Florida is a great place to invest in real estate, especially the Pasco-Pinellas area. If you’ve considered buying an investment property here or you already own a property here and you want to rent it out, you have the opportunity to earn positive cash flow and long-term ROI. If you’re not local to this area and you aren’t sure how to manage a home from out of town or out of state, consider working with a professional property management company.
Without having a local property manager, you’d have to come to Florida a couple of times a year to check on your investment property. You’d have to be here when it was vacant so you could rent it out, and you’d have a hard time collecting late rent or enforcing the lease from afar. We work with a lot of investors who live outside of the area, and we know how to help you with the logistical management of your investment. We can also help with communication so you’re always clear on how your property is performing.
Local Leasing Expertise and Tenant Placement
You’ll need to do a thorough background check before you place a tenant. When you’re not local, it’s even more important to check their previous rental history. Talk to landlords about how well the tenant performed. Find out if they paid rent on time, took care of the home, and gave proper notice before moving out. You want to be sure they followed the terms of the lease. It’s also a good idea to check for previous evictions, to verify income, and to run a credit check.
With a property manager, you won’t have to worry about any of these details. Your manager can show the property, collect applications, handle all of the tenant screening, and take care of the lease signing. You won’t have to come into town every time your rental property is vacant.
Managing Maintenance from Afar
Maintaining your investment property can be a challenge even if you’re living right down the street from it. When you’re several towns away or a few states away or even out of the country, it can be difficult to maintain the condition of your home. If a tenant calls in the middle of the night or over the weekend with a maintenance emergency, you’ll have to be responsive and ensure you can get someone there to take care of the problem. It will be especially important for you to have a reliable list of expert vendors who know your property and can keep it in good shape.
Communication and Technology with Property Management
A professional property manager will have the necessary technology to keep you informed about your property. When you’re a non-local landlord, make sure you’re working with someone who has an online portal, and is available by text, email, and phone. You’ll want to receive your rent payments electronically, and you’ll want to be able to access your statements and invoices at any time and from any place in the world.
If you’re thinking about an investment property in Pasco-Pinellas or the surrounding areas, contact us at A+ Realty Management. We’d be happy to help you succeed.