I have had lots of people over the years ask me, in my opinion, what is the substantial thing about investing in real estate? Everybody always assumes its price, location or timing the market correctly. After over 1300 real estate transactions primarily to investors worldwide, I can say your doubt that property management is the single most significant piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or employ a bad contractor and certainly be profitable. Hire the wrong property manager and hand calculators 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 however, 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 your investment in the long-term.
Obviously, the next question for you is “how do I find a good property manager”? Let’s consider several tips on choosing a 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 throughout the same market you are or know of a kid 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 the actual like about their management company but more importantly find out what like about them. The management company may instigate a great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! Access to your management company could be very 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 setting. 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 On the ground? Generally, none of the above holds true but a good property owner will respond within hrs 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 same year. If they are not willing present you with any past clients, pass on each of them. When you get the references, Contact. Ask them the same questions on what they like and never like.
Get a report on policies and procedures from the management company. You have 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 simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899