Being a landlord in Tampa can be a rewarding and lucrative endeavor.
How to Be a Landlord in Tampa: In order to make it a good experience, you need to follow the following five rules.
Keys to being a satisfied and successful Tampa landlord.
- Get a good tenant. This may seem obvious, but it is incredible how many landlords make the mistake of settling for any tenant just to have the property rented. Tampa is full of ideal tenants, and you can afford to be highly selective when choosing the person or family you want to have renting your property. Do a thorough background check, and make sure any potential tenant has great references from former landlords.
- Keep your good tenant. Vacancies are not only a hassle for you as a landlord, they also cost you money. According to recent estimates, the average vacancy costs you about three months of rent. You can ensure your good tenants renew their leases over and over again by treating them with respect and fairness. Be responsive to any legitimate maintenance needs or concerns. For example, when a tenant’s air conditioning breaks down in the middle of a Tampa summer, it is essential to get that repaired immediately, even if it requires you to send someone over in the evening or over the weekend. You cannot leave your tenant sweltering in an overheated home for any longer than necessary.
- Work with good vendors. Make sure all of your inspection and repair contractors are reliable, trustworthy and flexible. You want to make sure they do good work for a fair price. Be careful not to get ripped off by inflated prices and shoddy workmanship. Try to work with people who will help you out after hours and on weekends when necessary.
- Document move in and move out inspections. Taking a video of the inspection you conduct before a tenant moves in and after that tenant moves out will give you reliable evidence of the property’s condition at each point. This will be especially useful if there is a dispute over how much of a security deposit is refunded after a tenant moves out. Many landlords rely on photographs, but a video rental inspection will give some extra objectivity and authority to your case. You can share your video with the tenant if there are complaints or deposit disputes that you need help resolving.
- Have an enforceable Florida lease. Hopefully, you will never have to ask a court to enforce your lease, but having one in place will protect you as a landlord in Tampa. Make sure you have a detailed and legal lease in place, and be sure your tenants understand what their responsibilities are. Any time a dispute arises between you and your tenant, the lease will be the first place you go to determine what needs to be done.
Following these five steps will put you on the path to success as a landlord in Tampa. Remember the importance of finding and keeping a good tenant and hiring some great vendors. Relationships and responsiveness will help you standout as a great landlord, and make the experience a positive one for you.
Contact us or give us a call if we can answer any questions at (813) 875-7474.