Investing and Property Management
I have had lots of individuals 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 appropriately. 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 an error on price, pick an iffy neighborhood, or use a bad contractor and definitely 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 necessary. With the right property management company in place in the event you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return on your investment through positive cash course. 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 your available choice of good management company. This does not necessarily mean you; someone else will be managing your property.
Get a referral. Typically, when you invest, will be the major people in your peer group or circle of influence that are buying the same market you might be or know of an individual who is also investing in that market. Ask them who they may be using, who they comfortable with 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 missing in the communication department; without communication, you’re sunk! To be able to your management company can be extremely 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 background. At first, you assume these types of busy and will find yourself at 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 Out? Generally, none of the above holds true but a good property manager 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 time. If they are not willing present you with any past clients, pass on folks. When you get the references, Phone them. Ask them the same questions on what they like and don’t like.
Get a connected with policies and procedures from the management company. You might want 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 accessible.
Strawberry Property Management Las Vegas
3651 S Lindell Rd d432, Las Vegas, NV 89103
(702) 329-8899
