I have had lots of individuals 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 successfully. After over 1300 real estate transactions primarily to investors worldwide, I can say along with no doubt that property management is the single important piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or employ a bad contractor and certainly profitable. Hire the wrong property manager and may do lose your shirt immediately! 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 even though 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 your investment in the long-term.
Obviously, the next real question is “how do I look for a good property manager”? Let’s consider several tips on picking 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 buying the same market you are or know of someone who is also investing market. Ask them who they really are using, who they used to use, and why they switched. Find out you choose to 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! To be able to your management company can be extremely 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 history. At first, you assume they are busy and will find yourself at 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 Reducing? Generally, none of the above is 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 also been using the management company longer than 1 year. If they are not willing give you with any past clients, pass on each of them. When you get the references, Refer to them as. Ask them the same questions about what they like , nor like.
Get a report on policies and procedures from the management company. You really need to know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company may have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899