If you are a rental property owner or real estate investor looking for property management services in Tampa, you’ll want to understand how much local property management companies charge for providing full-service property management services in Tampa, Florida.
Each property management company is entirely different in its fee structure, so when interviewing prospective property managers, you’ll want to be prepared to ask about the services they provide and what fees are associated with their Tampa property management.
Whether you talk with a flat fee or percentage-based property manager, ensure their services align with your goals and objectives for your Tampa rental property.
What is a Tampa Leasing Fee?
A leasing fee in Tampa, Florida, is charged if you have a vacant rental property and need a property manager or property management company to find you a tenant. Typically, you can expect a Tampa property manager to charge between 50%-75%, but it can be 100% of one month’s rent.
Tampa’s standard or average tenant placement fee is 75% of one month’s rent for finding a qualified tenant.
What does a Tampa leasing fee cover?
For most property management companies in Tampa, the leasing fee covers:
- Listing the property for rent
- Marketing the unit with photos and description
- Showing the vacant property
- Screening applications
- Lease signing
- Move-in inspection
Tampa Monthly Management Fee
In addition to your leasing fee, once your tenant has moved into your Tampa rental property, the management fee will be applied monthly. The industry standard for professional property management is between 8-10 Percent of your monthly rental income collected.
Tampa’s average monthly property management fee is 10% of the monthly rental amount.
What does the monthly Tampa property management service include?
Typically most property management companies will have the following services included:
- Rent Collection
- Online owner portal
- Property accounting
- Rental property repairs
- Designated property manager
- Tenant Communications & Compliance
- Lease enforcement
Lease Renewal Fees in Tampa
The last Tampa property management fee is a lease renewal fee. The lease renewal fee is charged if your tenant renews the lease agreement for another year after the initial 12-month term.
The lease renewal fee covers:
- Updated/increased rental rate
- New lease agreement signing
Each property management company in Tampa has a slightly different lease renewal fee; typically, this may be a one-time, flat fee ranging from $100 – $500 or a percentage such as 25% of one month’s rent.
The standard Lease Renewal fee in Tampa, Florida, is commonly 25% of one-months rent for the lease renewal fee.
Additional Tampa Property Management Fees
In addition to the leasing fee, management fee, and lease renewal fees, you may come across Tampa property management companies that charge a fee for services such as:
- Startup Fee
- Rental Marketing Fee
- Lease Preparation Fee
- Inspection Fees
- Maintenance Up-charge Fee
- Home Warranty Coordination Fee
- Eviction Guarantee Fee
- Cancellation Fees
Make sure if you are looking to hire a property management company in Tampa, ask if they have any additional fees. Nothing is worse than getting your rental owner statement and seeing random fees charged for things you didn’t know cost extra money.
What Tampa Property Management Fees do I pay if I already have a tenant?
If you already have a tenant residing in your Tampa rental home, you will not need to pay the leasing fee for finding and placing a quality tenant. Many times a Tampa property manager would inform your tenant they are now managing the home and will need to pay rent to the new management company.
Although, there may be fees associated with serving your tenant a notice and or startup fees.
Most Important Tampa Property Management Fee! – Cancellation Fees
Believe it or not, many local Tampa property management companies have hefty cancellation fees in their property management agreement.
We’ve seen cancellation fees of as much as one month’s rent to terminate the management agreement. If your Tampa rental property is rented at $2,500/mth, that means you’d have to pay $2,500.00 just to get your property back.
As a professional Tampa property management company, we do not have any fees associated with our services. We don’t want our valued rental property owners to feel hostage.
Other Factors that may affect your Tampa property management fees:
Many rental property management companies in Tampa, Florida, will set their pricing based on property-specific factors such as location, property class, and conditions.
- Tampa Rental Property Type
- Rental Property Condition
- Rental Property Location
- Full-service vs. One-off services
When seeking an expert property manager, ensure you understand why management fees vary depending on your property. For example, a new construction home may have fewer property management fees because there will be little to no maintenance during the lease term.
Tampa Property Managers Summary:
When searching for a highly reputable Tampa property manager, ensure you are fully aware of what is included in their service. But better yet, you need to know what you’re looking for before starting your property management search.
We recommend using a property management company in Tampa that is transparent with its service pricing. Here at The Listing Real Estate Management, we have a very simple fee structure and display it on our website here.
If you have any questions or want to connect with us, feel free to reach out. We are here as a resource for you.