I have had lots of people over the years ask me, in my opinion, what is the most important thing about investing genuine 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 any doubt that property management is the single most significant piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or work with a bad contractor and certainly profitable. Hire the wrong property manager and you’re able to lose your shirt immediately! 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 return through positive cash pass. A good property manager protects your investment in the long-term.
Obviously, the next question is “how do I locate a good property manager”? Here are 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, there are people in your peer group or circle of influence that are buying the same market you are or know of an individual who is also investing in that market. Ask them who they may be using, who they which use, and why they switched. Find out you choose to like about their management company but more importantly find out what they 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! Access to your management company is really 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 backdrop. At first, you assume intensive testing . busy and will get to you soon. After a while, though, investors start wondering why no one 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 Out? Generally, none of the above holds true but a good property manager 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 been recently using the management company longer than 1 calendar year. If they are not willing deliver you with any past clients, pass on both of them. When you get the references, Refer to them as. Ask them the same concerns what they like and don’t like.
Get a report on policies and procedures from the management company. You might want 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