Property Management Services Needed for St Pete Beach, FL

[Michael Bandur]

Just purchased our first vacation rental in St Pete Beach. I am looking for a local property management company. Rental is 30 days or more. Any recommendations on Property Managers to use or not to use? 

[Andrew Steffens]

Hey Michael congrats! We own a local STR company in Tampa/Cleatwater/Saint Pete. We do STR and Mid Term Rentals. I am going to shoot you a PM now. I look forward to hearing from you!

[Luke Rorech]

@Michael Bandur I recommend reaching out to @Andrew Steffens and his team. They’ve got great systems in place. 

[Andrew Steffens]

Quote from @Luke Rorech:

@Michael Bandur I recommend reaching out to @Andrew Steffens and his team. They’ve got great systems in place. 

 Thanks Luke!

[Drew Sygit]

@Michael Bandur

Even if someone give you a referral, what meets their expectations, may not meet yours.

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”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

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😊

[Megan Rycroft]

I am looking in that area - but was a little worried about the 30+ rules - how is it going? 

[Andres Murillo]

I have a great partner in St Pete - Chris. 

I mostly appreciate his efforts toward optimizing operations at all times. He's not a "set it and forget it" type of manager. He also owns his own STRs and understands the market well. I can PM you his details. 

[Michael Bandur]

Quote from @Megan Rycroft:

I am looking in that area - but was a little worried about the 30+ rules - how is it going? 

Hi Megan, the 30+day stay restriction regarding St Pete Beach is strictly enforced! However, it has been a great addition to our portfolio. We also own a couple STR's in the panhandle and have found that the seasons are different and can help offset each other. The Panhandle is still kind of like the wild west. In St. Pete Beach there are greater restrictions and codes are strictly enforced. They literally change block by block and beach by beach depending where you are zoned. It is important to do your research when narrowing down a location. Are you familiar with the area? Indian Rocks, Madeira, Treasure Island, Pass-a-Grill, Clearwater, etc. all have different code enforcement, some of which are more lenient than others. It definitely took some learning curves and transitioning our mindset from a STR to a midterm rental strategy, they are two different animals. Finding the right property management company was key to its success, other than finding the right property. Also, I would suggest reading "30 Day Stay" by Zeona McIntyre and Sarah Weaver. This book helped me to make the transition from STR to midterm rental. Please let me know if you have any other questions, I am happy to help. Thanks

[Michael Bandur]

Quote from @Drew Sygit:

@Michael Bandur

Even if someone give you a referral, what meets their expectations, may not meet yours.

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”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

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😊

 Hi Drew, 

Great information! I will piggyback on that and say that it is very important to educate yourself when selecting a PMC. I can't stress that enough! Unfortunately, in our experience we have had to learn the hard way but the lessons we have learned along the way are priceless. I could write a book on one property manager in particular but that is for another movie! The different services and systems PMC's provide vary drastically and can be detrimental in your success when you are investing long distance. Often, people forget to ask the proper questions when qualifying a PMC or are looking for the wrong answers. Choosing the correct PMC could be the single most important decision you make besides the actual property which you invest in when managing from afar. It is your investment and it is your job to protect it. Thank you for your time and response!

[Michael Bandur]

Quote from @Luke Rorech:

@Michael Bandur I recommend reaching out to @Andrew Steffens and his team. They’ve got great systems in place. 

 Great! I will take his information and keep him in mind for the future. We have already hired a new PMC and are currently happy! Never hurts to have another source especially a recommended one. Thank you @Luke Rorech