Tampa, FL · Member since 2017 · 22 posts · 7 votes
To all my rental property owners in the Tampa Bay area. I am looking for a solid property management company that has a good reputation, is very responsive, and handles issues professionally. I have been through several already so would like to hear from those folks that have had great experiences. Thank you!
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
3y
@Jason Thomas sounds like you should put a bit more effort into finding a good one to work with:)
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.
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😊
Real Estate Broker · San Antonio · Member since 2022 · 1k+ posts · 489 votes
3y
Hi! Hunting for a PM can be a tiring task. I would recommend you start with the NARPM website. NARPM members often have tons more training and experience that would be great to partner with! Happy to help you navigate the site if you have any questions. Happy Investing!
We recently switched to a new property mgmt team for our personal multifamily property in Tampa proper. The best things I like about the new company are:
-Someone who can respond to my questions via text 7 days a week
-A clean, easy to use portal where I can view statements and work logs
-A 12 month guarantee, if the tenant is evicted, the property mgmt company puts replaces the tenant without charging us 1st months rent
-Allows us to put a MAX threshold hold of $250 for non-emergency repairs. Anything over $250 requires our explicit written approval with at least 2 estimates presented to us from their vendors
Logical Property Management4.9450 Reviews
RentWerx Property Management4.73295 Reviews