Of the 50 million rental housing units in the US, about 20.5 million (41%) are owned by mom-and-pop landlords. Are you now one of them? Congratulations!
Becoming an accidental landlord can feel daunting if you lack real estate investment experience. To ensure your success, read on! Use these tips to thrive as a landlord in Tampa, FL.
Research Tenant-Landlord Laws
Before marketing your real estate property or vetting tenants, gather research. Learn as much as possible about Tampa, FL's tenant-landlord laws. Ignoring federal, state, or local laws can lead to legal consequences.
You may receive a hefty fine or face a lawsuit. Remaining informed can help you operate legally and effectively.
These laws cover:
- Required landlord disclosures
- Security deposit limits and returns
- Small claims lawsuits
- Rent rules
- Tenant rights to withhold rent
- Termination and eviction rules
- Landlord rights to access a property
If you're struggling to keep up with new laws and regulations, hire a property management company. Leverage their experience and expertise to remain compliant.
Invest in Property Maintenance
As a landlord, you're responsible for providing renters with a safe, habitable place to stay. If your rental property is falling apart, tenants can take legal action. You'll struggle to attract new renters in the future.
Encourage renters to submit property maintenance requests when there are issues. Create an emergency fund to cover these repairs.
Build a list of reliable, experienced contractors in Tampa before you need help. If there's an emergency, you'll know who to call.
Schedule routine inspections. This will allow you to catch problems before they develop. Otherwise, you'll need to pay for even more expensive repairs.
Get landlord insurance. Coverage can protect your best interests before there's an incident.
Start Marketing
Use a mix of traditional and digital marketing strategies to reach Tampa, FL renters. Otherwise, they may never realize the property is available. These strategies include:
- Flyers
- Signs
- Digital ads
- Search engine optimization
- Content creation
- Social media marketing
- Email marketing
Optimize your online listing to generate more applications. Share eye-catching, professional shots of the property to increase interest.
Screen Applicants
Before selecting renters, develop a thorough screening process. Review each applicant's:
- Criminal background
- References
- Credit score
- Employment verification
- Eviction histories
Avoid renters who have a history of late rent payments. Instead, look for reliable renters you can trust to respect your property. Consider establishing house rules before they move in.
Hire a Property Manager
Hiring a property management company will help you work more efficiently. A full-service company can cover:
- Rent collection
- Evictions
- Tenant screening
- Marketing
- Maintenance and inspections
Leverage their expertise to avoid making costly mistakes as an accidental landlord.
Utilize Technology
Use property management software to avoid landlord stress. A tenant portal can help with:
- Rent collection
- Accounting
- Maintenance scheduling
- Tenant communication
Your property manager can provide you with access to state-of-the-art technology. Using their resources can save you time and money.
Apply These Accidental Landlord Tips
Becoming an accidental landlord can seem daunting if you don't have a plan. Use these tips to ensure your success. Otherwise, outsource!
Our team at PMI JCM Realty Group uses proven strategies and state-of-the-art technology. Rely on our 20 years of real estate asset management experience.
We can maximize your earning potential. Contact us today to meet your property manager.
