I have had lots folks over the years ask me, in my opinion, what is the substantial thing about investing instantly 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 your 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 engage a bad contractor and certainly be profitable. Hire the wrong property manager and are able to lose your shirt overnight! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are critical. 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 through positive cash flow. A good property manager protects overlook the in the long-term.
Obviously, the next question is “how do I locate a good property manager”? 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, lot people in your peer group or circle of influence that are throughout the same market you are or know of somebody who is also investing due to the fact market. Ask them who they really are using, who they which use, and why they switched. Find out what they like about their management company but more importantly find out what they 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 is really 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 history. At first, you assume these are busy and will find yourself at you soon. After a while, though, investors start wondering why no the 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 manager 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 tend to be using the management company longer than 1 time. 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 concerns what they like and never like.
Get a list of policies and procedures from the management company. You really need 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 can have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899