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 any 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 employ a bad contractor and definitely profitable. Hire the wrong property manager and are able to lose your shirt promptly! 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 even though you can make a mistake or experience a down turn in a market or neighborhood and still realize a good roi through positive cash flow. A good property manager protects ignore the in the long-term.
Obviously, the next question is “how do I find a good property manager”? Here are 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, utilizing people in your peer group or circle of influence that are investing in the same market you are 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 they do not like about them. The management company may do a great job of placing tenants but are short on the communication department; without communication, you’re sunk! Use of your management company is very important for the investor’s peace of mind. It comes with 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 are allowed 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 elope with my money? DID MY HOUSE BURN Downward? Generally, none of the above holds true but a good property manager will respond within twenty four 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 been recently using the management company longer than 1 time. If they are not willing provide you with any past clients, pass on each of them. When you get the references, Phone them. Ask them the same concerns what they like and don’t like.
Get a connected with 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 readily available.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899