The Greater Tampa Bay area is home to almost 3.3 million people, according to 2022 data compiled by the U.S. Census Bureau. Of those, less than 400,000 live in Tampa. Despite having less than half a million residents, Tampa has its charms.
Among its residents, this city has gotten a reputation for its luxury real estate market. If you're looking for luxury homes, Tampa is the place to go.
Don't worry about navigating the real estate market alone, though. Whether you're still hunting for the right property or need help managing one, we can help. We'll talk about how to manage properties here.
1. Determine Your Goals
What high-end properties are you looking for? Are you buying a property to live in or rent out? Prospective landlords need to plan for things like tenant screenings and being available for your tenants.
The first step is to get a home inspection and make any necessary renovations. Property management companies can't always do extensive projects by themselves. They can point you in the direction of reliable contractors to handle any repairs or alterations.
2. Meeting with the HOA
HOAs account for more than 30% of homes in the United States. That percentage is even higher in Florida, with 45% of homeowners being part of an HOA.
- If your new property falls under the purview of an HOA, we recommend meeting with them.
- An HOA meeting is a chance to get to know your neighbors while learning the rules of the neighborhood.
- Keep in mind that if you buy a rental property, your tenants must pass any required background checks that the HOA has put in place.
3. Include Amenities
Most upscale residences need something extra to attract wealthier tenants or buyers. It's in your best interest to include at least a few amenities.
To a certain extent, your budget will limit your options. Pools and gyms are common in many apartment buildings, but they're expensive and require extra maintenance.
- You could include advanced appliances in every home, like a refrigerator with a built-in ice machine, or induction stoves.
- Small amenities might not seem like much, but they'll save both you and your tenants money in the long run.
- Automatic ice means no ice cube trays, and induction stoves don't need to be cleaned as often.
Luxury Homes and How to Manage Them
Tampa has plenty of luxury homes to offer to budding landlords or for those looking for a nice place to call home. We've discussed some ways to manage luxury properties in Tampa, but there's no such thing as being too informed. You can learn more about real estate by reading through our blog.
It never hurts to hire a property management company, either. Property Management Inc. is a nationwide company with multiple branches. We're run by a wide network of professionals, some of whom have decades of real estate experience. We can show you properties that meet your needs, fix them up, and even help you rent them out.
We encourage you to learn more about us before committing to anything.
