I have had lots people today who over the years ask me, in my opinion, what is the most important thing about investing in real 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 without a doubt that property management is the single fundamental piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or engage a bad contractor and definitely be profitable. Hire the wrong property manager and you can 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 return on your investment through positive cash brook. A good property manager protects ignore the in the long-term.
Obviously, the next question is “how do I look for a good property manager”? Here are several tips on choosing a good management company. This does not necessarily mean you; someone else will be managing your property.
Get a referral. Typically, when you invest, utilizing people in your peer group or circle of influence that are throughout the same market tend to be or know of a kid who is also investing during this market. Ask them who they may be using, who they used to use, and why they switched. Find out there is nothing like about their management company but more importantly find out what they don’t like about them. The management company may perform great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! To be able to your management company is really 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 these are busy and will talk about 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 Down? 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 happen to using the management company longer than 1 current year. If they are not willing to provide you with any past clients, pass on folks. When you get the references, Phone them. Ask them the same concerns what they like and like.
Get a listing of 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 could have this information obtainable.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899