So you are done assessing the experience, coverage and price of some of the best Tampa Florida property management companies. Now it is time to take the screening process to a higher level to determine which company returns the best benefits for you.
1. Choose a smaller yet flexible realty company.
Smaller property management companies offer more flexibility in managing and marketing your investment portfolio. Possibly because they have fewer and smaller properties to manage, they often customize their services to the smallest details to please the clients and prove their worth.
The greatest feature of residential real estate properties is the personality as reflected through design and style. Custom marketing is important in increasing the rental fee and emphasizing winning qualities of your property which will make it more suitable for the market.
Another reason why smaller choosing property management Tampa property management companies are better is because they do not need to settle overwhelming brokerage commissions, both to their agents and contractors.
2. Avail pre-purchase consultations.
There are Tampa Bay property management companies that offer this service to specifically cater to new investors-cum-businessmen. If you are still planning to buy a real estate property specifically for renting purposes, it is better to ask the experts first to know what property is marketable and what is not.
This will also save you from spending on unnecessary renovations and home improvements that do not really contribute to the increase of rental rates but just deplete your bank account.
3. Never fund construction of a new house just to be leased.
This works well for choosing property management of apartments and condominium units. But if you are a small-time investor who can only afford to buy or construct a single new house, it is advisable that you just invest on foreclosed properties so you can receive your return-on-investment faster without the risk of losing more in the end.
A foreclosed house is relatively cheaper. The fact that there is a (or more) foreclosure happening in the area means that the residents can probably afford the rent, but not the mortgage.
4. Agree on a property manager who manages less than 200 real estate properties.
The ideal number of properties that will keep a manager focused is 150 single residential properties, 200 at the max. This changes if he/she handles multi-unit properties.