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 correctly. After over 1300 real estate transactions primarily to investors worldwide, I can say your 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 use a bad contractor and still be profitable. Hire the wrong property manager and you’re able to lose your shirt immediately! 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 if you can make a mistake or experience a down turn in a market or neighborhood and still realize a good roi through positive cash pass. A good property manager protects your investment in the long-term.
Obviously, the next question for you is “how do I choose 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, will be the major people in your peer group or circle of influence that are investing in the same market you might be or know of a kid who is also investing market. Ask them who they really are using, who they used to use, and why they switched. Find out what they like about their management company but more importantly find out what usually do not like about them. The management company may do 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 could be very 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 backdrop. At first, you assume these are busy and will are allowed to 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 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 happen to using the management company longer than 1 year. If they are not willing give you with any past clients, pass on them. 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 really need 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 may have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899