I want to get started in real estate investing. Ideally I would like to have one company manage all of my properties. Does anyone know of a *GOOD* property management company that handles the great Metro areas of DC / Baltimore / Wilmington (DE) / Philadelphia ??
Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.
Check out NARPM.com, BP’s Property Manager Finder, etc.
Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
To avoid going through the same poor experience, keep reading.
Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.
Check out NARPM.com, BP’s Property Manager Finder, etc.
Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
To avoid going through the same poor experience, keep reading.
Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
Real Estate Agent · Bel Air, MD · Member since 2022 · 58 posts · 44 votes
2y
Hi Mark,
These three markets may be close geographically but are unqiue from each other. Even if you find one company that can do all of them, they may not be the best manager in each individual market.
You would likely hire an agent that is a local expert in each individual market, I'd treat your PM the same. For my Baltimore investors, the only PM company I can recommend confidently is Blue Door Residential Property Management run by @Joe Norman.
I do recommend to my investor clients, especially those who aren't local to Baltimore, to have a PM ready as they review potential listings. A good PM is going to have requirements for the condition the property needs to be before they'll take it on, and those reasons are well thought out. Screening potential listings past your PM can save you some headaches down the road.
Because I am a local to the Baltimore market and work with investors here, I can only make an educated recommendation for this region.
Fort Myers, FL · Member since 2024 · 46 posts · 20 votes
2y
Hi Mark.
I would recommend that you consider hiring different management companies as each area and state have different laws. That can be a terrible problem for a property manager to handle even if they are knowledgeable. Each state has different licensing alone for property managers.
Why not choose one location to start with a good property management company? Just a thought.
As well, check out the national association of residential property managers (NARPM). You could see a list of property managers that should be able to help you.
Rental Property Investor · Washington, DC · Member since 2018 · 98 posts · 38 votes
2y
I would strongly advise against this. I would recommend finding one in each market. You'll want someone who knows each market in and out. Concentrate on one of the markets and go deeper, then expand to another market once you're ready. Slow and steady...
Rental Property Investor · Philadelphia, PA · Member since 2015 · 480 posts · 362 votes
2y
@Mark C. I have been investing in Philly since 2016 and quite happy with my PM but why are you looking to talk with PMs before you have purchased properties? My guy handles Baltimore as well but a PM who performs well in one market is not necessarily going to be the best choice for every market. I worked with companies that try to provide management solutions across the country and I can tell you that no one has figured out how to do that well because each market is so unique. It is a pain to have multiple PMs with different software and company personalities but it is crucial to have someone who is really good for a particular local market - or you can get really beat up on your investment.
Real Estate Agent · Baltimore, MD · Member since 2016 · 1k+ posts · 782 votes
2y
Do you have any houses in Baltimore currently ?
Ned Carey has a block about property managers in Baltimore, you can check it out, although it might needs updates can give you good reference points.
What I see in baltimore, managers operate in different areas, some does not even want to go into deep city, low income, high crime areas, so it really depends on where your houses are or going to be.
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