At Mynd Property Management, we believe we’re the best property management company in Tampa. But, if you do an internet search for Tampa property management, you’ll find a lot of options. If you’re an investor who currently owns property in Tampa or is thinking about buying a new investment property, you’ll need to know where to turn when you’re looking for reliable property management advice and resources.
Today, we want to help you understand what you should be looking for.
Tampa Property Management Should be Win-Win
There are a lot of property management companies in Tampa and there are also a lot of real estate agents who try to manage properties on a part-time basis. While some companies deliver high-quality, outstanding services, a lot of property managers in this area give the entire industry a bad reputation because they’re not doing it right and they’re not doing it well.
The phrase we like to use is win-win. It should be a lot of winning for property owners and their residents.
You want to make sure you’re getting great communication from your property managers. Whether it’s texting or calling or delivering information via online portals, your property manager should be communicating with you regularly and consistently. The communication should be clear and accurate and transparent.
Discuss your needs and your expectations before you sign the management agreement. We are always surprised at how many owners and investors just sign on the dotted line when they’re told to, without reading the management agreement and really studying what it entails.
There’s a lot at stake when we’re talking about the management of your investment, whether it’s a single property or an entire portfolio. Make sure you and your chosen property management company are on the same page.
It’s also important that you don’t feel locked into an agreement that may not serve you in the future. Be wary of termination fees and long-term contracts. At Mynd, we have a zero-term and zero-cancellation fee policy, and this makes us a little bit unique. But, we want to earn your business and keep it. It doesn’t help either of us win if we’re locking you into a contract and charging a huge cancellation fee. We want you to be happy with us. That’s important, and so we make sure that our contract makes sense. We hold ourselves accountable for helping you with cash flow and profitability.
Ask for Tampa Property Management Referrals
Call people you know and trust, and ask them for referrals. Talk to people who are currently working with a property manager and ask what kind of experience they are having. You’ll want to know how the property manager helped or made a difference. It doesn’t necessarily matter to hear that a property manager collects rent every month. We hope that all property managers are doing that. Find out what really made the experience special; what stands out about a particular company?
You want to make sure your investment goals are in place and your needs are being met. You need a property management partner who is on your team.
Value is More Important than Cost
You’re going to get what you pay for with property management. You will never hear us say that you should use the cheapest property management company. At Mynd, our fees are flat and competitive. We provide tenant portals and documents and we make sure your property is being well-maintained and earning you consistent rental income.
Don’t compare costs. Compare value.
You’re looking for a management company with systems in place. You don’t want to have to manage your manager. If you own real estate assets, you don’t want to be bogged down with day to day decisions and hassles. You simply want to be able to log onto your portal and see what’s going on with your property.
We often hear investors say they hired a certain company because they answered their phone first. That’s not a good reason to choose a property management company. You also shouldn’t choose a company because they’re the cheapest. Choose a Tampa property management company that’s aligned with your investment goals and has a documented history of success working with investors like you.
If you were driving down the street to get surgery and you saw a doctor with a sign for 50 percent off surgeries, would you go to that doctor?
Property management isn’t surgery, but it is your life savings and your financial security. You need to have a conversation and resist the temptation of choosing the first person who answers the phone or offers the deepest discount.
Don’t go cheap and don’t do it alone. You don’t want to be frustrated and you don’t want to be the person who has to come up with systems because your property manager hasn’t. People do not buy real estate investments to have a second or third job.
At Mynd, we’re choosy about the properties we want to manage because we believe in sharing the same goals and in being clear and transparent.
If you want some help choosing a Tampa property management company, please contact us at Mynd Property Management. You don’t necessarily need to hire us to manage your property, but you can ask us for some tips and extra resources to make the choice easier.
We also have other opportunities to connect with us and learn more about investing in Tampa. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.