Property ownership as an investment can be wonderful thing – buy a property, rent it and enjoy the benefits of a good investment. But, it is not always that simple! Rents may not be paid promptly, complaints about needed repairs at all hours of the day or night, record keeping, finding reliable vendors, damages, etc.
1. Is there value for you in hiring a property manager? Ask yourself the following questions:
- What is required to set up a legal rental?
- Do you have the proper lease form and attachments to create a legally enforceable lease?
- Are you aware of the fair housing laws associated with advertising and leasing a property?
- Do you have reliable means to determine fair market rent for the property?
- Do you have the means to screen potential tenants? Credit checks, past history.
- Do you have contractors on call 24 hours a day to deal with repairs at a reasonable cost?
- Do you know what to do if a tenant stops paying rent?Has damaged the property?
- Do you have the ability to prepare and file 1099's at the end of the year?
If you don’t feel confident in answering these questions, contact us for a complimentary consultation. Professional property management can free you to enjoy the benefits of your investment without the stresses. The cost of one bad or uninformed decision can easily offset years of management fees.
2. What we do for our management fee:
- Preparation for the Market – preview the property and make recommendations for things that need to be done to maximize rent and minimize vacancies. Even offer a home warranty – ask us about it.
- Extensive Tenant Screening – credit check (includes eviction check), criminal background check, pedophile and landlord check, income and employment verification.
- Marketing and Advertising – property listed in the MLS (multiple listing service), internet exposure including www.Realtor.com, professional Showcase rental sign on the property, professional leasing agents to track calls and show your property 7 days per week until an application is received. Check out our success rate in tenant placement.
- Our in house attorney will prepare the lease with any required attachments and review it in detail with the tenant and you so all have the same understanding and expectations from the beginning. The executed lease will be delivered to all parties including the condo/homeowners association if required. There is no additional charge for yearly lease renewals with the same tenant.
- We conduct move-in and move-out inspections as well as routine inspections to ensure the tenant is in compliance. Photographs will be taken to document the condition of the property. The tenants are expected to leave the property in the same condition with normal wear and tear.
- Our maintenance department oversees and schedules maintenance and repairs as needed and provide 24/7 service for emergencies. We also have a home warranty program available for a small annual fee. Ask us about this. Home Warranty calls are handled by the maintenance department who will also communicate with you regarding maintenance work. We inspect completed work.
- Computerized accounting is used to email you a statement each month showing all financial transactions for the last 30 days as well as an end of the year report. You may also go online to view your account atwww.MyRentalHome.com. We have timely rent collection procedures and disburse funds monthly via check or ACH direct deposit. Security and pet deposits are held in escrow as directed by Florida statutes.
- Should it be necessary to evict a tenant, we handle the entire process for you – posting 3 day notices, preparing necessary documentation to start the process, filing the papers and meeting the sheriff for a lock-out.
- Tenant Placement Services are available if you just need help placing a credible tenant with an iron clad lease prepared by our in house attorney.