Being a landlord is a massive responsibility, and the weight of that responsibility is much heavier when becoming a landlord is unintentional. Through inheritance, relocation, or changing life circumstances, many individuals inadvertently end up managing rental properties in Tampa.
Owning property in Tampa is a great opportunity, but there are many pitfalls you need to avoid. When accidental landlords don't take these risks seriously, they face financial or legal difficulties.
Are you an inadvertent landlord looking for workable Tampa rental strategies? Read on to learn how you can take advantage of this unexpected situation.
Screen Your Tenants
Some landlords learn the value of tenant screening the hard way. Renting to tenants who don't respect your property can quickly turn your lucrative opportunity into a nightmare. Bad tenants could:
- Use your place to conduct illegal activities
- Cause damage to your property
- Create conflict in the neighborhood
- Refuse to pay rent
Thankfully, you can avoid these issues by screening tenants thoroughly. The screening process will reveal an applicant's criminal, rental, and financial history, so you can make an informed decision. By identifying red flags early, you can avoid renting to problematic people before they become your tenants and gain legal protections.
Master Preventive Maintenance
Even if you find the ideal tenants, you're still going to deal with property damage. No matter how well the occupants care for the property, wear and tear is inevitable. The sunny climate that makes Tampa so attractive also brings humidity, which according to Tampa Home HQ can cause wood to rot or warp.
Some accidental landlords take a reactive approach and only worry when things start falling apart. This costs time and money.
Effective Tampa property management is all about keeping your investment returns high through preventive maintenance. Through frequent inspections, you'll catch problems early, and significantly lower your upkeep costs.
Have a Good Relationship with Tenants
Lots of accidental landlord advice misses this crucial point. It's important you have a good relationship with your tenants. Building trust is crucial because your tenants could:
- Help you notice maintenance issues early
- Stay longer, lowering your vacancy rate
- Take care of your property and reduce wear and tear
If your tenants don't trust you, they won't provide essential information, and they'll probably move out if they find a better deal. According to Lemonade, Investing in your tenants' well-being is better because they'll help you protect your most valuable asset.
Sometimes Accidental Landlords Need Help
The biggest mistake you can make as a first-time landlord is not getting the right advice. The Florida real estate market is full of potential pitfalls, and it's difficult to avoid them all on your own. The solution is to work with a professional property management company.
Here at PMI MetroBay we have years of experience helping accidental landlords find their feet. We know the Tampa real estate market, and we'll put that expertise to work to help you attain the maximum return on your investment.
PMI offers our clients a winning blend of local knowledge and nationwide corporate expertise. Contact us today and let's discuss your property.
