Property management F.A.Q’s will answer a lot of the aspects involved with property management as well as tenant management and maintenance issues. These are very important questions that you should ask any manager you are about to deal with and compare them to other companies you may be looking at.First always make sure you have as much contact information that you can get. Name of the company as registered with the state, manager contact, broker, phone, fax, email and website. Assuming you have all of that there are plenty of other questions you would need to know that we get asked all of the time.
Important Company Information
How many properties do you manage?
Currently we manage just over 400 properties.
How many managers work at the company?
We have a team of 8 that handle the properties. For every 50 that are added another person is added to the team.
What specific areas do they focus on?
We cover Lee and Collier Counties from North Fort Myers and Cape Coral down to South Naples to Port of the Isles. Including Fort Myers, Naples, Lehigh Acres, Estero, and Bonita Springs.
Why types of properties do they manage?
We deal mainly with single family homes and multifamily homes including duplexes, triplexes, quads and small apartment complexes.
How long have they been in business?
We have been in business since 2001.
Do they manage their own properties?
While some team member do own their own investments, they are managed by another companies to avoid any conflicts of interest.
Do the managers have any professional designations?
Key Real Estate is a member of the Florida Association of Realtors®, and the NARPM®. We have several property managers that are CRPM’s which are Certified Residential Property Managers with the Board of Realtors.
How much do evictions cost?
Unfortunately in property management evictions are a part of it. Usually evictions cost about $750.00. However, there are a few different ways you can go. We can recommend several attorneys that handle evictions and the one you pick we will work with on your behalf to complete the eviction. The other way is to hire a service that files for you on your behalf and we will work directly with them. Typically an eviction filing service will charge an initial fee to get the eviction started and then pay for the services as they come up to complete. 95% of tenants we have had evicted have abandoned the property before the final eviction saving the owner hundreds of dollars. However, any attorney will recommend that you follow through until the end or you could run into issues later if the tenant decides to come back or hire an attorney themselves.
How many evictions do you file annually?
Typically we have about 3 to four evictions per year. We guarantee our tenants for 10 months so we do extensive background checks in order to avoid them. However, some do sneak through or lose their jobs and unfortunately will not leave unless assisted.
How long do evictions take?
As long as everything is filed and followed up in a timely manner, they usually take about 3 weeks from start to finish barring any holidays.
Landscaping and Yards
How Much does it cost to cut the lawn?
We use several different companies but the charge is the same. $60 per month year round. During the winter it requires one to two cuts per month as the grass becomes dormant. During the summer during rainy season it should be mowed every 7 to 10 days.
Does the company do landscaping?
During the summer when the grass is growing quickly they lawn companies have only enough time to mow ans blow. During the winter when they slow down is when they work on trimming bushes and hedges back. You can get extra services like mulch and planting at an extra cost based on what you are having done.
How much money in Reserves does the company require?
Our property management company does not have a required minimum. However, if if makes it easier for the owner to keep a reserve we are capable of setting them up at whatever amount you would like for us to set up.
Where will the company advertise my unit?
Our software is set up to advertise your unit in every online rental website out there and they continue to grow. On top of that we have a department that puts the vacant properties into Craigslist every Monday, Wednesday, and Friday. This gives you maximum exposure and the ability to get top dollar rents. We will run print ads if needed and signs inf they are allowed in the community. However, all of our calls have come off of internet ads so far.
What are the costs associated with Advertising?
There are no costs to the owner for advertising. It is all included in you management fees.
Assorted Management Information
Does the property management company use an email?
Dan_norden@yahoo.com is the best email to use to get in direct contact with me.
Will the Manager give you his cell number?
My direct line is 239-281-8086.
Can I terminate the agreement early if it isn’t working out properly?
Does the company do sales and brokerage?
We are a full service real estate company helping investors from all over the world. Property management is a service that we offer and have a team dedicated to just that. We also have agents that specialized in sales and listings as well.
Does the company have their own maintenance crew or handyman?
Some property management companies have there own maintenance crew and require you to use them. We do not. I feel it to be a conflict of interest. However, because of the amount of properties that we manage we have several sub contractors in every aspect of home maintenance and repair. You are more than welcome to use whomever you want or we can help by getting bids for you etc. to save you money at no additional cost to you.
Can they handle all types of repairs?
We have several General Contractors as vendors so no repair is too large or too small.
Will they bill the tenants if it is a tenant caused issue?
What is the max that they will spend without contacting me?
Our limit is set to $0. We get approval for every work order. However, we have several owners that do not want to be bothered by any repairs under a certain amount. If that is the case, let us know. Regardless, you will be notified via email of every work order that is created.
Can I use outside contractors of my choice? Is there a charge for that?
We do not make monies on maintenance so you may use whomever you want and there is no additional charge.
Statements and Finances
When are funds disbursed and how are they sent?
We do our payout on the 10th of every month and we do a direct deposit that can take up to 2 business days to do so. If you have an IRA or just prefer checks we can do that as well. That can take up to 7 days. We also do one or two other payouts throughout the month if we have a tenant paying late or tenants that pay on the 15th of the month. Those are followed up by statements as well if needed.
When are statements sent out and how are they sent out?
We email all of our statements on the 11th of the month unless you want a paper statement sent.
Are year end statements sent to the owner with a breakdown of expenses?
Absolutely. Those go out on the 2nd of January.
Are 1099’s sent to the owner?
Yes, they are mailed out on the 2nd as well.
I am sure there may be other questions for our property management division and if so please do not hesitate to contact me at 239-281-8086. These questions are very important to ask of any property management company before you make a decision. If there is anything we can do to earn your business, please let us know.