I have had lots people today that over the years ask me, in my opinion, what is the most important thing about investing in real 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 your doubt that property management is the single crucial piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or employ a bad contractor and certainly be profitable. Hire the wrong property manager and you can lose your shirt overnight! 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 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 flow. A good property manager protects neglect the in the long-term.
Obviously, the next real question is “how do I choose a good property manager”? Here are several tips on your available choice of good management company. Can not necessarily mean you; someone else will be managing your property.
Get a referral. Typically, when you invest, there are people in your peer group or circle of influence that are buying the same market happen to be or know of a kid who is also investing in that 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 don’t like about them. The management company may perform a great job of placing tenants but are missing in the communication department; without communication, you’re sunk! To be able to your management company is very important for the investor’s peace of mind. Is definitely real 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 they are busy and will are allowed 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 Down? Generally, none of the above is 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 same year. If they are not willing present you with any past clients, pass on her. When you get the references, Phone them. Ask them the same concerns what they like and like.
Get a list of policies and procedures from the management company. You have to know how they handle marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company will have this information easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899