I have had lots people today who over the years ask me, in my opinion, what is the important thing about investing in real estate? Everybody always assumes its price, location or timing the market quickly. After over 1300 real estate transactions primarily to investors worldwide, I can say without a doubt that property management is the single important piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or hire a bad contractor and certainly be profitable. Hire the wrong property manager and may do lose your shirt overnight! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are critical. With the right property management company in place though you can make a mistake or experience a down turn in a market or neighborhood and still realize a good value for your dollar through positive cash pass. A good property manager protects forget about the in the long-term.
Obviously, the next real question is “how do I find a good property manager”? Let’s consider several tips on your selection of good management company. Can not necessarily mean you; someone else will be managing your property.
Get a referral. Typically, when you invest, will be the major people in your peer group or circle of influence that are investing in the same market tend to be or know of somebody who is also investing during this market. Ask them who they really are using, who they comfortable with use, and why they switched. Find out what they like about their management company but more importantly find out what don’t like about them. The management company may perform great job of placing tenants but are missing in the communication department; without communication, you’re sunk! Regarding your management company can be extremely important for the investor’s peace of mind. Is actually an nothing worse than leaving a message or sending a couple of emails and all you hear are crickets in the historical past. At first, you assume they are busy and will find yourself at you soon. After a while, though, investors start wondering why no the actual first is responding and that’s when panic sets in. Did the tenant leave? Did the management company elope with my money? DID MY HOUSE BURN Downward? Generally, none of the above is true but a good property manager will respond within 24 hours of your inquiry.
Ask the management company that you are considering doing business with for references. Ideally, I believe you want 5 to 10 references from previous clients as well as current clients that have been using the management company longer than 1 year. If they are not willing provide you with any past clients, pass on each of them. When you get the references, Call them. Ask them the same madd what they like , nor like.
Get a listing of policies and procedures from the management company. You have to know how they handle marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company will have this information easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899