My father and I are getting into real estate after a year of doing paper learning(books, conferences, etc). Based on advice from bigger players we are looking in the Harrisburg area. I know one of the key factors to being successful is having a great team. I was wondering if anyone had suggestions on property management companies, realtors, and/or even brokers. And if you have just general advice for the PA environment please let us know, we are eager to learn and get started on this new investment adventure!!
Real Estate Agent · Harrisburg, PA · Member since 2016 · 159 posts · 82 votes
3y
Greetings, I'm a realtor in Harrisburg. I have also personally invested in Harrisburg multi-families in the past. Feel free to reach out with any questions!
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 give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.
We also can’t believe how many owners hire the first PMC they speak with!
Then they complain their expectations aren’t being met!
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 – and they often select the first PMC they call!
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”:
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 · Harrisburg, PA · Member since 2016 · 159 posts · 82 votes
3y
Greetings, I'm a realtor in Harrisburg. I have also personally invested in Harrisburg multi-families in the past. Feel free to reach out with any questions!
Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
3y
@Kevin Recupero I ama Real Estate Broker in Mechanicsburg. I also did Bigger Pockets Podcast #82. One of our primary clients are investors. We also participate in various REIA groups around the Harrisurg area. Was at one last night at the Hilton, well attended and great program with a speaker that has 800 rentals (no it wasn't me).
@Kevin Recupero I ama Real Estate Broker in Mechanicsburg. I also did Bigger Pockets Podcast #82. One of our primary clients are investors. We also participate in various REIA groups around the Harrisurg area. Was at one last night at the Hilton, well attended and great program with a speaker that has 800 rentals (no it wasn't me).
Hi David,
I am also looking to build a team in Cumberland County - I've sent a message to you with my details as I liked your podcast. Thanks, Scott
My father and I are getting into real estate after a year of doing paper learning(books, conferences, etc). Based on advice from bigger players we are looking in the Harrisburg area. I know one of the key factors to being successful is having a great team. I was wondering if anyone had suggestions on property management companies, realtors, and/or even brokers. And if you have just general advice for the PA environment please let us know, we are eager to learn and get started on this new investment adventure!!
Hi Kevin, did you manage to build a team? I'm planning to do the same and am looking as well. Any good people you can recommend would be appreciated.
Logical Property Management4.9453 Reviews
Alan Asriants - New Century Real Estate 590 Reviews