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 quickly. After over 1300 real estate transactions primarily to investors worldwide, I can say any 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 engage a bad contractor and certainly be profitable. Hire the wrong property manager and you’re able to lose your shirt immediately! 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 however, you can make a mistake or experience a down turn in a market or neighborhood and still realize a good bang for your buck through positive cash supply. A good property manager protects neglect the in the long-term.
Obviously, the next real question is “how do I choose a good property manager”? Here are several tips on picking a good management company. This does 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 committing to the same market you are or know of somebody who is also investing in that market. Ask them who they may be 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 they do not like about them. The management company may do a great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! Regarding your management company is really important for the investor’s peace of mind. It comes with 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 these types of busy and will talk about 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 Downward? Generally, none of the above holds 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 same year. If they are not willing present you with any past clients, pass on both of them. When you get the references, Contact. Ask them the same concerns what they like and don’t like.
Get a listing of policies and procedures from the management company. You might want to 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 obtainable.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899