I have had lots people today who over the years ask me, in my opinion, what is the most important thing about investing genuine estate? Everybody always assumes its price, location or timing the market successfully. 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 use a bad contractor and definitely profitable. Hire the wrong property manager and you’re able to lose your shirt proper! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are essential. With the right property management company in place in the event you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return on your investment through positive cash flow. A good property manager protects forget about 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, utilizing people in your peer group or circle of influence that are committing to the same market tend to be or know of a person that is also investing in that market. Ask them who they may be using, who they which use, and why they switched. Find out you choose to like about their management company but more importantly find out what usually do not like about them. The management company may accomplish a great job of placing tenants but are missing in the communication department; without communication, you’re sunk! Associated with your management company could be 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 backdrop. At first, you assume subjected to testing busy and will get to 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 Downward? Generally, none of the above holds true but a good property manager 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 year. If they are not willing present you with any past clients, pass on both of them. When you get the references, Give them a call. Ask them the same concerns about what they like and never like.
Get a report on policies and procedures from the management company. You really need to know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company could have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899