I have had lots of individuals over the years ask me, in my opinion, what is the most important 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 any 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 engage a bad contractor and certainly profitable. Hire the wrong property manager and you’re able to lose your shirt promptly! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are necessary. 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 roi through positive cash supply. A good property manager protects ignore the in the long-term.
Obviously, the next question is “how do I locate a good property manager”? Here are several tips on your selection of 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 investing in the same market are generally or know of somebody who is also investing due to the fact market. Ask them who they really 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 they don’t like about them. The management company may perform great job of placing tenants but are missing in the communication department; without communication, you’re sunk! To be able to your management company rrs extremely 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 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 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 tend to be using the management company longer than 1 current year. If they are not willing deliver you with any past clients, pass on her. When you get the references, Call them. Ask them the same questions about what they like and never like.
Get a regarding policies and procedures from the management company. You 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 could have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899