property management companies in Tampa

What is a Property Management Company Responsible For?

Property Management Companies in Tampa

As Tampa continues to grow at an exceptional rate, young property management companies are turning up everywhere to keep pace with the growing market. How do you tell which companies are for real and which are a waste of money? For starters, make sure they check the boxes of responsibilities for which any property management company should be accountable for.

Property management companies are usually hired by landlords or property investors to handle the day-to-day management of their rental property. Though the specifics may vary depending on each individual property and landlord, the key responsibilities stay the same. They are:

  • Rent Collection
  • Tenant relations
  • Building maintenance
  • Legal adherence
  • Budget adherence

R​ent

Property management companies in Tampa, or anywhere for that matter, primarily collect rent from tenants. Tenants have the right to pay their rent in multiple ways. A good company will ensure rent is easy for tenants to pay, and they’ll also make sure they pay on time. Setting the rent and raising rent when prudent are also important responsibilities. A well set rental rate will make sure the right tenants apply, and stay, in the available units.

Tenants

Finding the right tenants is a special challenge in and of itself. By thoroughly vetting each tenant with background and credit checks, management companies aim to select renters that will stay in the building for years, while also making rent payments on time each month. In addition to vetting potential tenants, property management companies handle complaints, move-in/move-outs, and evictions.

Maintenance

Regular maintenance of the property will keep the investment at a high value for the owner. Maintenance might include a leaky faucet in a tenant’s apartment, fixing lighting fixtures in an entryway, hiring exterminators, renovating old units, elevator repairs and more. With a vast network of contractors, management companies keep bids lower than individual owners might get seeking repairs on their own.

L​aw

Landlord-Tenant law is complex, and any good property management company will have a thorough understanding of its intricacies. What’s more, legislation impacting lease agreements is always changing. One of the key responsibilities of any property management company is to stay current on all legislation pertaining to Landlord-Tenant relations. Issues of the particular legal note include:

  • Tenant screening
  • Security deposits
  • Lease termination
  • Safety standards
  • Eviction
  • Rent Collection

Accounting

Operational costs add up when it comes to owning and maintaining a rental property. From the upkeep of the building’s outer appearance to electricity, water, and trash expenses, lowering costs and staying within a budget is paramount. Any property rental company worth their salt will stay within a given budget and offer detailed accounting reports to landlords without fuss.

Premier Property Management

Tampa Bay Realty and Investment Group is one of the elite property management companies in Tampa. With convenient, easy-to-use and state-of-the-art online management services to clients and tenants, TBRAIG has the experience and know-how that will save you money. For more information about how Tampa Bay Realty and Investment Group can help you get the most out of your rental property, visit our website or call today at (813) 515-4882.

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