How Much Does It Cost To Hire A Property Manager In Tampa?

If you own a rental property in the greater Tampa area, you might find yourself a bit overwhelmed by all that it entails. While being a landlord is a great way to produce a passive income stream, it is also a lot of work. From marketing the property to dealing with maintenance requests to handling problems with your tenants, managing an investment property can be a lot of work.

A property manager can handle almost every detail related to your rental units, including screening tenants, listing your property on the MLS, coordinating service, and generating year-end tax statements. Property management companies often work for a percentage of monthly rent, which usually ranges from 8 to 12%. Some companies may also offer flat fee services. Whatever you choose, you will have peace of mind in knowing that your rental properties are being appropriately managed.

At Eaton Realty, we offer comprehensive property management services for landlords in Hillsborough County, Florida. We offer 3 percentage-based packages, plus a DIY assist option for investors who only need marketing and leasing support. Reach out today to talk to a team member about our property management services in West Central Florida.

What You Get for the Money: Property Management Services

At its most basic, property management involves a professional overseeing a rental property on behalf of a landlord. While each property management company is different, most offer the same basic services. This typically includes:

• Marketing rental properties
• Screening potential tenants
• Drafting, signing, and renewing leases
• Collecting rent
• Maintaining properties, including services like landscaping
• Coordinating repairs with vendors and tenants
• Budgeting for property maintenance and improvements
• Providing information to clients on Florida’s landlord-tenant law as well as applicable federal law
• Tracking profits and losses
• Generating year-end tax statements

Of course, the quality of a property management company can vary significantly. Our property managers are members of the National Association of Residential Property Managers (NARPM), which means they are held to the highest standards for property managers.

Eaton Realty’s services go beyond the base-level options provided by most property management companies by including:

• A competitive market analysis
• Professional photography for marketing
• An immersive 3D virtual tour for websites
• A featured listing on our website, plus direct marketing to our tenant prospect database
• Entry on the Multiple Listing Service (MLS) plus a premium listing on websites like Zillow, Trulia, and Hotpads
• A post, yard sign, and lockbox
• Tenant screening, which includes a credit check, rental history, employment verification, pet screening, and more
• Drafting of a legally-compliant lease
• Monthly rent collection and disbursement
• Portal for property owners
• A detailed monthly accounting, including owner statements
• Submission of HOA lease approval paperwork
• Service coordination and invoice payment
• Property inspections
• Tenant home orientation
• Home make-ready management between tenants
• Year-end tax statements, plus 1099 forms for owners and vendors
• No monthly vacancy fees
• $1,000.00 of damage protection
• Eviction coordination
• Property renovation project management

While some of these services have an additional fee, you won’t pay anything extra to have a dedicated property manager for your investment properties. Our goal is to make your experience as a landlord as seamless as possible. You will be able to collect rental income without any of the day-to-day worries and stresses of being a landlord.

Many landlords find that property management services effectively pay for themselves. Not only will you not have to deal with things like taking tenants on showings, having professional pictures taken, or listing your properties for rent, but you also won’t pay a separate fee for these services. Property managers can also keep your vacancy rate low, saving you money over time. Finally, by finding great tenants, property management companies can reduce the risk of losing money through nonpayment of rent or property damage.

Typical Fee Arrangements for Property Management Companies

Each property management company works a little differently. However, there are 2 main options for property management fees: a percentage of monthly rent or a flat monthly fee. Below, we explain the difference - and give you the details of our pricing arrangements.

Percentage of Monthly Rent

One of the most common fee arrangements between property management companies and landlords is a monthly fee between 8% and 12% of the rent collected. For example, if you have a property with a monthly rent of $1,500 and a 10% property management fee, you will pay $150 per month for property management services. Some property management companies will charge a vacancy fee if the property is not rented.

One of the biggest benefits of a monthly rent-based percentage is that it aligns the property manager’s interests with the landlord’s. If your property generates more income, then the property management company will make more money. This can motivate the property manager to maintain high occupancy rates and ensure that your rent is as high as the market supports.

At Eaton Realty, we offer 3 options with this type of fee: Confidence 8, Confidence 9, and Confidence 10. As the names suggest, the fees are a percentage of rent - 8% for Confidence 8, 9% for Confidence 9, and 10% for Confidence 10. These packages include all of the services listed above, except for eviction fees and renovation project management. Eaton Realty does not charge a monthly vacancy fee.

Eaton Realty generally requires all properties we manage to accept pets. This is due to the popularity of pets and the sheer number of people who want pet-friendly rental properties. We take special precautions and use advanced inspection techniques to ensure that tenants are held responsible for any damage their pets might cause. If you do not want your property to be pet-friendly, we will charge an extra 1% per month, given the extra work required to market “no-pet” properties.

Fixed Monthly Fee

The other primary option for property management services is a flat fee arrangement. This involves charging a fixed amount every month, regardless of rental income and other factors. A fixed fee has the advantage of being predictable and consistent, which can make it easier for landlords to build the fees into their budget.

When opting for a fixed fee agreement, it is important to understand what is and is not included. For example, Eaton Realty offers a DIY Assist program for landlords who just need help with marketing and leasing. Our one-time fee covers all services related to marketing your property and leasing it - but not the day-to-day management of the property itself. Read your contract carefully to know exactly what you are - and are not - getting as part of your monthly fee.

Other Potential Fees

As noted above, some services fall outside of the standard monthly fee for property management services. This is often for services that require additional work or costs, such as managing an eviction. However, some property management companies charge a lot of what may be considered “junk” fees for onboarding, collecting late fees, and even performing routine inspections and handling maintenance. You should always read your contract carefully to see what is - and is not - included as part of your property management fees.

Outside of evictions and renovation management, Eaton Realty includes all services as part of its monthly rent percentage fee agreements. We only charge extra for services outside of routine property management - like overseeing a renovation of your investment property or attorney fees associated with evictions. We disclose all additional fees upfront so you know exactly what you will pay if you choose to work with our company for evictions and/or renovation management.

Work with a Top-Tier Tampa Property Manager

For many landlords, hiring a property management company simply makes good financial sense. While you will pay a monthly fee, that amount is often offset by saving you time and money. A NARPM-certified property management company can provide professional property management services to ease your stress and maximize your investment.

Eaton Realty is a Tampa property management company that works with landlords in Hillsborough County, Florida. We take pride in providing our clients with comprehensive, high-quality property management services - all for a fair fee. Our team understands that a good property manager can make a real difference in the profitability of a rental property, which is why we work hard to ensure that we provide the highest level of service to our clients. To learn more about our property management services, fill out our online contact form or call our office at 813-672-8022.