Marketing Properties
Proper marketing of rental properties is extremely important because every day your property sits vacant, you are losing money.
In todays world 99% of the properties being rented start with an online search. People simply jump on google, or another website and go about their searches. That is why it’s so important for us to play ball with these big websites and get your properties on them.
Rather than just say “we advertise on a bunch of websites”, let us take a moment to explain how it actually works from an insider’s view.
There are 5 main ways we market your property to reach different groups:
Tenant Placement and Screening
There are many pieces to the property management puzzle but this is the most important.
Tenant applications are processed online only after they have viewed the property and have been prescreened.
Using this process, our eviction rate is under .1%.
Inspections, Security Deposits, and Reports
One of the most difficult elements of being a Landlord is knowing how your property is being treated.
Here’s how it works:
This process has proven to be the most effective and allows our clients to rest easy knowing we play a fair game in making sure damages are properly deducted, so their property can turn quickly and rent again.
Security deposit amounts are typically equal to the rental amount. All security deposits are handled following Florida State Law.
Maintenance Requests
One of the biggest concerns we hear from new owners is how poorly their old PM handled maintenance. Maintenance is normally where property owners get ripped off the most. Here’s some easy ways you can be ripped off without you knowing:
Sadly, we see this stuff happen quite a bit. That’s why we’re set up with transparency.
Here is how we handle maintenance:
We have a reputation of being easy to work with and paying our vendors quickly. The savings are always passed directly to you.
Rent Disbursements To Owner
Many new customers tell us how their old companies were inconsistent with disbursing their rent checks. To us, it’s unacceptable.
That’s why we’ve devised a system that guarantees you’re paid on or before the 15th of the month (as long as your tenant pays on time). This is attributed to our software and ability to clear checks quickly and efficiently.
Management Fees
First off, we don’t charge you anything unless your property is rented. If you’re not making money, we aren't either. Our fees are structured based on several factors: amount of properties you have, their location, and their quality.
The different fees that are charged by property management companies are pretty standard:
This is it, no hidden fees or expenses!
Monthly Management: 10% of the monthly rent. This fee is reduced as property owners allow us to manage more of their properties.
Tenant placement/Acquisition: this ranges from half to a full month’s rent. We look at the property’s location and rental amount to determine this. The idea is if you have a really high-end rental, let’s say it brings in $2,000 a month, charging a full month’s rent would be unfair. The opposite holds true for lower end rentals.
Maintenance coordination: this is actually pretty nifty, we don't charge anything nor do we markup any invoices. This saves you money. Seems strange, right? Our maintenance coordination fee (MCF) is 0%. As investors we understand that saving on expenses is key to cashflow and we never liked being "nickeled and dimed".
Renewal: it’s important to note that we don't charge anything here either. When a tenant is first placed, we charge an acquisition fee. Why don't we charge this fee? There are several reasons - the tenant is already in place, there isn't any marketing needed, and we do not have to research the tenant. At the end of their lease, if they decide to renew and stay, GREAT! We all win!
Eviction
The good news is that when we place a tenant it is a rare occasion that we have to evict a tenant. But, not surprisingly, this is the most asked question that we get. We try to find win/win scenarios to have the tenant leave without going through the eviction process to save you time and money.
Our eviction rate is under .1% per year, meaning there are only a handful between all the cities we manage. In the rare case an eviction occurs, we handle the entire process for you. Many times, we hear new clients telling us stories of traveling to Florida just to handle an eviction and incur all the expenses with it.
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