I have had lots people today that over the years ask me, in my opinion, what is the most important thing about investing instantly 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 along with no doubt that property management is the single most important piece of the investing puzzle. In real estate, you can make a mistake on price, pick an iffy neighborhood, or hire a bad contractor and certainly be profitable. Hire the wrong property manager and are able to lose your shirt within hours! 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 though you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return through positive cash course. A good property manager protects ignore the in the long-term.
Obviously, the next question is “how do I look for 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, lot people in your peer group or circle of influence that are buying the same market happen to be or know of a kid who is also investing for the reason market. Ask them who they may be using, who they comfortable with use, and why they switched. Find out these details is all like about their management company but more importantly find out what they do not like about them. The management company may perform a great job of placing tenants but are short on the communication department; without communication, you’re sunk! Associated with your management company rrs extremely 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 history. At first, you assume subjected to testing busy and will talk about 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 On the ground? Generally, none of the above is true but a good property owner 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 calendar year. If they are not willing to provide you with any past clients, pass on both of them. When you get the references, Phone them. Ask them the same concerns what they like and never like.
Get a list of policies and procedures from the management company. You 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 can have this information easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899