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 the right way. After over 1300 real estate transactions primarily to investors worldwide, I can say along with no doubt that property management is the single important 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 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 essential. With the right property management company in place however, you can make a mistake or experience a down turn in a market or neighborhood and still realize a good roi 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 choose a good property manager”? 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, will be the major people in your peer group or circle of influence that are buying the same market happen to be or know of someone who is also investing market. Ask them who they really are 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 missing in the communication department; without communication, you’re sunk! Access 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 subjected to testing busy and will get to you soon. After a while, though, investors start wondering why no is actually 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 Down? Generally, none of the above is true but a good property manager will respond within hrs 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 current year. If they are not willing present 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 and don’t like.
Get a report on policies and procedures from the management company. You need 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 obtainable.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899