I have had lots of people over the years ask me, in my opinion, what is the most important thing about investing actual 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 most significant 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 still be profitable. Hire the wrong property manager and may do lose your shirt promptly! 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 though 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 pass. A good property manager protects neglect the in the long-term.
Obviously, the next real question is “how do I locate 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, techniques 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 for the reason market. Ask them who they may be 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 usually do not like about them. The management company may perform great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! Regarding 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 history. At first, you assume they are busy and will find yourself at 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 Out? Generally, none of the above holds true but a good property manager will respond within twenty four 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 current year. If they are not willing give you with any past clients, pass on them. When you get the references, Phone them. Ask them the same concerns about what they like and never like.
Get a listing of policies and procedures from the management company. You want know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company will have this information readily available.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899