Rental Property Management for Business Growth: The Advantages

Rental Property Management for Business Growth: The Advantages

Florida cities now have the highest vacancies in the country. Tampa is in the third spot at 12.15%. If your rental properties are empty, it's time to consider hiring a rental property management company.

On the fence about trusting a real estate business with your rental properties? Read on to discover how they can benefit your pursuits today!

Fill Vacant Properties

How long does it take you to fill a vacant rental property? The rental vacancy rate throughout the US is 6.4%. Tampa's vacancy rate is now higher than the national average!

The longer it takes you to fill a vacancy, the more money you'll lose. You won't maximize your earning potential.

Hire a property management company that offers marketing services. Choose companies that use a mix of traditional and digital methods. Their marketing expertise will increase your listings' visibility.

Attracting more people to your listings will open your tenant pool. You'll have your pick of renters.

Screen Applicants

Rushing to fill vacant units can lead to future landlord stress. You may select renters who pay late, upset neighbors, or damage your properties. A full-service property management company can screen applicants to ensure you find reliable renters.

Do-it-yourself tenant screening platforms only provide a "thumbs-up" or "thumbs-down" recommendation. Some contain inaccurate or outdated information. You may struggle to make informed selections.

Your property manager will gather comprehensive reports. These can include:

  • References
  • Eviction histories
  • Criminal background checks
  • Credit scores
  • Employment verification

You can feel confident you're choosing a reliable renter. Your property manager will also ensure you're following anti-discrimination laws when choosing tenants.

Comply With Housing Laws

Are you up-to-date with Tampa's recent housing laws? If not, you could encounter compliance issues. You may receive a fine or face a lawsuit.

Your property manager will keep track of local, state, and federal laws that may affect your real estate business. Relying on their expertise can help you avoid legal trouble or costly mistakes. You can consult them if you need help with a legal matter.

Tenant Management

As a landlord, it's your responsibility to engage and help your tenants. If you don't respond to their needs promptly, they may not renew their leases. Generating renewals can maximize your occupancy rate and profitability.

Allow your property manager to handle tenant management. They can improve tenant satisfaction rates. Keeping tenants happy could prove key to your retention efforts.

Maintain Your Home Rental

Your home rental will fall apart if you don't schedule routine inspections and maintenance. Experienced property managers have connections with local vendors. They'll hire reliable, qualified contractors at competitive prices to maintain your property.

Routine maintenance can reduce the need for expensive renovations. Your property manager can also recommend upgrades. You can improve the property value and attract new renters.

Hire a Rental Property Management Team Today

If you want to thrive in today's real estate market, don't manage your investment property alone. Instead, outsource to a rental property management team. Their experience and expertise will help you gain a competitive edge.

Our team at PMI Metrobay can help you maximize your earning potential. We use state-of-the-art technology and proven methods to ensure efficiency.

Rely on our 20 years of Tampa real estate management experience. Contact us today to meet your property manager.