I have had lots of individuals over the years ask me, in my opinion, what is the vital thing about investing in real estate? Everybody always assumes its price, location or timing the market appropriately. 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 a mistake on price, pick an iffy neighborhood, or engage a bad contractor and still be profitable. Hire the wrong property manager and you can lose your shirt proper! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are crucial. 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 brook. A good property manager protects neglect the in the long-term.
Obviously, the next question for you is “how do I locate a good property manager”? Suggestions several tips on choosing a 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 you are or know of someone who is also investing for the reason market. Ask them who they are using, who they used to use, and why they switched. Find out these details is all like about their management company but more importantly find out what they 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! To be able to your management company is really 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 are 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 Down? 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 also 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, Phone them. 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 can have this information easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899