There are a lot of ways rental property owners can increase what they earn on their Tampa investment properties. Most owners know that pricing their homes competitively, attracting great tenants, and paying attention to preventative maintenance and routine upgrades will raise their ROI.

A good screening process and a positive, respectful relationship with your tenants should ensure your rent is paid on time every month. But, bad things happen even to good tenants. There might be a month where rent is not paid on time, and you will need a process in place to deal with this.

Choosing the right tenant for your Tampa rental property is one of the most important things you will do as a landlord. When you carefully screen prospective tenants, you get a good idea of who you’re placing in your property. You’re more likely to end up with a qualified, responsible tenant who will consistently pay rent on time and take care of your home.

Vacancies are expensive for Tampa investors, and you want to avoid them as much as you can. When your rental home is not occupied by a tenant, you aren’t earning any rent. In addition to the loss of rent, you’re paying out of pocket for utilities, landscaping, cleaning, and everything else that’s required to keep the property in good condition while you’re looking for a tenant.

Rental property maintenance is a fact of life for all Tampa landlords, no matter how new your property is or what kind of condition it’s in. You’ll need to be prepared to respond to routine and emergency repair requests from your tenants.

Deciding whether to sell or rent out your investment property depends on a number of factors, including the strength of the real estate market, your financial position, and your short and long term investment goals. There are strong arguments for each decision. Today, we’re reminding you to consider cash flow, ROI, tax liabilities and benefits, and the time and effort required to effectively manage a rental property.