Hello BP, I currently have 12 units in Cape Coral FL and have a (mom and pop) property manager who is boots on the ground for me there. I am looking to transition into a full service property management company and make it more hands off for me as I'm currently doing all the book keeping and a lot of the day to day decision making. I'm hoping to purchase more units this year so I think this would be a good time to make the change over. Most property managers I've spoken to are about 8% and they all seem good on the phone when asked questions. However, I'm looking for advice from investors in the area that have had a good experience with a property management company in Cape Coral. Any recommendations?
Real Estate Agent · Boulder, CO · Member since 2015 · 284 posts · 226 votes
4y
I own five units in Ocala and have been really happy with Realty Medics. They cover a large area so I would check if they do Cape Coral. Their owner used to work for NASA and is very systems oriented. They have found me excellent tenants and are very responsive. Stay away from Suncoast Property Management.
Rental Property Investor · Akron · Member since 2018 · 24 posts · 7 votes
4y
Tammy, congrats to you on reaching this point. This seems to be a good problem to have. Have you considered trying to hire someone to take some of those tasks off your plate and not just a property management company? I know a few investors that have found that finding and training the right person has been more cost effective and efficient in running their business. This might take a little more time up front training the individual but would allow you to have them run your business the way you want it run. Just another thought as you continue to scale, best of luck on your next move.
I would definitely recommend @Ashley Simonelli with Royal Palm Property Management. I can answer basic questions, but anything more in depth she would be the one to reach out to!
@Kyle Scelza thank you for the advice. I have thought about this option. I think you're right, it would probably be the best option, however, it would also be the most time consuming for me and I'm in the middle of getting a STR up and running out here in CA, where I live. I feel like I would have to travel to FL to get this all going and I'm not sure time allows for that right now. However, If I can't find a property management company that suits my needs I will do this maybe later this year.
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”:
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😊
Real Estate Agent · Boulder, CO · Member since 2015 · 284 posts · 226 votes
4y
I own five units in Ocala and have been really happy with Realty Medics. They cover a large area so I would check if they do Cape Coral. Their owner used to work for NASA and is very systems oriented. They have found me excellent tenants and are very responsive. Stay away from Suncoast Property Management.
Rental Property Investor · Los Angeles CA · Member since 2021 · 28 posts · 15 votes
4y
@Tammy Skeath hello Tammy nice work with what you have done to this point growth pains are best kinds.
I am looking for my first set of properties in Tampa area and pm is definitely where I am spending the most amount of time reviewing as I am in CA not planning to be in Florida for day to day operations. Could you share contact info for your mom n pop outfit?
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