I have had lots of individuals over the years ask me, in my opinion, what is the important thing about investing instantly 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 without a doubt that property management is the single crucial 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 are able to lose your shirt immediately! 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 even though you can make a mistake or experience a down turn in a market or neighborhood and still realize a good bang for your buck through positive cash pass. A good property manager protects your investment in the long-term.
Obviously, the next real 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, techniques people in your peer group or circle of influence that are committing to the same market tend to be or know of a kid who is also investing for the reason market. Ask them who they are using, who they used to use, and why they switched. Find out the actual like about their management company but more importantly find out what they don’t like about them. The management company may perform a great job of placing tenants but are missing in the communication department; without communication, you’re sunk! Access to your management company is really important for the investor’s peace of mind. Is actually an 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 get to you soon. After a while, though, investors start wondering why no the actual first 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 On the ground? Generally, none of the above holds true but a good property manager will respond within each day 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 present you with any past clients, pass on them. When you get the references, Give them a call. Ask them the same concerns what they like and never like.
Get a report on policies and procedures from the management company. You want know how they handle marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company may have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899