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 quickly. After over 1300 real estate transactions primarily to investors worldwide, I can say along with no doubt that property management is the single crucial piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or hire a bad contractor and certainly 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 crucial. 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 value for your dollar through positive cash flow. A good property manager protects ignore the in the long-term.
Obviously, the next question for you is “how do I look for a good property manager”? Here are several tips on selecting good management company. This does 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 buying the same market are generally or know of somebody who is also investing during this market. Ask them who they may be using, who they which use, and why they switched. Find out you choose to like about their management company but more importantly find out what they do not like about them. The management company may perform a great job of placing tenants but are short on the communication department; without communication, you’re sunk! Regarding your management company is very 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 history. At first, you assume these types of 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 run off with my money? DID MY HOUSE BURN Downward? Generally, none of the above is true but a good property owner 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 happen to using the management company longer than 1 calendar year. If they are not willing present you with any past clients, pass on each of them. When you get the references, Call them. Ask them the same concerns what they like and like.
Get a regarding 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