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Our team of local professionals at Mynd Property Management are different than other Reno property managers. Servicing the greater Carson City, Cold Springs, Sun Valley and Fernley areas, we leverage real-time data to consistently better our services, providing owners with seamless management experience.Customers working with Mynd can rely on us as their trusted partner, providing them with a healthy investment, and their residents with a happy home. Residential real estate joins technology and tourism as Reno’s greatest investments. It’s time to make your real estate investment work.
If we place a resident and they fail to pay rent at any time during their lease, we reimburse you up to $5,000 in lost rent while we resolve the situation.
If a resident we place moves out and leaves behind property damage in excess of their security deposit, we will cover the difference, up to $5,000.
If a Mynd-placed resident fails to pay rent and an eviction is required, Mynd will cover the court costs and legal fees up to $5,000.
Your rental property is one of your most valuable assets. You expect concrete, tangible results, and Mynd delivers. We focus on measurable results that you can see.
Quicker than average leasing times.
Less than 4 business hours for owners, less than 8 business hours for residents.
Higher than average resident quality score (720+)
No need to worry about rental payments, less than 2% delinquency.
Consistently high customer satisfaction scores (Better than 4/5)
Net Promoter Score of 58 versus industry average of 7
We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.
Seily has more than 6 years of property management experience and even spent an early of her career coordinating service requests and building maintenance with a smaller Real Estate firm. Seily is passionate about the industry and not only does she love helping her investors improve their investments but, she equally loves matching great residents with great rental properties.
Reno has a flourishing tourist industry and an expanding industrial zone with a growing number of large data centers. That’s a lot of potential tenants! Mynd’s property managers will make sure you get the best tenants by performing thorough background checks and face to face interviews.We’ll also perform routine maintenance to keep your tenants happy and your property safe. And between tenants, we’ll take care of the repainting and deep cleaning. And don’t worry about collecting rent; we’ll handle that, as well as the security deposit. We’ll also keep track of local regulations so that you never incur any fines.
Reno has a history of wildfires. As climate change increases in severity so too does the likelihood of significant loss of life and property due to fire. Explore our resources below to learn how Mynd’s Reno property managers will make sure your rental property is exposed to minimal risk.
As the third largest city in Nevada (the largest outside of the Las Vegas Valley), Reno has been nicknamed the Biggest Little City in the World. Reno is located in Northern Nevada and is one of the top 10 sunniest cities in the nation, with the Reno Tahoe area experiencing 300 sunny days per year on average. Its population of about 250,000 residents live in an area that is around 106 square miles. It’s a commuter city, with about 95% of the population commuting by car.
Major corporations like Google, Amazon, and Tesla have opened (or are in the process of constructing) large facilities in the area, contributing to the 6% job growth the Reno metropolitan area has experienced over the past year (09/2018 to 09/2019). Nevada’s labor market as a whole is on the rise, growing 3.2% during the same period.
The Washoe County School District, the second largest school district in the state, serves about 64,000 students enrolled in over 95 schools in Reno and its surrounding areas. Reno offers an abundance of big-city entertainment in a small-town environment, as well as numerous outdoor activities nearby, including Lake Tahoe less than an hour away. One of Reno’s most popular events is The Great Reno Balloon Race, where about 100 hot air balloons fill the sky for four days each September. For winter enthusiasts, the Reno Tahoe area has the highest concentration of ski resorts in North America.
The Northwest region includes some of the most diverse neighborhoods in Reno. The University of Nevada, Reno serves 22,000 students, and is known for being a top research university, especially in its College of Engineering.
The North Valleys to the east of Peavine Mountain contain many smaller communities, including Lemmon Valley, Golden Valley, Panther Valley, and more. Many of the homes with larger lots house horses on the properties. Other popular neighborhoods for families include the rural community of Mogul, which was rated the No. 1 place to raise a family in the Reno area by Niche.
Spanish Springs is a rural community in Northeast Reno, with above average schools and a median home value of just over $300,000. Homes in Northeast Reno are about 10% more expensive than the Reno average.
Downtown Reno is home to about 20 casinos, which together bring in over $570 million in gaming revenue each year. Besides offering 24/7 access to entertainment and gambling, the downtown area is affordable for renters; a two-bedroom is $1,200 on average.
Old Southwest Reno was considered a hot spot in Reno’s early years and still contains many well-preserved historic homes, which are priced slightly higher than Reno’s average. Midtown is a diverse neighborhood offering a great mix of retail, restaurants, and culture. Many older homes are now used as businesses in the area, but there are still affordable options for single-family homes. Idlewild Park is a major go-to for Southwest Reno residents, offering something for everyone: a public pool, skate park, sports fields, and expansive grass areas.
South Meadows and Double Diamond neighborhoods feature larger stucco-style homes, which On the way to Mount Rose, in Montreux, find the only Jack Nicklaus–designed signature golf course in Nevada, which is a stop on the PGA tour as a host for the Barracuda Championship.
If you’re looking for a quieter neighborhood than the vibrant downtown area, Donner Springs is a residential area right on the edge of downtown with close access to major freeways. Meadowood and Smithridge also attract families interested in a more suburban environment, offering various amenities such as good schools, parks, and nearby restaurants and retail shops.
For more Reno investing and property management information refer to our Knowledge Center!
Visit our Reno, NV Property Management page for local landlord tips and information as well. Our team has vast knowledge and experience in local Reno, NV property management and can help you to have a better investment experience. We educate on topics in the Reno area ranging from renovations, repairs and maintenance, residents and leasing and much more. We look forward to furthering your rental property education!
If you’re a new investor and you want to get involved in the Reno rental market, we have a few specific tips, a lot of advice, and a list of items for your to-do list.
Our first recommendation is that you spend some time here. Identify where you want your investments and why you think Reno properties might fit your investment goals. If you’re in another city, come out here and spend some time in the neighborhoods. There’s nothing more devastating than an owner who picks a city that doesn’t match what they want to do.
Reno is great town to look at when you’re investing. We are 45 minutes from Lake Tahoe, and the entire state is experiencing a huge amount of growth. There are an increasing number of trades and businesses, and a lot of diversity in real estate and rental properties. Homes coming up for sale on the market right now are good purchases for investors.
Define the geographical area you want to invest in and the parameters you have in place for the type of property you want to buy. Reno has a lot of sub-neighborhoods, and you could find yourself exploring communities like Somersett, Midtown, Arrow creek, and surrounding areas.
Talk to the people who live here. Find out what their favorite part of town is and why. When you’re choosing a property to buy, you want to identify a location that’s great for residents and likely to attract some great applicants. Spend some time in the neighborhood at night and in the day. Sleep there if you can, and really get to know the house you’ve purchased.
Every investor needs to know the all-in number that will ensure you break even. Your investment has to make sense, so you need to crunch your numbers and look for the right opportunity and price point before you invest.
With Reno a thriving market, sales prices are high. And, we have seen increases in value year over year. So, you need to identify what you can afford and stick to your budget. Don’t make exceptions just because you found a house that you really like. This is a business decision, not a personal decision or an emotional choice. Choose the investment that makes monetary sense. You know what kind of rent and appreciation you need to earn the return you want. There’s nothing worse than getting into a deal and being excited about it, and then after the closing you realize it might not work for you.
Get your math done.
Start with an end goal and then work backwards on your strategy for reaching that goal. You have to be certain that Reno matches your strategy and your goal. When investors get into a new market, there are a few things that the more successful property owners do.
Find partners. A lot of new investors are afraid to work with other investors, even though it can really help them. Find a mentor or someone who already owns property in the Reno market. Learn everything you can. Get in touch with experts. Other real estate investors can help you communicate with the right people. They’re a wealth of information and knowledge, and there’s no reason for a new investor to feel competitive or afraid. You might make double or triple what you’re currently making just by working better with other people.
Identify the level of involvement you want with your investment. At Mynd, we work with a lot of overseas and out-of-state investors who hand over their properties and trust that it will be successful with our Reno property management experience. Other investors who are local to the area keep hammers in their trucks and they show up at their rental homes to take care of renovations themselves. So, decide how involved you want to be – it will determine where and what you buy. You might want a renovation neighborhood or a turnkey neighborhood.
You need a real estate agent or a property manager or a sophisticated software system to help you manage the rental home. Local boots on the ground are important. Find a Realtor to write an offer for you. Work with a brokerage that aligns with what you want to accomplish. Don’t forget the Reno property management expertise that you need. In Nevada, property managers have to be licensed real estate agents. Make sure your property manager understands the local, state, and federal laws. You don’t want to get bad advice or incorrect advice.
If you’re thinking about buying investment properties in the Reno rental market, or you need advice about the Reno real estate market, contact us at Mynd Management. We love to answer questions from new investors and experienced investors. Talking about real estate investing is one of our passions, and we’d be happy to help you. Our team will run some comps for you so you know what kind of rent you can ask on a property you’re thinking about buying. Just send us the MLS listing, and we can help you plan. We’re full of resources and expertise, and we love to share what we know.
You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.
Selecting a resident can be one of the scariest parts of being an investor sometimes. Screening and leasing our rental properties is not something we do all the time. If you’re a self-managing landlord who is looking for a resident to occupy your vacant property, you might not be up to date on all the current laws and requirements. You may keep your residents for a long time, so you only go through the screening process every few years.
Filling your Reno rental property is certainly stressful. It’s a process that’s hard to control while you’re making money. When you buy an investment property or renovate a rental home, you’re controlling the whole process. But, when you’re picking someone from the general public to live in your asset, it can be difficult to do.
There are a lot of things you should consider when you’re choosing a resident, and in this blog, we’re focusing on the top three things to look at. As a home owner, you can do a number of these things yourself, or even hire a Reno, NV property management company to assist you.
Financial stability is absolutely the most important thing to look for when you’re screening applications. You need to be sure the resident moving into your home has the means to afford your property. Make sure the resident has been employed by a stable company or has a traded that’s stable and in demand. You can use employment references to talk to employers and make sure the company won’t be shutting down or moving in a year.
Private landlords who manage their own rental homes don’t always take the time to investigate a potential resident’s finances. This is a mistake. Financial stability is important and can be a huge indicator of whether you’re going to have your rent paid on time every month. You don’t want to place a resident who you assumed was financially stable because they were able to come up with the security deposit and the first month’s rent, and then find that resident is coming up short three or four months later. Spend some time looking at credit and debt and income when looking for residents in Reno, NV.
References are important. Just like when you call for employment references, you want to call for landlord references as well. On each application, we ask for prior rental references and maybe personal references as well. Almost every rental application asks for them, and it will only take you five minutes to make the phone call and ask for some information.
When you’re talking to a landlord about a current or former resident, consider asking that person for a second tier reference as well. Perhaps a neighbor or a vendor can speak to whether a particular resident was easy or difficult to work with. You really want to spend some time exploring who a prospective resident is.
Identify the person’s short term and long term goals before you begin the screening process. You want to know how long they plan to stay. If they’re here for work, they might want to rent for only a few months while they work on a project. That’s not going to be a good fit for you if you’re seeking a long term tenant. Maybe a resident is looking to buy a home in a few years and wants to save some money and rent while they get to know the Reno area.
Knowing short term and long term plans will help you fill your vacancy with the right resident. Some investors prefer the stability of a long term tenant. Others like having the higher rents that come with short term tenants. Look for what you want and identify the types of residents who fit with your investment goals.
Make sure you’re screening each application consistently and fairly. You need written policies, procedures, and standards that explain your screening process and qualifying criteria. Otherwise, you can get into some fair housing trouble. Property management companies can help you to avoid breaking these rules.
Here’s an example. Perhaps you have a rental property that you expect will rent quickly, so you set very high screening standards and deny a tenant who applies because his income doesn’t match your requirements. After three weeks, you have not found a resident, and you’re starting to panic as your vacancy grows more expensive. So, when another applicant wants to rent your property and their income is too low, you approve them for your property anyway because you’re desperate to get the place rented.
Not only is it a bad idea to lower your standards; it’s also illegal from the perspective of the first applicant who had the same qualifications and was denied.You don’t want to loosen your standards or become desperate. When you’re selecting a resident, make sure you have your qualifications in writing, and follow them consistently.
Putting the right or wrong resident into your property is the difference between a successful investment experience and a horrible one.
Standards protect you against litigation and they hold you accountable. If you have strict and reasonable criteria that you follow, it won’t be hard to find a well-qualified resident.We want you to be smart about managing your Reno rental property. Please contact us at Mynd Property Management. We’re always happy to talk about real estate and answer any questions. Even if we’re not managing your home, this is something we’re passionate about, and we love talking to other investors.
You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures.
