hello im looking to start a property management and maintenance company in Massachusetts. does any one have any pros or con of PM companys that they would like to share so i can make sure im doing the best and most competitive i can thanks
@Justin Fayyou will need your brokers license before you set up a PM company in MA. What market/area are you looking to focus and find properties to manage?
From an investors perspective - here are some pros and cons:
Pros - someone else takes care of the headaches and the day to day hassle of running a business.
The PM has established network of vendors for better pricing.
The PM is experienced in dealing with a multitude of tenant, maintenance, and misc issues regarding property management.
Cons - a PM may not have the owner's mindset and may spend money differently from that of an owner.
Hiring a PM is $$ and can takeaway serious cash flow from a rental property
If a property is well-stabilized, a owner-manager can run it hassle free
Fees fees and fees - many PMs charge fees for all the additional work which can add up.
Overall - a good PM is invaluable to an investor and they can be worth their compensation. The PM I use is reasonable with fees and always gives me good services. I'm also under the impression that he always makes good decisions that have my interests first. This relationships took years of cultivating but i have no regrets. In return, I will always use his company when I am looking to have a property managed by an outside PM.