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 appropriately. After over 1300 real estate transactions primarily to investors worldwide, I can say without a doubt that property management is the single crucial 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 hand calculators lose your shirt immediately! 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 if you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return through positive cash course. A good property manager protects forget about the in the long-term.
Obviously, the next real question is “how do I locate a good property manager”? Suggestions 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, lot people in your peer group or circle of influence that are buying the same market are generally or know of a person that is also investing due to the fact market. Ask them who they really are 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 usually do not like about them. The management company may perform a great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! Use of your management company is very important for the investor’s peace of mind. Is actually no 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 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 On the ground? Generally, none of the above holds true but a good property owner 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 been recently using the management company longer than 1 calendar year. If they are not willing provide 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 don’t 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 could have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899