If you have been a landlord for any length of time, you know that applicants lie on their tenant applications, on the phone, and right to your face. You just cannot trust what an applicant writes or tells you at face value. You must verify and do it quickly.
When a tenant moves out, a landlord must complete an inspection of the property before refunding or keeping a security deposit. Legally, you must have proof of any damages that occurred if you wish to charge the tenant. The vast majority of private landlords keep no proof and send no notice to the tenant. They simply just tell them over the phone the deposit will not be given back. This is illegal in Florida and probably in all states.
Would you like to save at least $740 a year per rental property? These eight tips will help you to find the right Property Manager and save you money. Prepare to be amazed with the overcharging and hidden fees charged by most Tampa Property Management companies.
Low income tenants are often irresponsible and do not pay their rent on time. Most Tampa Property Managers struggle collecting rent from these Residents because their expectations are too high. In order to be successful with low income tenants, you need to prepare yourself that the rent will most likely be late and excuses will be made on a regular basis. There are low income tenants out there that are wonderful tenants and consistently pay on time but the majority of them will struggle paying you every month.
Most tampa property management owners just have a terrible time being the “bad guy.” If you ever want to be successful in this business, you or someone who works with you must be willing to enforce the rules.
Many homes with windows from the 1960s and 1970s (or older) are no longer functional, and ost Tampa property management owners find replacing windows extremely distasteful because of the expense.. These windows have been warped by weather and usage resulting in large gaps between the window and the house.
You should always consider the electrical efficiency of your rental homes or apartments. Rentals with poor or no insulation causes excessively high electric bills for your tenants. Most landlords just shrug their shoulders and take no responsibility for this issue. This is a huge mistake. If the electrical bill should be around $200 and the bill is coming in over $400, you cannot immediately assume it is the tenant's fault.
A Tampa property management company should prepare every rental property owner right at the beginning of the relationship for periodic upgrades. Every item in the house especially those in the kitchen and bathrooms have a useful life. In order to stay competitive and rent your rentals quickly and at a good price, the rentals must be updated in some way every few years.
In our Tampa property management company, collecting rent is very tricky and requires some insight into the psychology of dealing with tenants. The most common method of rent collection is to insist the rent is paid on time or an eviction is filed after the 3 to 10 day notice expires (changes depending on what State). If the landlord doesn’t follow through with this threat, the tenant knows that paying rent on time is optional because there are no consequences.
