I have had lots of individuals over the years ask me, in my opinion, what is the vital thing about investing instantly estate? Everybody always assumes its price, location or timing the market correctly. After over 1300 real estate transactions primarily to investors worldwide, I can say along with no doubt that property management is the single most significant piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or use a bad contractor and still be profitable. Hire the wrong property manager and you can lose your shirt within hours! 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 bang for your buck through positive cash flow. A good property manager protects forget about the in the long-term.
Obviously, the next question is “how do I find a good property manager”? Below 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, lot people in your peer group or circle of influence that are throughout the same market you are or know of a person that is also investing for the reason market. Ask them who they may be using, who they which use, and why they switched. Find out you choose to like about their management company but more importantly find out what they don’t like about them. The management company may do a great job of placing tenants but are with a lack of the communication department; without communication, you’re sunk! Use of 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 background. At first, you assume these types of busy and will talk about 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 owner will respond within twenty four hours 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 happen to using the management company longer than 1 calendar year. If they are not willing provide you with any past clients, pass on both of them. When you get the references, Phone them. Ask them the same questions about what they like and don’t like.
Get a listing of 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 will have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899