I have had lots people today that over the years ask me, in my opinion, what is the vital thing about investing instantly 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 along with no doubt that property management is the single crucial piece of the investing puzzle. In real estate, you can make a mistake on price, pick an iffy neighborhood, or hire a bad contractor and certainly be profitable. Hire the wrong property manager and you can lose your shirt promptly! 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 even 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 flow. A good property manager protects your investment 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. This does 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 buying the same market you might be or know of a person that is also investing during this market. Ask them who they really are using, who they which use, and why they switched. Find out you choose to like about their management company but more importantly find out what they do not like about them. The management company may perform great job of placing tenants but are short of the communication department; without communication, you’re sunk! Access to your management company is really important for the investor’s peace of mind. There is 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 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 elope 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 twenty four 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 happen to using the management company longer than 1 year. If they are not willing deliver you with any past clients, pass on both of 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 really need to know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company could have this information obtainable.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899