Tampa is an exceptionally hot real estate market right now, and it has been for several years. The surrounding Bay Area is full of diverse neighborhoods that offer investors a lot of opportunities. This has attracted attention not only from local real estate investors but those outside of the area as well.
If you’re investing in real estate from somewhere else, it’s essential to partner with a local property manager. We always think that professional management is a good idea, especially for investors who are interested in growing their portfolio and earning more on their rental properties. Even local investors can benefit from a good management partnership. However, when you’re investing from outside of the area, that partnership becomes all the more critical. Technology allows us to do a lot from afar, but protecting your investment property requires a local presence.
At Hoffman Realty, we provide that presence. We work with a lot of investors from outside of the Tampa Bay area. We work with investors from outside of Florida and even outside of the country.
Here’s how to successfully manage your Tampa property from afar with the help of property managers who specialize in long-distance investors.
Look for Tampa Property Managers Investing in Communication and Technology
Communication is a huge concern for out-of-state owners and investors, especially with the market rapidly changing and shifting. When you’re many miles away from your rental properties, you need to have the peace of mind that they’re safe, occupied, and in good condition. You can’t drive over there yourself to put eyes on them.
This is why it’s so important to work with a management company that’s experienced with owners who live out of state or even out of the country. At Hoffman Realty, we place a lot of value in communication, and we’re responsive when you call and send messages. We will include photos in all our inspection reports so you can get an accurate look at how your property is performing. We offer online portals so you can easily access accounting statements, maintenance invoices, and other documents.
We also invest heavily in property management technology and accounting software that keeps our work and our relationship transparent. This allows you to get in touch with us whenever you need to. There’s no game of endless phone tag. Send us a quick message on your portal, and we’ll respond as soon as we can.
We use our technology to make the investment and rental process easier. We use it to hold ourselves accountable and to communicate better with you and your tenants.
Protecting the Value and Condition of Your Long-Distance Asset
The condition of your property is important; it impacts the value of your property and the experience your tenants are having while they live there. When you’re renting out a Tampa home from outside of the area, you want to keep your rental income consistent and recurring. That’s only going to happen if your property is well-maintained.
You need a local property manager who is committed to:
- Frequent and detailed inspection and walk-through reports.
- A strict tenant screening process.
- Preventative maintenance and responsive routine repairs.
- 24-hour accessibility for emergencies.
When your property manager has a good, professional relationship with your residents, it’s unlikely that your investment is ever in danger. When they work with exceptional vendors, contractors, and service providers, you know that the repair work will be high-quality.
On-Time Rent Collections
If you’re investing from afar, you definitely want to collect your rent electronically. There’s no sense in waiting for a check inside of an envelope to travel through the mail from Tampa to wherever you are. On-time payments are critical to your financial management.
This is again where your local property manager can be a resource. Payments should be made via ACH or wire transfer. This requires coordination, secure software systems, and careful tracking. When you’re living elsewhere, it’s best handled by your trusted property manager.
Find out how rent will be paid and when you can expect to see it in your account every month. We have a process at Hoffman Realty, and we’re careful about explaining it to our clients.
Keeping Tampa Rental Properties Occupied by Great Residents
When you’re investing in Tampa Bay rental property from out of state, the vacancy period can be especially stressful. You’re not in town to take a look at your home, arrive for a last-minute showing, or put the finishing touches on the landscaping. Instead, you need to rely on your property manager.
Vacancy is always dangerous to investment properties. Not only does it cut into your rental income and ROI, but it also makes your property vulnerable. Keeping your property occupied is a priority for every rental property owner, and when you’re outside of the area, it seems to take on a new urgency. Vacant properties are a potential target for criminals who see an unoccupied home as an opportunity.
An out-of-state owner will want to know their rental property is being protected even while it’s vacant. This might mean an additional security system, upgraded exterior lighting, and the occasional drive-by or visit from your Tampa property manager.
Work with Property Managers Who Understand Florida Rental Law
Florida is a pretty landlord-friendly state, which is another reason that it’s such a desirable real estate market for long-distance investors.
That doesn’t mean there aren’t rental laws to follow.
We have habitability standards that need to be met. There are specific things that need to be included in the lease agreement. Security deposit requirements are detailed, and this is especially relevant for out-of-state landlords: you need to hold that security deposit in a Florida bank that has a Florida branch.
Your property manager will keep you compliant with all of these laws, including fair housing laws and other local, state, and federal requirements.
Don’t invite more risk than you have to.
Thanks to technology, it’s easier than ever to invest in Tampa real estate from out of state. The challenge, of course, is that long-distance owners have special needs and considerations.
We’re here for you.
Contact us at Hoffman Realty, and we’ll discuss how to ensure you have a pleasant and profitable experience investing in Tampa area rental homes.