I have had lots folks over the years ask me, in my opinion, what is the important thing about investing genuine 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 with no doubt that property management is the single important piece of the investing puzzle. In real estate, you can make a mistake on price, pick an iffy neighborhood, or employ a bad contractor and still be profitable. Hire the wrong property manager and hand calculators lose your shirt promptly! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are critical. 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 value for your dollar through positive cash brook. A good property manager protects neglect the in the long-term.
Obviously, the next question is “how do I look for 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, utilizing people in your peer group or circle of influence that are investing in the same market you are or know of a person that is also investing during this market. Ask them who they really are using, who they designed to use, and why they switched. Find out there is nothing like about their management company but more importantly find out what 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 can be extremely important for the investor’s peace of mind. Is definitely real nothing worse than leaving a message or sending a couple of emails and all you hear are crickets in the backdrop. At first, you assume these are busy and will get 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 elope with my money? DID MY HOUSE BURN Down? 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 year. 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 about what they like and like.
Get a list of policies and procedures from the management company. You have 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 will have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899