I have had lots folks over the years ask me, in my opinion, what is the considerable 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 without a 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 definitely profitable. Hire the wrong property manager and you can lose your shirt within hours! 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 in the event you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return through positive cash flow. A good property manager protects forget about the in the long-term.
Obviously, the next question for you is “how do I look for a good property manager”? Suggestions several tips on choosing a 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 buying the same market are generally or know of a kid who is also investing for the reason market. Ask them who they really are using, who they used to use, and why they switched. Find out what they like about their management company but more importantly find out what don’t like about them. The management company may accomplish a great job of placing tenants but are short 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. 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 they are busy and will get 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 elope 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 year. If they are not willing to provide you with any past clients, pass on each of them. When you get the references, Give them a call. Ask them the same concerns about what they like and don’t like.
Get a report on policies and procedures from the management company. You need to know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company could have this information readily available.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899