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Here Are The Answers To Our Most Frequently Asked Owner Questions
Q: What Areas Do You Provide Property Management Service?
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A: We offer annual property management services in the Lake, Sumter, and Marion Counties, as well as, Panama City Beach and surrounding areas.
Q: Am I required to rent my property to Section 8?
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A: No. We do not specialize in section 8 properties. We do not believe the Section 8 program provides enough of an advantage, to outweigh the risk. We have found that a quality self-paying tenant with a security deposit in place, is much more likely to properly maintain the property and pay on time.
Q: Do you charge any startup fees when signing up?
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A: We do not charge an initial one time advertising or start up fee. We get paid when you get paid and collect our placement fee and management fees when the first owner draw is issued (normally when tenant moves in).
Q: Do I need to buy landlord insurance for you to manage my property?
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A: Yes. We cannot manage your rental property without it and require a copy of your DEC page showing evidence that your policy has the right protections in place. Contact your insurance provider to add a landlord insurance policy or we can direct you to an insurance agent. This policy must have a minimum of $100,000/$300,000 of public liability insurance. Tenants are encouraged to secure a renters policy to cover their personal items and personal liability.
Q: Are you licensed?
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A: Yes. Our long term RE/MAX FREEDOM Property Managers are licensed real estate agents.
Q: Does your offices sell real estate?
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A: Yes. RE/MAX Freedom has some of the best Top Producing Realtors® in the State of Florida. We are here to help all clients with their property management and real estate needs.
Q: How soon can you start managing my property?
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A: Typically, once all paperwork is complete and everything requested has been provided, including access to the home, we can have the property on the market within 48 business hours.
Q: Can I reach you after hours?
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A: Yes. Each Property Management division provides our owners and tenants with proper contact information if the need arises.
Q: How do I receive my rental income?
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A: We can disburse funds via direct deposit to a provided account or by mail via check.
Q: When do I receive my rental income?
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A: Owner draws are initiated on our end on the 15th of each month or following business day if the15th falls on a weekend or US holiday. The draw is then processed by our bank (1-2 business days) and sent to yours. Depending on banking institutions, most deposits will hit accounts on the 16th-18th.
Q: Can I see the lease agreement the tenant signs?
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A: Yes. We upload our lease agreements to your owner portal.
Q: Do I sign the lease agreement?
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A: No. In our property management package we obtain a limited power of attorney that allows our firm to sign the lease on your behalf, creating both a smoother and easier process. In addition, our team is well versed in Florida statute, preventing any risk of potential HUD violations.
Q: How are rents collected?
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A: Tenants have access to an online portal where payments can be made and/or collected at the Corporate Office. Rents must be submitted to the office correlated with that territory. Money cannot be submitted to sister offices.
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Please contact your local property management team with any further questions and or concerns.
Q: Who holds the tenant(s) security deposit?
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A: We hold the Tenant(s) security deposit, prepaid funds and prorations. Florida statute has very specific laws as it pertains to holding deposits and the process for disbursing, therefore it is in the best interest of all parties for our firm to hold these funds.
Q: How much in security deposit do you charge the tenant?
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A: Typically 1 months rent, but may require an additional deposit based on a tenant’s credit and pets.
Q: What is the rental application process for prospective renters?
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A: All adults in the household over the age of 18 must individually complete our tenant application. If for any reason you are not approved for a rental property, the $99 application processing fee is non-refundable, so they should ensure they are able to qualify prior to applying. Some homeowner and condominium associations require a separate application fee and/or security deposit. If the select a rental and such is the case, all applicants may be additionally required to apply through the association, submit to an in-person association interview, and remit whatever fees or deposits the association may require. Generally the association application fees are $150 or less. Homeowner and condominium associations that also charge a security deposit are variable, so they should check with our team for specific association security deposit requirements.
Q: How long is the application process?
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A: The application process normally takes 24 business hours to complete and review the results. However, additional time may be needed for income verification, pet verification, addressing questions arising from the results or if additional information is needed.
Q: What is your cancellation policy??
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A: Please reference your exclusive rental management agreement.
Q: Are your repair technicians employees?
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A: No. We outsource all work orders to local licensed and insured vendors.
Q: Do you markup the cost of repairs?
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A: No. All repairs, maintenance and services are completed by licensed as well as insured local vendors. We do not markup costs and invoices are at cost. Invoices can be viewed via your online owner portal.
Q: Do I get to decide whether to accept pets or not?
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A: Yes, you can determine if and under what conditions pets are allowed. We discuss this subject upfront and build into our rental management agreement how you would like to proceed with pets. This decision needs to also be in compliance with County ordinances, deed restrictions, HOA rules, HUD guidelines, the ADA and Florida statute.
Q: Do I get to decide whether to accept pets or not?
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A: Yes, you can determine if and under what conditions pets are allowed. We discuss this subject upfront and build into our rental management agreement how you would like to proceed with pets. This decision needs to also be in compliance with County ordinances, deed restrictions, HOA rules, HUD guidelines, the ADA and Florida statute.
Q: How will you market my home for rent?
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A: Our rentals properties are marketed on Social Media, Zillow, realtor.com, rentcafe.com, remax.com, and thousands of global websites via the MLS (Multiple Listing Service).
Q: Can you find a tenant and let me handle my own property management?
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A: Yes, We offer a tenant placement only service for a fee of one month’s rent.
Q: What types of properties do you manage?
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A: We manage single family residences, condominiums, town-homes, villas, multi-family, and commercial properties.
Q: Who pays for repairs?
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A: As the owner of the property, you pay for maintenance and repairs, unless damage is caused by tenant’s neglect or mistreatment, then the tenant is responsible for payment. Any repairs due to tenant negligence will be paid by tenant as additional rent or deducted from deposit balance at move out. Our vendors are trained in identifying tenant caused problems and note responsibility of tenant on work orders.
Q: Should I rent furnished, or unfurnished?
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A: To attract a longer term tenant, unfurnished is preferable. Furnished rentals may attract a shorter term or transitional tenant more than an unfurnished property. Renting a property furnished may also present a higher risk of personal property items being lost, damaged or stolen. Furnished includes all necessities, dishes, pots pans, silver, bedroom and bathroom linens. A detailed inventory list of all personal property items left in the property is suggested should it be the decision of the owner to rent out a furnished property. RE/MAX Freedom Property Management shall not be responsible for any lost, stolen or damaged personal property of the owner.
Q: What should I do to prepare my rental property?
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A: The better your property shows, the faster it will rent. Typically touch up paint is needed, or complete paint, carpets need to be professionally cleaned, appliances need to be in good working order, and a deep clean will get the property ready to show.
Q: How likely is an eviction to happen and how is the eviction process handled?
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A: Although we can not 100% guarantee an eviction will not happen as life does happen, we have an extremely low eviction rate. People unexpectedly lose their job, a death or illness in the family can occur and people’s financial situation can change dramatically. However, in the event an eviction should need to take place, we assist with facilitating the process by working with your attorney. The eviction process in Florida usually takes three to four weeks if uncontested.
Q: How do you handle lease renewal with my tenant?
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A: Tenants are contacted 60 days prior to lease renewal to perform an inspection of the property and to discuss if the tenant is interested in renewing the lease. In the event that the tenant is interested in renewing the lease, the results of the inspection, a discussion regarding market rental rate and confirmation of desire to renew takes place with you to determine if the lease should be renewed or not. In the event the lease is renewed a new lease is drafted with any adjustments made to the prior lease and a $300 renewal fee is charged.
Q: Do you increase the rental rate at renewal?
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A: Prior to every renewal a complimentary market analysis is performed on the property to determine current market rental rate. In the event that an increase is warranted the rate is adjusted once agreed upon by all parties and discussed.
Q: I wish to sell my tenant-occupied property?
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A: Fantastic! RE/MAX FREEDOM Property Management works closely with top producing Realtors servicing our areas. In the event you wish to sell your home we will notify the agent that referred you to us to contact you directly. In the event that you were not referred to us by a Realtor we will happily refer you to one of our extremely qualified Agents we work with. In the event you are already working with an Agent, we work collectively with that Agent and your Title Company to provide all of the information necessary to successfully close your property. It is advisable to contact us first before selling or listing your property to discuss how the Lease survives the sale, transfer of funds and additional details regarding both parties rights.
Q: How do I know if my tenant paid rent?
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A: In the event that your tenant did NOT pay rent in full on time you will be notified by us once the 3-day notice has been posted and not cured.
Did We Answer Your Questions?
If not, please contact our local property management office for more specific questions. Office locations and contact information are listed below. Or please feel free to visit the 'Contact Us' tab and submit your contact information.