As a Tampa property owner interested in hiring a property management company, you will want to understand the common issues with Tampa property management companies that owners sometimes encounter.
As experienced property managers at The Listing Real Estate Management, we’ve encountered a few common conflicts property owners have experienced while working with a property management company.
We understand that each rental property owner has a different approach to managing their rental property. When property owners are particular about how they would like their property managed, they may encounter these five common issues with Tampa property management companies.
Rental Property Changes
We know it’s common for people to have difficulty with change in general, so for some, handing over the management responsibilities to a property manager may be more challenging than expected. Change may be difficult and unusual if you’ve been managing your rental property for years.
Working with a property manager will significantly differ from your prior experience managing your property on your own. You must first identify your reason for hiring a property management company. Are you unable to manage your rental because of work? Would you like more free time? It’s essential to remember that you sought out a property manager because you felt you needed professional assistance to run your property better.
As a property management company, we often encounter property owners who, during the initial stages, experience concerns or resistance when adapting to changes or allowing us control over management processes.
Here at The Listing Real Estate Management, we believe in passive income. If you prefer to be very involved in the day-to-day operations or in complete control, you benefit more from self-managing.
If you hire the right property management company, you should be able to trust they are looking out for your best interest and properly managing your investment property.
Communication Problems
A prevalent issue in many property management complaints is a lack of communication or the inability to contact and talk with property managers.
If your property management company has been around for years and has established itself in the industry, they will likely receive a large volume of inbound calls. That means it can be quite a challenge to get through to your property manager directly when needed. Take our company, The Listing Real Estate Management, for example. We can tell you firsthand that we often find ourselves swamped with calls from tenants, potential renters, vendors, and owners.
However, this is no excuse. We completely understand that, as a rental property owner, readily available and consistent communication is essential. An excellent property manager will get back to you promptly if they miss your call.
Rental Property Maintenance
If you own a rental property, you understand that maintenance is necessary to keep your tenant happy and protect your investment. However, excessive maintenance is a common issue property owners encounter with a property management company.
As a property owner, it’s essential to understand and stay informed about how your property management company conducts routine or emergency maintenance on your rental property. Typically, there are two maintenance approaches property managers take:
- In-house maintenance
If your Tampa property management company has its own maintenance, they may charge an excessive maintenance fee. You may realize that a company that does this is not a good fit for you or your rental property. Property management companies with their own maintenance will overcharge, which can be a conflict of interest.
- Local vendor network
At The Listing Real Estate Management, we use our local vendor network for all of our rental property maintenance. We find it more beneficial and essential to use quality vendors that can offer us the best price for conducting routine maintenance for our homeowners.
A property management company that uses local vendors receives no incentive for rental property repairs. Typically, estimates and invoices will be charged at or under the market rate.
Rental Property Not Renting
If you have a rental property that is not renting, you are losing out on thousands in lost rental income. Before hiring your property management company, we suggest asking how they price their rental homes.
Ensure your rental property management company uses the Local Central Florida MLS to look at and analyze similar rental comps. Also, ensure they have experience with providing you with a rental analysis.
To accurately price your investment property, your property manager should be:
- Providing rent-ready suggestions
- Scheduling property repairs if needed
- Rental marketing with professional photos and video tour
- Accurately price your rental property
- Screen and pre-screen prospective tenants
Property Management Fees
One of the most common issues with Tampa property management companies we receive from owners working with other property management companies is that they charge multiple property management fees and unauthorized fees. First, you’ll want to understand what fees your property management company charges and why they charge them.
Sometimes rental property owners choose a discount or cheap property management company. After a few months, they may realize that the process is not as inexpensive as they thought. Often, these companies will present themselves as offering lower initial prices but end up charging clients for every little thing. Some standard property management fees include:
- Property management startup fee
- Property inspection fees
- Leasing fees
- Monthly property management fee
- Lease renewal fees
- Maintenance coordination fees
- Cancellation fees
If you are seeking an expert property management company, ask about their fees and why they charge them. The best way to go into it is to know precisely what you will pay for, when, and why.
Property Management Summary
Owning a rental investment property should be fun and exciting, not stressful and costly. Understanding the common issues with Tapa property management companies will help you find the best property management company in Tampa for you and your rental property.
At The Listing, we pride ourselves on being your best-in-class boutique property management company. We have over 15 years of experience and are passionate about guiding our clients to success and prosperity. Contact us to learn more!
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