I have had lots people today who over the years ask me, in my opinion, what is the most important thing about investing genuine estate? Everybody always assumes its price, location or timing the market correctly. After over 1300 real estate transactions primarily to investors worldwide, I can say with no doubt that property management is the single most important piece of the investing puzzle. In real estate, you can make a mistake on price, pick an iffy neighborhood, or work with a bad contractor and definitely be profitable. Hire the wrong property manager and are able to lose your shirt promptly! 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 however, you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return on your investment through positive cash course. A good property manager protects neglect the in the long-term.
Obviously, the next question is “how do I choose a good property manager”? Here are several tips on selecting good management company. Can not necessarily mean you; someone else will be managing your property.
Get a referral. Typically, when you invest, techniques people in your peer group or circle of influence that are committing to the same market you are or know of a person that is also investing due to the fact 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 like about them. The management company may perform great job of placing tenants but are short on the communication department; without communication, you’re sunk! Access to your management company rrs extremely important for the investor’s peace of mind. It comes with 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 these are 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 elope with my money? DID MY HOUSE BURN Out? Generally, none of the above is true but a good property owner will respond within twenty four 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 also been using the management company longer than 1 time. If they are not willing present you with any past clients, pass on both of them. When you get the references, Call them. Ask them the same questions on what they like and never like.
Get a list of 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