I have had lots people today who over the years ask me, in my opinion, what is the substantial thing about investing genuine estate? Everybody always assumes its price, location or timing the market successfully. After over 1300 real estate transactions primarily to investors worldwide, I can say with no 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 engage a bad contractor and definitely 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 value for your dollar through positive cash pass. A good property manager protects forget about the in the long-term.
Obviously, the next question for you is “how do I find 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, utilizing people in your peer group or circle of influence that are purchasing the same market are generally or know of somebody who is also investing market. Ask them who they may be using, who they used to use, and why they switched. Find out there is nothing like about their management company but more importantly find out what like about them. The management company may do a great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! Use of your management company could be very important for the investor’s peace of mind. It comes with 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 find yourself at 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 run off with my money? DID MY HOUSE BURN Reducing? Generally, none of the above is 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 tend to be using the management company longer than 1 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 like.
Get a listing of policies and procedures from the management company. You might want 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 readily available.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899