Background Screening

If your tenant gives you a security deposit, or advance rent, these funds must go into escrow. In Florida, it is best to open a separate bank account to hold escrow as the law requires that these funds not be commingled with your personal funds. The law dictates this account should be at a “Florida banking institution” and, if you choose an interest-bearing account, 75% of the interest, or 5% of the funds deposited, must be paid to your tenant.

A Stipulation is a court-approved Payment Plan for a tenant that has fallen behind on their rent payments to their Landlord. It is a way to avoid completing an eviction for your tenants who are serious about getting caught up.

Almost 80% of renters in the Tampa Bay area have a pet, so landlords that promote a “no pet” policy miss a huge number of potential renters. If you limit the pool of potential renters, it takes longer to rent your property. Allowing the right kind of pets reduces your vacancy losses by ensuring that your property stays occupied and rented.

Typically short-term rentals are offered furnished as they are used for vacation or corporate housing. However, long-term rentals are typically offered unfurnished, because most long-term renters have their own furniture. In our experience, only a very small number of renters are looking for a furnished long-term rental in the Tampa Bay area, so it will take you a long time to find a long-term renter if you only offer your property furnished.

All landlords want to rent their property to good tenants. The only effective (and legal) way to know if your potential new tenants will be good neighbors and trustworthy of your property is to perform a thorough background check. This should include credit, criminal, sex-offender, income, and prior landlord references. It’s better to leave your property vacant than to rent to the wrong person.