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 appropriately. 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 still be profitable. Hire the wrong property manager and you can lose your shirt promptly! 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 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 flow. A good property manager protects your investment in the long-term.
Obviously, the next real question is “how do I find a good property manager”? Let’s consider 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, will be the major people in your peer group or circle of influence that are committing to the same market you might be or know of a kid who is also investing in that market. Ask them who they are using, who they comfortable with use, and why they switched. Find out you choose to 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 short on 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 no 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 find yourself at you soon. After a while, though, investors start wondering why no the 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 Down? Generally, none of the above holds true but a good property owner will respond within 24 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 time. If they are not willing to provide you with any past clients, pass on folks. When you get the references, Call them. Ask them the same questions on what they like , nor like.
Get a connected with 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 can have this information accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899
https://g.page/StrawberryPropertyManagement
Posted on:
January 15, 2022