Demystifying property management fees in Tampa, Florida does not have to be difficult or complicated.
All you have to do is measure price against service. When you do that, it is easy to understand how those property management fees you pay are actually an investment in your property.
Property management companies are a service business
Like any other business that offers a service instead of a product, about 80 percent of the business costs go into labor. There is no magic bullet solution when it comes to lowering labor costs. This is not a manufacturing business that can use labor in countries that pay significantly lower wages. All property management services will have to be done by local staff in whatever region your property happens to be. If you have a home in Tampa, using labor anywhere else is impossible.
Quality Tampa Property Managers
What a property management company pays its staff reflects the quality of the people working to manage your investment. Never has the saying “you get what you pay for” been more true. The amount you pay your property management company will dictate the quality of service that you receive. The connection is easy to see, especially if you make the mistake of using a company simply because of its low fees. Your fees should pay for people who are qualified, experienced and dedicated to managing your property with the attention and care that is required.
Be careful of unusually low property management fees
It might be tempting to hire a low cost management company; everyone wants to save money. However, in our experience low fees are in place for one of two reasons. Either they company is making money in other ways, such as marking-up the costs of maintenance, or making unnecessary repairs; or, you are getting less property management. Paying less for property management will often mean phone calls that are not returned, tenants who are not screened properly, inspections that are not happening frequently enough, poor cash flow and accounting that is wrong. Bad management means a higher risk for your property.
You get what you pay for in property management
As you can see, there is nothing too mysterious about property management fees, and you can always expect to get what you pay for. Your residential property is an investment. That investment is worth high quality management. Do not select the lowest bidder when it comes to choosing the property management company that you work with. Instead, choose the company that can give you the best services for your money. Otherwise, that property management company with the low fees might actually end up costing you much more than you ever anticipated.
If you have any questions about property management fees in Tampa contact us or give us a call if we can answer any questions at (813) 875-7474.
