I have had lots people today that over the years ask me, in my opinion, what is the most important thing about investing genuine 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 employ a bad contractor and definitely profitable. Hire the wrong property manager and you can lose your shirt immediately! 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 roi through positive cash flow. A good property manager protects your investment in the long-term.
Obviously, the next question is “how do I look for a good property manager”? Let’s consider several tips on your available choice of good management company. This does not necessarily mean you; someone else will be managing your property.
Get a referral. Typically, when you invest, will be the major people in your peer group or circle of influence that are committing to the same market you are or know of an individual who is also investing market. Ask them who they really are using, who they used to use, and why they switched. Find out the actual like about their management company but more importantly find out what like about them. The management company may perform a great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! Associated with your management company can be 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 backdrop. At first, you assume subjected to testing busy and will are allowed 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 elope with my money? DID MY HOUSE BURN Reducing? Generally, none of the above holds true but a good property manager 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 been recently using the management company longer than 1 same year. If they are not willing to provide 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 list 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 can have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899