I have had lots folks over the years ask me, in my opinion, what is the important thing about investing in real 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 along with no doubt that property management is the single crucial piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or use a bad contractor and definitely profitable. Hire the wrong property manager and hand calculators lose your shirt overnight! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are very important. 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 return on your investment through positive cash brook. A good property manager protects neglect the in the long-term.
Obviously, the next real question is “how do I look for a good property manager”? Here are several tips on picking a good management company. Can 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 investing in the same market are generally or know of a person that is also investing in that market. Ask them who they are using, who they used to use, and why they switched. Find out these details is all like about their management company but more importantly find out what don’t like about them. The management company may instigate a great job of placing tenants but are short of the communication department; without communication, you’re sunk! Use of your management company can be extremely important for the investor’s peace of mind. Is actually no 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 go 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 run off with my money? DID MY HOUSE BURN Down? Generally, none of the above is 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 tend to be using the management company longer than 1 time. If they are not willing give you with any past clients, pass on both of them. When you get the references, Phone them. Ask them the same questions about what they like and never like.
Get a regarding 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 will have this information readily available.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103