I have had lots of people over the years ask me, in my opinion, what is the important thing about investing genuine 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 without a doubt that property management is the single most significant piece of the investing puzzle. In real estate, you can make a mistake on price, pick an iffy neighborhood, or hire a bad contractor and still be profitable. Hire the wrong property manager and may do 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 return through positive cash flow. A good property manager protects overlook the in the long-term.
Obviously, the next question is “how do I find a good property manager”? several tips on selecting good management company. This does 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 committing to the same market happen to be or know of an individual who is also investing market. Ask them who they may be 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 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. There is 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 these types of busy and will find yourself at 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 run off with my money? DID MY HOUSE BURN Out? 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 tend to be using the management company longer than 1 current year. If they are not willing present you with any past clients, pass on folks. When you get the references, Contact. Ask them the same concerns what they like and don’t like.
Get a report on policies and procedures from the management company. You want 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