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What are the Typical Fees for a Property Management Company in Tampa?

What are the Typical Fees for a Property Management Company in Tampa?

Every property management company in Tampa has a different way of charging for the services they provide. However, there are a few commonalities that you can expect regardless of the company you choose to manage your home.

Remember that the amount you pay will ultimately depend on the management company you choose, the property or properties that you need managed, and the services you need. It’s also a good idea to remember that when you’re comparing prices, make sure you’re measuring value as well. A management company with a ridiculously low fee probably doesn’t do much for you.

Tampa Leasing and Tenant Placement Fees

One of the first fees most rental property owners encounter is the leasing fee. This is a one-time fee that you’ll pay at the beginning of your relationship with a property manager, or once a suitable tenant has been placed in your rental property. It’s often charged as a percentage of your first month’s rent. In some cases, you may pay up to a full month’s rent or you might find some companies are charging a flat fee, which you’ll pay before any leasing or marketing activities are begun.

Your leasing fee should include most of these items:

  • Evaluating and preparing your property for the Tampa rental market.
  • Pricing your home with data collected during a comparative market analyses.
  • Professional photographs and online listings.
  • Scheduling showings and responding to inquiries from prospective tenants.
  • Collecting applications and screening tenants.
  • Reviewing and signing the lease agreement.
  • Collecting the security deposit and other move-in funds.
  • Conducting a complete move-in inspection with pictures and a report.

You might find some Tampa property managers charge extra for things like photography or inspection reports. That’s fine if their price reflects it. Make sure you know what you’re getting for your leasing fee.

Tampa Property Management Fees

While the leasing fee is a one-time expense, your property management fees will be paid monthly. This fee is often a percentage of the rent that is collected. So, if your home rents for $1,500 and the management company charges a 10 percent fee, you pay $150 per month. You can expect your management company to deduct that $150 from the rent that’s forwarded to you.

Some management companies will charge a flat fee regardless of what your property earns. There are benefits and risks involved in each payment structure, and you should work with a management company that reflects the payment method you’re most comfortable adopting.

A Tampa property management fee should cover everything from rent collection to maintenance. Enforcing the lease, sending notices and correspondence, managing tenant relations, and maintaining detailed and accurate accounting records are all part of what your management company should be doing in exchange for those fees.

Potential Hidden Fees and Extra Costs

Potential Hidden Fees and Extra CostsWe know a lot of owners expect that all the property management services will be covered by their management fee. This is usually true, but some low-cost management companies will just do the basics and then charge extra for anything else. The most common extra fees we see include:

 

  • Inspection fees
  • Lease renewal fees.
  • Accounting or statement fees.
  • Technology fees.
  • Photography or advertising fees.

Your property management company might also have an upcharge on maintenance invoices. This means they collect a percentage of what you pay to cover their costs of coordination and scheduling. So, if your plumbing cost is $250, the management company may charge a 10 percent fee on top of that, bringing your total cost to $275.

Make sure you know what you’re paying before you sign a management agreement.

If you have any questions about how we structure our services and fees, please contact us at Real Property Management Leaders.

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