Investing and Property Management
I have had lots of individuals over the years ask me, in my opinion, what is the vital thing about investing genuine estate? Everybody always assumes its price, location or timing the market quickly. After over 1300 real estate transactions primarily to investors worldwide, I can say without a doubt that property management is the single crucial 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 profitable. Hire the wrong property manager and hand calculators lose your shirt within hours! Don’t get me wrong, location, price and rehab are huge factors in real estate investing and are very important. 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 value for your dollar through positive cash flow. A good property manager protects your investment in the long-term.
Obviously, the next real question is “how do I choose a good property manager”? Here are several tips on your selection of 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 you might be or know of a person that is also investing market. Ask them who they really are using, who they used to use, and why they switched. Find out these details is all like about their management company but more importantly find out what they don’t like about them. The management company may accomplish a great job of placing tenants but are missing in the communication department; without communication, you’re sunk! Regarding your management company rrs extremely important for the investor’s peace of mind. It comes with nothing worse than leaving a message or sending a couple of emails and all you hear are crickets in the historical past. At first, you assume they are busy and will go to 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 Out? Generally, none of the above holds true but a good property owner 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 happen to using the management company longer than 1 calendar year. If they are not willing to provide you with any past clients, pass on folks. When you get the references, Phone them. Ask them the same madd what they like and don’t like.
Get a list of 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
