The Tampa Bay area, which includes neighboring St. Petersburg and Clearwater and the surrounding metro areas, boasts a combined total of over 3.1 million residents.
Half of these residents, (about 15% more than the national average), occupy rental properties. Many of them comprise a portion of the 175,000 students that attend one of our eighty local universities. Over 300,000 Tampa Bay residents are seniors over the age of 65.
Owners of rental properties have several responsibilities that must be taken into consideration in order to maximize their investment and avoid problems while at the same time ensuring the best possible experience for their renters.
That’s why a competent and professional property management company is a sensible and intelligent choice. Let’s take a look at the top ten reasons you need a property management company:
#1 – PEACE OF MIND
As an income property owner, you want a business experience that avoids or minimizes any inconvenience or problem, not only for you but for your tenants as well.
#2 – AVOIDING LAWSUITS
The Florida landlord-tenant is well defined. An experienced property manager like Boss Lady can play a vital role in managing properties and can be helpful in a variety of ways by:
– Staying current on federal, state, and local laws regarding rental properties.
– Conducting thorough screening, including credit checks and background checks, thus reducing the risk of renting to problem tenants.
– Maintaining concise and accurate records of all transactions and communications.
– Acting as a mediator in landlord-tenant disputes.
– Responding quickly to maintenance requests and other tenant issues, preventing small situations from escalating into disputes that might result in legal actions.
– Incorporating clear and concise lease agreements providing a good legal foundation in the event of a dispute.
– Handling evictions in a lawful and respectable manner.
– Ensuring the property has good risk management by having appropriate insurance coverage.
– Making sure all tenants are treated fairly by consistent application of rules and regulations.
#3 – QUALITY TENANTS
The Tampa Bay rental market is among the most competitive in the entire country. For the property owner, this can be a good sign. However, it’s not uncommon for emotional factors to cloud an owner’s better judgment when evaluating a potential tenant.
Aside from taking the difficulty, time, cost, and inconvenience of finding a good tenant on one’s own, a top-tier management company provides an excellent intermediary step in the rental process. The property owner simply delineates specific criteria that he or she requires for his or her potential tenant, and the management company takes on the task. In many cases, a good property management company may know the market and the potential renters better than the average owner.
#4 – INCREASED EFFICIENCY
Cost-burdened renters can sometimes run into short-term trouble and may require personal attention. An experienced management company has the ability to handle such situations in the quickest and most equitable manner.
#5 – ON-TIME PAYMENTS
Studies have shown that while fostering a personal relationship with a tenant can sometimes be beneficial to both the landlord and the tenant, it may not be the most successful way to encourage on-time rent payments. This is another way a property manager can be helpful to both parties.
#6 – HIGHER RETENTION RATES FOR TENANTS
Increased retention of tenants results in a more stable income and reduced turnover costs. A common complaint from tenants is a slow response time for a repair or for maintenance. We have multiple ways for tenants to reach us, and we respond quickly and in a professional manner.
#7 – LOWER MAINTENANCE COSTS
Faster response times for repairs and maintenance can also result in less costly repairs.
#8 – LESS TIME BETWEEN VACANCIES
A property manager can reduce the time between vacancies. Our staff uses all available resources to place qualified tenants in your property – fast.
#9 – EXTENDING TENANT STAYS
Happy tenants have no reason to look for a different place to live. Pairing the right tenant with the right property is also essential. We specialize in facilitating this relationship.
#10 – COMPETITIVE RATES
Not only are our rates for our services competitive, but we offer additional services that others may not provide.
Call us for details.
