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Updated over 6 years ago on . Most recent reply

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Jerry Tan
  • New York, NY
1
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9
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Which comes first - RE Agents or PMs

Jerry Tan
  • New York, NY
Posted

Hello BP Community,

Sorry if this questions seems a little simplistic,  I'm looking to buy a multifamily in the Worcester market and was wondering,  wouldn't I need to find a PM that I will use for the eventual purchase, and use their knowledge to leverage my due diligence on estimating cost/expense for the monthly upkeep.  I figure I can then look at the properties' income and expense report and see if this property will cash flow.   Or do I find a RE agent that is investor friendly and start with the searching.  

Any advice will be greatly appreciated.  Thank You

Jerry

Most Popular Reply

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489
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Brian J Allen
  • Real Estate Agent
  • Worcester, MA
398
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489
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Brian J Allen
  • Real Estate Agent
  • Worcester, MA
Replied

As a real estate agent who actively works multis in Worcester i feel that the Agent comes first.  Depending on the type of property and type of tenants that the property typically sees, i would recommend different property managers.  As mentioned above you cannot manage something you don't own.  Also it is important to know the neighborhoods and what you are looking for.  If you want cash flow some neighborhoods are better.  If you want low turnover tenants, others are better.  Those are all things i deal with on a daily basis.  It is important for you to be comfortable with the asset you are purchasing, then have your PM manage and grow that for you.  Most PMs are eager to talk to you if they have been recommended by a Realtor

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