Property Management FAQs

We will discuss market value for the rental amount. We will agree to a price to attract a good quality tenant.

We recommend you carry at least liability insurance. We recommend you carry a solid policy in the event there are accidents at the property.

We recommend the resident purchase rental insurance. This is a very affordable costs to the resident.

We can assist you in reviewing your policy to increase or decrease coverage. Our preferred insurer is an expert at weeding out the unnecessary items that are included in your policy that don’t necessarily need to be there.

We need a set of 3 keys to each door lock, mail box key or shed key. We will convey 2 sets of keys to the residents. One master set will stay in the office for safe keeping.

The residents expect to be able to use the amenities while they reside in your property. We give instructions on access and info they need to get started.

Residents will need to access the gate thru the key pad or guard shack.

Details will be conveyed to the residents with instructions on where to park.

We provide Covenants and Restrictions to residents so they understand the rules of the neighborhood.

Marketing will begin immediately to begin to collect and screen qualified residents.

Residents are usually not too picky when choosing a rental. The property has to be clean. Carpets and paint have to have little to no wear. Appliances must be in good condition. It just has to be “good enough” for the resident to rent.

IF the house is dingy and carpets worn the residents will pass. The house will sit vacant and straggler residents will be our potential available residents.

Properties in great condition will produce better quality residents who will likely take better care of the property. They will likely pay more rent to live in a better conditioned property.

How many inspections do we do per year? We visit the property every 6 months. We visually inspect the condition and will report to the office in the event we suspect any activity that is excessive wear and tear.

We will filter qualified residents thru a rigorous background check. Once we decide we have a qualified candidate, we present them to you for your approval.

We give notice to the resident upon their acceptance. We create a file to include their lease, important info and more.

We have assembled an in-depth welcome package to our residents. It includes instructions on paying rent, making service calls and more.

We photograph and record the condition with a detailed checklist. This will be stored for your records.

Doc prep begins before the resident moves in the property. WE will upload a copy to you onto your portal. This will include the contact info, lease, amendments, instructions and more.

All keys, garage door openers and mail box keys will be given to the residents at the day of occupancy.

The resident will not move or sign a lease without cleared funds.

Once the resident’s funds are clear we initiate an ACH to you. We guarantee payment disbursements no later than the 15th of the month.

Yes and No. We recommend leaving a refrigerator. We don’t recommend providing a frig that includes an ice maker. Ice makers are for convenience to the resident. They break! The appliance repair for a broken ice maker could cost several hundred dollars. IF you had no ice maker you would have zero chance of a repair.

Washer and dryer are usually not included. The residents usually have a set and having another set causes a logistical problem with too many appliances. IF you leave a washer/dryer we recommend excluding them for maintenance in the lease.

When appliances come to end of life at your property, we recommend installing gently used appliances. We have access to an appliance dealer who will install gently used appliances. They have a 90-day warranty. This option will be sufficient for your residents and property. This option will be a huge cost saver to your bottom line.

Sometimes owners will want to see their home on video to give assurance the property is in good condition. We are tech savvy enough to upload a video to you or do a video call.

We do! We are the experts who know where to look for good resident candidates. We have subscriptions to all the media platforms to quickly and precisely submit targeted ads.

A Four Point inspection is necessary to provide to your insurance company if the property is of a certain age. The FOUR POINT is a quick inspection to document the age and condition of the HVAC, Electrical, Roof and Plumbing.

In the event, the four-point inspection reveal a major system that fails insurance criterion they may ask for that particular systems to be replaced.

FYI: Federal Pacific Electrical Panels and Challenger Panels are a problem when revealed on a four point. Aluminum Wiring can be a potential insurance problem. Older HVAC units and older Water Heaters are also a potential red flag. Roofs that are 18 years or older will also be a flag.

Insurance companies are routinely inspecting properties. Don’t be surprised if you get a call from the insurer requiring you to replace a major system at the property.

We can organize an affordable four-point inspection anytime you need to provide that to your insurance company.

We strive to make it as easy as possible for residents to pay rent. We have various banking methods available to a resident. We use Buildium’s portal where they have the ability to set up auto drafts. We use “CASH APP” which is powered by Square. We take good old-fashioned money orders via snail mail. We allow them to make deposits at the bank and provide deposit slips.

The residents tend to keep up with their rent payments if it’s easy for them to pay.

Typically, most property management companies will charge a routine monthly fee while it’s vacant. Because we are keenly aware of the cash flow situation, we don’t charge while its vacant. A vacant house actually is more labor intensive than an occupied property. It incentivizes us to immediately place a resident so we can resume monthly income.

Typically, a late fee belongs to the property manager. There are a lot of expenses incurred to collecting late rent. That will include a letter from the local attorney. In addition, we hand deliver and mail late notices. However, we are aware of the cash flow and have offered to divide the late fee between the property manager and the homeowner.

We have the ability to disburse money thru ACH (Automated Clearing House). Receiving an ACH is simple and will likely be sent to your account in just 24 hours. Beware, the bank will disclose that an ACH could take up to 3 days to transfer. Typically, the ACH funds will receive to the owner in 24 hours.

Residents usually pay by the 5th. It takes a day or so for the payment to clear and post to our account. Once the payment is cleared, the payment is posted to your account. The bookkeeper sets up a batch of ACH payments. The ACH payments are initiated and set to release from our account. The treasury does report that ACH’s can take up to 3 days. From our experience it only takes one business day.

You have 24-hour access to a portal – IF you are curious about the activity on with your property and collections, you have access to a 24-hour portal that details repairs, collections and pay outs.

If you receive an amount less than anticipated there will be an explanation on your account.

We guarantee the rent will be disbursed by the 15th. The ACH payments are initiated no later than the 15th.

The first payment will likely be a prorated amount of rent. There is a good chance we had expenses to cure any issues getting it rent ready. On occasion, repair items will take place discovered during the walk thru. These repairs will need to be done immediately as we prepare for resident move in.

Do no expect the rent money to cover your mortgage. Resident rental payments are no guarantee. On occasion, residents will be late. Do not rely on a resident in order to make your mortgage payment. At least have one- or two-month reserve in the event the resident has a problem. Better safe than sorry. Don’t forget your mortgage payment is late on the 16th and will incur a late fee from your bank.

Typically, if a resident makes a repair request, our goal is to keep the expenses down. Our crew already is very reasonable and does not charge too much for the repairs. WE send them to many service calls and will use them again and again. In exchange, the maintenance division will keep the prices low. They will not charge to make an estimate. Their prices can’t be beat. To keep the costs down. We can approve repairs done by them if they are under $350. This will keep travel time down for the crew which saves money. The savings are passed on down to the owner.

We do not collect interest in our escrow accounts. Any interest collected would be partially due to a resident. It’s easier and less expensive to NOT collect interest. Less bookkeeping is less expense.

We collect one month rent amount as security deposit. If there is anything in the credit check that is questionable, we reserve the right to request 2 months security deposit.

Security deposits are placed in the escrow account. Monthly reports are generated to record the total amount and property allocated to each deposit. Brokers are required to provide this monthly reconciliation monthly to the State of Florida.

If the house is returned in good condition including professional cleaning, we are obligated to return the deposit within 15 days.

If we make a claim on deposit we are obligated to do so in writing via certified mail. Our claim will disclose the amount of money allocated to the repairs made by the resident.

Damage quotes will be collected and reduced from the security deposit.
There are criteria used for normal wear and tear. We cannot charge for normal wear on paint and carpet.

We subscribe to a program that will scan for criminal history. We do not allow felons, child abusers or sex offenders. We do not allow residents with recent evictions.

Credit scores can be deceiving. Sometimes, scores will be low and income sufficient. We take into consideration the items on the report. For example, medical collections do not weigh to heavily with our qualifying criteria.

Our property management gives us permission to sign the contract on your behalf. However, we will send a draft copy of the FAR BAR lease to you. Before we sign the contract, we determine if we need to make any changes or raise the rent.

Typically the answer is “No” you cannot break a lease with the resident. However, there are circumstances that arise which can be negotiated with the resident.

We recommend a year lease. On occasion a resident will request a 2-year lease. That has pros and cons. We will advise if that is a good scenario for the owner if a 2-year resident is available.

We consult with the owner 60 days prior to lease renewal. We will automatically review the market value and will suggest an increase if possible. Renewing the lease and keeping a good resident is always advised.

The property management agreement allows us to sign leases and documents on your behalf.

60 days before the lease expires our team will assess the rental market. We will recommend a price increase if the values have moved upwards.

YES, WE CAN! In the event you wish to sell the property, we are fully equipped to sell the home. Whether there is a resident residing in the property or not, we can sell it.

WE offer full service and comprehensive marketing and will devise a plan to sell the house for the most money possible.

How much do we charge? To our preferred customers we will charge anywhere from 3% to 5% depending on a few factors.