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Property Management Training, Real Estate Investing, Economic Drivers and Las Vegas

las vegas property managers - So to switch some misconception a little, in this property management training story I needed to step back and take a look at some of the factors that may affect the cash flow and the possible appreciation, or heaven forbid deprecation, of one's real estate investment.

Before I discuss that, though, allow me to share a story about one of my favorite questionable rental housing markets.

Vegas, Nevada.

Property Management Lessons in Vegas

I'm picking on Vegas because lately I am hearing a lot of otherwise intelligent people suggest that now is a good time to speculate there. Maybe yes, maybe no.

Here's my story.

luxury property management las vegas - In years past, before the house rental market really shot to popularity I had the opportunity to travel to Las Vegas once on a monthly basis or so, for the better a part of a year.

What eventually struck talk about the place was how absolutely artificial it had been, and what a huge - and i also mean huge - impact the casino industry had on the city.

Bigger Than Some Small Towns

Most if the casinos have infrastructures larger than some small towns. And the number of people they employ is big.

There are schools devoted strictly on training people how to work in various jobs within the casinos.

And I don't mean casino or hospitality management. After all blackjack dealers, waiters, car hops, jobs like that.

luxury property management las vegas - There are actually schools devoted strictly to this. One morning to be able to an appointment I drove by one, and the parking lot was jam packed.

Now you may be reading this and thinking to yourself, "No kidding Jeffrey, Vegas is about gambling."

And you also would be right. Except I'd say, it's ALL about gambling.

How Economic Drivers Influence Real Estate Investing and Property Management

Which suggests if you're investing in a apartment in Las Vegas your are investing in the casino industry, and just how well the casino industry is doing will have a 100% effect on the success of your investment and property management efforts.

The casino industry in Vegas is the thing that we'd call the economical driver.

If they're driving the economy forward, if they are employing people, paying a good wage, and managing to make sure they're happy, your how you can rent my house efforts is going to be positively impacted since there will be plenty of people who can afford to rent your home.

On the other hand, if the casino isn't doing well, then you'd better ensure you're applying all the methods from the property management training you've received if you'd like your rental property to become success.

For sure Vegas is an extreme example, but it illustrates my point well.

I'm always surprised that 9 out of 10 of the real estate investors I see focus only in price and spend little if almost no time thinking about the economic drivers for that area they're purchasing.

It's Not All About Price

Naturally, if you've invested in some basic property management training you're in the top 10% and understand economic drivers as well as the big picture.

Here are some of the top items I consider when considering economic drivers, real estate investments, and managing property:

Is the market ever likely to come back?

This is true of certain neighborhoods inside a city as well as certain cities as well as parts of the country. If your companies are dependent on politics, its probably already booming. Alternatively, if you're hoping the auto industry in Detroit will come back, that I'm not so sure about.

How stable would be the rents?

Consider whether more rental homes will come onto the market at prices less than what you paid. In that case, your competition will have more flexibility in adjusting rental rates that you will.

Will the need for your rental property soften?

Today there's a lot of activity in the apartment and multi-family market.

Sound judgment property management training should cover the advantages and disadvantages of different property types.

If you are investing in multi-family property, spend some time thinking about how your rents and tenant quality could be affected if increasingly more single family homes seriously the market at rents close to what your apartment rents are.