The 8 Most Common Mistakes Made When Choosing a Property Manager in Tampa Florida

Synergy Real Estate, Southwest Florida’s leading property management company, released the list of the 8 most common mistakes made when choosing a property manager.

1. Hiring a real estate sales agent to manage your Tampa property. Even though an agent may be perfectly qualified to sell you a home, they certainly don’t specialize in Tampa property management. Many agents are unaware of the specific legal policies that could cost you thousands when a problem arises.

2. Paying more than 60% of the 1st month's rent as a leasing commission. Most companies especially in Tampa charge 100% of the first month’s rent as a leasing commission. However, some companies do charge only 5% of the gross lease, or 60% of the first month’s rent. Essentially, you are overpaying for the service if paying above 60%.

3. Paying more than a 10% management fee. Many Tampa management companies charge fees above 10% and also slide in hidden fees. Companies can get away with this scam because most people do not analyze all of their options before considering one specific company.

4. Signing a long-term, binding contract. Tampa Management companies have been known to lock their clients into a long term, 12 month contract. This raises the question – If you provide excellent service, strive to always keep your customer happy, and continually do a great job as well as the right thing – why would you need to lock someone in?

5. Using stock, dated leases. A lease needs to be specifically prepared for your property. A lease should be designed to protect you from frivolous lawsuits and help insure more favorable collection judgments.

6. Hiring Tampa managers who don't have the proper experience and education. A degree is not mandatory for property management, but is certainly another advantage on your side. Well educated managers can often increase your rental rates and offer advice on market conditions.

7. Hiring Tampa companies that only do leasing and not management. Companies who only do leasing have a primary motivation to lease to the first person who walks in the door. Without managing the property, they have no feedback as to how a certain type of tenant behaves over time. Their motivation is not to find you the best possible tenant.

8. Hiring Tampa companies that don't return your call in a timely manner. If a company doesn’t return your phone call, they are definitely not returning phone calls from renters. Consequently, you lose money.

For additional information on property management, contact Louis Pfaff or visit http://www.naplespropertymanagement.net

Tampa Property Management: A Renters Market

As of late, the spotlight has been on the sluggish sales market! But, the slowing sales market has not only affected sale prices. The lack of closed sales has directly put downward pressure on rental rates, in large part due to the fact that a growing number of homeowners who have been trying to sell, with no success, have now been forced to rent their homes at Tampa .This occurrence has forced many home owners to put their properties on the rental market to help assist with mortgage payments. Consequently, the increase in supply of available rentals has not been met with an equal increase in demand caused from population growth. Therefore, rental rates have continued to steadily decline analyze by some Tampa Property Management .


Tampa renters are presently securing lease rates not had in years. For example, one can presently lease a newer 3 bedroom, 2 bath, 2 car garage villa for $1,100 - $1,200 per month; the same villa leased for $1,450 just two years ago, representing a 17% - 24% decline in rental rates. Furthermore, concessions are also present. In some communities, owners competing over qualified tenants have sparked additional concessions. It is also not uncommon for renters to receive incentives including 2-4 weeks free rent, window treatment upgrades, and free social/fitness memberships all paid for by the home-owner.


Many Tampa owners have not fully realized the trend and or accepted the new market rental rates. Consequently, this has caused many units to remain vacant on the market for longer periods of time. It is not uncommon for homes to remain on the rental market for 4-6 months. Conversely, in the past, with the booming economy and appreciating real estate values, demand for available rentals was increasing faster then supply and rental rates were typically steady to rising. In addition, concessions were not as prevalent and properties were renting much quicker.