My partner and I are just starting out with investing in multi-family properties to generate cash flow in the Pittsburgh area. We would like to begin by finding real estate agents in the area to help us locate deals and eventually build a team that includes property management. I wanted to reach out to the BiggerPockets community to start building our network. Are there any real estate agents out there who can help us get started on our journey? Any help is much appreciated
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😊
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Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
3y
Hey Guchan, welcome to BiggerPockets! This is for sure a great platform for networking be sure to also go to your local meet-ups they are always really beneficial.
My partner and I are just starting out with investing in multi-family properties to generate cash flow in the Pittsburgh area. We would like to begin by finding real estate agents in the area to help us locate deals and eventually build a team that includes property management. I wanted to reach out to the BiggerPockets community to start building our network. Are there any real estate agents out there who can help us get started on our journey? Any help is much appreciated
Cheers,
-Guchan
Hello
I own over 100 units (mostly multifamily) in the area and am also an agent, if you’d like to connect Id be happy to talk.
Real Estate Agent · Pittsburgh, PA · Member since 2014 · 821 posts · 255 votes
3y
Hi Guchan. Pittsburgh is a great market invest in and you are very wise to seek advice from someone experienced and knowledgeable with the area properties and the specific needs of investors. I've lived here my whole life and know the market very well. Feel free to reach out.
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