Many people get into rental property investment hoping to make quick money. However, it soon dawns on them that successful real estate investing takes more than just having a beautiful rental property in a premium location. You must meet all legal and taxation regulations, ensure the house is in perfect livable conditions, market the asset and also screen the prospective tenants to get quality renters. Performing all these tasks can be costly, time-consuming, and challenging for a property owner. It explains why wealthy landlords in Tampa, prefer to entrust experienced property managers with their homes, condos, villas and townhouses. By contracting an asset management firm, landlords get to enjoy a myriad of benefits.
1) Access to an Experienced Team
Property managers know what it takes to succeed in the real estate industry. They know how to increase the property’s appeal and value, effective strategies for marketing the asset, how to screen tenants, how to draft winning tenancy agreements, how to maximize income and lower costs, how to meet the legal requirements and so on. Hence, when you hire a firm to handle your Tampa property you are not gambling, but rather entrusting your investment to a pair of safe, experienced hands.
2) Knowledge of the Local Market
Since the property manager has been operating in the area for a while, they are familiar with the local way of life. They understand the local and state laws, where to source for quality construction materials, who the reliable suppliers are and so on. As such, they can save you from incurring high costs, or fines resulting from the violation of regulations.
3) You Get Quality Tenants Faster
For most prospecting tenants, their search for a vacant home often starts at rental property management firms. When that happens, the management company naturally, first presents to the renters the houses they have in their portfolio. For this reason, when you contract a property manager, you significantly increase the rate with which your vacant houses fill up. Also, the Tampa property manager will thoroughly screen the tenants to ensure that only well-paying, well-mannered and the right kind of renters occupy your property.
4) Professional Marketing Services
A primary challenge for a majority of rental property investors is how to advertise their vacant houses in order to capture the attention and interest of quality tenants. Fortunately, by enlisting the services of a Tampa property manager, you no longer have to worry about the challenges of marketing the property. Besides, you also get access to extensive rental property marketing and advertising expertise and resources. The company will advertise the property for you using the most effective advertising strategies like listing on relevant high-ranking websites, using broker referrals, designing attractive on-site vacant house signs as well as posting classifieds in leading newspapers.
5) Handles Legal Matters on Your Behalf
Running a successful property business involves plenty of legal paperwork. For instance, you must have valid inspection reports, proper licenses and certifications, accounting statements, as well as legally binding lease agreements. Gathering all these documents can prove daunting if you are doing it for the first time. Furthermore, some documents like lease agreements might compel you to seek legal counsel from a professional attorney, which is not only time-consuming but costly. However, if you have a property management company at your service, he or she will successfully get the right paperwork for your property.
6) Proper Rent Collection and Tenant Eviction Procedures
At times handling tenants can become frustrating. Some renters might delay in paying overdue rent, while others might violate the terms of the lease agreement. Instead of losing sleep over difficult or troublesome tenants, just transfer that responsibility to a professional Tampa property manager. The firm will put in place measures to ensure all renters pay their rent promptly. Similarly, the company will handle the smooth eviction of troublesome tenants in a manner that does not result in legal suits. Subsequently, your property will still uphold its attractive image in the public eyes.
7) Reliable Property Repair and Maintenance Services
Professional Tampa property management companies conduct scheduled repair and maintenance services on your property to ensure it is always comfortable and tenant-ready. Many firms even have an active on-call maintenance service for responding to emergency calls from tenants.
8) Allows you to spend time growing your real estate portfolio
Since the property manager efficiently does all the above tasks on your behalf, you as the landlord, end up with more free time. This will allow you to spend more time with your family, personal business or even the pursuit of additional investment properties. You can even inform the property manager of your pursuit of additional properties and they’d most likely help you find profitable investment opportunities. This can lead to creating a passive income stream through real estate investing. If you are too busy managing your properties it will put a cap on the amount of properties you can own. However, by outsourcing the management of your rental properties there is no limit on your real estate portfolio.
As you can see there are many benefits of hiring a Tampa property management firm to take of your rental property. If you’d like to discuss in more detail give us a call today!