2020 and the beginning of 2021 if nothing else have caused a lot of Tampa property managers and landlords to refine their craft, ensure lease compliances, and better understand the landlord tenant law. As such, given our first hand accounts, we have compiled a list of our top 5 items that all DIY landlords should know in order to properly manage their rental home.
- Have your leases reviewed by an attorney and better yet ensure that your leases gives specific timeframes for notice periods and termination. There is nothing worse than having your lease require a 60 day notice period for termination when the FL landlord tenant law requires only 30 for non-renewal and 15 for month to month termination.
- Document, document, document. This becomes crucial when making deposit claims for damage caused by a resident or proving to the court that specific notices were delivered on time.
- Familiarize yourself with local organizations that can help with rental assistance. Now more than ever when a resident appears to be falling behind it is crucial to begin the assistance process right away to minimize payment delays.
- Learn the ins and outs of the section 8 program. While there are certainly pros and cons to every assistance program section 8 is becoming more and more popular to investors looking for guaranteed returns from residents. Check our other article HERE about this very topic.
- Build out a reliable team of contractors. While its nice to always try for the cheapest price we have found that building long term relationships based on trust and volume can be more valuable then saving a few dollars on a repair.
As always if you are feeling overwhelmed by everything that goes into running a successful rental property or portfolio we at Real Property Management Instant Equity are here to help! Call us today to see if we are the right fit for you and your investments! 813-445-8280
Click here for our Complete Guide to Property Management.
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