Once you have purchased a Tampa investment property (whether it be a single house, a block of units or even an apartment building), it is important that you find an individual or a company who can provide adequate management for it. Do your research and decide on a shortlist of around 5 or so companies that you are interested in employing. When it comes to meeting with a Tampa property management company, you will know what questions to ask.
“Does the company have a dedicated management arm?”
This will help you to determine whether the company is offering a complete management service or whether it is just a side business for a real estate office. Find out who will be managing your property and how they plan on doing this. It is also a good idea to find out who will be dealing with your account if your current manager leaves or falls ill.
“How long has the Tampa property manager worked for the company?”
It is important that the person you entrust with your property management requirements is stable in their employment. As it is a career with a high turnover of staff, you want to ensure that, six months down the track, you will be dealing with the same person.
“How do they conduct property inspections?”
Some people in the industry are known to just hand over the keys to prospective tenants and let them do the rest. You want to make sure that your Tampa manager will offer a high level of customer service and will sell your house, unit or apartment to prospective tenants in the best way possible.
This is really an important one – the last thing you want is for a property manager to just hand out your keys to prospective tenants. Too much can go wrong. You want to know that the Tampa property manager will give good customer service and personally take prospective tenants to inspect your property. Or, they may hold open houses at specific times. This gives them a chance to get to know a future tenant better.
“How many properties does the company manage?”
The answer to this question will give you a fairly good idea as to how successful the Tampa property management company is as a whole. You should also find out how many properties your manager is looking after, as having 200 or so could lead you to wonder how they will cope with your added workload.
You want to know how many properties the property manager manages personally. Some may have 200 or more. If they do, you may wonder how they can give you and your tenants top customer service. Others may have only up to 150 but charge more for their service. This may be a better option to get peace of mind and, ultimately, make a good return on your Tampa investment property.
“How many days a week does the company’s staff work?”
Ideally, a Tampa property management company should have staff working six days a week, as this enables them to show your property when it is convenient for the tenant (after business hours and on weekends).
When it comes to finding the best property management company for your investment home, units, apartments or commercial location, it is important that you find one that you feel will represent your best interests. By asking the above questions when interviewing a potential Tampa management company, you can rest assured that you are making the right choice.
You want a property management company that can show your properties when it is convenient for the tenant. After all, you want tenants that can pay the rent so that means that most will be at work during normal business hours; unless it is a commercial property for rent. In the world of internet advertising, enquiries come in 24 hours a day. This comes down to their availability and ability to deal with maintenance issues as well.
How long has the Property Manager worked for the Company?
You want a property manager that is stable in their employment, and who takes looking after your interests seriously. There is a lot of stress involved in property management, with a high turnover of staff. In six months time, you want to be talking to the same person to build a business relationship that understands your needs and the property. This is a good reason to look for a property manager in Tampa that is dedicated to it as a career.
What Area does the Company Service?
You are right to consider companies that have expert local knowledge but, if you intend buying more properties in the future, how far does their expertise reach?
You do have a choice – either hire a property management company in each geographic area or find one that covers a wider area to take on all your properties.
Does the Property Manager Properly Screen New Tenants?
It is important to ask how the property management company checks out the credentials of short listed prospects. You need to reassure yourself they check people’s credit and rental history, and their past and present employment.
All prospective tenants must be screened carefully. Does your property manager have adequate access to information for this purpose? Do they provide you with a written report that backs up their claims when handing over short listed prospective tenants?
You now have plenty of information to help you seek out the very best property manager for your growing property portfolio. Enjoy your investment.
For this reason most landlords prefer not to manage their own property. Instead they pass this management responsibility over to a professional property management company. Some landlords have to use a property management company because they do not live near their investment properties. If you are going to use a property management company, make sure you ask them these very important questions.