I have had lots of people 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 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 certainly 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 critical. 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 on your investment through positive cash brook. A good property manager protects your investment in the long-term.
Obviously, the next real question is “how do I locate a good property manager”? Here are 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 tend to be or know of an individual who is also investing due to the fact market. Ask them who they may be using, who they which use, and why they switched. Find out what they like about their management company but more importantly find out what usually do not like about them. The management company may do a great job of placing tenants but are with a lack of the communication department; without communication, you’re sunk! Regarding 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 setting. At first, you assume they are 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 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 twenty four 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 also been using the management company longer than 1 year. If they are not willing deliver you with any past clients, pass on them. When you get the references, Phone them. Ask them the same concerns about what they like , nor like.
Get a regarding 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 obtainable.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899