While many investors choose to manage their properties, themselves, this can be incredibly challenging, especially if you work another job or own too many properties. As such, hiring a property manager is the right choice for many investors in every market.Our guest today is Celeste Robertson. Celeste is Portfolio Manager with Mynd in Las Vegas, Nevada, and she is here to give us her perspective on why hiring a property manager is a great choice for so many investors, especially in the Las Vegas market.
Steve Rozenberg: Hey, everyone. This is Steve Rozenberg with Mynd Property Management and I am here today with Celeste Robertson, who is the Portfolio Manager for the Las Vegas division of Mynd Property Management. Celeste, thanks for joining me today.
Celeste Robertson: Thank you.
Steve Rozenberg: What I want to talk about today is, let's talk about the basic needs of property management in Las Vegas. So, from your perspective, let's just, kind of, boil it down. Do people even really need a property manager if you're owning properties in Las Vegas? And, just from your perspective, why or why not, would you say, is it vital to have a property manager on your team?
Property Managers Know the Law
Celeste Robertson: I think it's vital due to the stringent laws and statutes that we have here in Las Vegas. You want to make sure you follow those correctly, keeping yourself and your residents and the owners in the safest aspect as possible with the property.
Steve Rozenberg: Let me ask you this. Are a lot of out-of-state, out-of-town owners in Vegas or are they more local in nature? What is the general makeup of most investors?
Celeste Robertson: We're pretty much about even. We do have out-of-state. We have out-of-country. We have a very wide range. Especially with out-of-state and out-of-country, it is super important to have someone managing. It's always important because, with us being licensed, we're aware of what needs to be done, can be done and can't be done.
Steve Rozenberg: Well and, as you know as well as I do, the laws change all the time. You don't know when the laws change until you find out that you broke the law. And, for me, having that property manager is just something that needs to be on your team to help elevate you so that you can go do whatever it is you want to do in life and not have to worry about the trials and tribulations that go on with sometimes owning a property.And, I know for a fact that, sometimes, property management actually can make you money by saving you on costly expenses that maybe you don't know are coming down the road, like a leaky pipe could turn into mold, if you don’t attend to it.
Celeste Robertson: Absolutely.
Steve Rozenberg: And look, we know in California they just recently passed the rent control law, which make things more complicated, which more tenant rights which, not saying it's a good or bad thing, but it's definitely something that makes the law change. And, unless you're a professional and you know that, you're not going to be able to know what has changed. Would you agree?
Celeste Robertson: I agree, 100%, yeah. I mean, even here in Nevada. We recently had a law change in July of this year for the late fees and the amounts that you can and cannot charge.
Steve Rozenberg: Yeah, that's a perfect example that if I'm living in Texas, let's say, and the laws changed, I would not know that there were new laws in Nevada with my rental property. And I think the key that a lot of people need to take away from this video is the fact that, when you buy a property, it's not a singular sport. It's a team sport. And part of the team, a very vital part of the team, is the property management company to help you deal with the day-to-day operation.You may be able to do it for three months, six months, a year, but if you want to hold this for 20, 30 years, it's going to get harder and harder if you want to grow and scale your company owning properties over the long term.
Saving Money with a Dedicated Team of Professionals
Celeste Robertson: Right. And then, as well as us having contracted vendors that we work with, where you're keeping everything within licensed and insured vendors that are working on a property, versus a personal friend of yours that came and did it. And now we would, like you say, we may have a mold issue or a habitability issue with a heater or AC.
Steve Rozenberg: Yeah, absolutely. And, one of the things I always think about when it comes to managing properties and scale is, you're getting that volume. So, for example, if I have one property and that property becomes vacant for lease, it is going to take me a long time to make the phone start ringing to get that property leased where you may have five or ten properties in that subdivision.And it's already generating inquiries and calls where you could just put that new property in the mix, and you've got relationships with realtors and, like you say, contractors and vendors. So, I think, to me, it's just part of being on the team. And I think it's one of those things that, if you think you're saving money, you’re paying for it somewhere, right? I mean, would you agree? I mean, you're paying with time. You're paying with stress. You're going to pay for it. It may not be out of your pocket. Sometimes it may be out of your pocket if you do something wrong. But, you’re going to pay, right? I mean, you've been doing this a long time. I've been this a long time. I've seen many people that may not pay financially, but will pay other ways.
Celeste Robertson: Right. In the long run, it's going to save you, in all aspects, to have a portfolio manager with the team that we have with us and the knowledge that we have, as well.
Steve Rozenberg: I agree. I agree. So, Celeste, if somebody wants to, kind of, find out more about Las Vegas and how to, maybe, talk to you guys about property management here at Mynd, how would they get ahold of you?
Celeste Robertson: The best way to get a hold of us at 833-MYND. So, they will be able to get there and have somebody that's knowledgeable to be asking and answering any questions that they have.
Steve Rozenberg: Great. And if you want to check out our website, you can go to mynd.co—dot C-O, not .com—and you can go there to the website. You can find out all the information.We also have a Facebook group. The MasterMynd Real Estate Investment Club on Facebook that we like people to join. It's got investors on there just like you and me trying to be better.And we also have the Myndful Investor podcast show on iTunes and Spotify. So you can look it up. We have industry-leading people on that show.And so, Celeste, thank you so much for being on the show today and we'll talk to everyone later. Bye-bye.
Celeste Robertson: Thank you.For many investors, hiring is the easiest decision they make. For others, it is a last resort. While hiring a property manager means choosing to be somewhat hands-off, as a property owner, it also means having a team of professionals to act as a buffer between the investor and the many challenges owning a rental property can present.