What needs to be done to prepare a property to rent?

The property should be in the best possible condition to attract a quality resident. Paint should be in good condition with marred or dirty areas touched up. Neutral colors for walls and floors are best. Blinds or shades are ideal window coverings. The home should be very clean with everything in good working order and the yard should be in excellent shape.

 

How do I determine a rental rate?

Competition determines the rental rate. As experts in the field, we know the market and rental rates for comparable homes. If the rental rate is set too high, the home will stay vacant longer. If the rate is too low, return on your investment is not maximized and it may be one or two years before the rate can be adjusted.

How do you market the property?

The property is immediately added to our rental availability list, web sites, MLS and other resources. Marketing photos are taken within 48 hours of signing with us.

The home will be specially featured on REALTOR.COM. Yard signs are placed when allowed by the condo or homeowner's association.

How is the property shown?

When the property is vacant and without furniture, we use a lock box system which allows prospective tenants to access the home without the property manager being present.  This increases the chances of renting a home quickly as the prospective tenant can see the property promptly and conveniently rather than continuing to search for other properties in the area. Also, tenants may be driving through a neighborhood and want to see the rental listing on the spot as they may be leaving the area shortly and may not be available for a later appointment.

 

If the home is tenant or owner occupied or contains furnishings, we will make arrangements to show the home or schedule an appointment with one our property managers.  

 

How long will it take to rent?

Vacancy periods are market driven. There is also some luck involved in the right person looking at the right time. On average in today's  market, it takes between one to four weeks to rent a home. Homes rent more slowly between Thanksgiving and New Years. Location and price affect vacancy and rental rates.

What are the policies regarding Pets?

Statistics indicate that 75% of renters own pets. Restricting pets reduces the number of available qualified tenants. Pets do need to be screened and pet references checked. In general, a well-behaved cat or dog causes less wear and tear on a home and yard than a young child would. Our normal pet policy (with owner approval) is to charge a $350 non – refundable pet fee but this can vary depending on the # of pets. In some special circumstances, we may consider a portion of the pet fee to be refundable (generally $200) when certain conditions are met (again with owner’s approval).

 

What about smokers?

It is common to restrict smoking inside the property. This does not significantly reduce the marketability of the property.

 

Is it possible to refuse to rent to families with children?

According to federal, state, and local Fair Housing regulations, children are a protected classification. It is unlawful to discriminate against children in any way.

 

Is first and last month's rent as well as a security deposit collected up front?

If a resident has good credit, it is common practice to collect only the first month's rent and a security deposit up front. A security deposit can be used for any owner costs. The last month's rent can only be used for rent. The security deposit is held in a non interest bearing property trust account as required by state real estate regulations.

 

What happens if the rent is late?

The rent is due on the 1st of each month. We begin collection proceedings after the 5th of the month. If the rent is not paid by the 7th we contact the tenants. 

We will send out a 3-day notice to pay rent if tenants are unresponsive.  If the tenant does not pay by the 10th of the month, the owner is notified. At that time we discuss the issues with the owner, including the tenant's situation and eviction costs, and we make recommendations. Most evictions are the result of loss of employment. We use an attorney for evictions and the initial filing usually costs $350 which the owner must pay to start the process.

 

When does the owner get paid?

By the 5th of the month, most rent monies have either arrived at our office or been deposited into our bank account. Owners' checks are then prepared and sent out by the 8th of the month. If these dates fall on a weekend, checks will be mailed the following Monday. We also have an optional Direct Deposit system for owners so that the owners' monies can be directly deposited into their account for more rapid access to funds. Your property manager can explain this system in detail and provide you with the necessary paperwork to complete.

 

Who handles emergencies?

A  property manager is always on call for emergencies. We have an extensive network of maintenance personnel and sub-contractors to handle any emergency regarding your property, day or night. We are on call 24 hours a day 365 days a year.

 

What is the average length of tenancy?

 Our standard lease agreements are for one year. Other agreements range from one year and up. At the end of the lease term, the owner can decide to renew with the tenant (if the tenant wishes to remain), terminate the lease with the tenant, or allow the tenant to remain month-to-month. The owner can elect to raise the rent at lease end when market conditions warrant it.

How are repairs handled?

We require owners to give us $250 up front to cover repair and maintenance issues throughout the year. These funds belong to the owner. They are held in the Owners' Trust account and are accounted for on the monthly statement to the owner. If during the month a repair must be done, the vendor is paid with monies from the fund. The fund will be replenished out of the next rent check to maintain the required $250 balance in the account.

The property management team is responsible for approving all maintenance requests. Tenants are encouraged to submit all repair requests in writing. It is our policy to notify owners of all maintenance requests. If funds are available in the account, the expense will be itemized on the next month's accounting statement. If sufficient funds are not available, the property manager will contact the owner for payment arrangements. Sometimes a request falls into the category of a maintenance emergency. Emergency repairs are scheduled immediately and the owner notified at the first possible opportunity. Some maintenance requests can result in a rent abatement if not handled in a timely manner. The owner is notified immediately when there is a rent abatable maintenance issue.

What happens if the resident leaves before the end of the lease?

The resident is responsible for the rent for the term of the lease. If residents leave before the termination date they will be charged for rent until the home is re-rented. We, on behalf of the owner, will do everything possible to re-rent the home and minimize the residents' cost. The owner is not charged for advertising or a re-renting fee.

 

How is the owner protected if the resident damages the property?

A refundable security deposit taken at move-in is usually sufficient to handle the minor damage caused by residents. Residents with excellent credit and good references seldom cause significant damage. If the resident leaves the property owing money for rent and/or damages they will be billed. If they do not pay, we will turn the matter over to a collection agency with the owners' approval.

 

What happens if I do not continue paying the monthly Homeowners Association dues? 

Florida law recently changed to allow managers of Homeowners Associations to collect rent directly from the tenants or management company when a property owner is not maintaining the association dues and the property is rented.  The Association can also discontinue access to the community facilities and /or disconnect utilities paid by the association.