Looking for Broker/Agent in Waterville,ME and PM
Ivan RubioPro Member
Investor · Derry, NH · Member since 2016 · 15 posts · 5 votesLooking for Broker/Agent in Waterville,ME and PM
Most Popular Reply
Michael SmytheBusiness Member
Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votesEncourage 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😊
Logical Property Management4.9446 Reviews
10 Replies
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes3y
Go to FIND AN AGENT at the top of your screen.
The DIY Landlord Book4.7248 Reviews - 3yMichael SmytheBusiness MemberReal Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
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😊
Logical Property Management4.9446 Reviews - Investor · Derry, NH · Member since 2016 · 15 posts · 5 votes3y
@Michael Smythe thanks! I appreciate it. I have a full list of questions I ask and I am relatively familiar with screening and PM contracts. I usually interview 3-4 PMs and get references. My decision process involves all the factors you mentioned. I’ve never gone with the cheapest for anything- PMs, contractors, etc. That’s always a recipe for disaster. I post on here because I’ve received good recommendations previously of agents and PMs that are not on my list. I’m deeply invested in Southern NH but I’ve received a few good property leads from Waterville that I’m looking to explore. Thank you!
- Investor · Derry, NH · Member since 2016 · 15 posts · 5 votes3y
@Nathan Gesner Thanks! I'm aware of that feature. Direct recommendations from others' are helpful to me as they typically have more context and nuance in my experience.
- Member since 2019 · 4 posts · 1 vote2y
@Ivan Rubio, were you able to have conversations with any PMs?
- Investor · Derry, NH · Member since 2016 · 15 posts · 5 votes2y
Quote from @Andrey Milev:
@Ivan Rubio, were you able to have conversations with any PMs?
Hi Andrew, my PM in the Bangor area (LMH Properties) actually does some work in the Waterville area, I haven't had the chance to vet any one else down there.. looking for overlap into Augusta as well.
- Property Manager · Bangor, ME · Member since 2018 · 31 posts · 21 votes2y
Ivan and Andrey, my team at Ascend Property Management has the capability to serve the Waterville area. Though we focus on Greater Bangor, we are looking to expand to Waterville and Augusta. Happy to discuss!
- Property Manager · Bangor, ME · Member since 2018 · 31 posts · 21 votes2yYou are the 2nd person in 6 days that told me there are attractive opportunities in Waterville. Are you looking for a Realtor who specializes or owns investment properties? Or just want one that moves fast?
Quote from @Ivan Rubio:
@Michael Smythe thanks! I appreciate it. I have a full list of questions I ask and I am relatively familiar with screening and PM contracts. I usually interview 3-4 PMs and get references. My decision process involves all the factors you mentioned. I’ve never gone with the cheapest for anything- PMs, contractors, etc. That’s always a recipe for disaster. I post on here because I’ve received good recommendations previously of agents and PMs that are not on my list. I’m deeply invested in Southern NH but I’ve received a few good property leads from Waterville that I’m looking to explore. Thank you!
- Investor · Derry, NH · Member since 2016 · 15 posts · 5 votes2yHey Zachary,
Quote from @Zachary Tracy:
You are the 2nd person in 6 days that told me there are attractive opportunities in Waterville. Are you looking for a Realtor who specializes or owns investment properties? Or just want one that moves fast?Quote from @Ivan Rubio:
@Michael Smythe thanks! I appreciate it. I have a full list of questions I ask and I am relatively familiar with screening and PM contracts. I usually interview 3-4 PMs and get references. My decision process involves all the factors you mentioned. I’ve never gone with the cheapest for anything- PMs, contractors, etc. That’s always a recipe for disaster. I post on here because I’ve received good recommendations previously of agents and PMs that are not on my list. I’m deeply invested in Southern NH but I’ve received a few good property leads from Waterville that I’m looking to explore. Thank you!
I would prefer someone who specializes in investment properties and owns themselves. - 2yBrett A BrockwayPro MemberRental Property Investor · Waterville Maine · Member since 2018 · 39 posts · 11 votes
Hey Ivan, We manage around 400 units between Waterville and Lewiston. I live in Waterville and I'm a broker with Candor Realty and own multis in the area. Please let me know if you have not found a broker yet, also let me know if you want to chat about the market.. Alot of exciting things happening here! Colby just upped their fundraising goals to 1 billion dollars!
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