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www.TheMayolRealtyGroup.com

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Sunday, January 26, 2014

Surprising Las Vegas Rental Home Advantage: Allow Pets

Many Las Vegas landlords are automatically less than enthusiastic when they hear a prospective tenant’s question, “Do you allow pets?” Small wonder. The specter of damage from unsupervised four-footed co-inhabitants is a real possibility (despite the assurances of their doting masters).

Yet that kind of automatic landlord reaction might turn out to actually result in a questionable business decision. Some undeniably real benefits can accrue to those who open their Las Vegas rental home to tenants who own pets.

Don’t believe it? Here are just some of the reasons why renting a home to a strong applicant with a well-cared-for, healthy pet can benefit both parties:

1. Widens the Number of Potential Candidates Allowing pets into a rental home materially increases the eligible applicant pool, giving a Las Vegas rental home owner more latitude to select the best applicant. How many more become eligible? I checked this, and came up with jaw-dropping numbers. 47% of households own at least one dog (not to mention the 95,000,000 million that owned cats). The numbers prove what we know already: a huge number of Americans are ga-ga over their pets.

2. Respectful Tenants A Firepaw.org survey comparing pet owners with non-animal-owning tenants showed that, on average, damage done to rental properties is about equal between the two groups. The takeaway from that is the biggest surprise: just because pets are living in your rental home in Las Vegas doesn’t mean that the property will suffer. It seems that grateful pet-loving renters just try harder to keep the property in good condition. They do the worrying for you.

3. Higher Rent Renters with pets can be willing to pay some additional rent for the privilege of keeping their furry loved ones with them. Pet-owning renters are not likely to shy away from Las Vegas rental home listings that specifically allow pets — even when a “pet rent” or other fee is part of the bargain.

If you are considering buying an income property next year, I provide resources for my clients every step of the way. I hope you’ll feel free to contact me anytime with your Las Vegas real estate questions.

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

www.TheMayolRealtyGroup.com

www.YourVegasHomesValue.com

Saturday, January 25, 2014

Buying a Home in Las Vegas If the Inspection Goes South

You’re nearing your goal of buying a home in Las Vegas! You have zeroed in on a property, submitted your offer, and heeded your agent’s advice and ordered a home inspection.

Soooo…what if the inspector finds major issues nobody expected? While most home inspections only uncover small problems that can be fixed easily, some do turn up serious issues. In 2013, 16% of Realtors^® reported sales that went off track due to the inspector’s findings. What’s your best course of action if that happens?

Buying a home after major problems have been identified should only proceed after you know how much time and money it will take to solve them. Whether you are dealing with foundation, roofing, electrical, HVAC or plumbing issues, call a few Las Vegas companies that specialize in dealing with structural home repairs, and gather some free quotes. Depending on what you hear, you can then decide to move to modifying your offer or you can walk away and look for another home.

Your agent will be able to assist you in modifying the original offer to the seller. If the issues are truly major and expensive, you may need to negotiate back and forth with the seller to see what they are willing to do. Be prepared to make some concessions, and don’t get frustrated with the process. It may take some time to come to an agreement that satisfies both parties.

As everywhere, buying a home in Las Vegas is peculiarly both a heavy-duty financial decision as well as one fraught with emotion. People can find themselves tempted to ignore thorny issues simply because they have fallen in love with the home. But since you could end up spending tens of thousands of dollars on repairs, it’s vital to isolate your emotions from the decision.

If the bids you’ve received are astronomical, it could be time to find a better house. But you needn’t despair. This is all part of the process of buying a Las Vegas home—and a big part of why I’m here to help my clients. If you’re buying a home this winter, I’ll look for your call!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

www.TheMayolRealtyGroup.com

www.YourVegasHomesValue.com

Thursday, January 16, 2014

Buying a Home in Las Vegas is No Do-It-Yourself Project!

Buying a home in Las Vegas is hardly a do-it-yourself kind of project. Having confidence that all the i’s are dotted and the t’s crossed requires the input of professionals whose daily dealings keeps them in touch with the current legal and financial arenas.

Call them the “Fundamental Four” — the four groups of professionals you will want to have on your team when buying a home in Las Vegas this winter.

First and foremost, you need to be sure the money factor is handled in an advantageous way. By far the most popular route is via a mortgage: a home loan. Your specialist here is the professional mortgage broker. He or she will advise you on the types of mortgages available this winter; will work with you to determine the amount you qualify for, the different payment plans you can choose, and guide you through the maze of paperwork.

A real estate agent does more than just sparing you the trouble of going through the listings to find a suitable home. Yes, your agent will help you identify Las Vegas homes for sale that suit your budget and preferences, but will also be a vital part of the negotiating process and the disclosure and associated paperwork. Your agent is actually the professional who ties together the work of all your other consultants.

The inspector is your expert when it comes to verifying the quality of the property itself. He will inspect and prepare a comprehensive report on every critical physical aspect. Buying a home can’t be a guessing game when it comes to the state of the structure itself: your inspector will help you determine if it fits the price tag.

The title/escrow company facilitates the actual transaction itself, which can be a bit more complicated than you might think. They will prepare all the legal documents after inspecting the title of the property, and, via contract, oversee the timing as the home is transferred from the seller to you.

Thinking of buying a home in Las Vegas this winter? Start with the information that’s just a phone call away. Contact me today!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Sunday, January 12, 2014

Positive Language Makes a Las Vegas Real Estate Listing Pop

Sometimes what you don’t say in your Las Vegas real estate listing can be as important as what you do. Your marketing will necessarily include all sorts of numerical info your agent enters for Las Vegas' MLS – but the main text itself is every bit as crucial. That paragraph has to be more than a summary of structure and land because it’s actually your most important ad. Your agent must accurately describe the home while simultaneously reaching out to appeal to the corps of potential buyers.

Certainly, the most glaring shortcomings will always sour a real estate listing (bad photos, misspellings, etc.). But there are more subtle points that can slip by.

Phrasing should avoid negative-sounding words. “Dark” can perfectly describe a comfortable décor approach, but on paper, the word is a downer. “Old” is another one of those, while it's first cousins “quaint” and “historic” are positive substitutes. “Needs work” will dynamite the perceived value of any home (who want to pay to have to do “work”?) — while “perfect canvas for your design touches” leaves a more positive impression.

The right language gives buyers a chance to form their own opinions once they’ve seen the property. Negatives stand a good chance of preventing that from happening in the first place.

Your Las Vegas real estate listing is your first chance to sell, so don’t neglect to mention less-obvious features: any unseen attributes that numbers alone don’t convey. The number of bedrooms, square footage, etc., can’t help a listing’s reader know that there is a finished basement. An extra-big garage or astonishingly beautiful window views need to be pointed out (but only if the adjectives are on-target).

In any case, be sure your home is prepared to show and sell before your Las Vegas real estate listing appears. Buyers can see how long a home has been on the market, and the more days and weeks that tick by, the less appealing a property can seem. But the fact is, a well-marketed property is most likely to become a quickly sold property.

As your home closes in on its marketing debut, contact me to schedule a no-obligation consultation. I’m here to make sure that listing pops!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Tuesday, December 10, 2013

New Home Search Goals Change with Circumstances

As you begin any search for a new home in Las Vegas, it’s worthwhile to take a step back — to take a momentary time-out to consider widening the range of possibilities.

For many families, the kind of home they are looking for is a foregone conclusion. Either they want a customized house in a new development, or a new home that they will build themselves, or they may be pointed toward an existing house in an established neighborhood.

It’s a worthwhile exercise to look at the assumptions behind those fundamental housing preferences. After all, this is a very basic choice that will greatly affect every family member’s quality of life for a very long time. As you would expect, most of the time such evaluations result in confirming the original direction: people who prefer a sparkling new home will wind up checking out the new developments; those who gravitate toward stately, tree-lined streets will point toward existing homes in established neighborhoods.

No surprise there. But there is value in understanding the root causes why one direction has more appeal than another. Understanding those reasons can tell you what qualities are really most important in your new home. It can clarify what you should be looking for in your search.

If you have become a true do-it-yourselfer who takes satisfaction in presenting a distinctly individualistic personality to the world, a model home in a sparkling new development might now hold less appeal than it did previously. But if your new promotion has made for a more high-energy, career-centered lifestyle, time factors alone might make the advantages of a turnkey new home in a development decisive.

What turns out to be as important as anything else is whether your current living situation has changed enough that a new kind of home choice might be worth considering. Especially when you are about to embark on as important a project as finding a new home in Las Vegas, take a moment to be sure that more than momentum lies behind your basic direction. Then I’ll be ready, willing and able to help you find a Las Vegas new home that fills the bill!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Thursday, December 5, 2013

Las Vegas Home Sellers Bolster Results by Attention to Minor Details

Although the housing market continues to improve, it’s not quite time for the next wave of Las Vegas home sellers to reserve the moving vans. Especially for home sellers who are on the verge of listing their property, it is time to pay attention to the smaller details that would seem inconsequential, but which can nonetheless determine a prospective buyer’s level of enthusiasm (hence, the size of their offer!).

One of the humblest details that can go unattended is grout. Honestly. A flawlessly tiled shower or kitchen splashboard can go unnoticed if the grout looks as if has gone bad. The do-it-yourself fixes are relatively easy to handle, so before that first open house is imminent, here is the way DIY experts tell us we can eliminate the issue entirely:

Use a hammer and chisel to chip away at the questionable grout. When doing this, aim the tool directly into the grout so you do not damage the tiles. This is the part where you must take your time: rushing now could mean to re-tile.

Have a vacuum handy. Once grout has been removed, use it to thoroughly clear away the debris. You’ll need a clean area before re-grouting begins.

Always wear gloves during the re-grouting. You should also use a grout float (available at any of our Las Vegas hardware stores) to make sure the grout is spread and removed easily. Spread the grout into any gaps where they appear, and press it down firmly into the corners using your fingers.

Finish using a grout sealant, and be sure to give it time to cure. The momentary inconvenience will more than pay off when you see the final result.

As The Wall Street Journal points out, “Deals can fall through at the last minute for a variety of reasons.” While crumbling grout is unlikely to actually cause a deal to fall apart at the last minute, home sellers find that details like sparkling, well cared-for tiling can help land that deal in the first place! Las Vegas home sellers — it’s time to call me if you’re ready to list this holiday season!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Friday, November 22, 2013

Tight Lending Standards Create More Seller Financing

November's Mortgage Credit Availability Index shows a slight relaxation in lending standards — but as most Las Vegas home buyers and sellers will agree, getting a mortgage is still difficult. With mortgage availability benchmarked at 100, although it’s currently at 111 ½, compared with the 800 it stood at in 2007, today’s is still a tough environment.

That’s why Las Vegas seller financing is being considered by more homeowners. When a home is owned outright, seller financing can draw a higher selling price (with future interest payments as a bonus). But before making such an offer, Las Vegas homeowners need to consider all of the ramifications: there is more involved than just the assumption of added risk.

Of course, ordering and examining a buyer’s credit report is the starting point. If the story it tells needs too many explanations, it’s time to walk away. Foreclosing on a seller-financed home can be more difficult than through a traditional foreclosure —particularly if the financing documents are substandard.

At first blush, seller financing might seem to simplify the whole transaction, but in fact some details usually handled by a bank must be hammered out:

• Who will pay for the appraisal; who for the inspection?
• Who is going to be responsible for property taxes and upkeep?
• Will the deed be transferred to the buyer right away, or only after the home is paid off?

Those issues point out why a “handshake deal” can’t be recommended for a Las Vegas seller financing arrangement. Just consider the last two points: if the deed hasn’t been transferred and taxes are in arrears, whose credit is harmed?

A good attorney will draft an agreement that nails down responsibilities and penalties for a buyer default as well as a detailed payment structure. A well-drafted seller financing agreement protects both parties by preventing misunderstandings and providing an unambiguous inducement for good behavior.

Given the right buyer, clear communicating and a framework cemented by the proper paperwork, Las Vegas seller financing can provide the missing element that makes a sale possible. If you will be listing your own Las Vegas home this fall, when you give me a call, we can discuss many of the different paths to success.

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Wednesday, November 20, 2013

Inspection Can Prevent Drug-Growing Nightmare

This could be any new Las Vegas homeowner’s worst nightmare: shortly after closing on their new house, a family in Canada discovers over $100,000 in hidden damages — the kind of damages that have to be fixed before the house can be deemed safe for occupancy. The cause? HGTV’s Mike Holmes made the discovery after doing a proper inspection on the property: the dream home they’d just bought had previously been used as an indoor marijuana-growing operation!

Believe it or not, it’s an increasingly familiar scenario. Last year alone, our own U.S. DEA busted more than 2500 “grow-ops.”

The damage such operations wreak on homes can be staggering. Increased humidity leads to warped wood, crumbling walls, and health-endangering black mold outbreaks. Holes are punched in walls and floors to run ducting. Electrical panels are circumvented to disguise high energy use, resulting in illicit wiring schemes that create true fire hazards.

Drug operations may be a rising current problem, but the issue is an older one: when housing modifications are hastily covered up, the next unsuspecting owner pays the price.

So, as a buyer in Las Vegas, how do you avoid purchasing a home with the grow-op kinds of damages?

A thorough inspection is a must — but there are also some telltale signs you can be aware of yourself. You’ll want to be aware of mold, especially in corners of walls and ceilings. Look for patterns of screw-holes in the walls (where reflective sheeting would have been put up) or on the ceiling (where grow-lights would be hung). Ventilation is a huge issue for growers, so look for patched-up holes in walls and ceilings, modifications to fireplaces, and unusual numbers of roof vents.

Outside the house, your own inspection should include signs of electrical meter tampering or clumsy outside wiring. And look for evidence of hasty masonry patches (especially in the garage).

Fortunately, any of our reputable Las Vegas inspection companies should be able to spot more obscure signs. If you will be buying this fall or winter, I’ll be able to recommend some of the best. The first step, however, is to start your search!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Saturday, August 10, 2013

‘Seller Sabotage’ Can Affect a Las Vegas Home for Sale

If you’ve listed your Las Vegas home for sale this summer, no matter what your future plans may be, they won’t get under way until Job One is accomplished: turning your front yard ‘Home For Sale’ sign into one that reads ‘Sold!’ That’s why the last thing you need is to inadvertently hinder the sale yourself. There are a few traps that sellers can easily avoid, so if you plan to list your home for sale in Las Vegas this summer, it’s important to be aware of two of the most common ones:

Hanging Around

Real estate is at least partially an emotional affair. When the seller is right there hovering during a showing, his house remains just that – his. You want your potential buyers to linger — spend time imagining themselves in the place — rather than feeling like they are intruding on someone else’s turf. So relax; let your agent point to the special features you think should be highlighted. You’ll be free to take an hour or two for errands in town.

Limiting Showings

It only takes that one prospect to fall in love with your home and make a successful sale. But if that one party isn’t able to see your property, everyone misses out. The key is for your place to be available during the time when they are free to be out searching Las Vegas’ homes for sale — and that may be Tuesday morning or Saturday afternoon. The more serious you are about selling, the less stringent your requirements for advance notice should be.

Of course, your agent will always agree to a reasonable set of hours. For instance, any time Monday through Friday from 9am to 3pm with an hour’s notice; weekends between 10am - 5pm with two hours’ notice. The fact is, truly determined sellers very rarely require 24 or 48 hours’ notice. Those can be effective deal-squelchers!

Selling homes in Las Vegas — working with you to attract top dollar for your property — is what I’m good at. Call anytime to discuss how we can work together to get that ‘Sold!’ sign planted in your front yard!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Sunday, August 4, 2013

One-Liners To Make Selling Your Home Happen

If you’re thinking of selling your home in Las Vegas this summer, you’re likely to have already considered different approaches to making it stand out from other properties. Will you repaint in the entryway? Stage the living spaces? Should you upgrade the appliances — or leave them as is to keep the asking price as low as possible?

Those are all pivotal decisions, and I would be delighted to offer advice on how each is likely to affect the sales effort. But there is also a less prominent element you may not have considered: the impact the text of your advertising will have on your marketing and – potentially – the overall results. The regimented way listings are presented tend to impart them with a similarity that may not be warranted. Overcoming that effect can make your message draw attention…and prospects.

According to real estate conversion content specialist Karen Hutton, next to the main photograph, the headline is everything. Hutton’s territory is Queensland, Australia, which goes to show how universal marketing truths are. Says Hutton of the headline tactic, “It must arouse curiosity, use meaningful specifics…and be intriguing.”

Some of my favorites noted on her marketing website?

Keep Your Cool: Coffee Just Around The Corner

I’m not sure what this means — it’s why I’d have to read the ad!

Designer Retreat In The Heart Of Town

A perfect marriage of two sales points in just seven words

Go Slow: A Home For Relaxing and Entertaining

A lifestyle pitch that sounds entirely credible

An Urban Getaway To Complement Nature

Instant appeal to city-dwellers who wish they could live in the country

Good Bones: Ready For Your Inner Designer

Clever way to avoid the negative sound of ‘fixer-upper’

If you’re thinking of selling your home in Las Vegas this summer, I’ve got many more sources of inspiration for creating standout marketing designed to get your home S-O-L-D. Contact me today to schedule a strategy-building session. There’s no obligation, and the ideas we discuss can make all the difference to how you approach the many options that are immediately available in today’s market!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

Friday, August 2, 2013

Buying a House in Today’s Exciting Las Vegas Market

Buying a house for the first time! It means you’ll be joining the club: the home ownership club that Americans have traditionally recognized as emblematic of the fullest community membership. It’s an exciting endeavor — one that ushers in a whole new realm of pride, maturity…and of a truly major commitment.

It’s the show of responsibility that’s the reason home ownership bestows automatic respect from the community. It is, after all, unmistakable evidence of long-term stability, as well as commitment to deal with the future with all it holds — known and unknown. That commitment is something all homeowners share.

Today, buying a house in Las Vegas means entering a changing market. Still-historically low interest rates continue, but now they have started to rise. Broader lending prospects are improving along with that rise (which is the good news). But especially for first-time buyers, it should also mean that it is doubly important to think of the long term, and to let caution and prudence lead to a buying decision that will prove to be the right choice for the future.

What that means when buying a house in Las Vegas, especially when taking advantage of an attractive adjustable interest rate (ARM) loan, is to plan for the likelihood that monthly repayments will eventually increase. Before taking advantage of a great deal, consider whether you will be able to manage monthly repayments if they jump by 1, 2 — even 3%. Although it’s only natural to expect that your family income will grow as time passes and professional experience broadens, cautious buyers keep their budget in line with actual current finances. And they make hard-headed estimates of the upkeep expenses that accompany home ownership.

If the past seven years have taught anything about buying a house, it’s the advantage of tempering optimism with realism. I’m here to help my clients make educated real estate decisions for the short term and long term. If you’ve been preparing to make that exciting first buy, I hope you will give me a call to meet and discuss your goals and the current market – I’d love to hear from you!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990