The Tampa housing market is booming, investors are flocking in, and many of those who can afford it are considering becoming landlords as an additional income source. According to RedFin, in March 2021 Tampa home prices were up almost 18% compared to 2020 and are selling in half the time as last year. In short - investing in real estate in Tampa is smart, and represents a potentially great source of residual income for property owners. But landlordship isn’t for everyone, and those who find themselves with a house to rent out are probably wondering: should I hire a property manager?
What is Property Management?
Professional property management includes many services across the entire cycle of renting your property including:
- Marketing your property & finding tenants
- Vetting tenants and placing qualified renters
- Keeping tenants
- Collecting rent
- Maintaining your property
Property management is a full-time job, and while many aspire to be landlords, few have the time, skill, or desire to do all that is required to stay compliant and profitable while renting out their property. When working with Vintage Real Estate, you can maintain ownership of your ever-increasing-in-value Tampa property by renting it out and not worrying about a single detail - we take care of everything!
Marketing Your Property
We start with marketing your property. Our website has multiple search tools that potential renters use every single day. We also have a robust advertising and social media strategy that allows our clients’ properties to have maximum visibility in Google search and on Instagram and Facebook. From great photography to shareable Instagram posts, we understand how to get your property seen by potential renters. Any time a rental property sits for even a couple weeks longer than it should, profit margins decrease for real estate investors and landlords alike. At Vintage Real Estate, we fill properties as quickly as possible, ensuring you’re as profitable as possible on your real estate investment.
If you’ve tried to rent your property out on your own, you probably very quickly learned that renters run the gamut in terms of responsiveness and risk profile. You ran an ad somewhere online, got a ton of inquiries, then crickets. Or you ran that ad, got a ton of inquiries, and found what you thought were great tenants… then you ran the credit check. Trying to vet tenants can be exhausting and disheartening, and without vetting expertise, you run the risk of making the costly mistake of placing an under qualified tenant. Although Florida is considered a landlord-friendly state, getting a non-paying tenant out of your property once they’re in is difficult, time consuming, and can result in huge financial losses on your investment. At Vintage Real Estate, we have decades of experience properly vetting tenants on behalf of landlords. Relax and leave it to us.
So, you got a tenant. Now, how can you keep them? Another part of landlordship many people don’t predict is that it can be difficult to keep tenants. Being highly responsive to inquiries, maintaining the property on a schedule, being available for maintenance emergencies, providing rent reminders, making it easy to pay rent online, and a high level of professionalism are just a few of the benefits you’ll enjoy working with Vintage Real Estate. Having to be all these things by yourself is hardly worth it, and working with a professional property management company checks all the boxes. At Vintage Real Estate, one of our top priorities is keeping your tenants happy, and we make it easy with our online portal.
Vintage Real Estate uses an online portal and rent collection system that makes it easy for your tenants to pay. In 2021, many renters don’t even have checkbooks, so an online, internet-based system is a must. Our website has an easy-to-use online payment portal your tenants will be able to utilize which not only makes the payment process seamless, but it enhances their experience as a tenant by providing a professional interface. Further, most landlords will experience late rent payments at some point when working with a variety of tenants; having “where’s the rent” conversations are just plain uncomfortable. You didn’t get into real estate investing to have awkward encounters with your tenants - you did it to make money and invest. Let us handle rent collection on your behalf and deal with sticky situations professionally to ensure you get paid and keep cash flowing like you need.
Property maintenance when renting out your home is an essential part of your responsibilities as a landlord. If you’re not great at it, your tenant’s experience is poor and they tend not to renew leases. Every landlord wants long-term tenants who pay on time and are easy to deal with - great property maintenance is an essential part of keeping this relationship in a good place. Property maintenance can be tricky, and having to decide what constitutes a “necessary repair” or maintenance item vs a tenant responsibility isn’t always crystal clear. Your tenant wants that tile replaced, or the lawn care included, or the toilet seat swapped out. How can you decide which party is responsible? Vintage Real Estate is experienced and skilled in not only maintaining your property, but deciding who is responsible for what and dealing with maintenance requests as they arise. For issues that are your responsibility, we respond to tenants swiftly and take care of issues both economically and soundly.
As you can see, there are many benefits to working with a professional property management company like us, and the pros of working with Vintage Real Estate far outweigh the slight bit of money you’ll save by DIYing it with your property management. If you’re a homeowner considering renting out your property, (or if you’re purchasing a property to rent it out), start with us. We’ve been in the property management business in Tampa since 2007 and have the experience to assist you with renting out your investment property. You’ll enjoy a seamless experience as a landlord with our services and obtain maximum profitability. Fill out the contact form on this page to get started today!