Owner FAQs

Answers to questions about your rental property, your tenant, working with your property manager, and more. Select any category and see many questions we have answered from Landlords like you since 1998.

We have grouped the questions and answers into categories for easier searching and your convenience.

• How do I get paid my rental income?

  Rent is due on the 1st of the month and late on the 4th. Once rental payments are posted, we settle any outstanding debts from your account that are payable to vendors, utilities, maintenance providers, etc.… After all expenses and income have been posted to your account, we deposit your rental proceeds into your designated bank account via EFT transfer. Payments are made on or before the 15th of each month. We provide you an IRS 1099 form each year along with a summary of your account activity.

• Do you charge a Property Management setup fee?

  No. We do not charge a setup fee for new property managed accounts. This is included in our standard Property Management service we provide Tampa Bay area Landlords. You will need to add a minimum of $300 to fund your Owner’s repair reserve account before we assume active management of the property.

• How much do you charge to manage my rental property?

  Our prices are extremely competitive and are based on the level of service requested by each Landlord. We offer comprehensive property management services to Tampa Bay area rental homeowners; it’s all we do. This is not a side business for us and that makes a large difference in the end-product our Landlords receive. Before you decide to hire a manager, do yourself a favor and be sure to contact us for a free property management review. The review is a friendly conversation that only takes a few minutes to discuss the rental homeowner’s needs.

• How will you notify me of maintenance expenses?

  Maintenance items will occur periodically. In the interest of efficiency, we order all minor maintenance immediately. Often, we do not know the exact charge for a repair until we receive the invoice from the vendor - who are expected to communicate, in advance, any repairs that exceed $300. Below that value, we await their invoice for a specific dollar amount. We review all maintenance invoices to ensure the price of the repair is in line with the nature of the service request. All financial information will appear on your monthly and year-end statements via the owner’s portal.

• Why do you require reserve funds for my rental property?

  Our vendors are paid upon completion of the work they perform making it essential to maintain a ready reserve of funds available to pay for basic service calls. We will communicate with you and request additional funds in the event of a larger repair. We understand the unique nature and needs of each rental property vary depending on factors such as the age of the property, any regularly scheduled services (landscaping, pest control, etc…), and the type of property. Our basic requirement is a minimum of $300 repair escrow funds per property.

• Once the tenant moves in, how strictly do you enforce the terms of the lease agreement?

  Our lease is ironclad and is strictly enforced. Adherence to our pet policy, smoking, HOA violations, unauthorized occupants, and all lease terms is expected and enforced. If any violations are determined, we immediately present the tenant with a notice to cure the violation with specific instructions on what is expected to return to being in good standing and avoid any legal actions. Our policy is to protect our Landlords and be a great neighbor by complying with all Homeowners Association (HOA) rules and guidelines.

• How much insurance do I need for my rental property?

  Regular homeowners insurance may not cover you for the situations that could occur while renting your property to a tenant. To ensure that you have the coverage that best suits your needs, please contact your property insurance agent.

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

  We recommend landlords avoid active involvement in their investment properties once they’ve been leased. As your property manager, 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 landlord. 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).

• What if I want to sell my rental property?

  We have relationships with many investors as well as everyday people who are in the market to purchase a property. 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 properties to acquire. If you were referred to Home Locators from an outside sales agent, Home Locators will refer you back to that agent for the sale of your property - this is a promise we made to your agent.

  We also help real estate investors to purchase rental properties. 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.

• How do you coordinate maintenance requests?

  Tenants submit all maintenance request through our convenient Resident’s Portal. Their requests are then promptly dispatched to a service provider – many of whom we’ve worked with for 15 plus years. Additionally, we monitor an afterhours maintenance line for urgent after business hours requests, includes weekends and holidays.

• 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 importance do you place on timely professional repairs to my rental property?

  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, which reduces vacancy loss and increases their total return. 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 offer great work but also offer great prices. Proper maintenance will save you money and enhance the tenant relationship.

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

  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. Please understand, timely repairs are a major component of tenant happiness and retention. Often times, the vendors that Home Locators uses are able to complete a repair much quicker than a vendor assigned by a warranty company. For each property warranty service request, we charge $25.

• Are tenants allowed to have pets in my rental property?

  The bottom line is you get to decide about pets. There is a strong business argument to be made for allowing animals in your rental home. Tampa Bay is a very pet-friendly area. To many people, pets are often considered members of the family. As landlords, we would prefer to not accept pets but also recognize disallowing dogs and cats can significantly increase vacancy times (this is especially true in single-family homes). As the owner, you choose whether or not pets are welcome in your rental home. Read more about our pet policy restrictions and recommendations [coming soon].

• Do you allow smoking in the homes you manage?

  Absolutely not. Smoking is not permitted in any of our rental homes. The no smoking policy is written into our lease agreement, and it is an actionable violation of the terms of the Rental Home Lease Agreement. Costs to repair smoking-related damage can be thousands of dollars. If any smoking is detected in the home, we will take immediate action to correct any damage and preserve the property. This includes e-cigarettes or ‘vaping’. Read more about our policy on e-cigarettes

• How do you retain good tenants in my rental property?

  Our Tenant Retention Program is a thoughtful approach to maintaining the best residents through consistent contact through email, phone and personal visits throughout the year. We strive to build positive relationships with our residents, ensuring they are happy in their homes and with the services we provide. This is a concerted effort designed to minimize vacancy losses and maintenance expenses. It is about protecting the landlord’s interests while seeing to the needs of the resident. This is truly a win/win scenario. When we renew a tenant’s lease, you have zero vacancy loss. Nobody wants to make a mortgage payment on a vacant property! You also have no leasing fee to pay when a tenant has been retained.