Getting into rental property investment is without a doubt one of the best investment decisions one can make. However, the joy or failure of such a venture depends largely on the amount of expertise, time and commitment you dedicate to it. For this reason, experienced Tampa landlords enlist the services of competent Tampa property management professionals to handle their rental asset.
The managers ensure that the owners and the tenants are satisfied and that the property remains attractive, well maintained and of the right market value. It is, however, essential for a rental property owner to get the right kind of manager. If you are shopping for one, the following are desirable qualities to look for in a property manager.
The manager you contract for your Tampa property must be conversant with what managing a successful rental property in Tampa entails. For instance, he or she should know how the real estate industry operates, and be up to date with the dynamic city property ownership rules. Besides, the manager must be familiar with the rental property regulation and policymakers in the region, know who the best suppliers and service providers are, know the best strategies for attracting quality tenants, as well as have the right skills for interpreting and preparing financial and other rental property related reports.
Your assets are an investment, and as such, you must make sure you leave it in the hands of a competent property manager. Go for one who conducts his or her affairs in a professional manner. Find out how the manager under consideration deals with employees, landlords, vendors, and tenants. If the agent does not treat them professionally and impartially, or is unreliable, impatient and cannot separate emotions from business decisions, high chances are the Tampa property manager might not be the right one for you.
If you want to have a rewarding relationship with your property manager, go for a Tampa property management company with impeccable communication skills. Here, communication refers to several aspects. For starters, the manager should be a good listener, to understand and execute what you wish for your investment. Secondly, he or she must be reachable to you as the landlord and your tenants at all times. Such accessibility guarantees that the manager gets to know of emergency and non-emergency matters promptly.
Furthermore, the manager should be able to express him or herself clearly and concisely, whether verbally or through writing. Lastly, he or she must have in place a method of gathering useful information about the property and relating it to the landlord in a prompt manner. At the end of the day, this is a quality you want every company you work with to have.
Management and financial skills
The manager will be in charge of your property as well as your finances. It is, therefore, critical, that he or she possesses sound skills for managing the resources and handling your finances. Even though the manager might be transparent and of unquestionable character, if he or she lacks adequate financial management skills, he or she is very likely to run down your rental investment.
The rental property business is all about people. You, therefore, must ensure the manager can work well and get along with people. He or she ought to be; friendly, possess excellent negotiating skills, have superior customer service qualities, be patient, understanding, and must have a positive attitude. Furthermore, he or she should have a likable personality and a temperament that can respond to complaints and handle problems in a rational and productive manner. Such a manager will not only attract high-quality tenants but will also ensure that they become long-term renters.
Running a successful rental property business involves a lot of work. These include ensuring that the property is attractive and in a habitable state, meeting all the Tampa property investment rules, complying with the rental ownership regulations, maintaining the property, advertising vacancies, screening potential renters, handling the rent as well as dealing with evictions. All these require an excellent level of organization skills. The manager should be able to prioritize the activities and keep proper records to guarantee smooth and seamless operations.
Pays attention to detail
In the rental property business, what might seem like an insignificant issue can have serious financial or even legal implications. For instance neglecting laws relating to handicap accessibility, failure to respond to property damage concerns, or ignoring a red flag on a tenant’s application could all result in costly outcomes. For this reason, it is prudent to go for a Tampa property management company that is detail oriented and takes nothing for granted. A detail-oriented management firm will not only point out the red flags but will put in place preventative measures in real time, consequently preventing any possibility of injuries, property damages or even lawsuits. It imperative that the company you choose to work with are always meticulous in what they do, this ensures you get exactly what you are paying for.
Transparent and accountable
When shopping for a property manager, it is imperative that you find one who is responsible and operates with complete transparency. He or she should not withhold vital information about your property from you. Similarly, the manager should not hide information about its operations and affiliated companies. Make an effort to conduct a background check of the management firm to ensure it is who it claims to be and that they only engage in legal activities and uphold ethical values.
Familiar with local service professionals
One advantage of working with a local Tampa Bay area property manager is that they’re very well connected to other local companies and can offer referrals that are aligned with your specific needs. As an investor, owner or landlord you’ll find that you will occasionally need the professional services of bankers, attorneys, and CPAs. And specifically, you’ll need recommendations for cleaning companies, painters, contractors, restoration experts and more. It’s also not unusual for residential and commercial tenants to also ask about local moving companies and furniture stores as well. It’s important to know that these are often trusted local connections and can help strengthen the relationship with your property manager.
If you’re currently looking for a Tampa property manager click here and we would be glad to provide you with a free management consultation!