Johnstown Property Management

[Chano Socarras]

I'm an out of state investor looking to get into the Johnstown buy & hold rental market. Any referrals for property managers with Section 8 experience?

[Drew Sygit]

@Chano Socarras

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, 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!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

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😊

[Rich Hudec]

Hi @Chano Socarras. I'm with the Greater Johnstown Landlord Association. Please reach out if you are still interested in Johnstown.

[Steven Jefferson]

@Rich Hudec. Hi I’m Steven Jefferson. I currently invest in Harrisburg but I just found out about Johnstown pa and I found it very intriguing. Was hoping to connect with you to learn more about the area to see if it is a place I would like to invest. Thank you

[Melissa Brown]

Quote from @Rich Hudec:

Hi @Chano Socarras. I'm with the Greater Johnstown Landlord Association. Please reach out if you are still interested in Johnstown.

 HI! how are the rentals in Johnstown? I would be an out of state investor and i saw a nice property that i could likely rent as a 4 plex. Is it worth looking into? Would this be a slum lord play? how long do things sit on the rental market? what rents and pays the best?

[Melissa Brown]

Quote from @Steven Jefferson:

@Rich Hudec. Hi I’m Steven Jefferson. I currently invest in Harrisburg but I just found out about Johnstown pa and I found it very intriguing. Was hoping to connect with you to learn more about the area to see if it is a place I would like to invest. Thank you

 Did you ever connect? did you get any property there? How is it going/renting?