General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago,
Property Management in Saint Petersburg, FL
Hi All-
I bought my first out of state rental about a year ago. Being new to using property management, I'm not really sure if I'm receiving poor service from my property manager or if my expectations are unreasonable.
- 1. The property has 3 units and brings in rent of $3200/month. I'm paying 10% PM fee. Does that seem reasonable? I know 10% is on the high end, but I'm not sure how many units (or monthly rent) you need to get to negotiate that down.
- 2. Here's the latest listing: https://www.zillow.com/homedetails/5200-2nd-Ave-S-Saint-Petersburg-FL-33707/81407033_zpid/? . I'm based in NYC and used to seeing professional pictures. These look like iPhone pictures and not particularly flattering. However, they rented the place pretty quickly. Should I expect more from the listing? They had 1 applicant for this listing.
- 3. We just found out 2 of the units are on the same electric meter. The PM received a quote for $3K to separate the 2 units and add a meter. I asked for a 2nd quote from another electrician because it was a significant expense. They've asked me to find a 2nd electrician to get a quote from. Seems strange I have to find an electrician - takes 30 seconds on yelp/google/home advisor.
- 4. PM hired a lawn mowing company that was charging me $150/month. In a BP, I found out the going rate was $80-$100. After 4 months of me bugging them, they got a couple of quotes and switched to someone $90/month.
- 5. In my agreement, it states they'll do an annual property review. I haven't received anything like this for any of the units.
So those are my gripes. On the positive side, they have filled the vacancies relatively quickly. Is this standard service? Or should I be looking for a new PM?
Any thoughts would be appreciated.
Matt