I have had lots of individuals 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 quickly. After over 1300 real estate transactions primarily to investors worldwide, I can say along with no 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 engage a bad contractor and certainly profitable. Hire the wrong property manager and you’re 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 critical. With the right property management company in place in the event 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 flow. A good property manager protects neglect the in the long-term.
Obviously, the next question for you is “how do I choose a good property manager”? Suggestions several tips on picking a 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 you are 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 what they like about their management company but more importantly find out what they do not like about them. The management company may accomplish a great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! To be able to 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 setting. At first, you assume subjected to testing busy and will talk about 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 run off with my money? DID MY HOUSE BURN Down? Generally, none of the above is 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 have been using the management company longer than 1 time. If they are not willing to provide you with any past clients, pass on both of them. When you get the references, Phone them. Ask them the same madd what they like and like.
Get a listing of 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 may have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899