I have had lots of people over the years ask me, in my opinion, what is the considerable thing about investing in real estate? Everybody always assumes its price, location or timing the market correctly. After over 1300 real estate transactions primarily to investors worldwide, I can say with no doubt that property management is the single important piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or engage a bad contractor and definitely be profitable. Hire the wrong property manager and hand calculators lose your shirt overnight! 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 even 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 brook. A good property manager protects neglect the in the long-term.
Obviously, the next question is “how do I look for a good property manager”? Let’s consider 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, will be the major people in your peer group or circle of influence that are throughout the same market happen to be or know of a person that is also investing market. Ask them who they really are using, who they comfortable with use, and why they switched. Find out the actual like about their management company but more importantly find out what don’t 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 could be very important for the investor’s peace of mind. Is actually an 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 are 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 Reducing? 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 have been using the management company longer than 1 year. If they are not willing give you with any past clients, pass on folks. When you get the references, Give them a call. Ask them the same questions about what they like , nor 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 simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899