Choosing the Right Property Management Company
Choosing the right Tampa property management company can make a big difference in your bottom line while giving you peace of mind, but if you choose the wrong property management company you can expect major headaches and a few sleepless nights to go along. To aid you in making the right choice, here are some of the major characteristics to look for when choosing a property management company in Tampa to manage your investment property.
LICENSING AND REPUTATION:
In Florida, in order for a company to offer services related to property management they must have a professional real estate associate license. A company that is licensed is likely to be more credible and trustworthy than one that is not because in order to obtain and retain the State license, the company must meet strict requirements and adhere to professional standards. It is also recommended to work with a company that has a good reputation. This can be done by finding a company that has a good Better Business Bureau rating and is also a member of organizations such as the Greater Tampa Association of Realtors, which require their members to maintain high standards of conduct as expressed in the Code of Ethics of the National Association of REALTORS®.
COST OF SERVICES:
While there are some differences between management fees for commercial and residential property management, the fees will typically range between 4-12% of the monthly rent. This fee may depend on the number of properties needing managed, the number of units within each property, the location of the property, its condition, and which services are included. Many property management companies in Tampa that offer inexpensive management fees will limit the number of services they provide, and typically give a lower level of performance.
Clear communication is absolutely necessary to have a successful rental property, happy tenants, and to address maintenance and repair issues in a timely manner. A good way to gauge a company’s level of communication is by paying attention to the way the company communicates with you as a client. Do they respond to your questions and address your concerns promptly? Are you able to reach someone when you call? Remember, however the company treats you as a client will likely be the way they’ll treat your tenants.
REVIEW THEIR PROCESSES:
You’ll want to work with a company that has thorough processes in place to deal with finding tenants, collecting rent, and handling maintenance and repair requests. Experienced Tampa property management companies will have systems in place to handle these types of situations. Consider asking prospective property management companies questions about their systems for screening potential tenants and handling maintenance requests and inspections.