I have had lots folks over the years ask me, in my opinion, what is the important thing about investing actual 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 without a doubt that property management is the single crucial 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 still be profitable. Hire the wrong property manager and you’re able to lose your shirt proper! 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 even though you can make a mistake or experience a down turn in a market or neighborhood and still realize a good return through positive cash flow. A good property manager protects your investment in the long-term.

Obviously, the next question is “how do I find a good property manager”? Let’s consider 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 investing in the same market you are 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 there is nothing like about their management company but more importantly find out what they don’t like about them. The management company may instigate a great job of placing tenants but are short of the communication department; without communication, you’re sunk! Use of your management company is very important for the investor’s peace of mind. Is actually an 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 find yourself at you soon. After a while, though, investors start wondering why no the actual first 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 On the ground? Generally, none of the above holds true but a good property owner will respond within twenty four 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 give you with any past clients, pass on each of them. When you get the references, Give them a call. Ask them the same concerns about what they like and never like.

Get a report on policies and procedures from the management company. You have 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 will have this information obtainable.

Strawberry Property Management Las Vegas

3651 S Lindell Rd d432, Las Vegas, NV 89103

(702) 329-8899

https://g.page/StrawberryPropertyManagement

Posted on:
January 15, 2022