I have had lots folks over the years ask me, in my opinion, what is the substantial thing about investing actual estate? Everybody always assumes its price, location or timing the market the right way. After over 1300 real estate transactions primarily to investors worldwide, I can say your 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 use a bad contractor and certainly 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 essential. 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 roi through positive cash supply. A good property manager protects your investment in the long-term.
Obviously, the next question is “how do I look for a good property manager”? Suggestions 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, there are people in your peer group or circle of influence that are buying the same market you might be or know of an individual who is also investing in that market. Ask them who they are using, who they comfortable with use, and why they switched. Find out you choose to like about their management company but more importantly find out what don’t like about them. The management company may accomplish a great job of placing tenants but are short on the communication department; without communication, you’re sunk! Regarding your management company is 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 background. At first, you assume they are busy and will go to 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 each day 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 year. If they are not willing 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 never like.
Get a listing of policies and procedures from the management company. You want 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 easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899