Are you excited about making passive income from your rental property but need to know how to get the most bang for your buck?
Whether you are a new rental property owner or a well-versed real estate investor in Tampa, Florida, renting your property can be a very daunting task. There is a lot to consider when renting your property, such as buying a Tampa rental property, rental rates, finding tenants, property maintenance, and potentially finding Tampa property managers that can service your rental property.
These tasks can be overwhelming, but they don’t have to be if you take the precautions and advice we here at The Listing Real Estate Management have to offer. While some property owners settle for the bare minimum, most want to go the extra mile to ensure they get the most out of their Tampa rental property(s).
Let’s get into the nitty-gritty.
First, What Do Tampa Renters Look for in a Rental Property?
As Tampa Rental Property Managers, we know how important it is to satisfy our tenants. In most cases, if your tenants are happy, you are happy. The first step in ensuring your tenants are happy is making your property feel like home. Before a tenant moves in, make your home comfortable and livable by:
- Completing the repairs necessary
- Creating legally binding lease agreements that clearly state how things will operate
- Outlining the amenities included in the rental price
- Highlighting the neighborhood/things to do in the area
Some key highlights a tenant looks for in a rental property might be allowing pets in your property, a tentative landlord, fully furnishing your property, including utilities in the rent price, and giving your tenants amenities on/around your property. A tenant will be more likely to rent your property if they feel your home is theirs.
Tampa Rental Property Repairs & Improvements
The absolute best way to increase the value of your home and ensure a happy tenant is to complete timely repairs. Most property owners using a property for investment typically purchase homes that need a facelift. The most crucial rooms in your home are the kitchen and bathroom(s). Times are changing, which means the trends are changing as well. Staying up to date with the latest fads and trends is crucial in upgrading your home. We encourage fresh coats of paint, installing new light fixtures, appliances, and window treatments, and refinishing the floors if necessary.
Not only will you want to make the inside of your rental property welcoming and cozy, but you will also want to consider outside amenities. According to porch.com, curb appeal is essential to a potential tenant. Adding to the curb appeal can be, but is not limited to: adding a deck/patio, fresh exterior paint, sufficient parking, updating your mailbox and house numbers, landscaping your lawn, etc.
New tenants living in Tampa, Florida, thrive off sitting outside and enjoying our beautiful sunshine. Our professional property management in Tampa, Florida, and property managers, state repairs are the best way to keep and retain quality tenants. Most tenants in Tampa non-renew their lease agreements due to maintenance issues with the property.
Tampa Rental Property Pricing
If you are new to renting out your Tampa property, a good rule of thumb is the 1% rule. The 1% real estate rule calculates the property’s price against the gross income it can generate. Therefore, the monthly rent must be equal to 1% of the purchase price and no less. This will help you determine how much cash flow the property will generate. This rule is a great starting point to gauge whether or not your property is listed at the correct price. Correctly pricing your rental property is the most basic way of ensuring you get the most bang for your buck. If you need an investment specialist to assist in buying a Tampa rental property, contact our property managers for more information.
A great way to raise the price of your rental property is by finishing your unfinished basement or attic if you have one. Refinishing these room(s) will allow for more room, but they can also be listed as an office or extra storage space to make your rental property stand out.
Sometimes you have to get creative but reasonable in upsizing the price of your rental charge. We encourage Tampa bay property owners to leave the cost of utilities out of the rent price each month, but if you want to get creative and your Tampa rental property is not renting, this can allow you to charge more for the monthly rent and make the listing seem more enticing to a potential tenant. When a tenant sees the price of rent plus all the other fees included, it can persuade them to rent elsewhere. In addition, you can set utility “ceilings” in the lease agreement. If a tenant goes over the ceiling you have selected, they pay the extra.
Renew your Lease Agreement Incrementally
If your current tenant wants to renew the lease agreement, avoid getting greedy and raising the rental price considerably. For example, according to ApartmentList, Tampa, Florida, rents increased 30.6% from 2019-2023. Stay well below other Tampa landlords and apartment renewal prices if you have a good tenant.
Keeping a quality tenant living in your Tampa rental property is the most important because, as professional Tampa property managers, we can tell you the most expensive pitfall of an investment property is vacancy time.
Use a professional Tampa Property Management Company.
If you are new to owning an investment property, consider hiring a Tampa Property Management professional. Rental property managers specialize in all aspects of managing your property.
A Tampa Property Manager can help with the following:
- Rent Collection
- Rental Property Marketing
- Screening Prospective Tenants
- Repairs and Maintenance
- Lease Signing & Advising
- Rental Property Accounting
- Rental Property Inspections
- Rental Analysis
- Renewing Leases
As a Tampa property owner, hiring a Tampa property manager can take away the stress of owning an income-producing property.
Tampa Property Management Summary
Finagling ways to make more money on your rental property can be tricky, but it is easy once you get the hang of it. With a few tweaks, you will successfully rent out your property or existing property with the potential to maximize your cash flow.
At The Listing Real Estate Management, we manage properties in the Tampa Bay area and would love to help you manage yours! Contact us at The Listing Real Estate Management if you have any questions about making your property more profitable or if you’d like to learn more about our Tampa property management services.
