I have had lots of individuals 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 certainly 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 return on your investment through positive cash flow. A good property manager protects your investment in the long-term.
Obviously, the next question is “how do I locate a good property manager”? Let’s consider several tips on choosing a good management company. Can 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 someone who is also investing during this market. Ask them who they are using, who they used to use, and why they switched. Find out the actual like about their management company but more importantly find out what they 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! Access to your management company is really 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 intensive testing . 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 run off 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 don’t like.
Get a listing of 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 could have this information readily available.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103