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 genuine estate? Everybody always assumes its price, location or timing the market the right way. After over 1300 real estate transactions primarily to investors worldwide, I can say without a 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 engage a bad contractor and definitely be profitable. Hire the wrong property manager and hand calculators lose your shirt immediately! 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 though you can make a mistake or experience a down turn in a market or neighborhood and still realize a good value for your dollar through positive cash brook. A good property manager protects forget about the in the long-term.
Obviously, the next real question is “how do I choose a good property manager”? Let’s consider several tips on choosing a 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 purchasing the same market you might be or know of somebody who is also investing market. Ask them who they really are using, who they which use, and why they switched. Find out the actual like about their management company but more importantly find out what like about them. The management company may instigate a great job of placing tenants but are short on 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 these 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 elope with my money? DID MY HOUSE BURN Down? Generally, none of the above is true but a good property owner will respond within each day 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 happen to using the management company longer than 1 same year. If they are not willing provide you with any past clients, pass on her. When you get the references, Phone them. Ask them the same concerns about what they like and don’t like.
Get a listing of policies and procedures from the management company. You really need to know how have marketing of the properties for tenants, late payments, evictions, maintenance calls, inspections, accounting, owner disbursements, etc. A good management company will have this information easily.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899
