A reputable Tampa property manager will find value in not only managing your property, but in being a resource to you and your property management journey. Your Tampa property manager should have the ability to answer all of your questions regarding the property management process, the services they provide, and management costs and fees.
Here are 8 of the most common questions about property management in Tampa, Florida that property owners seeking management services should ask:
1) What Tampa Property Management Services Do You Offer?
As rental property managers, one of the most common questions we get about property management in Tampa, Florida is what services we offer.
It’s important to keep in mind that property management services will vary depending on the company. Property management companies throughout Florida run differently, therefore it’s crucial to inquire about the services provided by each property manager to ensure they align with your goals and desired management style.
At The Listing Real Estate Management, we are a full service property manager, specializing in single family and multi family properties throughout the Tampa Bay area. To guide you on your successful property management journey, we safeguard our rental property owners by providing the following services:
- Marketing and Leasing
- Tenant Screening
- Rent Collection
- Maintenance and Repairs
- Rental Property Accounting
2) How Do You Handle Tenant Screening?
All of our tenants go through an extensive screening process before they are approved to live in one of our managed properties. Only placing the highest quality tenants is vital to ensure the longevity of your success as a rental property owner. Placing high quality tenants leads to a smooth property management journey, as these tenants will improve tenant retention and be less likely to cause conflict or disturbances.
Tenant screening processes will differ throughout Tampa property management companies. Some companies will be more lenient with the tenants they place — we do not recommend working with these property managers, as having a high quality tenant screening process is one of the most important aspects of property management.
Our complex tenant screening process includes credit history, debt to income ratio, nationwide eviction search, background check, income & employment verification, and previous two years rental verification.
In addition, we offer all property management clients our 12-month tenant guarantee. If any tenant screened, approved and managed by The Listing vacates prior to the end of their 1-year lease agreement we’ll find a new tenant FREE of charge.
3) How Much Can I Rent My Tampa Rental Property For?
How much you can rent your property for will depend on a variety of factors. The location, size, type of property, condition, and current rental market trends all have a significant impact on the appropriate rental rate for your property.
At The Listing Real Estate Management, our expert Tampa and Orlando property management team know the areas and provide a free rental analysis for all our prospective clients and rental property owners.
We take historical data from multiple channels to provide the most accurate rental rate. Our rental analysis is completed with professional insight from a real Tampa property manager to deliver a specific rental price. Many rental property owners get their rental analysis from a “Zestimate”, but this algorithm is inaccurate. Contact us to obtain an accurate rental price analysis, free of charge.
4) How Do I Know If My Tenant Paid Rent?
A Tampa property manager will be in charge of collecting rent from your tenants. Most property managers will use an online communication system with their owners to relay important information such as receiving rent payments.
At The Listing, we provide owners updates through an online owner portal in which payment is tracked in real-time.
5) How Does Maintenance Work for My Tampa Rental Property?
The level of involvement a landlord has with maintenance and repairs will depend on the scope of property management implemented by the property manager you’re working with. When working with a reputable property manager, in most cases, maintenance and repairs will be authorized and completed by the Tampa property management company.
For example, we handle all maintenance requests straight from the tenants. After communicating with the tenant, we work with a network of local licensed and insured Tampa vendors to ensure all maintenance requests are completed effectively.
Like many other property management companies, The Listing will notify property owners for approval & authorization if the repair or maintenance service is over the maintenance reserve limit outlined in your property management agreement (unless the repair or maintenance service is considered an emergency). If a repair is below the approval limit, we will proceed without the owner’s approval. This limit is to provide the highest quality service to your property and tenant experience.
This policy makes for a fast and efficient process. How your property manager handles maintenance and repairs should be outlined in your property management agreement.
6) What Property Management Fees Do You Charge?
Leasing Fee
While all property management companies in Tampa are different, there are a couple of common property management fees to be aware of. The first fee is a leasing fee, or a tenant placement fee. This fee will cover the cost of finding a tenant for your Tampa rental home.
A tenant placement/leasing fee is typically a one time fee that costs between 50%-70% of one month’s rent. Some property managers will even charge the fee of a full month’s rent. However, some property managers charge a flat fee that usually ranges between $1,000-$1,500.
As a rental property owner seeking rental management services, find out what this leasing fee includes. Some companies will charge an advertising fee on top of the leasing fee. You’ll want to know exactly what you’re getting for your money.
Monthly Management Fee
While the leasing fee is a one time charge, the management fee is a monthly recurring fee. The monthly management fee is what landlords pay for the ongoing expertise of a property manager.
You can expect to pay between 8%-10% of your monthly rental income for the monthly management fee. The cost of this fee will vary depending on the type, location, condition, and size of your rental property.
Since each property management company is different, their services may vary, which could also impact the monthly property management fee. We highly suggest speaking with your prospective property manager to discuss their specific services and any additional costs. No one wants to be surprised by hidden or additional fees.
7) How Likely is an Eviction to Occur?
As a rental property owner, one of the last things you want to deal with is an eviction. Working with an experienced and professional property manager has proven to reduce the likelihood of having to evict a tenant.
Our tenant screening processes are enforced to ensure the tenants we place show no signs of a possible eviction. Although our expertise will significantly decrease the chances of an eviction, we can never be 100% certain an eviction will not occur. As we all know, sometimes life gets in the way and unexpected things happen. Someone can lose their job, have a death in the family, or experience a life altering change that affects their financial health.
However, in the event an eviction does occur, we will help facilitate the process. The eviction process typically takes only three to four weeks, contrary to popular belief.
8) Should I Hire a Tampa Rental Property Manager?
Hiring a reputable property manager will have a significantly positive impact on the success of your rental property. An experienced property manager will play a pivotal role in ensuring the smooth operation of your property and guide you to optimizing your income and financial returns.
However, hiring an inexperienced or unethical property manager can prohibit you from successfully maintaining and retaining tenants, causing months of missed rental payments. It is essential that you gather all necessary information from your potential property manager before working with them.
The Listing Real Estate Management has years of experience and proven success. Not only do we focus on managing your property, but also taking time to educate, align, and guide you on your successful property management journey. We maintain a high level of professionalism and work with each of our clients to guarantee your happiness.
Contact us today at The Listing Real Estate Management, your boutique property manager and trusted source for Tampa property management services! Our years of experience and dedication will make all the difference in your rental property success.
Copyright © 2017-2023, The Listing Real Estate Management. All Rights Reserved.
