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Articles in Category: Property Management

Tampa Property Management Tip #10 - Rules and Procedures to Keep a Tenant's Security Deposit

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.

Tampa Property Management Tip: Increasing Rent Collection with Low Income Residents

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.

Tampa Property Management Tip #15 - Many Houses Have Little Or No Insulation and This Will Cost Your Tenants

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.

Tampa Property Management Tip #16 - If You Prepare Property Owners for Occasional Upgrades, You Will Reduce Vacancy and Increase Rents.

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.

Tampa Property Management Tip #17– If You Want to Collect Past Due Rent Do not Let the Tenants Set the Terms

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.

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