I have had lots people today that over the years ask me, in my opinion, what is the substantial thing about investing in real 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 along with no 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 employ a bad contractor and certainly be profitable. Hire the wrong property manager and may do 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 though you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return through positive cash supply. A good property manager protects neglect the in the long-term.
Obviously, the next question is “how do I look for a good property manager”? Let’s consider 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, techniques people in your peer group or circle of influence that are purchasing the same market you might be or know of a person that is also investing market. Ask them who they may be using, who they used to use, and why they switched. Find out you choose to like about their management company but more importantly find out what usually do not like about them. The management company may do a great job of placing tenants but are short on the communication department; without communication, you’re sunk! Use of your management company rrs extremely important for the investor’s peace of mind. It comes with nothing worse than leaving a message or sending a couple of emails and all you hear are crickets in the setting. At first, you assume these are busy and will get to you soon. After a while, though, investors start wondering why no the 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 Reducing? Generally, none of the above holds true but a good property owner 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 been recently using the management company longer than 1 time. If they are not willing provide you with any past clients, pass on them. When you get the references, Give them a call. Ask them the same questions on what they like and don’t like.
Get a connected with 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 will have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899