be proactive versus reactive

*Think in abundance versus shortage of homes or how difficult for offers to be accepted

Our meeting this Tuesday will cover 'ways to have an effective mastermind group', 'ways to add more people to database', 'keep more of what we earn'.

Advice to offer: Carry our daily schedule with us at all time. If it's not written down on paper, the task will not be done.

Diary of a Las Vegas Realtor Professional - Day 2

It's been a long time since I moved to day 2 of the Diary of a Las Vegas Realtor. Inspired by movie Julia and Julia who takes one receipe from Julia Child's recipe book each day to cook and blog about it. Here I am talking about my experience as a Realtor and the challenges as well as joy I go through. Dropped my supra key the day before now with broken key, cannot function in my career. Supra key unlocks electronic lockbox hung on homes for sale. Without it I am handicapped. My advice is if you drop your supra key make sure the ground is not cement, wood or tile flooring okay. Else plan to take time off from work. I have an appointment this morning which had to be cancelled. Consider it a blessing in disguise. Spent time in the office instead to catch up on paperwork. Advice to offer when listing a vacant property. Once home is in escrow remove lockbox to avoid vandalism of appliances.

Diary of a Las Vegas Realtor - Day 1

As a self employed individual taking time off is extremely important for myself and for my business. I took 10 days off to visit family and friends in my hometown, NJ. As long as I have coverage for my busines in Las Vegas I can still have fun and enjoy time off. Off course it's always staying in touch with the people in my business to make sure it's running smoothly while I'm gone. I have 2 new referrals from my current client on day 2 of my vacation. It's great to be busy with work and have a balance in my life.

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