Inside this issue
  New laws impact landlord/tenant rights, eviction process  
SB151 went into effect July 1
By NVR General Counsel Tiffany Banks
Many of our Nevada REALTORS® members are already aware of the significant changes to landlord/tenant law as of July 1, 2019. The way landlords and property managers in Nevada deal with evicting a tenant will be changed in a big way.

SB151 also has an impact on investors and how they do business in Nevada, or if they even want to continue to do so. We will touch on some of these changes, what we know and what we don't know. We will also keep you updated in the coming weeks as we learn more. Now that these laws are in effect, the question is, how will courts interpret these laws? Click here to read all the details. You can also click here and watch the latest Legal Minute video on the subject.


  Forbes: Improving Tenant Relations  

Landlord-tenant relationships can be challenging. Some landlords don't appreciate their tenants' positions, and a lack of knowledge or compassion can lead to a problematic or tense situation. But it doesn't have to be difficult for landlords to develop and maintain good relationships with their tenants.

There are a few crucial strategies that, if implemented, can lead to a better relationship for both the tenant and the landlord, resulting in more trust, a stable living situation and better long-term revenue. In the attached article, 11 members of Forbes Real Estate Council detail what landlords need to remember if they want to build good relationships with their tenants. Click here to read the full article.



  REALTOR Magazine: Combat Tenant Turnover Costs With Property Upgrades  

Although property managers incur expenses when turning over rentals, technology can help save money.

All property managers deal with tenant turnover, though most would rather avoid the bother altogether. Even though turnover is a reality of property management, it's incredibly costly.

Lori Hammond, author of Property Management Minutes, broke it down like this: In a 225-unit apartment property, there might be an average of 7.5 moves per month, which is an overall turnover rate of about 40%. If each unit's rent is $650, and it costs $1,800 to turn over a unit in cleaning, advertising, and processing costs, then the property requires $162,000 each year just to flip units.

It behooves property managers, then, to find ways to bring down the cost of turning over units. Smart technology, energy-efficient appliances, and enhanced security measures can create efficiencies in your process. Click here for a few tips to minimize turnover costs at your property.



  Notice of annual meeting  
  Nevada REALTORS® will hold its annual membership meeting on Friday, December 13, 2019, starting at 8 a.m. at the M Resort Spa Casino - 12300 Las Vegas Blvd South - Henderson, NV in Messina Rooms 3-4.

All Nevada REALTORS® members are invited to attend the meeting and ask questions of the association's executive team. Additionally, members are always invited and encouraged to educate themselves on NVR by contacting our office. You can contact NVR at at any time, and your message will be forwarded to the appropriate person.


  LEGAL: Wood-burning devices, don't let your next deal get toasted  
By Christal Park Keegan
NVR Legal Information Line Attorney
As REALTORS®, it's important to identify any wood-burning device older than 2015 because new Federal standards that are set to take effect next year will directly impact real estate deals across the State. NVR has worked together with the three air quality agencies in Nevada and presents the following information to our members so you can ensure a smooth real estate transaction. To continue reading the full article click here.