Investing and Property Management
I have had lots folks over the years ask me, in my opinion, what is the most important thing about investing actual 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 any 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 engage a bad contractor and definitely profitable. Hire the wrong property manager and you’re able to lose your shirt immediately! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are crucial. With the right property management company in place however, you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return on your investment through positive cash pass. A good property manager protects overlook the in the long-term.
Obviously, the next question for you is “how do I find a good property manager”? several tips on your available choice of good management company. Can not necessarily mean you; someone else will be managing your property.
Get a referral. Typically, when you invest, utilizing people in your peer group or circle of influence that are buying the same market you are or know of someone who is also investing in that market. Ask them who they are using, who they comfortable with 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 accomplish a great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! Regarding your management company could be very important for the investor’s peace of mind. There is 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 subjected to testing busy and will go 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 Downward? Generally, none of the above is true but a good property manager will respond within twenty four 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 tend to be using the management company longer than 1 year. If they are not willing deliver you with any past clients, pass on both of them. When you get the references, Call them. Ask them the same questions about what they like , nor like.
Get a listing of policies and procedures from the management company. You might want 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 obtainable.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899
