Property Management in Saint Petersburg, FL

[Matt S.]

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. 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. 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. 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. 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. 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

[Zach Kidd]

1 - If you're not holding a large portfolio with a company, 10% isn't unusual at all.

2 - This is just a couple of miles from me, which is why I got an alert (thanks BP!). Definitely cellphone photography, and not good cellphone photography at that. I've seen a lot worse though, lol! You'll definitely draw more interest with better pictures, and a better photo sequence (order on Zillow). Lead with the "Wow!" photos - not a walkthrough. 

No one cares about your closets, and they certainly aren't going to be impressed with a single panel of fencing in the front yard, much less as the 3rd photo. 

3 - You shouldn't have to do their job - that's why they get a paycheck. It's easy to find contractors and get quotes, although the final decision should always be in your hands.

4 - Even $90 a month seems a bit expensive. There isn't that much lot to be mown, and most of the yards go dormant this time of year. I can see that as a summertime rate, but now? I haven't mown my own lawn in two months!

5 - If you're paying for it, make sure you get it. 

Filling vacancies here, in this market, at this moment, is pretty easy. 

I would totally recommend also doing some comparison shopping on property management companies while you're looking for electricians and landscapers.

And on your next vacancy, get a professional photographer in right after the cleaners do their thing. Even if you have to call them back later to get the other half (or third), it's totally worth it.