I have had lots of people over the years ask me, in my opinion, what is the substantial thing about investing instantly estate? Everybody always assumes its price, location or timing the market the right way. After over 1300 real estate transactions primarily to investors worldwide, I can say without a 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 definitely be profitable. Hire the wrong property manager and you’re able to lose your shirt overnight! 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 return on your investment through positive cash brook. A good property manager protects your investment in the long-term.
Obviously, the next question for you is “how do I choose a good property manager”? Below 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, techniques people in your peer group or circle of influence that are buying the same market are generally or know of a person that is also investing due to the fact market. Ask them who they are using, who they used to use, and why they switched. Find out what they 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! Regarding your management company can be 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 history. At first, you assume these 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 run off with my money? DID MY HOUSE BURN Down? 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 tend to be using the management company longer than 1 year. If they are not willing to provide you with any past clients, pass on both of them. When you get the references, Call them. Ask them the same questions about what they like and never like.
Get a connected with policies and procedures from the management company. You want 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 simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899