Investing and Property Management
I have had lots of people over the years ask me, in my opinion, what is the vital 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 your doubt that property management is the single most 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 may do lose your shirt within hours! 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 if you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return through positive cash brook. A good property manager protects your investment in the long-term.
Obviously, the next real question is “how do I look for a good property manager”? Suggestions 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, utilizing people in your peer group or circle of influence that are throughout the same market are generally or know of somebody 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 like about them. The management company may do a great job of placing tenants but are lacking in the communication department; without communication, you’re sunk! To be able to your management company is very important for the investor’s peace of mind. Is definitely real nothing worse than leaving a message or sending a couple of emails and all you hear are crickets in the backdrop. At first, you assume they are busy and will get to you soon. After a while, though, investors start wondering why no is actually 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 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 have been using the management company longer than 1 same year. If they are not willing deliver 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 don’t like.
Get a list of policies and procedures from the management company. You want know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company could have this information simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899
