I have had lots people today who 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 the right way. After over 1300 real estate transactions primarily to investors worldwide, I can say your doubt that property management is the single most significant 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 still be profitable. Hire the wrong property manager and are able to lose your shirt immediately! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are necessary. 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 value for your dollar through positive cash pass. A good property manager protects overlook the in the long-term.
Obviously, the next real question is “how do I locate a good property manager”? Let’s consider 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, utilizing people in your peer group or circle of influence that are buying the same market you are or know of a kid who is also investing during this market. Ask them who they really are using, who they comfortable with use, and why they switched. Find out you choose to like about their management company but more importantly find out what they don’t like about them. The management company may do a great job of placing tenants but are short of the communication department; without communication, you’re sunk! To be able to your management company is very important for the investor’s peace of mind. There is 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 they are busy and will find yourself at 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 manager will respond within each day 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 same year. If they are not willing present you with any past clients, pass on folks. When you get the references, Refer to them as. Ask them the same questions on what they like and like.
Get a listing of 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 can have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899