Real estate investors have to watch every dollar that’s spent on their rental properties, so it’s understandable that you’d be wondering if professional property management in Tampa is really worth your money. This is a fixed expense that you’ll have to pay every month; is it really worth your money?
The simple answer is – yes.
Today, we’re talking about what property managers do for you and why the management fee is well worth paying.
Tampa Property Managers Wear Many Hats
A good property management company will take care of everything for you from A to Z. The ultimate goal is to ensure your investment property is cash flowing consistently and earning you the money you expect it to.
This includes the basic day to day tasks such as rent collection and lease enforcement. Collecting rent on time is an important function of property managers, and a good rent collection policy needs to be documented and enforced. If rent isn’t collected on time, your property will send notices and put pressure on your residents to show them you’re serious about on-time payments.
Enforcing the lease agreement is also a critical part of what we do. To protect your property effectively, we need to make sure there aren’t any unauthorized pets or residents in the property. There isn’t any kind of emotional attachment between property managers and tenants or property managers and rental homes. We can make business decisions that are best for your bottom line.
Managing the Tampa Leasing Process
The value of what you pay a property manager starts with the leasing process.
Before you even place a resident and start collecting rent, you can count on your property management company to prepare your home for the rental market, make the necessary repairs and upgrades, and clean it thoroughly from top to bottom. All of your landscaping will be attended to so there’s great curb appeal to attract the best residents.
Screening residents in accordance with fair housing laws is another major reason to pay for a professional property manager. You won’t have to worry about drafting the lease and including all the necessary disclosures. All of the required processes are in place and things are handled expertly. You pay your property manager to collect the security deposit and the first month’s rent as well as any extra pet fees and deposits.
Tampa Rental Property Maintenance and Management
You will also have the benefit of expertise and relationships when it comes to maintenance. Your property manager will take care of all routine, emergency, and preventative maintenance, and we’ll be able to ensure the work is done professionally and cost-effectively because we work with the best vendors and contractors in Tampa.
Communication is a critical part of what you get from professional management. Your property manager will share information and discuss strategy. You’ll have someone who deals with your residents and handles any conflicts or concerns. When a resident is moving out, your property manager will handle the inspection and the security deposit and preparing your property for the next tenant.
There are a lot of moving parts, and your property manager handles all of them.
Property Managers Run Your Business for You
With a professional Tampa property manager, you can leave the running of your business in capable and experienced hands. You’re working with someone who has established policies, procedures, and structured systems. Your property manager is keeping your clients (residents) and ensuring the revenue of your business is strong.
There’s also a lot of protection available when you work with a management company. You can expect your property manager to keep you safe from claims and lawsuits. One out of three landlords are involved in a lawsuit every year. These lawsuits may concern fair housing violations, mistakes with the Fair Credit Reporting Act, evictions, and discrimination. If you’re not operating your property like a business, you’re putting yourself at risk.
There is a lot of value available to investors who use property managers. We could spend all day talking about what property managers do for their money.
Most importantly, your property manager is a part of your team. You receive a lot of leverage when it comes to managing your business if you have a good property manager working with you. We are here to do the things that you don’t need or want to be doing yourself.
As an investor, you probably buy real estate as an end goal. You’re not investing to have a second or third job. You use a property manager for the same reason you use a CPA or an attorney or a car mechanic. The expertise is worth even more than the actual tasks that are handled for you.
Sophisticated investors want a property manager who will take care of every aspect involved in the leasing and management of an investment property. Property owners should be able to trust you but also have the ability to verify the work that’s being done. You can go and live your life while your property manager takes care of your asset.
If you want to talk more about the value of a Tampa property management company, please contact us at Mynd Property Management. Whether we’re managing your property or not, we love educating investors and talking about how to have a better rental experience.
We also have other opportunities to connect with us and learn more about investing in Tampa. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.