I have had lots people today that over the years ask me, in my opinion, what is the most important thing about investing instantly 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 along with no doubt that property management is the single most significant 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 be profitable. Hire the wrong property manager and are able to lose your shirt within hours! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are crucial. With the right property management company in place if you can make a mistake or experience a down turn in a market or neighborhood and still realize a good value for your dollar through positive cash course. A good property manager protects ignore the in the long-term.
Obviously, the next question is “how do I locate a good property manager”? Let’s consider 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, lot people in your peer group or circle of influence that are buying the same market happen to be or know of someone who is also investing in that market. Ask them who they are using, who they used to use, and why they switched. Find out the actual like about their management company but more importantly find out what they do not like about them. The management company may perform a great job of placing tenants but are missing in the communication department; without communication, you’re sunk! Associated with your management company rrs extremely 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 background. At first, you assume they are busy and will are allowed to you soon. After a while, though, investors start wondering why no the responding and that’s when panic sets in. Did the tenant leave? Did the management company elope with my money? DID MY HOUSE BURN Out? Generally, none of the above is true but a good property owner 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 tend to be using the management company longer than 1 calendar year. If they are not willing to provide you with any past clients, pass on her. When you get the references, Give them a call. Ask them the same concerns about 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 may have this information obtainable.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899