If you’ve decided to rent out your Tampa property, you’ve made a great decision. The Tampa rental market is full of stable, highly quality tenants, and well-maintained homes are always in high demand. Whether you’re renting out a home you’ve inherited or a property you once lived in yourself, you’re probably wondering how to get started.
We have some important first steps for you.
Preparing to List your Tampa Rental Property
Before you can find a tenant and start collecting rent, you’ll need to take care of a few housekeeping responsibilities, including:
- Removing any of your own personal property from the house and having it thoroughly cleaned.
- Ensuring everything at the home works and functions the way it should.
- Pricing your home competitively to reflect the market and the demand.
- Creating some curb appeal to make sure your home looks attractive, welcoming, and move-in ready.
- Taking professional-level marketing photos. Pay attention to lighting and angles and take more pictures than you need so you can be selective.
Finding and Screening Tampa Tenants
Your rental property listing should go online so you can attract as many potential tenants as possible. Use all the popular rental sites, including Zillow, Trulia, HotPads, Rentals.com, and Zumper, among others.
When tenants begin to call and text, it’s important to be responsive and schedule showings. Walk your prospective tenants through the property and answer their questions. Offer them a chance to apply for the home, and then make sure you know how to screen those applications.
Screening requires that you check credit, eviction history, and criminal backgrounds. You’ll also need to verify income and employment, and we recommend you talk to current and former landlords. Make sure you are following all fair housing laws and documenting your process.
Managing and Maintaining your Tampa Rental Property
Once you’ve approved a qualified tenant who meets all of your requirements and is ready to move in, your next step is to manage a few additional leasing details, such as collecting the security deposit and other move-in funds, reviewing and signing a lease agreement that’s legally enforceable and compliant with Florida law, and performing a thorough move-in inspection to document the condition of your property.
When all of that is done, it’s time to set up processes for things like rent collection, accounting, lease enforcement, inspections, and maintenance. You’ll need to be prepared to respond to both routine maintenance and emergencies at your property. Make sure your tenants know how to reach you at all times, and start developing relationships with local vendors so you’ll have a team of plumbers, electricians, HVAC technicians, and other repair people available to help and familiar with your property.
Working with a Professional Tampa Property Management Company
If all of this sounds overwhelming and perhaps a bit outside of your own areas of expertise, we recommend you hire a professional Tampa property management company. New landlords can benefit from the experience and resources of a management company. You’ll have an easier time with maintenance, tenant screening, and staying within compliance of the law.
It’s easy to make a mistake as a new landlord, and those mistakes are usually expensive. Protect your time and your property by contacting us at Real Property Management Instant Equity.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
