Tampa Property Management

[Eric Sax]

I am a Boston-based real estate investor looking to start purchasing investment properties (condos and SF) in Tampa. After getting quotes from multiple property management firms in Tampa, prices are way more expensive than the prices I pay in Boston (~6% in Boston versus 9-10% plus a tenant placement fee in Tampa). Is there a reason why property management seems to be way more expensive in Tampa than in Boston? Does anybody know less expensive but reliable options for property management?

Thanks,

Eric

[Chris Dufala]

Eric

I own and operate Rentwell in the Tampa market. We also have offices all over the country. You have to factor the rent average in Boston vs Tampa and then consider the cost of conducting a business.

Let’s say average rent in Boston is $3,000 and it’s $1,000 in Tampa... your 6% in Boston is $180 and it’s $100 in Tampa.

Same amount of work for $80 less

Hopefully that helps illustrate that it isn’t apples to apples to compare based on percentages only.

By the way we are seeing 8+caps here routinely. I agree that Condos are not the way to go but there are great investments here for sure.