I have had lots people today that 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 appropriately. After over 1300 real estate transactions primarily to investors worldwide, I can say any doubt that property management is the single important piece of the investing puzzle. In real estate, you can make a mistake on price, pick an iffy neighborhood, or hire a bad contractor and still be profitable. Hire the wrong property manager and are able to lose your shirt overnight! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are very important. 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 brook. 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 available choice of good management company. This does 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 throughout the same market tend to be or know of somebody who is also investing due to the fact market. Ask them who they may be using, who they designed to use, and why they switched. Find out there is nothing like about their management company but more importantly find out what don’t like about them. The management company may perform a 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 background. At first, you assume intensive testing . busy and will get to you soon. After a while, though, investors start wondering why no one 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 On the ground? Generally, none of the above is true but a good property manager will respond within several 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 happen to using the management company longer than 1 year. If they are not willing give you with any past clients, pass on each of them. When you get the references, Phone them. Ask them the same questions on what they like , nor like.
Get a connected with policies and procedures from the management company. You might want to know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company may have this information easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899