We know that some landlords are content to hand the leasing, management, and maintenance of their rental properties over to professional property managers. They prefer to be completely hands-off, understanding that their management partners have the experience, resources, and technology to ensure that their rental property is profitable, occupied, and protected.  Other landlords struggle with this. They have a strong impulse to keep a tight grip on the reigns, even if they’re working with a property manager. They might like to be involved in minor decisions. They might want to choose the ..read more

Tampa is an exceptionally hot real estate market right now, and it has been for several years. The surrounding Bay Area is full of diverse neighborhoods that offer investors a lot of opportunities. This has attracted attention not only from local real estate investors but those outside of the area as well.  If you’re investing in real estate from somewhere else, it’s essential to partner with a local property manager. We always think that professional management is a good idea, especially for investors who are interested in growing their portfolio and earning more on their rental propert ..read more

Getting over a bad property management experience isn’t too dissimilar to leaving a bad romantic relationship. There’s a lot of distress, a lot of confusion, a lot of wondering how it all happened.  There’s some grieving.  There may be some hesitation about doing all of that again.  We understand.  At Hoffman Realty, we work with a lot of landlords and real estate investors who have had a single bad experience or a string of bad experiences with local property managers who didn’t do what they said they would do or who caused problems instead of making their investment expe ..read more

Rental property pricing can sometimes feel frustrating, especially if you have a specific idea in your head about what you want to charge for your rental and you don’t have access to reliable market data that tells you what competing properties are renting for.  The market is also changing frequently. What you can set your rent at today might be different from what you can set your rent at next week or next month.  We understand the desire of investors to make money from their rental properties. To do this, you have to balance your asking price with your desire to attract and retain ..read more

There are many ways for you to protect your investment. You’ll need to make sure you have enough insurance. You’ll need to screen residents well, so you aren’t risking late or missing rental payments. Preventative and routine maintenance will be important. You’ll also want to protect your property by conducting annual safety inspections. Not only does this ensure your investment remains habitable, profitable, and in good condition, but it also allows you to protect the tenants who are renting it.  Safety inspections are important, and today we’re talking about why they’re necessary, what ..read more

In Florida, we don’t have a lot of legal hoops to jump through like our friends in California, Oregon, or New York. State law prohibits rent control, Florida’s Landlord-Tenant Act is fair and balanced to both landlords and tenants, and the eviction process is fairly straightforward, especially when you can prove there has been nonpayment of rent.  Complying with state and local laws is essential, however, whether we’re talking about security deposit requirements or habitability standards.  It’s easy to make a legal mistake, and those mistakes are often expensive. We are here to help ..read more

Whether you’re a landlord managing just one home on your own or a real estate investor building a growing portfolio of rental properties, managing your finances properly is essential to ensuring compliance with the IRS and understanding what exactly you’re earning and spending on your investment.  Financial management and accounting reports are necessary, but they’re not always easy.  If you didn’t get into the real estate investing business in order to be a number cruncher, we have some bad news: There are a lot of numbers that need crunching. You’re estimating repair costs, paying ..read more

Encouraging lease renewals has to be an important part of your investment strategy. When you keep good residents in place, you spend less money on vacancy and turnover costs. Many of the landlords we work with are surprised at how much it costs to turn a property over between tenants. You could spend the equivalent of an entire month’s rent turning over your property. Sometimes, you’ll spend even more. There are maintenance costs, cosmetic repairs that must be made, and also the cleaning, landscaping, and marketing of that property as you prepare it for a new tenant. Appliances may have to be ..read more

It’s possible that managing your rental property’s paperwork and lease agreement can seem like an overwhelming chore. Don’t get too frustrated with it, however, because it’s essential to keep up with all of these documents in order to avoid potential legal complications and tenant disputes.  Proper documentation and organized, easily accessible paperwork is necessary. Gathering all of this information starts with your rental agreement. You need to have a strong lease in place, and you need to make sure that your paperwork is easily referenced in both digital and print formats.   ..read more

Tenant screening is something that we take very seriously at Hoffman Realty. We’ve learned in our many years of property management in Tampa and the surrounding areas that placing the right tenant has a huge impact on the success of any investment experience.  We insist on being thorough when we screen. If you have not been careful enough with your own tenant screening, you’ll know that by the quality of tenants you place.  When you have residents paying rent on time, taking care of the home, and reporting maintenance as soon as it’s needed, you likely did a good job with your scree ..read more