I have had lots of individuals over the years ask me, in my opinion, what is the considerable thing about investing in real 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 your 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 engage a bad contractor and definitely be profitable. Hire the wrong property manager and you’re able to lose your shirt overnight! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are essential. With the right property management company in place however, you can make a mistake or experience a down turn in a market or neighborhood and still realize a good bang for your buck through positive cash flow. A good property manager protects forget about the in the long-term.
Obviously, the next 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, lot people in your peer group or circle of influence that are buying the same market tend to be or know of an individual who is also investing due to the fact market. Ask them who they may be 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 like about them. The management company may perform a 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. Is definitely real 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 find yourself at 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 Down? Generally, none of the above is true but a good property owner will respond within 24 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 have been using the management company longer than 1 calendar year. If they are not willing give 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 report on 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 will have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103