Category Archives: Property Management Industry Trends

The Nevada Real Estate Commission at Work

  By Judy | July 21, 2011 - 3:42 pm | Managing the Management Office, Property Management Industry Trends
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For the first time in several years, I attended a meeting of the Nevada Real Estate Commission this past Tuesday in Carson City. What an education! (Speaking of education, did you know that real estate licensees can get CE credit for attending Commission meetings?) For the Twitter users among you, the hashtag I used for the hearing was #NVRECOM.

 

Early on the Commission’s agenda were several matters including licensee discipline.

 

Let’s look at one interesting case…

 

It seems an overwhelming majority of the complaints submitted to the Nevada Real Estate Division concern property management activity; specifically, trust fund handling. Sadly, this case mirrors many others. This is the story of a broker and property manager in the Reno area, doing both sales and property management. After struggling for quite some time with owner complaints regarding her failure to remit funds in a timely manner, this property manager decided to throw herself on the mercy of the Real Estate Division. Sound crazy to you? As it turns out, it was the right thing for her to do. Read on…  (more…)

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Asset Management in Nevada – A New Chapter of Law

  By Judy | June 20, 2011 - 1:11 pm | 2011 Nevada Legislature, Managing the Management Office, Property Management Industry Trends
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In an effort to address the horror stories of grandpa’s ashes being seized and taken to the dump, and homeowners being thrown out of their homes without so much as a judge’s blessing, our lawmakers have created a new chapter of law in Nevada governing “Asset Management.”

 

This new law was created with the passage and approval of Senate Bill 314 of the 2011 Nevada Legislature, a bill sponsored by Senator Lee, and heavily lobbied for by the Nevada Real Estate Division. Essentially, SB 314 attempts to address the unlicensed practice of property management, as it pertains to work done on behalf of mortgage holders. The law targets activities of those who attempt to seize property, preserve assets, clean up property, or perform other duties related to an impending foreclosure, trustee’s sale, and/or real property liquidation.

 

For my fellow Nevada Property Managers, in plain English, if you manage residential or commercial property for a mortgage holder, and that property is in some stage of the foreclosure process, this law applies to you!  (more…)

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Agency: Property Management vs. Real Estate Sales

  By Judy | March 12, 2011 - 10:27 am | Managing the Management Office, Property Management Industry Trends
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A very interesting conversation is taking place on “REEAline,” a discussion group of The Real Estate Educators Association.  It’s about the concept of “Agency,” and whether Agency is really what the consumer wants or needs from the real estate professional today.

 

The argument is made that the buying and selling consumer doesn’t really need “representation” in the purchase of real estate; that Agency is

“an artifact… invented either to a) extend regulatory control over businesses and [sic] create a cartel-class market system in which interference becomes desired by practitioners…”

 

Given the fact that anyone today can research a piece of property, take a virtual tour, get statistics on a neighborhood, determine market value for a given property, and advocate for his/her own interests in a transaction, what does the real estate professional have to offer that the consumer really wants?  (more…)

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An Open Letter to the First-Time Buyer’s Agent

  By Judy | February 9, 2011 - 6:58 am | Property Management Industry Trends
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Your buyer is our renter...

This post was inspired by the wisdom of a fellow Nevada property manager who, like many of us, is seeing an increase in the rate of real estate sales activity for the first-time home buyer. News articles, blog posts, and company press releases all tout how “easy” it is to buy right now, and how it’s actually possible, for the first time in years, to pay less on a mortgage than it costs to rent a comparable property.

As property managers, we’re all for that!

We property managers are part of the greater real estate community. Like you, we are real estate licensees, and we’re big proponents of The American Dream. We understand that today’s first-time home buyer is tomorrow’s investment property owner. Your first-time buyers are our future landlord clients!

Yet, today, these first-time buyers happen to be our tenants.  (more…)

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Metamorphosis of the Property Management Industry

  By Judy | January 27, 2011 - 4:38 pm | Property Management Industry Trends
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Metamorphosis of the Property Management Industry

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Even in a down economy, some industries boom. It’s simply a fact of economics. Property Management is one such industry.

If you’re a Facebook or Twitter friend of mine, you probably know I just finished teaching a 3-day property management prelicensing class in Nevada. The class is something I’ve been doing on a regular basis for many years. Not only is it great fun to help people further their careers, teaching these classes allows me the opportunity to observe industry trends from a unique perspective.

This week’s class was unlike any I’ve ever taught before. Not only was it the largest class I’ve had in several years, it was a class filled with experienced business people – people who bring the gifts of maturity and perspective to the table. Yet, with all their experience, most of the students are in the middle of a career adjustment. The face of today’s property manager has changed from what it was just a few years ago. (more…)

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