I have had lots of people over the years ask me, in my opinion, what is the most 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 with no doubt that property management is the single most important piece of the investing puzzle. In real estate, you can make a mistake on price, pick an iffy neighborhood, or employ a bad contractor and definitely be 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 crucial. With the right property management company in place even 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 supply. A good property manager protects forget about the in the long-term.
Obviously, the next question is “how do I locate a good property manager”? Let’s consider several tips on choosing a good management company. Can 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 throughout the same market are generally or know of a person that is also investing during this market. Ask them who they really are using, who they used to use, and why they switched. Find out these details is all like about their management company but more importantly find out what like about them. The management company may perform a great job of placing tenants but are short of the communication department; without communication, you’re sunk! Use of 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 background. At first, you assume these are busy and will talk about 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 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 also been using the management company longer than 1 time. If they are not willing give you with any past clients, pass on each of them. When you get the references, Refer to them as. Ask them the same concerns what they like , nor 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 may have this information readily available.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899