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.
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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.
Owners of the rental properties we manage are always concerned about our company inspecting their houses to make sure everything is okay and ensuring the tenants are not trashing it. By tackling this concern head on, we convince more new owners to choose us as their Tampa property management company. Not to mention, this helps us retain existing clients.
Believe or not, half the tenants will pay you rent to keep the eviction from going through. Difficult tenant are like children and often must test you before they believe you’re serious about what you say. You simply have to file an eviction before they get the point that rent is due and must be paid on time (or at least paid reasonably late with a late fee). Nothing makes your point stronger than having the sheriff post the eviction notice on their door.
Okay, when the inevitable eviction arises, you should make a point of checking your rental to make sure the tenant is still living there. Hopefully, you have given the proper 3 day notice, as the property manager, the day after the rent was due. After the three day notice, you should be calling your tenant to find out why they haven’t paid rent. Make sure you do not just make one call and stop. If people are late with rent, they are usually embarrassed and reluctant to call back. Be polite and firm and leave 3 messages over a few days. If they normally are late, I often extend the eviction date to the 15th of the month or later
When competing for tenants in your rental market, your Tampa property management company should aggressively pursue different marketing strategies. An excellent strategy is offering a no application fee for all applicants.
This tip will help a Tampa property management company rent houses 30-50% faster. Once you have completed the application process and approved a tenant, you now need to get the security deposit and lease signed. This presents an opportunity if you move fast.
I can not tell you how many times in the beginning of my property management career a prospective tenant called and caught me unprepared. I quickly learned I saved 5 to 10 hours a week and rented more houses by being well prepared. Here are my best tips
Tenant retention provides a huge advantage to any Tampa property management company whom devotes the time and energy. You save your property owner’s a ton of money by eliminating expensive costs getting the unit rent ready again. Painting, cleaning, yard work, and minor carpentry repairs can easily run $1000-$2000 everytime a tenant moves out.
Tampa Property Management Tip #13 - Late Fees are a Critical Tool for Landlords to Collect Rent On Time
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.