If you’re a rental property owner in Tampa, Florida, looking to maximize your property’s success, you’ll want to familiarize yourself with the normal scope of property management in Tampa. How your property is managed significantly impacts finding and retaining quality tenants, as well as the overall upkeep of your property.
Tampa Rental Property Management Companies
As an investment property owner, working with a property manager comes with many benefits that can significantly increase your cash flow and profit margin.
A Tampa property manager is an expert who will amplify your rental property’s success and profitability. A property manager carries out the daily operations of your property, ensuring it is operating at the highest standards while alleviating the property owner’s stress.
Whether you’re a seasoned investor or a first-time rental property owner, working with a property management company provides an elevated experience because you’re working with a team of experts. Property managers have extensive knowledge in all areas of managing rental properties, whether maintenance requests or legal issues, which gives you a significant advantage in running your property smoothly.
Tampa Rental Property Marketing
Rental property marketing is an essential aspect of getting your property rented. A property manager should market your property on multiple home rental and social media platforms. These platforms will typically include rental websites like Zillow, Avail, and Apartments.com, to name a few.
Rental property marketing should include high-quality photographs, a virtual video tour, and an accurate property description.
Buildium’s 2023 Industry Report states that “owners cited marketing listings as one of the top services they expect from their property managers.” Showcasing your property on these platforms allows maximum exposure and increases the speed and likelihood of attracting qualified tenants.
Tenant Screening Process
Tenant screening is one of the most critical processes a property manager completes. Tenant screening is the process that filters out unreliable and unqualified tenants. Placing a qualified tenant in your property is vital for long-term success and profitability.
Although some applicants may be friendly, more is needed to ensure they are reliable tenants. The tenant you want living in your house should have a previous rental history with proof of no evictions, damage to the property, and consistent payments.
The tenant screening process in Tampa, Florida, typically includes checking credit history, debt-to-income ratio, nationwide eviction search, background check, income and employment verification, and previous two-year rental verification.
Does a Property Manager Collect Rent?
In recent years, technology has revolutionized the property management industry. Almost anything can be done through technology, including rent payments and collection. Most Tampa property managers will collect rent payments using an online platform. This way, tenants have 24/7 access to their online portal, where they can easily submit rent payments on their own.
Collecting payments through an electronic portal makes the process straightforward and error-free for tenants. Providing tenants with a navigable system is essential in assisting with on-time payments and few complications.
Although each company differs, property managers often distribute funds to property owners through direct deposit, providing quick and reliable payouts. Property managers use technology to make the payment process seamless and efficient!
Be sure to speak with your potential property managers regarding their rent collection process. Working with a company that uses a reliable system is essential so you know your funds will be collected and distributed correctly.
Tampa Property Maintenance
As a rental property owner, you want the best for your property, which means actively taking care of and looking after your property. When renting your property, worrying about damage and maintenance issues is expected. If maintenance issues are a significant stressor for you, the professional assistance of an experienced property manager can help relieve your worries.
A significant difference between working with a property manager and managing a property alone is that a property manager can alleviate the stress of performing maintenance on your own. An experienced property manager in Tampa will have an established list of contacts, including maintenance and repair professionals. These professionals have often worked with the property manager previously and have a solid track record.
A property manager will receive maintenance inquiries directly from tenants and coordinate with licensed and professional vendors to solve the issue promptly. Your property manager must provide fast and quality maintenance when needed so that your tenant is safe and satisfied. In addition, the tenant will be happy, and your property will be kept up to the best standards.
How Much Does a Property Manager in Florida Cost?
The cost of a property manager will vary depending on the company you choose to work with; the fee structure will vary significantly amongst management companies in Tampa. Each company operates differently according to their values, using processes they feel benefit their clients and managed properties.
With that in mind, it is essential to find out how each of your potential management companies operate. You want to know how you can benefit from working with them and what exactly you will pay for.
However, you will find that most property managers charge a leasing fee and a monthly management fee.
Property Management Leasing Fee
A property management leasing fee in Tampa, Florida is a cost associated with listing your property. A leasing fee usually covers:
- Listing the property for rent
- Marketing the unit with photos and description
- Showing the vacant property
- Screening applications
- Lease signing
- Move-in inspection
Most property management companies typically charge this as a one-time fee, costing 50-75% of one month’s rent. Some companies may even charge one full month’s rent.
Monthly Property Management Fee
The most common property management fee is the monthly management fee. A monthly management fee will be a monthly recurring fee that property managers charge for handling all aspects of your investment property.
Most Tampa property management companies charge 8-12% of the monthly rental income. Monthly property management fees may vary depending on the property’s type, location, and size.
Tampa Property Management Summary
Whether it’s your first time Owning a rental property or you have years of experience, managing a property takes dedication and can be challenging to do all on your own.
Hiring a Tampa property manager can be highly beneficial, alleviate the stress of owning and renting your property, and provide you with best-in-class management services. Your property must be in the hands of a property manager who is trustworthy, transparent, and will put your needs first. Your property manager should be authentic, detail-oriented, and excel and take pride in each property they manage.
Contact us, The Listing Real Estate Management, to learn more about our Tampa property management services. At The Listing Real Estate Management, we’re your boutique property management company, here as a resource to you and your rental property.
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