I have had lots of individuals over the years ask me, in my opinion, what is the most important thing about investing actual 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 any doubt that property management is the single important 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’re able to lose your shirt promptly! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are very important. 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 value for your dollar through positive cash brook. A good property manager protects your investment in the long-term.
Obviously, the next question is “how do I locate a good property manager”? Below 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, there are people in your peer group or circle of influence that are investing in 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 there is nothing like about their management company but more importantly find out what 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! Access 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 historical past. At first, you assume they are busy and will talk about you soon. After a while, though, investors start wondering why no the actual first 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 manager will respond within 24 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 tend to be using the management company longer than 1 same year. If they are not willing to provide you with any past clients, pass on them. When you get the references, Contact. Ask them the same concerns about what they like and don’t 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 can have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899