Owner FAQ

Answers to your common questions

Q. Are your Property Managers licensed?

A. Yes, all of our property managers and showing agents are licensed to perform real estate services in the state of Florida.  We are also members of the National Association of Residential Property Managers, the Florida Association of Residential Property Managers, National Associations of Realtors

Q. Can you assist in getting my property in 'rental ready' condition?

A. Yes, we have a wide array of vendors that can assist you in repairs ranging from general cleaning to general contracting work.  Just ask us how we can assist. 

Q. How long will it take to rent my property? 
A. There is no guaranteed timeframe to rent a property, however, we make every effort to ensure a quick turnaround. We do market and advertise our properties via the internet on over 100 different websites that are "Rental Home" specific, as well as the Multiple Listing Service! We do also utilize yard signs and receive referrals from other Realtors and Property Managers. Pricing and condition of the property are vital to securing your next tenant in a timely manner. 

Q. When will I receive my rental funds? 
A. Provided rent is paid on time and clears our bank, rental proceeds are generally disbursed between the 12th and the 15th of the month. 

Q. Do you provide monthly statements to owners each month?
A. Yes.  Owners Statements can be accessed 24 hours a day, 7 days a week through our owner portal.  We typically post these statements on or around the 15th of each month. Year-end statements are also available at your convenience.

Q. Do I have to turn on the utilities on when there is no tenant?

A. Yes, for three reasons: 

•Your property will show better when lights and air is circulating through the property.  If the property rents faster (and typically it will) because the unit shows better, you will easily make up the cost of the utility.
•Especially during the summer, it is important to not have the property not get too hot.   Properties that do become warm have a higher risk for mold.
•When we do the pre-move in walkthrough, we need to verify that the appliances, sinks, showers, toilets, etc. are all functioning properly.  You want to set the right tone with the tenant by turning over the property to the tenant in a clean, ready-to-go property type condition. 

Q. Do you get my approval before doing any maintenance work?
A. We will contact you on issues that will require work that will exceed the cost of $500.00. 

Q. How will the IRS know that I rent my property? 
A. If you receive any rental income your management company must report this income to the IRS, they are required to file IRS Form 1099-misc (for US Citizen or US Resident) or 1042-S (for Non-Resident Alien) to report the amount of rental income collected on your behalf during the tax year. This form is also copied to you. We do require a filled out and signed W-9 (for US Citizen or US Resident) or W-8ECI (for Non-Resident Alien) from all of our owner/investors.

Q. How soon can you start managing my home?
A. We can start assisting you today. Give us a call now! 

Q. Should we allow pets in our property?
A. A lot of owners ask us whether or not to allow pets.  We would recommend that you allow pets in most properties.   Think of it this way, more than 50% of people have a pet.   You would effectively double the amount of time it will take to locate a tenant.  If it took one additional month to locate a tenant, would that be more or less money that the damage a tenant would create, in most cases the vacancy loss would be higher than the pet damage. Please call us to discuss. 

Q. What property management experience and credentials do you offer?
A. The others that perform real estate service functions, all have real estate licenses.  All are licensed and regulated by the Department of Business and Professional Regulation.  We are also members of (NARPM) National Association of Residential Property Managers, (NAR) National Associations of Realtors, and the (HAR) The Heartland Associations of Realtors. 

Q. Who holds the tenant’s security deposit?
A. We hold all deposits for any properties we manage in our trust account.  (Per Florida Statutes, security deposits must be held in a Florida based bank).

Q. Who is responsible for the utilities?
A. Generally, tenants are responsible for utilities upon the commencement of the lease through termination of that lease.  Prior to move in and upon the tenant’s moving out, the owner is responsible for keeping the utilities on (We can assist you with the turn on/turn off of a utility). Some HOA’s and COA’s provide various utilities in their community fees.  Please consult your HOA or COA for specifics. 

Q. Why do all owners need to sign the agreement?
A. We need the written permission from all owners in order to lease/manage a property.  Per Florida law we need all owners of a property to agree in allowing a tenant to move in and authorize our property management company to place a tenant.

Q. Why do I need a $500.00 owner’s escrow deposit upon execution of the agreement?
A. This is not a fee.  These are funds we hold on the owner's behalf for:

• 1.  Possibly your property has a lawn, pool, or something else that needs monthly service.  

  2.  Or you have asked us to turn the utilities on in our name at your property.  

  3.  Possibly your property is not in rental ready condition.   It needs a carpet cleaning, general cleaning, or some other repair.

  4.  Basically anything that needs to be handled at your property we will have the resources available to help you / have the service performed.   Once we no longer manage your property, you decide to move back in or sell your property, monies in your Owner Escrow Account are disbursed back to you.  Again, it is not a fee, it is money we hold for owners so that vendors are paid on time.  Our experience has shown that when a vendor is paid on time, they perform the work quicker (which will keep the tenant happy), for a good price (which will keep you happy) and will do a good job (which again any owner will like).  Also, per Florida law, we cannot use the tenant's security deposit to pay for any maintenance issues at the property.  That is the tenant's money we hold in escrow until it is lawfully and properly disbursed to a party.