I have had lots people today who over the years ask me, in my opinion, what is the vital thing about investing actual estate? Everybody always assumes its price, location or timing the market appropriately. After over 1300 real estate transactions primarily to investors worldwide, I can say your doubt that property management is the single most important 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 be 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 very important. 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 roi through positive cash pass. A good property manager protects overlook the in the long-term.
Obviously, the next question for you is “how do I find a good property manager”? Here are several tips on selecting good management company. Can not necessarily mean you; someone else will be managing your property.
Get a referral. Typically, when you invest, will be the major people in your peer group or circle of influence that are committing to the same market tend to be or know of a person that is also investing during this market. Ask them who they may be using, who they comfortable with use, and why they switched. Find out the actual like about their management company but more importantly find out what they don’t like about them. The management company may perform a great job of placing tenants but are short on the communication department; without communication, you’re sunk! Regarding your management company could be very 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 backdrop. At first, you assume these types of busy and will talk about 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 On the ground? Generally, none of the above is true but a good property owner will respond within several 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 tend to be using the management company longer than 1 current year. If they are not willing to provide you with any past clients, pass on them. When you get the references, Give them a call. Ask them the same questions on what they like and don’t like.
Get a list of policies and procedures from the management company. You want know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company can have this information readily available.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103