‘Interest rates’: Las Vegas real estate agent talks challenges, market forces on home sales
As a former bouncer and bartender, Mike Roland, the founder of The Roland Team residential real estate brokerage said a chance encounter with a Groupon deal changed his life. It was for real estate classes and Roland was sold instantly, getting his license in 2015 and quickly finding out he had a knack for the business of selling homes.
Roland — who can usually be found at the gym or spending time with his family when he’s not working — spoke to the Las Vegas Review-Journal about the local market, his thoughts on the Las Vegas Valley’s residential outlook and what he thinks the valley needs to do to make homes more affordable for locals looking to get into the world of homeownership.
Take us through your first experiences within the world of real estate.
Once I got licensed though, I quickly became hooked. I loved the business and poured myself into being the best I could be. Over time, I figured things out and built a great career from it. That’s the beauty of real estate, you don’t need to be the smartest, the wealthiest, or the most connected person in the room. If you stay consistent, work hard, and stay adaptable, you can do really well in this business.
Can you share some data on your real estate career and your team?
In just five years since forming The Roland Team, we’ve officially surpassed 1,000 homes sold. With 22 amazing agents on our team, we’re proud to have closed 21 transactions in August alone. It’s been an incredible journey, and this milestone is a testament to the consistency, hard work and commitment of our team.
How would you describe Las Vegas housing market historically, what has changed over the years and what’s stayed the same?
Las Vegas used to be seen only as a tourist town, some people would think we all lived in hotels on the Strip. Today, we’ve got pro sports, new industries, and major companies moving in, which has reshaped the city and strengthened our housing market.
What is the biggest challenge for the local housing market right now?
Right now, interest rates are the biggest challenge. Many buyers are waiting on the sidelines, while sellers locked into rates as low as 2.25 percent have little incentive to move. Add in the high cost of homeownership and inflated values from when hedge funds were buying up properties, and affordability has become out of reach for many locals.
If you could fix one this about Las Vegas’ housing situation, what would it be?
If I could fix one thing, it would be leveling the playing field for local families by limiting how quickly hedge funds and big investors can scoop up properties. I think giving everyday homeowners a 30–60 day first shot before investors come in would make a huge difference. At the same time, I know that gets tricky because it touches on private property rights and what it means to live in a free market. But if there was a way to balance fairness for locals while respecting those rights, it would go a long way toward making housing more attainable in Las Vegas.
Where do you see our housing market going in the future, what are some trends that will continue?
I think the Las Vegas housing market will continue to flourish. Growth may be slower, but we’ll keep seeing a steady stream of Californians and West Coast residents moving here. Beyond lifestyle, the lower cost of living and tax advantages compared to neighboring states make Vegas a really attractive option. Yes, the summers are brutal, but if you can look past that, I don’t think there’s a better place to live in the world than Las Vegas.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.