I have had lots folks over the years ask me, in my opinion, what is the 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 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 hire a bad contractor and definitely be profitable. Hire the wrong property manager and you’re able to lose your shirt immediately! 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 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 pass. A good property manager protects ignore the in the long-term.
Obviously, the next question for you is “how do I find a good property manager”? Suggestions 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, lot people in your peer group or circle of influence that are throughout the same market tend to be or know of somebody who is also investing in that market. Ask them who they are using, who they which use, and why they switched. Find out the actual like about their management company but more importantly find out what they don’t like about them. The management company may accomplish a great job of placing tenants but are with a lack of 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 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 intensive testing . busy and will find yourself at 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 elope with my money? DID MY HOUSE BURN Downward? 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 calendar year. If they are not willing to provide 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 , nor like.
Get a list of policies and procedures from the management company. You might want 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 may have this information readily available.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899