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To Be An Effective Tampa Property Management Company, You Must Classify Your Different Rentals into 3 Groups or You Will Lose Money Fast - Part I

Professional workers typically pay the rent on time, have decent credit, and take care of your rental property with greater pride than the other groups. You will also find they can be fairly demanding about repairs. However, they do tend to stay put for awhile and make fairly good tenants. You do not have to be on their case all the time about past due rent or picking up trash in the yard.

A Tampa property management company or landlord must recognize the existence of 3 distinct tenant groups to be successful and keep their rentals full. There are the professional/executive properties, the blue collar properties, and the low-income/Section 8 properties. For each group, the property manager must have different qualifying criteria, management rules, and attitude.

It should be noted that your rental properties are divided into these groups based on location, quality, and price. You cannot have different rules for different tenants at the same property, or you are discriminating. You must be consistent with the same set of rules per rental property. However, it is obvious that houses located in a upscale neighborhood would have tougher standards on credit and criminal background than a Section 8 neighborhood.

Part I – Tampa Property Management of Professional Workers

The professional group is what just about every landlord understands because he or she is usually apart of this group. The property manager understands their habits, discipline, and social norms. . The manager feels most comfortable doing business with these types of people because they react or behave in a predictable fashion.

Professional workers typically pay the rent on time, have decent credit, and take care of your rental property with greater pride than the other groups. You will also find they can be fairly demanding about repairs. However, they do tend to stay put for awhile and make fairly good tenants. You do not have to be on their case all the time about past due rent or picking up trash in the yard.

Professional Tips for Effective Property Management in Tampa

1) Look for good credit and stable employment. You are also looking to confirm long term rental history with two previous landlords. A tenant staying 3 to 5 years in one place is often a great prospect. Make sure you check their criminal background and refuse anyone with a felony unless it is at least 12 years old and non-violent.

2) Complete all repairs within a couple of days. This group will not tolerate the landlord repairing the AC, leaky toilet, or broken garage door when he or she gets around to it. The secret to success with this group is speed in maintenance.

3) Insist all rent is paid on time and charge a late fee when it is not on time. Never waive the late fee for any reason. This group understands their responsibilities, and they are fully aware and capable of paying a late fee. However, if you are lax about collecting rent and enforcing a late fee, the tenants will become chronic late payers.

4) Always be courteous and polite but do not hesitate to let them know you demand the same. You are not their servant and no one is perfect. You will occasionally be late on repairs or make a mistake just as they will occasionally break things and be late with rent. Make sure you demand the same respect you give them. Otherwise, they will run over you.

5) These people respect fast service and professional behavior. Always seek to be extremely considerate of their time and their family. They will respond with lease renewals and become long term tenants.

Traps to Avoid as a Tampa Property Manager With Professional Workers

1) There are professional deadbeats that will walk, talk, and behave like model tenants when you first meet them. It will be very tempting to skip the rental application process and not check their credit, criminal background, job history, and rental history. This is the number one reason Property Managers fail in Tampa and every other part of the globe. No matter what, you must do these checks or you will lose tens of thousands of dollars in past due rent and damages.

2) If you are in a fancy neighborhood make sure the people can truly afford the rent. Some tenants will drive the nicest cars and live a lifestyle far above their means. You will be able to tell when examining their credit report if they are over extended.

3) Get a large security deposit of at least 1 to 2 months rent. A bad tenant can do an enormous amount of damage in a really nice, expensive home. If the tenant tries to negotiate on rent no matter what the explanation, turn them down immediately and move on. This is the classic ploy of really bad professional tenants.

4) Make sure these tenants have good and preferably excellent credit. Because, now they have something to lose if you evict them. There credit score is valuable to them and they will move heaven and earth to avoid eviction.

These tips and practices will help your Tampa property management company make the right choices and understand the psychology of this tenant group.

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