I have 2 properties in Tampa and looking to put both for rental asap. Any suggestion for property management companies ?
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😊
Hey Ankit, try contacting Real Property Management Leaders. Mark Dowsett is my contact there. They are local to Tampa.
I have personally used Out Fast Property Management. (813) 324-5852
156 google reviews with a 4.8 average. They niche is investors.
@Ankit Patel check out REAL PROPERTY MANAGEMENT. There’s over 300 offices in the USA.
I am going to check them out. Thanks for reply
It’s a pain screening them but well worth it. I went from losing money to a nice cash flow after changing property managers.
Also look for systems in place for everything.
Referrals are key also, that’s how I found mine, but I still screened them.
Any suggestion or criteria how you screen them other than referral or Google reviews?
Any idea about mynd property management for Tampa market?
Top questions I wold recommend
1. What size portfolios are they currently managing?
2. Ask for client references
3. Does the property manager have a general contractor on staff? or do they outsource to 3rd party?
4. Ask the property manager to check your deal analysis. A good property manager will be able to review your analysis and let you know if any of your assumptions are wrong and need to be changed. I always send them my spreadsheet analysis of a potential deal to get their feedback on.