Strategies for Boosting Resident

Henderson, Nevada, resident Kevin D. Romney started as the chief investment officer for the Las Vegas private real estate and asset management firm Camino Verde Group in 2019. Kevin Romney manages portfolios of multifamily properties in Las Vegas and oversees the work of property management firms.

One of the essential functions of a property management firm is resident relations. In addition to ensuring that the physical aspects of a property are maintained, property management companies are tasked with fostering positive relationships with tenants. A strong relationship can help residential complexes attract and retain desirable tenants. Property management firms can improve relations by responding quickly to maintenance claims.

Having a sufficient number of staff members and hiring an onsite manager can reduce wait times for repairs. Agencies can create a sense of community by organizing building-wide events or setting up a referral program that rewards residents for recommending new tenants. Agencies also should encourage residents to share their positive experiences online. 

Congaree National Park Visit

 

Kevin Romney of the Las Vegas, Nevada area, has a goal to visit all the National Parks in the lower forty-eight.  Just this week he visited Congaree National Park in South Carolina.  Kayaking was a favorite activity.  With flood levels up seven feet, navigating Cedar Creek was, perhaps, more difficult than normal.  Many water snakes spotted in the tree branches.  Hiking the boardwalk was a highlight, although, the loop could not be completed with water levels so high, the boardwalk was flooded.  Wildlife spotted included white tail deer, owls, squirrels and water snakes.  Kevin Romney still has three more parks to go to meet is goal.  Also, enjoyed a visit to Charleston.  Hesitant to return home to Henderson, Nevada.    

Tips for Managing Multifamily Properties

Kevin Romney is the CIO of Camino Verde Group, a real estate development company in Las Vegas. The Henderson, Nevada resident oversees the development and acquisition of multifamily properties for the group. Kevin Romney is also involved in the management of these properties, many of which are in the Las Vegas area.

An important step in investing in multifamily properties is hiring the right property management company. A property manager is a person or firm hired to oversee a property’s daily operations when the owner is unable or unwilling to manage the building themselves. They help supervise properties, attract and screen new tenants, collect rent, and handle necessary repair and maintenance. Here are considerations for choosing the right property management company.

When interacting with representatives of the property management company, please take note of their demeanor and language. They will likely treat tenants similarly. Check the company's experience. Look at some of the properties they manage and see if they have done a good job. Learn how the firm handles maintenance, repairs, and rent collection.

Make sure the company is a registered entity and has the necessary licenses and documentation. Also, learn how they market properties and screen potential tenants. The reporting structure of the management company is essential. They should be able to provide you with tenancy and financial reports regularly and on time.

Scrutinize their compensation structure and charges. Property management companies are remunerated in two ways: a standard fee or a percentage of the rent. Also, look at the various service fees like cleaning and maintenance. Ensure their compensation structure will not negatively affect the profitability of your investments.

Some Financial Benefits of Joining REIA

Nevada resident Kevin D. Romney serves as chief investment officer of the Camino Verde Group based in Henderson, Nevada. His responsibilities at the firm include finding, underwriting, and acquiring multifamily real estate assets. Kevin Romney is also a member of the Las Vegas chapter of the Real Estate Investors Association (REIA), a nonprofit organization that advocates for local investor associations, apartment associations, landlord associations, and property owner associations.

Many in the real estate industry enjoy several financial benefits by joining their local chapter of REIA. One benefit afforded to organization members is the ability to pool their money to invest in property that they might not be able to purchase as individuals. This could also lead to better deals that they might not receive on their own.

There are also tax advantages to joining REIA. Members get assistance with managing taxes and learn about rental property tax advantages, including ones associated with length of time someone has invested in a property. In addition, some chapters provide discounts to hardware stores or offer deals through local sponsors.