Investing and Property Management
I have had lots people today who over the years ask me, in my opinion, what is the most 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 significant piece of the investing puzzle. In real estate, you can make an error on price, pick an iffy neighborhood, or hire a bad contractor and definitely 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 essential. 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 bang for your buck through positive cash flow. A good property manager protects your investment in the long-term.
Obviously, the next question for you is “how do I find 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, lot people in your peer group or circle of influence that are purchasing the same market you might be or know of a kid who is also investing during this market. Ask them who they really are 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 they don’t like about them. The management company may perform a great job of placing tenants but are missing 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 actually no 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 subjected to testing busy and will talk about 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 run off with my money? DID MY HOUSE BURN Down? Generally, none of the above is true but a good property manager 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 have been using the management company longer than 1 year. If they are not willing give you with any past clients, pass on them. When you get the references, Call them. Ask them the same concerns what they like and don’t like.
Get a list of policies and procedures from the management company. You 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 simply.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899
