I have had lots people today that 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 the right way. After over 1300 real estate transactions primarily to investors worldwide, I can say your doubt that property management is the single fundamental piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or hire a bad contractor and definitely be profitable. Hire the wrong property manager and may do lose your shirt proper! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are essential. 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 course. A good property manager protects your investment in the long-term.
Obviously, the next question for you is “how do I choose 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, will be the major people in your peer group or circle of influence that are buying the same market tend to be or know of somebody 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 these details is all 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 lacking in the communication department; without communication, you’re sunk! Use of your management company could be 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 setting. At first, you assume subjected to testing busy and will talk about you soon. After a while, though, investors start wondering why no the 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 manager will respond within hrs 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 been recently using the management company longer than 1 time. If they are not willing to provide you with any past clients, pass on her. When you get the references, Call them. Ask them the same concerns about what they like and never like.
Get a regarding policies and procedures from the management company. You really need 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 can have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899