Investing in rental properties in Tampa, Florida is a wise choice. According to Mashvisor, “In the Tampa real estate market, over half of the population (53.3%) rents their housing. Combine this wide renter pool with the 2.6 percent year-over-year rent growth, and you’ve got yourself a strong rental market in Tampa.”
But just because it seems like a wise investment, you shouldn’t jump into it blindly. It is important to understand how to maintain a rental property before you invest. As one of the respected professional restoration services of Tampa Bay, we have plenty of experiencing working with property managers and know what it takes to succeed as a landlord.
Get Your Property Rent-Ready
Before you can rent a property, you must get the property rent-ready. This is much more than a few fix-ups, such as applying fresh paint. In order to rent a property, you need to do a full inspection to make sure all everything works well. Plus, it is wise to consult Dririte about mold removal in Tampa FL. No one wants to rent a property with leaking faucets, a broken air conditioner (especially during a summer in Tampa), or a mildew smell.
More importantly, what you don’t address before you have renters will only grow larger while you have renters living in the property. That leaking faucet can quickly turn into the type of flood damage Tampa residents dread.
Also, this does not only apply to transitioning the property to a rental property. This is an ongoing need. Every time you lose a renter, you have to go through these same steps to make the rental property rent-ready for the next renter.
One of the reasons you always want to have your property rent ready is to avoid having vacancies. The longer your property sits empty, the more of a risk it becomes. Unfortunately, scammers may take advantage of a vacant rental, and criminal activity could occur (such s theft or arson). Additionally, you won’t earn any money from a vacant rental property.
Schedule Regular Preventative Maintenance
Another key to maintaining your rental property is the word “maintaining.” When you invest in a rental property, it is not a one and done kind of thing. It needs regularly scheduled preventative maintenance. Just like your own car or home, you need to perform maintenance, or else your rental will suffer from normal wear and tear and possibly even bigger problems. This means you need to routinely check the roof, make sure the gutters are clear of debris, look for potential leaks, and any other maintenance you perform to keep your own home safe and secure.
Ask Tenants to Report Repair Needs As Soon As Possible
At Dririte, we have seen first-hand the damage that occurs when problems are not addressed immediately. When problems are allowed to fester, you wind up spending much more money and time repairing the problem. For example, if there is a water event at your rental property and your tenants wait to tell you, then you will need both water extraction and mold remediation Tampa services.
That’s why you have to make sure tenants know to call you to report any repair needs as soon as possible. Again, something as small as a leaky toilet can evolve into a major water damage event. It’s much better to fix the small problem before it becomes a big problem.
Prepare for Emergencies
You should also have a plan in place for potential emergencies. You never know when an emergency will happen, but a little preparation goes a long way towards protecting your tenants and your rental property. For example, making sure the smoke alarm has batteries can prevent fire damage Tampa residents want to avoid.
Having a clear way to communicate with your tenants is also important. They need to know how to reach you in the event of an emergency. You should also know how to reach them. During the storm season, you should discuss potential hazards of the property with the tenants and let them know what steps you will take to protect the property from storm damage.
Build Relationships with Contractors You Trust
If you are treating your rental property as a business, then you need to build relationships with other businesses that can help you succeed. For example, you will need the help of contractors, plumbers, and restoration services from time to time. Dririte offers services that property managers depend on, such as carpet cleaning, water extraction, sewage cleanup, fire damage cleanup, truss cleaning, structural drying, and more. When an emergency strikes your rental property, we’re the ones to call, day or night.