I have had lots people today who 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 successfully. After over 1300 real estate transactions primarily to investors worldwide, I can say with no doubt that property management is the single important piece of the investing puzzle. In real estate, you can make a mistake on price, pick an iffy neighborhood, or use a bad contractor and certainly 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 very important. With the right property management company in place in the event you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return 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”? 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, utilizing people in your peer group or circle of influence that are buying the same market tend to be or know of somebody who is also investing due to the fact market. Ask them who they really are using, who they comfortable with use, and why they switched. Find out you choose to 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 with a lack of the communication department; without communication, you’re sunk! Access to your management company is very important for the investor’s peace of mind. Is actually an nothing worse than leaving a message or sending a couple of emails and all you hear are crickets in the history. At first, you assume subjected to testing busy and will get 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 manager will respond within several 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 have been using the management company longer than 1 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 on what they like and like.
Get a regarding policies and procedures from the management company. You might want 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 could have this information readily available.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899