I have had lots of people over the years ask me, in my opinion, what is the important thing about investing genuine 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 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 certainly be profitable. Hire the wrong property manager and hand calculators lose your shirt overnight! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are essential. 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 bang for your buck through positive cash brook. 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”? several tips on selecting good management company. Can 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 buying the same market tend to be or know of an individual who is also investing in that market. Ask them who they may be using, who they used to use, and why they switched. Find out there is nothing like about their management company but more importantly find out what they don’t like about them. The management company may perform great job of placing tenants but are short of the communication department; without communication, you’re sunk! Associated with your management company is really 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 background. At first, you assume they are busy and will get 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 Down? Generally, none of the above is 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 current year. If they are not willing to provide you with any past clients, pass on them. When you get the references, Contact. Ask them the same madd what they like and don’t 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 will have this information obtainable.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899