The Las Vegas Real Estate Scene

By David Herbst

Q) How long have you been a REALTOR®?

A) "I have been a REALTOR® now for fifteen years. I originally got my license in the state I grew up, in Wyoming. I moved to Las Vegas in 1989."

Q) How soon after you joined the GLVAR, did you join a committee?

A) "I was involved with committees before I moved here. The first committee I joined here was about two months after I joined The Association."

Q) Which committee and how long have you served on it?

A) "The first one was the Quality Control Committee. The function of that Committee is to maintain as much accuracy as possible in our data base. I served for about three years, including one year as Chair. Later I was the committee’s ‘liaison’ from the Board of Directors."

Q) On what other committees have you served?

A) "Sometimes it feels like I have been on most of them. I’ve been on committees that no longer exist, a lot of task forces. I’ve been on everything from Public Relations, Political Affairs, The MLS (Multiple Listing Service) Committee and the Equal Opportunity Committee, and I know I am leaving out two or three. Currently I am a senior member of the Faculty Committee, teaching classes. I served as a Director for five years. Then I decided to move up through the offices. The first office was Vice President, which was last year. Then this year as President Elect, and I take office as President of The Greater Las Vegas Association of REALTORS® 2000, on November, 1."

Q) There is major growth in other cities. What made you decide to move to Las Vegas?

A) "There were a multitude of reasons I liked Las Vegas. I liked the people in Las Vegas better than most of the cities I found. They have a true sense of hospitality. After growing up in a small town in Wyoming, I liked that. The countryside here reminds me of the ranch I grew up on, although it’s not near as cold here in the winter. And Wyoming is a State with no state income tax, so is Nevada. Those were some of the major reasons. I already knew some people in Real Estate here. I worked with people in Real Estate and other businesses that I knew in the community, so it was a logical move."

Q) Could you please explain the purpose and function of the Greater Las Vegas Association of REALTORS®?

A) "The Association is the direct contact where members work together. Through that, there are a variety of things they may do. One of the most important functions of the Association is to bind its members to a strict code of ethics, in their dealings with the Public and with their fellow REALTORS.® Beyond that, the Association maintains a fully updated Multiple Listing Service and education. We have political activities, where we actually go in and try to defend private property rights, through legislation."

Q) Would you please define the difference between just a Real Estate Agent, a ‘License’ and a REALTOR,® who is all those and much more?

A) "The biggest difference is the Code of Ethics, and the fact that REALTORS® are working together.
REALTORS® endeavor to protect the interest of the Public and the Membership. It is against the law for anyone who is not a REALTOR® to represent oneself as a REALTOR.®"

Q) What other Associations do our Members belong to, and what are those Associations’ functions?

A) "The Nevada Association of REALTORS® (NVAR), of which I am a Director also, since ’94. The NVAR function is to work with the State Legislators, to encourage legislation that is Real Estate industry friendly. The NVAR promotes Real Estate education statewide. The NVAR coordinates with all the local Associations within Nevada, to achieve goals set forth by the NVAR and local Associations for our common interests."

Q) What was the GLVAR and the NVAR impact on the strong population and economic growth in our State and especially in Clark County, and how was it achieved?

A) "We helped open-minded candidates get elected through campaign contributions and provided volunteers to go door to door to help these candidates get elected. By vigorously lobbying for laws that keep a free flowing economy. Low property taxes, and no state income tax. These achievements in turn made our community a desirable place for retirees and companies to relocate to. Those companies in turn provided jobs for the high influx of people coming to Las Vegas to enjoy a low cost of living environment. The population increase in turn provided service related jobs and much construction for more housing. I believe that locally and statewide we have been very successful, because we have been professional and well organized in our efforts."

Q) How are these very vital campaign contributions generated?

A) "There is a separate political action group and that group asks all the GLVAR members and all the other local Association members for contributions. Some of it is included when the yearly dues are paid. A lot of it is generated by members of the Political Survival Fund calling on their fellow REALTORS® to contribute Thirty-Nine Dollars with their yearly dues. There are members who contribute from One Hundred to Five Thousand Dollars. However, we accept and appreciate all contributions from one dollar and up."

Q) Do you agree with the assertion that those members who are committed enough to the GLVAR to contribute their time to committee work, also, without exception, contribute money to keep our Real Estate industry strong?

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Q) Would you care to elaborate on The National Association of REALTORS® (NAR) functions?

A) "The National Association, (of which I am also a Director), naturally, has a very strong lobby. It’s highly regarded as the number one Political Action Committee, (PAC) and number eight Lobby nationwide. We see more members getting involved and contributing every day."

Q) How strong is the National Association membership numerically?

A) "Approximately, above 800,000 members!"

Q) When was the inception of the first Las Vegas Board of REALTORS® and how few members did they start with?

A) "It was in 1922, with only 12 members. M.M. Riley presided on that board for one year. It was incorporated in 1947 with 24 members. The growth of this organization has been phenomenal. Like any business enterprise, it grows when the economy grows and will tend to shrink when the economy shrinks. The major thing we talked about here in Las Vegas is due to the growth of Gaming. As Gaming flourished, so did almost every other industry, especially the Real Estate industry, finding homes and creating homes for those individuals to live in."

Q) Would you please name the positions of the Officers that run the GLVAR?

A) "The President, elected for one year, the President Elect, who will automatically step into the President’s position, the Vice President, the Chair of the MLS Committee, the Chair of the Commercial Division, and the Treasurer. All one year terms. There are a total of sixteen members of The Board of Directors, including officers. All non-paid volunteers. The paid staff includes an Executive Vice President. Below that we have a Management Team. We have the ability, under our current structure, to have a paid staff of about twenty-two members. We usually have some open positions."

Q) Do you know The GLVAR yearly operation budget?

A) "Yes. Currently we operate with Four Million Dollars annually."

Q) Why is it, that twenty years ago you could do the whole Real Estate sales transaction on one sheet of paper, and today, you need at least twenty?

A) "The biggest source of paper work is the increase regulations by all governments, local, state and federal."

Q) Why is it advisable for people, especially if they have not done it before, to engage a Professional, a REALTOR® to represent them in purchasing or selling their home?

A) "Right now, because of the many regulations and the complexity of the transaction, I feel it is too expensive for an individual to do ‘on the job training’ and learn by their own mistakes. The sellers are going to lose a substantial amount of money if they don’t have someone to look out for them. Attorneys can make lots of money litigating cases for those ‘do it yourself’ people and ‘for sale by owners’ novices."

Q) What has the GLVAR contributed directly and indirectly to the Clark County Community in regards to property ownership and marketing?

A) "Promote A High Standard of Professionalism, a Code of Ethics. We have been involved in a variety of charitable functions. Our members worked closely with builders, lending institutions, and law makers to create affordability for more people to become home owners, and helped the commercial and industrial segment to put their Real Estate properties to their highest use."

Q) How would you describe the GLVAR relationships with The Gaming Industry, local, County and State elected Officials, The Home Builders Association, The Las Vegas Convention and Visitors Authority, The Las Vegas Chamber of Commerce and The News Media?

A) "I believe, we have a very good relationship with each other. It’s the typical textbook, free flowing economy. We have worked exceptionally well together to create a climate for very strong growth and a strong economy. We are and were fortunate to have and have had good leaders with foresight to allocate adequate funds for infrastructure; utilities, roads and the ever expending Airport. To give businesses and companies incentives to come here, and allow the Gaming Industry to grow and prosper. Together We Created The Las Vegas Success Story."

Q) What predictions do you have for the next three to five years, in terms of growth, economy and services, for our Community?

A) "I expect to see good, strong growth to continue. We are always going to have growing pains. We will alleviate much of it because of the experience we have gained in the last ten years, in planning ahead. I always feel that the strength of the market is in the near median price, which right now, is about $137,000 to $141,000. We also see more of the $250,000 to $350,000 homes selling because we have a larger population and therefore more affluent people who can afford them. I expect to see prices rise and a continued appreciation of Real Estate values. This Is The Right Time, As Ever, To Purchase Your Home and To Invest In Our Strong Growing Real Estate Economy." LVN