I have had lots people today that over the years ask me, in my opinion, what is the most important thing about investing actual estate? Everybody always assumes its price, location or timing the market appropriately. After over 1300 real estate transactions primarily to investors worldwide, I can say your doubt that property management is the single fundamental 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 profitable. Hire the wrong property manager and are able to 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 in the event 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 course. A good property manager protects forget about the in the long-term.
Obviously, the next question is “how do I look for a good property manager”? several tips on your selection of good management company. This does not necessarily mean you; someone else will be managing your property.
Get a referral. Typically, when you invest, there are people in your peer group or circle of influence that are buying the same market you might be or know of someone who is also investing in that market. Ask them who they really are using, who they designed to use, and why they switched. Find out you choose to like about their management company but more importantly find out what they don’t like about them. The management company may instigate 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. Is actually an 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 find yourself at 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 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 24 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 time. If they are not willing present you with any past clients, pass on them. When you get the references, Give them a call. Ask them the same concerns about what they like and don’t like.
Get a list of policies and procedures from the management company. You have to 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 accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103