I have had lots people today who over the years ask me, in my opinion, what is the important thing about investing actual 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 with no doubt that property management is the single fundamental piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or employ a bad contractor and certainly be profitable. Hire the wrong property manager and may do lose your shirt proper! 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 if 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 pass. A good property manager protects forget about the in the long-term.
Obviously, the next question for you is “how do I locate a good property manager”? several tips on choosing a 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 investing in the same market you are or know of a kid who is also investing market. Ask them who they may be using, who they used to use, and why they switched. Find out these details is all like about their management company but more importantly find out what they do not like about them. The management company may do a great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! Access to your management company can be extremely important for the investor’s peace of mind. Is actually an nothing worse than leaving a message or sending a couple of emails and all you hear are crickets in the setting. At first, you assume these are busy and will find yourself at 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 manager 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 been recently using the management company longer than 1 calendar year. If they are not willing to provide you with any past clients, pass on each of them. When you get the references, Phone them. Ask them the same questions about what they like and like.
Get a report on policies and procedures from the management company. You 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 will have this information easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899