I have had lots folks over the years ask me, in my opinion, what is the substantial thing about investing in real estate? Everybody always assumes its price, location or timing the market correctly. After over 1300 real estate transactions primarily to investors worldwide, I can say with no 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 use a bad contractor and definitely 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 necessary. 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 bang for your buck through positive cash pass. A good property manager protects forget about the in the long-term.
Obviously, the next real question is “how do I find a good property manager”? Here are several tips on picking a good management company. This does 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 committing to the same market tend to be or know of someone who is also investing in that market. Ask them who they really are using, who they used to 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 lacking in the communication department; without communication, you’re sunk! Use of your management company is really 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 history. At first, you assume they are busy and will get to you soon. After a while, though, investors start wondering why no is actually 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 Downward? Generally, none of the above holds true but a good property owner will respond within hrs 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 time. If they are not willing provide you with any past clients, pass on each of them. When you get the references, Call them. Ask them the same concerns about what they like and never like.
Get a regarding policies and procedures from the management company. You might want 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 easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103