All Forum Posts by: Sarah Moore

Sarah, welcome! When you say Central ME do you mean Millinocket area or further South? I have family in Skowhegan and Madison. I'd be happy to connect and chat further. If you're in a position to self manage and start a PMC then I vote go for it! Managing your own properties will aid in growth of your PMC, marketing is great, but it's often word of mouth/showcasing your portfolio and abilities that will land you clients.

Hey Sarah, 

We have a property management company in Waterville, Augusta, Skowhegan (Standard Management Company). We started it for the same reason. Typically what I advise clients is to self manage your first 2-10 units hire your management for 10-100 units and then have the management company scale with you when you get to 100-200 units. We have moved away from C class units as of late and are trying to stay in the class B/A market. Please feel free to message me with any questions about the area! If you decide to self manage and want help with other functions we can totally help out.

We also buy and sell real estate (candor realty), have a repair and maintenance company (CMR Construction) (includes snow plowing, lead abatement and full fledged rehabs) If you need any of those support services please let us know.

@Sarah Moore

I think there are 2 separate questions here - should you manage your own properties?  And should you provide property management services to others?

1 is something you'll have to decide for yourself.  I'll give you a partial answer on 2.  A lot of people come on the forums and ask "Should I become an agent so I can more effectively invest?"  And the answer to that is generally no.  I think that applies to you too - if you want to provide PM services to investors, that's great!  But I wouldn't do it to try to enhance your own investing - I don't think it would be much of a catalyst

Hope this helps

Hi @Sarah Moore, what area of Central ME are you looking? I use @Bethany Turon for property management and she is the best I know. I would reach out to her if you're looking for PM services.

Hi Sarah,

Regarding your comment to local property managers. I would suggest calling around to RE brokerages and asking for recommendations for local PM's and see if you get any new companies. Most likely you will!

I think a bit more info is needed to fully understand but it sounds like this is your first deal, & I would first start off by finding the deals & then securing the PM company. Maybe at the same time you are securing the deal you can be interviewing around to find a solid PM company & kill 2 birds with 1 stone. 

I don't think or see that this is a crazy idea

Quote from @Sarah Moore:

Hi guys. I'm looking to break into my local market of Central Maine. While I'm on the lookout for my first deal I've been building a small network. It sounds like there's a bit of a vacuum in reliable local property managers.

I was originally thinking of setting up a property management company to take care of the properties that my partner and I purchase. However, now I wonder if it might be a good idea to set up the property management company first to take on local clients and propel us into the space faster. Thoughts? 

Hi Sarah!

It's great to hear about your plans to enter the Central Maine real estate market. Considering the vacuum in reliable local property management, starting your property management company could indeed be a strategic move. Here are some pros and cons to consider:

Pros:

Building Relationships: Managing properties for others can help you build a robust local network. This can lead to more opportunities and partnerships.
Market Understanding: As a property manager, you'll gain a deeper understanding of the local market, which can be invaluable when you start acquiring your own properties.
Steady Income Stream: Property management can provide a consistent income, which can be particularly beneficial in the early stages of your real estate venture.
Skill Development: You'll develop a range of skills from customer service to maintenance oversight, which are crucial for successful property ownership.
Brand Recognition: Establishing a presence as a reliable property management company can boost your reputation, making it easier to attract tenants and investors when you start acquiring properties.

Cons:

Time Commitment: Property management can be time-consuming, especially if you're dealing with multiple properties or demanding clients.
Regulatory Compliance: Staying compliant with local laws and regulations requires diligence and can be complex.
Conflict Resolution: Dealing with tenant issues and conflicts is an inevitable part of property management and can sometimes be challenging.
Financial Risk: There are financial risks involved, including late payments or damage to properties.
Market Fluctuations: The property market can be unpredictable, affecting both rental income and property values.

Overall, starting with a property management company can be a smart way to enter the real estate space, especially in an area with a clear need for such services. It offers a learning curve that prepares you for your own property investments and builds a brand that people trust. Just be mindful of the demands and challenges it entails.

Best of luck with your venture! Remember, every challenge is an opportunity to learn and grow.

Hi Sarah, welcome to BP! I grew up in Boston, so not too far away. Happy to connect you with some folks up in ME. 

@Sarah Moore

Welcome to BiggerPockets and best of luck in your real estate journey. Did you have a specific real estate strategy you were hoping to try out such as flips, buy and holds, or STRs? This forum is excellent at providing great tips and strategies if you let the forum know how we can help you.