I have had lots people today that over the years ask me, in my opinion, what is the most important 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 important 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’re able to lose your shirt promptly! 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 in the event 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 supply. A good property manager protects ignore the in the long-term.
Obviously, the next question for you is “how do I locate a good property manager”? Suggestions 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 committing to the same market you might be or know of an individual who is also investing for the reason market. Ask them who they really are 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 like about them. The management company may accomplish a great job of placing tenants but are missing in the communication department; without communication, you’re sunk! Use of your management company could be very important for the investor’s peace of mind. Is definitely real 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 intensive testing . busy and will are allowed 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 holds true but a good property owner will respond within several 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 been recently using the management company longer than 1 same year. If they are not willing present you with any past clients, pass on folks. When you get the references, Call them. Ask them the same concerns about what they like and don’t like.
Get a list of policies and procedures from the management company. You 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 may have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899