I have had lots folks 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 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 work with a bad contractor and still be profitable. Hire the wrong property manager and you can lose your shirt overnight! 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 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 pass. A good property manager protects overlook the in the long-term.
Obviously, the next real question is “how do I locate a good property manager”? Here are several tips on picking 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 purchasing the same market you might be or know of a person that is also investing during this 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 like about them. The management company may do a great job of placing tenants but are short on the communication department; without communication, you’re sunk! Use of your management company can be extremely 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 setting. At first, you assume these are 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 elope with my money? DID MY HOUSE BURN Down? Generally, none of the above holds true but a good property manager 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 also been using the management company longer than 1 same year. If they are not willing provide you with any past clients, pass on them. When you get the references, Call them. Ask them the same madd what they like and don’t like.
Get a report on 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 may have this information obtainable.
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