I have had lots of people over the years ask me, in my opinion, what is the vital thing about investing in real estate? Everybody always assumes its price, location or timing the market successfully. After over 1300 real estate transactions primarily to investors worldwide, I can say along with no doubt that property management is the single crucial piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or engage a bad contractor and certainly be profitable. Hire the wrong property manager and may do lose your shirt proper! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are very important. With the right property management company in place however, 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 course. A good property manager protects neglect the in the long-term.
Obviously, the next question is “how do I choose a good property manager”? Let’s consider several tips on choosing a good management company. This does not necessarily mean you; someone else will be managing your property.
Get a referral. Typically, when you invest, there are people in your peer group or circle of influence that are purchasing the same market tend to be or know of an individual who is also investing due to the fact market. Ask them who they really are using, who they which use, and why they switched. Find out what they like about their management company but more importantly find out what they don’t like about them. The management company may accomplish a great job of placing tenants but are missing in the communication department; without communication, you’re sunk! Associated with your management company is very important for the investor’s peace of mind. It comes with 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 find yourself at 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 elope with my money? DID MY HOUSE BURN Reducing? Generally, none of the above holds true but a good property manager 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 year. If they are not willing deliver you with any past clients, pass on them. When you get the references, Contact. Ask them the same questions about what they like and don’t like.
Get a list of 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 will have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899