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Frequently Asked Questions

Below are frequently asked questions and answers to the same.

Q&A

What is our management fee? 

The average fee for standard residential longterm tenancy property management is between 8 and 12% of gross monthly rent. See Source. Our base management fee is 10% of gross rent for our Basic Management plan, but you can elect our Premium Management plan for 13%. Other fees may apply based on the particulars of the situation.

Q&A

How often do we inspect your property?

We conduct move-in/move-out and quarterly inspections on your property.  We require tenants to provide us with pictures of the property periodically to help us monitor the property conditions. Additional inspections may be necessary depending on the circumstances happening at your property. You can also request additional inspections for a low fee.

Q&A

What do you charge the owner for a tenant placement fee? 

We charge half of the first month’s rent to set up a new tenancy. This fee helps to cover the added administrative costs and burdens of processing the tenant move-out and new tenant move-in, such as, inspections, market analysis, listing to rent, handling the application process, communications with applicants, tenants, and the owner on transition issues, and ensuring the property is in rent-ready condition for the next tenant as quickly as possible.

Q&A

What do you charge the owner for a property onboarding fee? 

If the property is tenant-occupied at the time of hiring us, we charge 50% of one month rent. If the property is vacant at the time of hiring us, we charge at flat fee of $125/unit. This fee covers the added administrative burdens of onboarding your property with our management.

Q&A

Do you handle major repair situations?

By law, property managers are limited in their ability to contract for repairs on behalf of the owner when the aggregate of cost of labor and materials is over $5,000. However, we may be able to help facilitate the process of those repairs, such as coordinating with vendors to access the property, giving notices to tenants of the repairs, and documenting the completed repairs.

Q&A

Do you charge a management fee if the property is vacant?

No, but there are conditions, that is, if the owner does not pay for necessary repairs to bring the property into rent-ready condition after a period of time of our giving the owner notice of the needed repairs to re-rent, a vacancy management fee applies, but the fee is reduced from the base management fee.

Q&A

Do you charge a fee if an existing tenancy is being renewed?

Yes. We change a quarter of the first month’s rent for the renewed tenancy for the added burdens of ensuring the tenancy should be renewed, including inspections, reviewing rental history, assessing risks of a renewed tenancy, preparing conditions report, communicating with the owner and tenant regarding the renewal issues, preparing new lease agreement, and ensuring everything is setup for a renewed tenancy. If the tenant qualifies for a tenancy renewal, we process a renewal accordingly. If the tenant does not qualify, we take the steps necessary to protect your property investment by removing unqualified tenants and placing qualified tenants. 

Q&A

How do you determine what rent to list my property?

We use a comparative market analysis of similarly-situated properties that have rented or are currently active within the relative market timeframe. The goal is to rent the property at the highest rental value possible, but also consider how long it takes to rent the property. We certainly do not want the property sitting vacant too long, because that amounts to losing rental income—more than if we simply reasonably reduce the rent price. But we do not need to price below the competitive market rate. 

Q&A

Do you require tenants to pay a security deposit?

Yes. That is a well-established practice. We typically require a tenant to deposit 1 month’s rent as security for their lease performance. However, depending on the results of a lease application, we may require more. There are occasions as well where we require the tenant to pay last month's rent or require a co-signor.

Q&A

Is there such a thing as “forfeit the security deposit” if the tenant terminates early?

No. Florida legislatures imposed strict provisions regarding the treatment of security deposits under Florida Statutes, sec. 83.49. In short, the law requires that the landlord or landlord's agent make a claim on the deposit upon the tenant vacating at the termination of the lease. The claim must be made in writing, by certified mail to the tenant’s last known address within 30 days.

Q&A

What tenant selection criteria do you use when reviewing tenant applications?

We use selection criteria that is widely used in this business and is approved by our attorney. It includes requirements for income, credit score, employment, lack of criminal history, good tenant history, no violent or sex crime history, and good references, to name a few.

Q&A

How often do we communicate with you?

There is no strict rule in this regard. We know that each owner is a bit different when it comes to wanting to hear from us. The most common reasons we need to communicate with you are (1) maintenance issues and (2) a tenant problem you need to be made aware of. We also provide you with status updates and reports on the performance of your property. 

Q&A

How do you process tenant maintenance requests?

We have a protocol for every tenant maintenance request that is run through protocol and process. We review the request to determine if it appears to be a tenant or landlord obligation. If the obligation cannot be determined through the request alone, we inspect or send a proper vendor to help us make that determination. If the request involves a landlord obligation and the amount of repair falls within the owner pre-approved amount, we make the repair and send owner notice of the repair. If the amount of repair is one that requires notice to the owner, we send notice to the owner and give our recommendation. If the repair is an emergency, we must act promptly and accordingly, and we notify the owner of the situation. A big part of this process is having a firm understanding of the law and the tenant’s and landlord’s obligations under F.S. 83.51 - .52 and the lease agreement and knowing how to communicate these matters to the tenant and owner.

Q&A

When do you disburse money to the owner?

We disburse rent to the owner no later than the 10th day of the month following receipt. Proper and accurate accounting for all monies for the given month and reconciliation is necessary before making disbursements. Once we have completed those financial tasks, we disburse monies to the owner accordingly. 

Q&A

Would I be a good fit for your company?

We are a high-standards, professional property management firm that have systems, protocol and an operations manual developed by our broker, who is also a landlord-tenant attorney specialist. Our staff are trained in and follow our operations and procedures based on time-tested experience, law and sound principles of management. If you are looking for a professional and experience property management company to take the burdens of property management from you, for a passive income situation, and for an increase in the value of your investment, we are a great choice, as we are well-equipped to handle all things related to property management with the highest standards of professionalism, legality and experience. 

Q&A

If a tenant has violated the lease agreement, can I exercise “self-help” to remove the tenant?

No. In Florida, you cannot remove a tenant except by the procedures provided in Florida Statutes ch. 83. In short, the landlord must deliver specific notice of termination relative to the violation, and if the tenant does not cure or comply with the legally-sufficient notice, the landlord must file for eviction seeking an order to remove the tenant from the property.

Q&A

What are the ways I can terminate a tenancy? 

1) When the tenant surrenders possession of the premises, and you accept the tenant’s surrender. 2) When the tenant abandons the premises, and you retake possession of the premises. 3) Upon death of a tenant (presuming the statutory conditions are met). 4) Upon lawful eviction to remove the tenant. 5) When the lease term naturally expires (with no extension given to the tenant).

Q&A

Does Florida law regulate how much rent I can charge the tenant? 

No, but Florida law does prohibit unlawful discrimination and retaliation, and they could translate into how you set and increase rent. 

Q&A

Can I use the tenant’s security deposit to pay unpaid rent during the tenancy? 

No. F.S. 83.49 governs how landlords are to handle and disburse the security deposit. You can only make a claim on the security deposit after the tenant has vacated the premises upon termination of the lease. However, there are situations when the tenant and landlord can enter into agreements regarding the security deposit, but in those situations, it is advisable to have an attorney advise you on how to properly draft such an agreement. 

Q&A

If I do not have a lease agreement in writing or don’t have the terms memorialized in writing, how do I prove the terms of the rental agreement? 

Typically, if the terms of a verbal agreement are in dispute, you prove the terms by the actions of the parties. For example, to prove that rent was due on the first, you may need to introduce bank records to show that you historically deposited the tenant’s rent payment on the second day of the month. It is advisable to have lease agreements in writing to avoid disputes as to terms. 

Q&A

Am I obligated to repair every item that the tenant asked me to repair during the tenancy?

It depends. You are obligated to comply with the landlord obligations under F.S. 83.51(1) and for those you have promised to repair in the lease agreement. You are not obligated to repair any item that was caused by the tenant, and you are not obligated to repair an item that is not an obligation under F.S. 83.51(1) and the lease agreement. They are "gray" areas of whose obligation the repair involves, and we are well-equipped with the knowledge and experience to navigate those issues and to come to the right decision. 

Q&A

Do you charge the tenant fees in addition to rent?

Yes, we charge tenants certain fees as additional rent for the added burdens the tenant imposes on us to manage your property, and we keep those fees as compensation for our services to handle those situations.

Q&A

Does Florida law regulate how much security deposit I can require the tenant pay?

No, unless the tenant is on Section 8 housing. However, you are still obligated to comply with Fair Housing laws relative to how you treat protected classes. 

Q&A

Do I have to accept rent from the tenant after the expiration of a 3 Day Notice to Pay or Vacate?

No, but you must accept rent from the tenant during the notice period if the rent is full payment. If the tenant attempts to pay partial rent, you have the option to accept or reject partial payment during the notice period. If you accept partial payment, you must comply with F.S 83.56(5)(a).

Q&A

Do you have any special programs that you offer owners?

Yes, we offer several programs to owners. We offer Landlord Liability insurance coverage. We also have a Premium Management Plan that you can select, which has additional services and benefits not included in our Basic Management Plan. The Premium Management Plan includes services such as, Eviction Legal Services, additional inspections, periodic drive-by inspections, Portfolio Health Review, and more.

Q&A

Do you allow owners to handle their own maintenance?

Our property management agreement states that the owner gives us authority to handle maintenance and repairs, and truthfully, owners benefit from our handling all maintenance and repairs. However, if there is an occasion where the owner wants to handle a maintenance or repair item, our property management agreement provides for certain process and protocol in that situation.  

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