I have had lots people today that over the years ask me, in my opinion, what is the important thing about investing actual estate? Everybody always assumes its price, location or timing the market quickly. After over 1300 real estate transactions primarily to investors worldwide, I can say with no doubt that property management is the single most important 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 still be 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 essential. 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 roi through positive cash flow. A good property manager protects forget about the in the long-term.
Obviously, the next question for you is “how do I find a good property manager”? Suggestions several tips on picking a good management company. Can 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 investing in the same market happen to be or know of a kid who is also investing market. Ask them who they are using, who they used to use, and why they switched. Find out there is nothing like about their management company but more importantly find out what they don’t like about them. The management company may perform great job of placing tenants but are missing in the communication department; without communication, you’re sunk! To be able to your management company rrs extremely important for the investor’s peace of mind. Is definitely real 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 types of busy and will go 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 run off with my money? DID MY HOUSE BURN Out? Generally, none of the above is true but a good property owner 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 time. If they are not willing provide you with any past clients, pass on folks. When you get the references, Refer to them as. 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 have to know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company can have this information easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899