subject: How To Find The Right Property Management Company [print this page] The single biggest objection to buy, rent, and hold was the necessity for the do-it-yourself property owner to have the time and develop the skills to personally manage rental property. This is more easily said than done.
Then there are those who invest in rental homes Tampa and have the good fortune to find a property management partner. In many markets, this is more luck than good management because the business of property management is a cottage industry where personalities trump process and uniform standards are the exception versus the norm until now.
Property managers can help with an inheritance house in a remote city, solve the double mortgage dilemma by renting the slow-selling relocation house, or manage multiple properties that have been intentionally accumulated in good markets following an investment diversification plan. The advantage is consistent standards, predictable performance, and standardized rental data gathering and reporting to an owner, wherever they may be.
The reality is that any research on local Tampa property manager will highlight the immaturity and inconsistencies of this cottage industry. They should have standardized and nationally recognized property management chain, capable of serving a landlord almost anywhere in the U.S. and Canada and reporting performance and sending collected rent to that investor anywhere in the world.
Your property investment deserves predictable and competent management at a market price.
The property manager and maintenance staff who serve the tenants and report maintenance and lease activity to the investor-client who needs this information to perform profitably and explain how they achieve this (or not) to a landlord-investor.
There is one database and a number of process components that should be considered:
1. The state of the home(s) or infrastructure.
2. The legal documents, leases, and rent collection.
3. The workflow management that makes sure that each step is followed correctly and in accordance with process, business priority, and the law.
4. The accounting and reporting system should include tenant payment records, maintenance and associated management costs, any payout, and a statement to the landlord- investor-client.
These systems provide landlords and investor-clients with anytime, anywhere Web-accessible reports at any level of detail about the properties that this investor requires.
Summary and actual details are available through this Web-portal from tenant-ready to ongoing maintenance and payment basis. The underlying data, work orders or invoices, are in the next layer down with e-mail alert queues for landlord (approval) and property management workflow, scheduling, and transaction tracking.
The key to success in managing landlord-investor expectations is building a property management business that meets the needs of a growing number of sophisticated investors.
The mission should be to provide quality service and a high level of accountability and communication that will retain landlords and investors as repeat customers.
For landlords to be successful, they need a Tampa property management service who fully understands the business, from the day- to-day transactions to portfolio management. The property manager who understands these principles and uses them successfully will earn repeat business that allows his business to grow.
