Best Property Managment Companies in Orlando/Tampa?

Question

Hey guys,

I currently own 200 Class C units across Orlando and Tampa.

Started off with a duplex in late 2013 and have grown pretty rapidly since. We started off managing the properties ourselves, and are still doing so at the moment. I think I've come to the realization that it's not going to be profitable nor wise on my part to put my time into managing the units while trying to simultaneously grow the business.

I recently attended the NMHC convention here in Orlando and many of the larger institutional investors mentioned there would be property managers that would take over the properties for anywhere from 3%-5%.

Does anyone have any recommendations on GOOD property managers who handle the Central Florida area?

Also what are your thoughts? Should I continue managing them in house or outsource the work to a third party?

Thank you in advance for all your replies!

John Kent · Answer

@Zamir Kazi I work for a residential and commercial property management company. We service the Orlando Metro area and have an office in Tampa. Only our Director can quote a discounted rate. I would be happy to arrange a conference call at your request.

With respect to management duties, once the properties are stabilized they should be turned over to a third party manager. This way your business can focus on acquisitions. At the point where holdings are large enough to see a cost savings from a centralized model then consider building a property management unit in your company.

Allen Motakef · Answer

Hi Ben,

My partner and i are looking to invest in the Orlando area and are interested to learn more about your management company.

Account Closed · Answer

@Zamir Kazi congratulations in your success. But with great success comes great responsibility. I recommend you read that book the E-Myth, that book made me into a great believer on not working in your business but on it. You don't want a job, at least that is what I assume since you are investing so aggressively. First of all I commend you, I don't know how you were able to manage 200 properties on your own. WOW!!! I am currently a wholesaler but I am planning on investing in the near future, when I get to that point, my tenants won't know who I am and I wont know who they are (well I will know of them in paper)  all I want to see is the money hit my bank account. That's why I am working so hard on creating a system which will make all that possible. With that said, I know of property managers in the area, but I can attest as to how good they are. However, it is very hard to find good property managers as it is to find good GC's. My personal preference is to get an in-house property manager (which has to be a licensed realtor in the state of FL). That  someones phone will ring instead of yours. But that all requires a system, i have heard of some people setting up 24hr answering services for their maintenance calls, which a property manager gets notification for and the property manager (depending on severity) contacts a handy man. The investor take himself out of the equation. Again, a system. Get to work! It will all pay off. I promise.

Benjamin Pekarek · Answer

Zamir,

Depending on your needs, we charge an effective rate of 5%: 2.5% of gross lease value when we lease a unit, and 2.5% of what we collect every month.

However, we are 100% volume based - we work with multiple owners in multiple areas - we have a maintenance call center that takes calls 24/7, we have a team that can interact with tenants 24/7, but our owners might take up to 24 hours to get their exact answer.

If that setup could work for you, please give us a call at your convenience.

-Ben

Zamir Kazi · Answer

@John Kent what company do you work for? I would love to start conversation please message me details

Jeffrey Kops · Answer

I would have to consult with my broker on this. Currently we just manage SFR's and small multi units less than 4. We currently don't do onsite management, but I can talk with my broker and see if this is something she would want to pursue if that is what your thought is.

Zamir Kazi · Answer

Thanks @Jeffrey Kops what would your rates be at 200 units and how many units do you currently manage?

We have three major properties two in Orlando and one in Tampa and a few smaller ones scattered throughout.

Each property has an on site manager as well as full time maintenance.

Jeffrey Kops · Answer

Hi Zamir,

I'm a property manager/agent here in Tampa, and we are GOOD at what we do. We work with both large and small investors and manage A,B, and C properties. My only comment concerning the idea of getting a quality property manager willing to handle C properties for 3-5% is that you get what you pay for.

As far as outsourcing, I don't know how you are structured and how many others are working with you, But there are only so many hours in a day. You have to ask yourself a question. Is the money I am saving self managing more than the potential income/profit I am missing out on not searching and closing new deals?

Just saying.

Good luck!

Best Property Managment Companies in Orlando/Tampa?

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