I have had lots folks over the years ask me, in my opinion, what is the 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 with no doubt that property management is the single fundamental piece of the investing puzzle. In real estate, you can make a mistake on price, pick an iffy neighborhood, or employ a bad contractor and certainly be profitable. Hire the wrong property manager and hand calculators lose your shirt promptly! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are necessary. 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 value for your dollar through positive cash course. A good property manager protects neglect the in the long-term.
Obviously, the next real question is “how do I locate a good property manager”? Below several tips on your selection of good management company. This does 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 committing to the same market tend to be or know of a person that is also investing in that market. Ask them who they may be using, who they used to use, and why they switched. Find out there is nothing 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 of the communication department; without communication, you’re sunk! Associated with your management company can be extremely 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 background. At first, you assume these are 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 run off with my money? DID MY HOUSE BURN On the ground? Generally, none of the above holds 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 current year. If they are not willing present you with any past clients, pass on both of them. When you get the references, Call them. Ask them the same questions about what they like , nor 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 easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899