I have had lots people today who over the years ask me, in my opinion, what is the most important thing about investing genuine estate? Everybody always assumes its price, location or timing the market quickly. 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 employ a bad contractor and still be profitable. Hire the wrong property manager and may do lose your shirt within hours! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are necessary. 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 return on your investment through positive cash flow. A good property manager protects overlook the in the long-term.
Obviously, the next question is “how do I find a good property manager”? Suggestions several tips on your available choice of 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 somebody who is also investing market. Ask them who they may be using, who they designed to use, and why they switched. Find out the actual like about their management company but more importantly find out what don’t like about them. The management company may perform 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 is very important for the investor’s peace of mind. Is actually no 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 these types of busy and will go to 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 run off with my money? DID MY HOUSE BURN Out? Generally, none of the above holds 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 current year. If they are not willing present you with any past clients, pass on both of them. When you get the references, Phone them. Ask them the same questions about what they like and don’t like.
Get a regarding 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 easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899