FAQ for Tampa Bay Landlords

How much insurance do I need for my rental home?

You need to ensure you have the correct type insurance coverage for your rental home.  A common mistake made by inexperienced landlords is to maintain a traditional homeowner’s insurance policy instead of updating it to a rental home-compatible policy.  Not knowing the difference in types of coverage can cost a landlord significant sums of money.  If you own a Tampa Bay area rental home, we urge you to visit our Insuring Your Rental Property page for valuable information about the various options available for covering your most valuable asset.

As a Landlord, how much do I need to be involved with the routine management of my rental property?

We recommend our owners avoid active involvement in their homes once they’ve been leased.  As your licensed agent, we are required to follow strict state and federal regulations (such as Fair Housing laws) in the course of our daily business.  We find when a landlord becomes involved with a tenant, the relationship can become overly complicated and, at times, quite uncomfortable for the home owner.  Direct requests from a tenant for maintenance, complaints about routine items, collections issues and more can create significant hassles and distractions for the landlord (not to mention potential liabilities)

How will I be informed of critical issues with my rental property?

The largest concern of most landlords is no interruption in cash flow.  As soon as we become aware of any situation or expense that will impact your rental income, we will immediately inform you of the nature of the issue by email.  We prefer to put all communications in writing to ensure accuracy and the most effective communication.  (Examples include maintenance emergencies, fines, fees or assessments by governing authorities, etc…)

How do you market my rental property?

Locators does marketing differently than most traditional real estate companies.  We utilize professional photography.  Our video marketing channel on YouTube has nearly 450,000 views – unmatched by anyone in the industry!  We aggressively market our homes to locals, residents coming from overseas, corporate relocations and across the nation.  We have far-reaching targeted advertising.  Of course, we are active in the metro Tampa Bay rental markets and are a member of the Greater Tampa Association of Realtors, advertising on the Multiple Listing Service (MLS).  Our available rental listings are syndicated across the internet on the most highly visited real estate websites.

What if I want to sell my rental home?

Home Locators will sell your home for top dollar.  We have relationships with many investors as well as everyday people who are in the market to purchase a new home.  You are free to choose any agent you like but we hope you consider allowing us to list and sell your rental property.  We sell everything from entry level condominiums to large executive homes for our owners.  We have the connections to many active real estate investors who are looking for new rental homes to acquire.  Regardless of whether your rental home is occupied with a tenant or vacant, we have a plan to get your home sold quickly and for top of market prices.

We also help real estate investors to purchase rental homes if you are looking to add a rental property to your investment portfolio, contact us with your requirements and we will help to find income properties that meet your goals.  Read more about buying a rental home with Home Locators 

How do you coordinate maintenance requests?

Tenants use our convenient Resident’s Portal to report all non-emergency maintenance items. We promptly respond to maintenance requests and monitor an emergency maintenance line for urgent after business hours requests.   Before we send a service professional to the home, we question the tenant to determine the nature of the problem and perform basic troubleshooting techniques to ensure professional repairs are necessary. We will spend your money wisely and not send out a maintenance professional until we have determined that an actionable problem exists. Here are some commonly mis-diagnosed faults that are easily corrected by the tenant

What if a repair requested by my tenant is determined to be their fault?

If the tenant caused the problem, they will be back-billed for the cost of the repair.  The service professionals we hire are trained to evaluate the nature of any damage and inform us if it appears the tenant was responsible.  Initially, the landlord is billed for the service call but the tenant will be pursued to reimburse the owner’s payment.

What if an owner cannot be contacted for emergency maintenance?

If we are unable to contact you by phone or email in the event of a maintenance emergency, we will move swiftly to protect your property and the people that might be impacted by the emergency.  Examples of emergency events are: fire, flooding, electrical hazard, roof damage, etc… We will establish contact with you as quickly as possible and present all the information we have, discuss repair options and develop a plan to complete the required maintenance activities.

What if I prefer to make my own repairs?

We encourage Landlords to leave the maintenance to the professionals. Home Locators will only hire licensed, bonded and insured maintenance professionals.  These vendors guarantee their work and deliver solid value. Each of our vendors is required to carry workman’s compensation and liability insurance. Do-it-yourself rental home owners may work on their home as long as it is vacant. Once occupied, only approved vendors may perform maintenance activities. This policy is designed to protect our Landlords. These maintenance professionals have been trained to deliver superior service and to also watch out for your bottom line by making only necessary repairs.

Repairs – How much money do you hold in reserve for property repairs?   

A minimum of $300 is required to be held in reserve for maintaining your property.  The maintenance professionals we hire to repair your rental home are paid upon completion of their work.  If a larger repair is required, we will contact you for additional funds.

What importance do you place on timely professional repairs to my rental home?

Reputations are won (or lost) with prompt and professional repairs.  The largest component of tenant satisfaction is repairs.  Owners who repair their homes in a timely manner retain their tenants longer.  As your property manager, we do not take chances with untested maintenance professionals.  Too much is at stake to risk our reputation, or yours.  When maintenance is required, we use only our most trusted vendors who not only guarantee their work but also offer great prices.  Proper maintenance will save you money and enhance the tenant relationship.

Is it possible to visit my property after it has been leased?

Visiting your rental home after it is occupied is permitted and we are happy to assist owners with a requested viewing.  We will need to coordinate a visit to the home with the tenant in accordance with the terms of the lease agreement.  We offer the renter the opportunity to be present at the time of the walk-through.  The typical walk-through takes between 10 – 30 minutes

Will you work with my home warranty coverage to make repairs to my rental home?

We are willing to work with major home warranty companies.  They can help a landlord to control their costs and save money on repairs.  We are happy to coordinate service requests with the warranty company but these interactions are time intensive, often requiring multiple calls to both warranty company and tenant.  For each service request, we charge $25.