Why shouldn't I manage my property myself?
With the time involved in collecting rents, arranging repairs and leasing units, most owners have found that their time is more valuable spent eleswhere. A good property manager will make you money on your investment, not cost you money. We enforce collection of rents and serve the proper notices upon failure to pay. We handle maintenance and emergency repairs. We know the local market, have an extensive network of contacts, and have advertising resources available to us at discounted rates. This allows us to effectively market your vacant home to prospective residents to get it filled. After you add up the increased rent we can often command, the discounts you'll receive on advertising, and the company rate we get on repairs, you'll often make more money than if you managed the property yourself! Other important considerations are the legal aspects of property management. In the letigious society that we live in, a property owner can ill afford to handle a problem tenant in an incorrect manner. We are well versed in landlord/tenant law, and are educated in the constantly changing Federal and State mandates governing them.
How do I know you will select a good tenant for my property?
Our criteria is high when it comes to choosing our residents. Our screening procedure takes into account an applicants credit report history, employment history, stability, and prior rental history. Our thorough background checks result in better qualified, financially stable residents. This in turn creates a lower turn-over factor and premium rents.
Are you licensed to perform property management?
Yes, the law requires that property managers are licensed with the Department of Real Estate. Prestige Realty Professionals, LLC is a fully licensed Corporation in the State of Florida. Our professionals also hold specialized certifications in the area of residential property management.
Will I have to pay for property repairs?
Yes, just as you would if you were to manage the property yourself, you are still responsible for maintaining the property. The advantage of allowing the property manager to handle the maintenance issues of your investment property are extensive. We have the capability of negotiating with vendors for discount prices based on volume. These savings are passed directly to the property owner. We also have in-house maintenance for general repairs, and an on call emergency service for those late night repairs that just cannot wait until business hours.
Is the cost of property management deductable?
Yes, the cost of management services are deductable, just like your mortgage interest, property taxes and the cost of repairs. (See your tax advisor for details.)
What happens if the tenant does not pay their rent?
The lease provides for a grace period through midnight on the forth of each month. On the 5th of each month, we charge a $5 late fee/day until rent is paid in full. By the 10th day we post the required notice which mandates the tenant to pay rent within the specified time (usually 72 hours) or risk eviction. Whether or not we eventually have to proceed with a formal eviction depends on the specific circumstances. It is always financially better for all involved if a solution can be worked out. If the tenant has experienced a one-time event which is causing them a financial hardship, and we have had no previous problems with them, it is better for you and the tenant if we give them a chance to catch up - if there is reason to believe they can do so. If the tenant has demonstrated an ongoing pattern of late payments, broken promises about payments and/or evasiveness, we know from experience that eviction is the best course of action.
Each case is unique and the property manager will make a decision based what is best for you and your home in the long run. That said, we always proceed with the legal notices required for eviction regardless of any other factors. We will simply postpone the actual filing of the eviction if the tenant is showing favorable effort toward resolution. Eviction for non-payment of rent in Florida is relatively simple given all procedures set by the State are followed. Full evictions, when necessary, can often be completed by the first of the next month, depending on individual court back log.
How do you make sure the tenant is taking good care of my home while renting?
There are several ways we assure your property's condition. Above all, careful tenant selection from the outset protects your property from being rented to irresponsible people. During the lease term, we may have occasion to enter the property for repair or maintenance reasons and will use that opportunity to have a look. If we are fortunate enough not to have any repairs or maintenance at your property over an extended period of time, your property manager will schedule a preventative maintenance walk-through each quarter to make sure the air filter is being changed, that the smoke alarms have batteries and that there are no unreported problems at the property.
What do you do if they are not taking care of my property as they should, or you discover unauthorized pets?
We give the tenant an opportunity to correct the situation and usually they will. If a problem persists, we will make a decision based on that specific situation. There are certain "penalties" that can be assessed as provided for in the lease terms that may be exercised.
How do you handle maintenance requests?
Tenants may fax, email or mail their requests to us, but most fill out an online form on our website. After we receive a repair request, we may contact the tenant and ask them questions which will help us determine the exact nature of the problem before sending a service technician. We also make sure it is not something the tenant can fix themselves (ex: reset button on the disposal, tripped breaker) before your money is spent on a service call. After determining that it is a legitimate problem, we will send the appropriate service vendor to make the repair. We tell our tenants that we are able to handle most repair requests within 1 to 3 working days, and in fact are usually able to do so. Important or major residential systems such as Air conditioning, water heater, furnace, or sewer problems receive highest priority and are usually attended to the same or next business day. Depending on the situation, some repairs may be deemed "emergency" and to comply with the Florida Property Code, we would handle it immediately. However, our goal is that no repair, large or small, is ever a surprise to you on your statement.
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Can I choose to disallow pets, smokers, large families, etc.? We comply fully with the Fair Housing Act. This means that you can not choose to disallow anyone that is a member of a protected class under the act. You can choose to disallow pets and not permit smoking in your home, but you cannot deny a service animal. Remember, the vast majority of today's tenants own pets, so to disallow them will shrink the pool of qualified tenants considerably. If you have additional questions on the specifics of the Fair Housing Act, please see our fair housing page.
Do you provide me with a report of activity on my property? Yes, we will provide you a monthly report of rent and other income received, and maintenance, repairs, and other expenses incurred. This will be provided once per month. If you have questions regarding your statement, please do not hesitate to contact us.
What type of rental properties do you manage?
We specialize in single family homes in and around the Central Florida area This includes condos, duplexes and townhomes.
What Property Management experience and credentials do you offer? Prestige Realty's Property Management Services offers you the level of experience and expertise you should seek from any property management company you hire. See the About Us page, if you haven't already, for a complete introduction.
How much will my house rent for? We are asked this question more than any other by new owner prospects. Of course it depends on a lot of factors, but in general, most homes in and around Central Florida are currently renting for about 0.5% to 0.9% of the home's market sales value. The more expensive your home, the lower the ratio of sales to rent value. For example, a $120,000 three bedroom home may rent for $800 to $1100 per month depending on the neighborhood, the competition and the condition, while a $240,000 home may only rent for $1400 to $1700. This is a very generalized range but will in fact hold true in most instances. The most important thing to know is that the rental market is indifferent to your mortgage payment amount. The rental market does not care that you might have a negative cash flow, and will punish with extended vacancy owners who overprice their rental homes. When you hire us as your property manager, we will look at the rental market in your particular area, survey the competing homes, and make sure your home is priced so that it will be viewed favorably against the competition.
What will you do to rent my house?
We will coach you and advise you on how best to present your property to the market. Then, we give it maximum exposure while it is for rent and we carefully scrutinize all interested parties.
FOR LEASE SIGNS - Posted at the property with a 24 hour information number so drive-by prospects can find out immediately - even at 7PM on a Saturday - the price and size of your property and when it will be ready for move-in.
MLS - Your rental property data is entered in the Mid Florida Regional Multiple Listing Service giving access to over 25,000 other Realtors and Renters.
INTERNET LISTINGS - Our available homes for rent in Central Florida are posted online on over 250 different websites and updated regularly with photos, maps and complete details for the conveneince of those searching for a new home.
LEASING LOCATORS - We make all of our listings available to the many Lease Locator companies. These non-Realtor companies specialize in helping tenants find apartments, duplexes and homes for rent.
WORD OF MOUTH / REFERRALS - Current and past tenants, friends of our tenants, referrals from other agents that we network with.
CORRECT PRICING - Even the best and nicest homes will not lease quickly if overpriced. This is now more important than ever as prospective tenants are more savy "shoppers" today thanks to available information through the web. We make sure your rental home is priced according to current market conditions.
THOROUGH PREPARATION - Even the best located and well priced rental homes will not lease quickly in our current market if the rental home is not in top showing condition. Homes for lease in Central Florida absolutely must show well and have an attractive "curb appeal" or they will sit empty. Part of our job as property manager is to make sure your rental home is presented in a clean and attractive condition so that it will attract a good tenant.
What, specifically, do you do to qualify a tenant after they have applied to rent my house?
This is the one of the most important aspect of the successful management of rental property. In general, we look at an applicant's past behavior and assume their future behavior will be the same. An applicant must demonstrate a history of being a good, responsible tenant or homeowner as well as meeting industry standard financial criteria.
LANDLORD REFERENCES - We personally talk to past landlords and ask detailed, open ended questions about the applicant's past performance.
CREDIT REPORT - Our property manager and leasing agent has a direct connection with the Experian credit reporting service. We obtain a credit report which tells us the applicant's current and past performance toward meeting their financial obligations. It also tells us their monthly debt, credit score, and shows their previous addresses (which we compare to addresses listed on the application). An applicant must meet established credit standards.
PROPERTY TAX SEARCH - If a private individual is listed as previous or current landlord, we will pull the tax records and verify that the person listed actually owns the property. The property tax record crosscheck, along with pulling driver license data, is what reveals most of the fraud attempts that we encounter and is a level of scrutiny that most other property management companies do not even perform.
EMPLOYMENT/INCOME - We contact the employer to verify length of employment, status, and income. An applicant needs to earn at least 3 to 4 times the monthly rent in gross income to qualify for rental and we will want to see a copy of their pay stub.
PETS - We don't permit animals/pets into managed properties unless you allow us to do so, or unless not doing so is resulting in an unacceptable length of vacancy. We do advise our clients that the vast majority of today's tenants have pets of some kind, and declining to accept pets will shrink the pool of potential tenants significantly. We encourage additional security deposit to help ensure the tenant cares for their pets properly while renting your property.
OTHER FACTORS - Many of our managed properties are subject to Home Owner Association restrictions such as no boats or trailers, and limits on the type and number of vehicles. An otherwise qualified applicant may be unable to lease a property if, for instance, they own a boat and want to park it in the driveway. We make sure issues like that are covered up front to avoid surprises after move-in.
How informed will I be about what happens with my property?
Absent any special considerations unique to you or your property, our rule of thumb is this: If something may cause a potential interruption in your ordinary cash flow (loss of tenant or non-emergency repair in excess of $250), we will let you know about it right away. Other than that, the saying "no news is good news" is most appropriate. Non emergency items will be communicated along with your monthly statements and, of course, we encourage you to contact the property manager anytime you have a question or wish to discuss something. The property owners who appreciate us the most are those who truly want everything handled for them turn-key and don't want to be bothered unless something important is happening. That is the type of property management service we offer.
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