Jacksonville, FL · Member since 2021 · 5 posts · 2 votes
Hello BP community,
I have a father-in-law who owns 2 2 BR LTRs in Orlando and his current property management company is horrendous. They do not collect security deposits, have terrible communication, and do not raise rents with inflation. I am looking for trusted, verified property managers in the Orlando area that would be able to help my father in law out as he is looking to switch companies. If they are fluent in Spanish, this is a plus but not necessary. Also, would take recommendations to groups who may be able to help with converting the properties to STR format and help with managing on that end.
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
4y
In our experience, the #1 mistake landlords 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!
Landlords mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
This also leads them 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 12 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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