How to Keep Great Tenants in Your Investment Property in Tampa Bay, FL

How to Keep Great Tenants in Your Investment Property in Tampa Bay, FL

Does it seem like you have a revolving door of tenants? Each time one renter leaves, you have to start over the process of finding another, making it a huge time and money sink.

You don't have to put up with this though. If you make some effort now, you can ensure that your turnover rate is lower. And as a result, you'll retain quality renters and cut down costs.

Keep reading to get some fantastic leasing management tips so your great tenants in Tampa Bay, FL don't leave.

Make Your Rent Prices Competitive

On average, people pay almost $2,000 for an apartment in Tampa. This should give you a clue to set your rent prices around this amount. But you should also do research on the local market to determine what other similar properties are charging.

Competitive prices will surely attract new tenants. But it can keep your current ones too, especially if you offer them incentives. For example, you can give a rent freeze on longer lease terms. Or you can give them rent discounts or a small gift if they renew their leases.

Do Regular Rental Property Maintenance

If you don't maintain your property, it'll fall into disrepair, making future repairs more expensive. Not only that, but your renters will be unhappy about the state of things. Plus, potential tenants won't want to sign leases with you.

It's imperative that you perform regular checks and address any issues promptly. As soon as your tenants report problems, send someone out to rectify them.

Upgrade Your Property

Amazing rental property amenities are a must; these things can massively improve your renters' quality of life.

If the apartment appliances are old, then upgrade them. And if the public areas are unkempt, have landscaping done. These small things can add up and turn a mediocre property into an excellent one.

Have Clear Communication

Your lease agreements should be clear and outline the responsibilities of both you and the tenants. However, transparency doesn't stop there.

If you need to go into a unit for any reason, give your renters plenty of notice. You're required by law to give them at least 12 hours notice, and you can only enter during reasonable hours.

Should any disputes arise (whether they're between tenants themselves or with you), be as fair as possible. Avoid favoritism, and consider mediation or arbitration if necessary to enforce rental property rules.

If you make an effort to get to know your tenants on a personal level, then they'll be more inclined to stay.

Get Help With Leasing Management

While leasing management is certainly your responsibility, that doesn't necessarily mean that you have to do it alone. It can be time-consuming, so instead, leave the job to the experts.

Working with a property management company in Tampa Bay can make things so much easier. For example, we can handle tasks such as property marketing, tenant screening, rent collection, evictions, and more.

So get in touch with us now to take advantage of our services. We at PMI Arrico Realty and Property Management have almost two decades of experience, so you can count on us.