@outfastpropertymanagement
As a company we think it’s really important to network within our market, staying in tune with local building code changes, economic growth and the changing dynamics of the sales/rental market within Tampa Bay. We get a chance to interact with other investors implementing various strategies and we see first hand what is working and what isn’t.
Part of our expertise is channeling this information into improvements we make as a business that positively impacts our residents, owners and vendors we work with. It also helps build our brand as a company that we are in tune with things that our investors expect us to have knowledge of.
Years ago we had met an investor that was self managing rentals that he currently owned and after 5+ years of running into him he finally gave us a shot!
He had a property go vacant that needed a fair amount of repairs to bring it back to life, we brought in a vendor and completed around $7,500 worth of work to get it back to a nice standard for the marketplace. We did not want to over improve so we scaled back some of the original vision to the most viable, but minimal product.
As we were making repairs we also partnered with a local housing program to pair a veteran with assisted income, with the home. This family had just a few weeks to find a new home as they were currently living in a hotel.
We were able to pre-lease the property and have the resident move in right away. It was a huge win for our client being able to fill the vacancy before putting it on the market, a chance to realize that his choice to relinquish control of this rental was a good one.
This client has wanted to focus on traveling more and creating a lifestyle change where he would need to free up time and mental energy by doing less with his rentals so he could focus on other things in his life that had taken a higher priority.
Often times self managing owners may think we are a cost center, hiring us is an expense, when we do our jobs correctly it is a net benefit to the owner as our processes, tenant follow up, attentiveness to maintenance, etc creates a happy resident who pays on time, hopefully renews their lease while saving the owner time from coordinating maintenance, bookkeeping activities, seeking legal counsel when weird issues arrive, etc.
At the end of the day it’s about building trust that we have the experience needed, the skillset to do a great job and that we will do the right thing for our residents, owners and vendors.
