I have had lots folks over the years ask me, in my opinion, what is the important thing about investing actual estate? Everybody always assumes its price, location or timing the market successfully. After over 1300 real estate transactions primarily to investors worldwide, I can say any doubt that property management is the single most 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 profitable. Hire the wrong property manager and you can lose your shirt within hours! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are crucial. With the right property management company in place if you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return through positive cash flow. A good property manager protects ignore the in the long-term.
Obviously, the next question is “how do I choose a good property manager”? Suggestions several tips on selecting good management company. This does not necessarily mean you; someone else will be managing your property.
Get a referral. Typically, when you invest, lot people in your peer group or circle of influence that are purchasing the same market tend to be or know of an individual who is also investing market. Ask them who they really are using, who they designed to use, and why they switched. Find out what they like about their management company but more importantly find out what like about them. The management company may perform great job of placing tenants but are short of the communication department; without communication, you’re sunk! Access to your management company could be very important for the investor’s peace of mind. Is definitely real nothing worse than leaving a message or sending a couple of emails and all you hear are crickets in the backdrop. At first, you assume they are busy and will get to 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 run off with my money? DID MY HOUSE BURN On the ground? Generally, none of the above is true but a good property owner will respond within twenty four 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 also been using the management company longer than 1 current year. If they are not willing provide you with any past clients, pass on each of them. When you get the references, Contact. Ask them the same questions about what they like and don’t like.
Get a report on policies and procedures from the management company. You want know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company will have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899