I have had lots of individuals over the years ask me, in my opinion, what is the considerable thing about investing actual estate? Everybody always assumes its price, location or timing the market the right way. 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 work with a bad contractor and still be profitable. Hire the wrong property manager and hand calculators 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 however, 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 your investment in the long-term.
Obviously, the next question for you is “how do I look for a good property manager”? Let’s consider 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 buying the same market are generally or know of somebody who is also investing for the reason market. Ask them who they may be using, who they which use, and why they switched. Find out these details is all like about their management company but more importantly find out what like about them. The management company may accomplish a great job of placing tenants but are short on the communication department; without communication, you’re sunk! To be able to 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 backdrop. At first, you assume these are busy and will talk about you soon. After a while, though, investors start wondering why no is actually responding and that’s when panic sets in. Did the tenant leave? Did the management company elope with my money? DID MY HOUSE BURN Down? 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 also been using the management company longer than 1 time. If they are not willing to provide you with any past clients, pass on each of them. When you get the references, Phone them. Ask them the same concerns about what they like and don’t like.
Get a listing of policies and procedures from the management company. You want know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company could have this information easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899