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 without a doubt that property management is the single fundamental 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 still be profitable. Hire the wrong property manager and may do lose your shirt within hours! 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 though you can make a mistake or experience a down turn in a market or neighborhood and still realize a good roi through positive cash flow. A good property manager protects neglect the in the long-term.
Obviously, the next question is “how do I find a good property manager”? Here are several tips on your selection of good management company. Can 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 investing in the same market you are or know of somebody who is also investing market. Ask them who they really are using, who they designed to use, and why they switched. Find out you choose to like about their management company but more importantly find out what 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! To be able to your management company could be 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 subjected to testing busy and will are allowed 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 elope with my money? DID MY HOUSE BURN Out? Generally, none of the above holds true but a good property manager will respond within several 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 happen to using the management company longer than 1 year. If they are not willing provide you with any past clients, pass on each of them. When you get the references, Phone them. Ask them the same questions about what they like and like.
Get a connected with policies and procedures from the management company. You have 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 readily available.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899