Property Management Blog

3 Things New Landlords In Tampa, FL Need to Know

by SuperUser Account on Thursday, January 19, 2012 12:32 AM
The implosion of the housing market has turned many homeowners into reluctant landlords. In areas like Tampa, FL where the Tampa real estate Home Price Index continues to trend downward, owners are learning that income-producing real estate should be managed prudently. Being a landlord in Tampa is challenging because the local economy has yet to see an uptick. Given this environment, landlords in Tampa have to be creative and aggressive in managing their owned and operated rentals.  As part of that process new landlords need to have a strong understanding of legal issues as they relate to real estate and tenancy issues, be prepared to stay on call for all maintenance issues that arise with the property 24/7, and be familiar with procuring and screening new tenants.

1.  Legal Knowledge Required
To be a successful landlord in Tampa, a fair amount of amount of legal experience in dealing with real estate and tenancy issues is required.  Tampa landlords should have some experience with contract law, as one of the primary responsibilities of a landlord involves the conveyance and enforcement of rental agreements.  Structuring the appropriate leasing contracting agreements between property owner and tenant ensures that the interests of the property owner are well protected by including the appropriate clauses that enforce a set of clear rules and regulations that tenants must legally abide by.  In addition, landlords need be wary of complying with Fair Housing Laws when selecting and screening potential tenants, and, become well versed in handling the eviction process in Tampa when it comes to having problematic tenants removed legally from the property.

2.  Landlords On Call 24/7
New landlords must be prepared to be on call night or day to handle any maintenance issues that may occur on the property as requested by the tenants.  Whether the landlord is prepared to grab the toolbox and handle the repair issues personally or farm the job out to an outside contractor, the landlord is ultimately responsible for making sure the repair request is fulfilled.  One of the best ways to minimize the number of repairs that are required is to develop and stay on top of a maintenance schedule.  A consistent property maintenance schedule reduces the incidence of unplanned and costly repairs. This stabilizes operating expenses while protecting property values.

3.  New Tenant Screening Process Critical
It may appear to be a straightforward task but choosing the right tenants to occupy a property is one of the important decisions to be made as a landlord.  Choosing the wrong tenant that doesn’t respect the property, or fails to make timely rent payments, can turn into an unnecessary headache and liability.  Outside of determining the applicants’ ability to pay rent, there are several additional things that a landlord should consider before granting a lease.  Crucial to the process is performing a background check and a credit check on all applicants.  This is a simple process but it’s not unreasonable to find it more difficult to interpret the results as they can sometimes be conflicting.  Also, new landlords will have to become proficient at procuring new tenants by advertising and marketing vacant properties.  

The task of managing income property can be overwhelming for new landlords. Fortunately, property management companies are capable of taking on these tasks to alleviate the stress of the property owner from playing the role of landlord.  Qualified Tampa property managers can reduce the workload placed on Tampa landlords by taking control of the legalities surrounding a leasing agreement, handling all of the maintenance issues of the property, and controlling the acquisition process of securing new tenants.  Property managers act as go-between for tenant and landlord and can become an invaluable asset to Tampa landlords that need to make certain that their tenant’s needs are being met while protecting the income source for the property owner.

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1 comment(s) so far...

Anonymous 1/24/2012

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