I have had lots folks over the years ask me, in my opinion, what is the important thing about investing actual estate? Everybody always assumes its price, location or timing the market quickly. After over 1300 real estate transactions primarily to investors worldwide, I can say along with no doubt that property management is the single most significant piece of the investing puzzle. In real estate, you can make a mistake on price, pick an iffy neighborhood, or use a bad contractor and definitely profitable. Hire the wrong property manager and may do 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 for you is “how do I find 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, there are people in your peer group or circle of influence that are throughout the same market you might be or know of a person that is also investing during this market. Ask them who they may be using, who they used to use, and why they switched. Find out the actual like about their management company but more importantly find out what like about them. The management company may do a great job of placing tenants but are with a lack of the communication department; without communication, you’re sunk! Use of your management company can be extremely important for the investor’s peace of mind. Is actually an 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 they are busy and will are allowed 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 is true but a good property manager 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 have been using the management company longer than 1 calendar year. If they are not willing give 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 regarding 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 can have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899