Tampa Bay property management companies do more than advertising. They screen tenants and check backgrounds as necessary to avoid any problems in the future, such as incurred damages on your property, unpaid rental fees and other legal concerns; thus, giving you only quality tenants. It is important to check if the property management company you want to deal with has a strict screening process so you can sleep peacefully without having to worry if the tenants are taking good care of your property.
Screening includes checking for criminal records, assessing for financial capability, etc.
When inquiring, it is a must to ask if the property manager collects additional marketing fees for online and newspaper ads because this might double your expenses. Choosing a company with many years in operation is practical for this matter because no more extensive advertising is needed, thanks to their wide network.
Likewise, some Tampa FL property management companies collect renewal fees every time there is a new tenant. This is not advisable for real estate owners because it unnecessarily adds up on your bills.
A huge portion of your payments to a property manager goes to the maintenance fee. This, in general, includes necessary repairs and beautification to make the property marketable, before, while (as necessary or requested) and after a tenant occupies it. Not all companies include an all-out maintenance service, and it can work for or against you.
By letting you choose the contractor of your choice, you have more inputs in the process; pick the specific maintenance services you want; and scout for cheaper contractors in the area. However, this is not advisable.
First, it is more tedious and time-consuming. It defeats the purpose of convenience in hiring a Tampa property management company. Second, the truth is, you will just end up paying more instead of saving more. Company-to-company contracts are cheaper and are often discounted compared to when individual clients avail of a contractor’s services. This is because a company-to-company contract is quantity dependent, collectively or not.
Monitoring, financial management, utilization and even acquisition all fall under operation. Some property management Tampa FL has a la carte services that contribute to the efficiency of the overall management.
Basically, these companies stay updated with Federal Fair Housing laws and practices from the municipal to the state level. Should any legal matters arise (with the tenant), they will offer assistance or even handle it themselves (some have affiliate legal counsels). Depending on the extent of the service, the fee they collect will greatly vary.