I have had lots of people over the years ask me, in my opinion, what is the important 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 without a doubt that property management is the single important piece of the investing puzzle. In real estate, you can make a mistake on price, pick an iffy neighborhood, or use a bad contractor and certainly be profitable. Hire the wrong property manager and hand calculators lose your shirt promptly! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are very important. 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 roi through positive cash brook. A good property manager protects neglect the in the long-term.
Obviously, the next question for you is “how do I look for a good property manager”? Below several tips on choosing a 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 buying the same market you are or know of an individual who is also investing in that market. Ask them who they 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 usually do not like about them. The management company may perform great job of placing tenants but are short on the communication department; without communication, you’re sunk! Regarding your management company is really 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 historical past. At first, you assume these are busy and will talk about 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 Down? Generally, none of the above is 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 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, Refer to them as. Ask them the same madd what they like and never like.
Get a listing of policies and procedures from the management company. You have to know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company can have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103