Can a Tampa property management company save a landlord money?
Often, landlords who have previously managed their own properties will hire us. Perhaps because they get tired of phone calls at 2:00 am regarding blocked toilets. Whatever the reason, typically after about a year or so of us managing the property, they notice that the property generates more income than it was while they were managing themselves, even while paying the management fee. Today, we are talking about some of the things that a good property manager will do for a landlord that can improve the cash flow of your property.
Find a Good Tenant
Nothing works without a good tenant. It’s important to place a really good tenant in your rental property if you want it to earn any money at all.
Keep the Good Tenant
Vacancies cost a lot of money. Every time the property goes vacant, a landlord can lose the equivalent of three months’ rent. Sometimes, it’s even more than that depending on the updates and improvements that are needed to get the property back on the market. That tells you how important it is to treat your tenant well. Be responsive and respectful, and value the relationship. We think of the tenant as the asset instead of the property. The property is a liability without a tenant.
Fewer Legal Issues
With a good property manager, you’ll have fewer legal issues. A good property manager will know about local municipal, state, and federal laws. They will know how to operate the property with as low a liability profile as possible.
Enforce the Lease
Another benefit is that your property manager will enforce the lease better. Sometimes, landlords are afraid of being too tough on tenants. Property managers will hold them accountable.
When a tenant gives notice, a property manager will get vendors lined up if there is work that must be done. Paint, carpet, and other things will get done quickly and expertly. There will also be advertising while the current tenants are in place. Your property manager will have a comprehensive advertising program. When you get a tenant lined up before the current tenant moves out, you can quickly get your income flowing again.
Better preserving the condition of your investment property will also make you more money. A professional manager will go to the property once a year to look at its major systems. They will inspect the roof, the air conditioning, the electrical system, and the plumbing. They’ll look at the flapper valves in the toilet, and the caulk around the shower.
Lower Maintenance Costs
Property management can result in lower maintenance costs. We do a lot of maintenance, so we have good relationships with repair vendors. A great property manager will negotiate wholesale prices. There won’t be any upcharges for evening and weekend work. These good relationships provide a lot of leverage, which is to the advantage of the landlord. So, we can lower your maintenance costs.
These are seven ways a property manager can generate more income for a property than landlords can themselves. If you have any questions about property management in Tampa, please contact us at Hoffman Realty.