I have had lots people today who over the years ask me, in my opinion, what is the 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 with no 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 work with a bad contractor and certainly profitable. Hire the wrong property manager and you can lose your shirt within hours! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are very important. With the right property management company in place 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 supply. A good property manager protects ignore the in the long-term.
Obviously, the next real question is “how do I find a good property manager”? Here are several tips on your selection of good management company. Can 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 committing to the same market tend to be or know of a kid who is also investing in that market. Ask them who they really are using, who they used to use, and why they switched. Find out you choose to like about their management company but more importantly find out what like about them. The management company may perform a great job of placing tenants but are with a lack of the communication department; without communication, you’re sunk! Regarding your management company can be extremely 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 historical past. At first, you assume these are busy and will find yourself at you soon. After a while, though, investors start wondering why no the actual first 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 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 time. If they are not willing deliver you with any past clients, pass on them. When you get the references, Contact. Ask them the same questions on what they like and don’t like.
Get a listing of 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 could have this information easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899