I have had lots of individuals 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 the right way. After over 1300 real estate transactions primarily to investors worldwide, I can say any 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 certainly profitable. Hire the wrong property manager and hand calculators lose your shirt proper! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are crucial. 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 on your investment through positive cash flow. A good property manager protects forget about the in the long-term.
Obviously, the next real question is “how do I choose a good property manager”? Let’s consider 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 someone who is also investing in that 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 don’t like about them. The management company may perform great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! To be able to your management company could be 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 backdrop. At first, you assume these types of busy and will find yourself at 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 Out? Generally, none of the above is true but a good property owner 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 have been using the management company longer than 1 calendar year. If they are not willing to provide you with any past clients, pass on each of them. When you get the references, Contact. Ask them the same madd what they like and never like.
Get a list of 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 simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899