4 Property Management Factors to Look For

4 Property Management Factors to Look For

How do property owners choose the property management company to handle their Tampa house rental investment? Is it based on how big the company is? Or is it because of the colorful ads they have out there?

These things are just outside appearances. And like all outer coverings, they do not last. And since you want your choice to last with you and your property, you definitely have to consider more important factors that a Tampa property management company should have.

Factor #1: Background of the company.

First and foremost, check how long the company has been handling Tampa rental properties, their performance and rating. Even if these things are important, they should not cloud your judgment regarding those property management companies in Tampa that are just new in the industry.

There are companies that are capable of providing better service even if they do not have the years and excellent rating that others have. It is best to check out as many options as possible. Do not opt for the first property management that you see or is referred to you.

Factor #2: Cost.

This would be the first thing you would consider when hiring a property manager. Fees vary from one property management company to another. The higher the fee does not mean it is the best. It would all depend on how the costs are distributed and if you think it is a fair amount to pay.

Besides the monthly retainer fee, there would be repair, maintenance, marketing and tenant eviction costs to consider. Property managers oversee these things for you. You can ask for a breakdown on how costs are distributed. Better yet, request for a regular accounting report so you will know how your fees are spent.

Occupational Health and Safety Management (Properties of materials safety & environmental factors)

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Factor #3: Customer Service.

Being a property manager means that he or she should know how to handle people. Your chosen company should have property managers that are organized, flexible, prompt and always available to answer any questions from you or your tenants.

Communication is important in this business. Be sure that your property manager can be contacted anytime that you have requests or inquiries. This should also be the same case when you already have tenants renting your property. Your property manager should be available to attend to anything that the tenant and your property require.

Factor #4: Rental Property Commitment.

Renting the property is just the first step. The duty of the Tampa property management company does not stop there. It is just the start. From then on, the property manager would have the house to monitor, rental fees to collect and reports to update.

Property owners are updated on the status of the rental property in Tampa via the property manager. Even if you are not anywhere near your property, you would know that you are in capable hands if your property manager is committed to making your home rental business smooth sailing and profitable.

Finding the right Tampa property management for your investment will be a lot easier if you consider all these factors.

For more information or for further inquiries, visit: Tampa Property Management, Rental Property Tampa

Real Property Management specialize in the management of residential properties all over the United States, and our Tampa office is locally owned and operated and serves Hillsborough County, Pasco County, Pinellas County, and Polk County. This gives us tremendous resources at the local level to assist you with your property management needs.

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Property Management Software - Protect Your Rental Property

Property Management Software - Protect Your Rental Property

As your rental property business grows, so does the need for a property management software system. Historically it has been the desire for more in-depth financial information that drives a property manager or landlord to abandon simple accounting software for property management software.

Today it is more important than ever for all property managers to use the same type of web based property management software as the larger asset management companies. There is more pressure to find reliable, rent paying tenants, with the possibility of an increased need for tenant debt collections, and the ever-looming threat of tenant landlord litigation.

Even with the best market outlook, the need to screen your prospective tenants is the top priority. Today's online tenant credit screening services allow you to access credit and criminal background information in minutes. With an integrated system, tenant screening information is automatically downloaded into your residential property management database. Later, you can review tenant payment history and property maintenance history and make smart decisions about lease management.

Providing tenants with online rent payment options, such as ACH or credit cards, helps to lower delinquencies and keep rental income at its optimum level. With integrated rental property management software, electronic rent payments reduce accounting errors and data entry, and trips to the bank. Automatic scheduled rent payments ensure that rent is received on time and eliminate past due balances.

With bad debt potentially on the rise, automated tenant debt collection services will also prove invaluable to property managers and landlords. The best property management softwares offer integrated access to national debt collections companies. These are the same programs that larger apartment management companies have been using for years.

Of course, some of these online property management services are available separately. Yet integrating all of these tools with one point of data entry can protect you from another, even more alarming threat-tenant landlord litigation. No matter how unjustified, the mere whisper of a lawsuit is enough to terrify any property manager. While litigation is a serious concern for real estate firms of all sizes, it can be particularly frightening for the small property management company which lacks the legal team of a regional or national real estate management firm.

Tenant credit screening services provide a valuable resource by providing a consistent, accepted process for making the best decisions. When you use quantitative tools for rejecting a tenant, you can be more confident in the leasing decisions you make. More importantly, having one database will help ensure all rental application data is captured and no mistakes are made.

What about cost? Historically cost has been a barrier to this type of software used by larger companies; today the web makes access to new online solutions much more cost effective. In many cases these online services, as well as services like internet listings and electronic rent payments, can be included in one low monthly fee. Hardware, server, upgrades, extra licenses, and other costs are eliminated as well, leading to considerable cost and time savings.

As the internet has been the great leveler across many industries, all rental property managers can now afford the property management accounting software that larger real estate management companies have been using for decades. The affordability of web based software is a trend with a positive impact on all professional property managers and owners. Property management systems no longer have to be reserved for the larger companies with deep pockets. They can be used by anyone with a computer and an internet connection who wants to protect their real estate investment.

Alison Cavano is Director of Customer Support at DIY Real Estate Solutions, developer of affordable property management software for property managers and landlords. DIY's online property management provides complete leasing and tenant management, including property maintenance requests, fully integrated accounting, credit and background screening and electronic rent payments services, along with personalized websites and resident portals. Visit the website at http://www.diyresolutions.com.

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