I have had lots of people over the years ask me, in my opinion, what is the most important thing about investing genuine 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 significant piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or use a bad contractor and definitely profitable. Hire the wrong property manager and you’re able to lose your shirt within hours! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are essential. With the right property management company in place in the event 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 flow. A good property manager protects overlook the in the long-term.
Obviously, the next real question is “how do I choose a good property manager”? Here are several tips on your selection of 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 investing in the same market tend to be or know of a person that is also investing in that market. Ask them who they are using, who they comfortable with use, and why they switched. Find out there is nothing like about their management company but more importantly find out what they do not like about them. The management company may instigate a great job of placing tenants but are short of the communication department; without communication, you’re sunk! Associated with your management company is really important for the investor’s peace of mind. Is actually no 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 subjected to testing busy and will find yourself at 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 Out? Generally, none of the above holds true but a good property owner will respond within each day 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 tend to be using the management company longer than 1 year. If they are not willing provide you with any past clients, pass on both of them. When you get the references, Give them a call. Ask them the same concerns about what they like and don’t like.
Get a report on policies and procedures from the management company. You want know how they handle marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company could have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899