Tampa Residential Real Estate Investment – 5 Tips for the Smart Investors

Being in the industry of residential property management Tampa Bay for more than 20 years we have managed thousands of investment properties for many landlords. Based on that professional and personal experience, I have 5 tips for the smart investors out there. Let’s find out what are these tips:

1. A long term view is critical – Residential real-estate in Tampa is a great tool to build money over the long run. I have owned some of my properties in Tampa for over 20 years, and the values have augmented while my renters assisted me pay off my credit and that has amplified my equity.
2. Good renters are important – Without a good renter nothing will work. No amount of good land lordship or management will make up for a poor occupant. Price your possession right, and perform a meticulous background check on all applicants. That will assist you get in touch with a good renter. Do not overprice your property or get frantic & accept somebody who does not fulfill your criteria. That will only guide to a poor experience.
3. Keep good renters – As real-estate investor, losing a renter cost money. Any time you have a vacancy, you have to pay to get a new renter. You have to get the home ready to lease again. It may cost between 2 and 5 months of rental earning when your renter changes. So, do everything possible to keep the good renters you have/ treat them with respect and be approachable to genuine maintenance worries. Don’t ever think about losing a great renter over a rental fee increase.
4. Safeguard yourself from liability – Ignore liability! Make your property secure for your renter & have good insurance coverage. If you want to appoint a company that handles residential property management in Tampa Bay, don’t go for the cheap one; choose one who will run your property with the lowest liability profile feasible.
5. Operate as a  business –Do not get sentimentally involved with your renters or your Tampa Bay property. There will always be some turmoil over time; it comes with the territory. A renter might infringe a contract & do midnights move out. Sometimes, you just need to thrash your wounds & move on. Treat your property like a business!

For dependable residential rental service in Tampa Bay you can always count on Simply Property Management. Whether you need help to sell or buy a property in Tampa Bay or find the most suitable Tampa Bay residential rental service, our high standard property management solutions will be effective.

This Blog is originally posted here: https://tampamanagementservices.wordpress.com/2018/02/18/tampa-residential-real-estate-investment-5-tips-for-the-smart-investors/