I have had lots of people over the years ask me, in my opinion, what is the most important thing about investing instantly 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 along with no 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 hire a bad contractor and definitely profitable. Hire the wrong property manager and you’re able to lose your shirt overnight! 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 if 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 flow. A good property manager protects your investment in the long-term.
Obviously, the next real question is “how do I choose a good property manager”? Suggestions 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, will be the major people in your peer group or circle of influence that are throughout the same market tend to be or know of a person that is also investing in that 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 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! Associated with your management company could be very 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 are allowed to 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 run off with my money? DID MY HOUSE BURN Out? Generally, none of the above holds true but a good property owner 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 also been using the management company longer than 1 same year. If they are not willing present 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 and don’t like.
Get a listing 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 could have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899