Are you having a difficult time renting out your Tampa rental property? Well, you’ve come to the right place.
It can be very frustrating when your rental property is vacant. You may think the problem is you, but we are here to tell you that with a few mindset changes and tweaks, your Tampa rental property will be rented in no time.
As a professional property management company in Tampa, Florida – we have compiled the best tips for you to get your Tampa property leased.
Crucial Steps for Renting your Tampa Rental Home
Buying a rental property in Tampa, Florida, is an inspiring and lucrative business, but you need to know how to use your time and money to the best of your ability. Whether a first-time rental property owner or an experienced real estate investor, you will want to find tenants quickly. “Where do I start?” you might be asking…so here’s how:
The first impression that your property leaves on a prospect is crucial. Whether you’re taking videos and pictures or doing a walk-through, you will want your home to be aesthetically pleasing.
Potential tenants will most likely decide if a property fits well with their needs within a matter of minutes. Ensure you provide detailed information about your home, property, and surrounding areas. Highlight the benefits of the area i.e. schooling, popular attractions, neighbors, activities, restaurants, etc.
You will want to post your rental property on relevant platforms, which can be apartments.com, Zillow, Trulia, and social media platforms.
To rent a property and stay in compliance with Landlord-Tenant Laws, it is important that you take care of any and all things that need repair(s) before listing your property.
Imagine taking a walk-through of a property and seeing multiple things that need repair. You are more likely to discard that property and go with a move-in-ready property. All damages and repairs are the landlord’s responsibility, so you won’t want to put that burden on your potential tenant.
Allowing your potential tenant to be stress-free and worry-free when considering your property will increase your chances of that tenant filling your vacant home.
3. Charging the Right Amount of Rent
Many rental property owners struggle with knowing what to charge for monthly rent. Why is it still vacant if you consider your home to be in pristine condition, marketed correctly, and in a great location?
You may be charging too much or too low. Compare your property to other similar properties or properties located in your area. If you are charging too much, that is a no-brainer as to why it is still vacant. If you are charging too low, it may be a red flag to potential tenants. They may question if it is in a bad location or if something is wrong with the property.
4. Screen Potential Tenants
If you want to keep your properties rapport up to a high standard, you will want to screen your prospects. You can do so by running a background check, holding an interview, running a credit check, and by contacting your employer.
When renting out your property, the last thing you want is a tenant who damages your home, breaks their lease agreement, causes excessive maintenance, or is late on their payments/doesn’t pay at all.
You can use Tampa property management-friendly software such as Hamlin, Avail, or Cozy.
5. Hire a Tampa Property Manager
Managing a property on your own can get very tiring very quickly, especially if you have multiple properties. Hiring a property manager will take a lot of stress off your plate, allowing you to buy more properties and access more cash flow. Consider hiring a Tampa Bay property management company. As a property manager, we do everything for you to fill your vacant home, such as:
- Rental Property Leasing
- Screening Potential Tenants
- Property Inspections
- Rent Collection
- Financial Reporting
- Year-End Tax Preparation
What to do:
- Upgrade your home with simple touches
- New paint
- Updated appliances
- New light fixtures
- Deep clean
- Stage your home
- Market your Property
- Take high-quality pictures and videos
- Post to reputable and relatable platforms
- Price your Property Reasonably
- Hire a Tampa or Orlando Property Management Company
What not to do:
- Price your Property too High or too Low
- Allow Tenants that have not been screened properly into your Home
- Leave your Property in “as is” Condition
- Take on Added Stress of not having a Property Manager
Tampa Property Management Summary
Hiring Tampa property management companies can be all the difference.
As a Tampa property manager, following these simple tips will allow your home to be filled with the right tenant(s) as quickly as possible.
We know it is not an easy task to manage your home, so that is why we are here! Contact us at The Listing Real Estate Management; we are your trusted Tampa property management company if you have questions or need assistance renting out your Tampa rental property.