Investing and Property Management
I have had lots of people over the years ask me, in my opinion, what is the 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 along with no 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 profitable. Hire the wrong property manager and you can lose your shirt proper! 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 bang for your buck through positive cash supply. A good property manager protects your investment in the long-term.
Obviously, the next question is “how do I choose a good property manager”? several tips on your selection of good management company. Can 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 purchasing the same market you might be or know of an individual who is also investing market. Ask them who they may be using, who they used to use, and why they switched. Find out there is nothing like about their management company but more importantly find out what usually do not like about them. The management company may instigate a great job of placing tenants but are with a lack of the communication department; without communication, you’re sunk! Regarding your management company is really important for the investor’s peace of mind. It comes with 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 these types of busy and will are allowed to you soon. After a while, though, investors start wondering why no the actual first 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 year. If they are not willing provide you with any past clients, pass on them. When you get the references, Phone them. Ask them the same concerns about what they like , nor like.
Get a connected with policies and procedures from the management company. You have 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 will have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899
