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Tampa Bay Living 1024 675 Relevé Real Estate

Tampa Bay Living


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Tampa Bay Living, these are neighborhoods laid out in the more traditional sense.

South Tampa has historic homes, townhouses, condos, and luxury lofts. Everything from festivals to live music and an active nightlife.

Ybor City. Ybor has “modern and renovated condos, townhouses, and lofts.” Ybor also has restaurants’ and shopping. Looking for the business district? Downtown Tampa is your place. It offers lofts and high rises for places to live in, and with places of interest to see, like the children’s museum.

If you want suburban/residential, then you like these areas, New Tampa has lots of ranch-style houses and “family-friendly neighborhoods”

Brandon is a “Typical suburban community” and it has “everything from apartments to homes.” It’s like any place, depending on where you live will depend on how quiet the community is, or if you are near restaurants, shopping, and bars.”

Lithia/Fishhawk Ranch “offers condos, townhouses, ranch-style, and new bungalow-style housing in basically all price ranges, and is a very family-oriented community.” It is a long drive to the hot spots like South Tampa, Ybor, and Channelside.” Finally, there is Plant City.

Plant City is known for peace and quiet because the houses are further apart.

Which place or neighborhood would you choose from each city?

tampa bay property managment
What to Ask of a Tampa Bay Property Management Company 1024 768 Relevé Real Estate

What to Ask of a Tampa Bay Property Management Company

 

If you own a rentals in Tampa, Florida and you wish to have less stress and time in managing it, you need to get the services of a Tampa Bay property management company. Before you hire one though, you need to ask the proper questions so that you will get the right company.

The first question to ask of the company is their contact information such as their address, telephone number, cell phone number and email address because you will want to know how to reach them if a problem occurs. Knowing how to reach them shall save you time and allow you to get on with your busy life. It is imperative to have different ways of reaching your property manager.

Know if the property management company you hire shall address issues on repairs. Ask them if you shall pay for such repairs or if this is included in your contract with them. Inquire if they will get the services of an external company to maintain the property and how much they shall pay for it. Know the type of repairs that you shall be responsible for. Also be aware of the cash reserve they need to cover expenses for repairs.

You should also ask if they handle yard maintenance such as shoveling snow, raking leaves and mowing the lawn. Companies that do such requests are good because your property will look nicer and cleaner to prospective tenants. Ask if you will be the one to hire additional help for yard maintenance.

Ask if there is a contract between you and the Tampa Bay property management company and its length. If you do not agree to certain things, know how difficult it would be to terminate the contract. Know if there is an early termination fee of the said contract.

Inquire if there is a vacancy fee as there are some property managers that impose this. It covers advertising costs, time in showing interested tenants the property and other fees which are related to filling the vacancy. Know the amount of such a fee and the company’s manner of billing.

Ask the effectiveness of the Tampa Bay property management at filling vacancies. Know their methods of promoting your property. Check if they have a website filled with good pictures of properties they manage. Inquire if they promote through local classified ads as well as free online rental listings. Ask the number of vacant properties they are managing.

When you hire a Tampa Bay property management company, your property will have good tenants immediately.

Property Management Tampa FL Companies Facts That You Probably Do Not Know 1024 683 Relevé Real Estate

Property Management Tampa FL Companies Facts That You Probably Do Not Know

1. Single properties require lower management fees.

Compared to a multi-unit residential real estate property, owning a single residential property to be managed by a property management Tampa FL companies requires lower fees not only because of the number of tenants but mainly because of the on-site property managers who need to live within the vicinity.

Basically, this a person assigned by the company itself that the owner needs to pay separately.

2. Some property management Tampa FL companies collect added premium for multi-unit residences.

For some reason, these properties – condos, townhouses, apartments – are harder to market than single properties, thus, the premium. Theoretically, real estate market price devaluation hits harder and longer on multi-unit residences (also called multi-family residences). This gives property management companies less security for their own earnings.

Like in any business, security is something that can dictate price (the same reason why less secured cars pay higher insurance premiums).

3. Hiring a property manager who will find tenants is more practical than availing of an overall property management service.

Prospective tenants only trust property managers with a license in property management as approved by the state. Property management Tampa FL companies have more experience in closing deals; hence, you have less worry to carry. In this case, you only have to pay a one-time charge.

It is recommended for a property owner who can manage to collect, communicate, and ensure maintenance and monitoring of his/her asset to just do the work himself/herself, especially if his/her residence is just within the area. This gives up to $5000 of savings.

4. Brisk market and stagnant market are the biggest determinants of rental price.

If a Tampa property management company tells you that heavy renovations will guarantee rental rate increase, then, you are gullible enough to believe.

While renovations and additional amenities contribute greatly on rental price, these are still dependent on the status of the rental and real estate market – a brisk market and stagnant market.

The Brisk market is the time when the number of potential tenants is higher than the available rental properties in a particular area. A stagnant market, on the other hand, is the time when the available rental properties are higher than the willing renters. It is, basically, all about the law of demand.

When the market is brisk, property management Tampa FL companies can increase the rental rate, regardless if renovations are done or not. If it is stagnant, no amount of renovations will guarantee a rental increase.