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 in Tampa, Florida.
Today, we will go over an in-depth analysis of common property management fees, how much property management costs in Tampa, and what to look out for when it comes to property management fees in Tampa Bay.
The Industry Standard Property Management Fees are:
1. Leasing Fee
A leasing fee is charged if you have a vacant rental property and you are needing your property manager or property management company to find a tenant. Property management companies typically charge between 50-100% of one month's rent for finding and placing a quality tenant.
Tampa's standard or average tenant placement fee is 75% of one month's rent.
What does the leasing fee cover?
For most property management companies 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
2. Monthly Property Management Fees
In addition to your leasing fee, once your tenant has moved into your rental property, the management fee will be applied on a monthly basis. 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 property management 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
3. Lease Renewal Fee
The last common industry-standard property management fee is a lease renewal fee. The lease renewal fee is charged if your tenant will be renewing 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.
If you are interest in our Tampa property management services or have any questions, please don't hesitate to reach out to us here at The Listing Real Estate Management.
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