I have had lots folks 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 correctly. After over 1300 real estate transactions primarily to investors worldwide, I can say 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 hire a bad contractor and definitely be profitable. Hire the wrong property manager and hand calculators lose your shirt promptly! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are necessary. 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 real question is “how do I choose a good property manager”? Here are 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, lot people in your peer group or circle of influence that are committing to the same market happen 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 what they like about their management company but more importantly find out what they don’t like about them. The management company may instigate a great job of placing tenants but are with a lack of the communication department; without communication, you’re sunk! Use of your management company is really important for the investor’s peace of mind. Is actually no 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 talk about 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 elope with my money? DID MY HOUSE BURN Downward? Generally, none of the above holds 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 happen to using the management company longer than 1 same year. If they are not willing provide you with any past clients, pass on folks. When you get the references, Phone them. Ask them the same questions on what they like and don’t like.
Get a regarding 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 can have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899