New Castle, PA - Property Manager?
Homeowner · Ontario, CA · Member since 2015 · 97 posts · 12 votes
New Castle, PA - Property Manager?
6 Replies
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes7y
You can start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. Regardless of how you find them, try to interview at least three managers
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!
The DIY Landlord Book4.7247 Reviews - Homeowner · Ontario, CA · Member since 2015 · 97 posts · 12 votes7y
Originally posted by @Nathan Gesner:
You can start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. Regardless of how you find them, try to interview at least three managers
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!
Thanks Nathan. But i am looking for someone who can personally recommend someone? Someone they are working or have worked in past
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes7y
Cool. Even if you get a personal recommendation from a complete stranger on this forum, I hope you do your due diligence before hiring someone. Good luck!
The DIY Landlord Book4.7247 Reviews @Harpreet Walia
I know new castle ( about an hour away ) and looked at buying their last summer . Toured several apartment buildings . Decided against doing investing in this town in the end . The local realtors said it’s hard to get a good pm there . I was going to self manage but the drug problem with meth and lack of jobs made me reconsider to parking money there . I know several folks who left that town to move ..There’s a reason property is cheap !
- Rental Property Investor · Pittsburgh, PA · Member since 2018 · 12 posts · 9 votes7y
@Dennis M. Ditto...A little north or a little south of NC has some opportunity. Maybe in the long game NC would pay off, still a gamble though.
- Flipper/Rehabber · Slippery Rock, PA · Member since 2015 · 18 posts · 7 votes7y
We have props in NC in the the 05 zip. There really aren’t any great PM there’s, since most of the props are so low on the rent scale especially if your on the south side, many just don’t bother unlesss you have several props to “make it worth their while”.
We just self manage ours, were on the higher end of rent, have a rigorous app process and lease so we haven’t had issues with tenants, so its been easy for us.
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