I have had lots of people over the years ask me, in my opinion, what is the considerable 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 along with no doubt that property management is the single most significant 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 within hours! 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 though you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return through positive cash brook. A good property manager protects forget about the in the long-term.
Obviously, the next question for you is “how do I choose 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 committing to the same market happen to be or know of an individual who is also investing due to the fact market. Ask them who they are using, who they designed to use, and why they switched. Find out these details is all like about their management company but more importantly find out what they do not like about them. The management company may accomplish a great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! Access to your management company is very 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 subjected to testing 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 run off with my money? DID MY HOUSE BURN Reducing? Generally, none of the above holds true but a good property manager will respond within 24 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 have been using the management company longer than 1 calendar year. If they are not willing give you with any past clients, pass on them. When you get the references, Give them a call. Ask them the same madd what they like and never like.
Get a listing 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 accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899