Thank you for visiting our property management services page. Here are some frequently asked questions as it pertains to property management. Please after reading if you have any further questions please feel free to contact us.
Q1: Are you property managers on behalf of Vintage Real Estate Services or independent property managers?
We as real estate agents must work for a brokerage. Our broker is Vintage Real Estate Services formerly known as KW Property Management.
Q2: Do you conduct periodic inspections? How often? Inside & out?
Inside Inspections twice a year Jan and June outside once every other month via drive buys
Q3: Do you maintain an inventory of all the appliances left in the house? Fee involved?
Yes By Video this is no fee
Q4: You receive 75% of the 1st months rent. Thereafter, 10% of the monthly payment as long as the property is occupied. No payment required if the property is vacant, correct? Will there be any additional fee’s for locating another client?
There is no management fee if vacant, there would the 75% fee to locate another (new tenant)
Q5: Is the leasing agreement at a minimum 1 yr.? With the option of 2 or more or month-to-month?
Yes leasing agreement is one year there is no option for two years, lease would be automatic to month to month with a sixty day notice to vacate.
Q6: Is my agreement with your leasing company required to be renewed every year? Is there a renewal fee? Can I expect it to increase every year?
The lease automatically renews each year unless either party provides a thirty day written notice prior to the end of the contract.
Q7: In the event of an eviction, how are court costs/fee’s handled?
The court fees are taken from the security deposit anything above and beyond would be paid the owner.
Q8: Do I determine how much I put in an escrow account for repairs/misc. costs? Is this money put in a non-interest bearing account? If not, please explain your process.
It is not the norm with most of our clients that reside within the country that we hold moneys in escrow for repairs, if you are going to be residing outside the country we would have the ability to do this if it is more comfortable for you . The money would be held in in a non interest bearing account.
Q9: What date is the renters leasing payment due (i.e. 1st of the month)? What date do you mail me the payment?
Yes first of each month, Your payment is sent out on the 10th day of each month, if you have an account with a local bank we can make the deposit for you directly to the bank.
Q10: How are late fees handled? Do you retain the fees? Is a portion added to the escrow account?
If there any late fees involved and it affects your payment then the fee would be split 50/50
Q11: Do you provide monthly statements and a 1099 in Jan?
Yes we do provide a monthly statement, and we provide a profit and loss in January.
FYI we recommend to our owners that they purchase a home warranty so in the event any appliances or a/c heat stop working the warranty would cover in most cases with a service fee of between $50-75 per service call. Home warranties cost between $350 and up and is for a one year period.
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I like to meet new people via social networking and would like to get to know you, so if you are in the Tampa real estate market looking for a home or not I appreciate every visitor to my site, please feel free to add me to your social network Facebook or Twitter or chat with me live via Skype Dan Nappi | Create Your Badge 
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{ 10 comments }
Dan,
I can see that property management is a major part of your business and I was wondering if you could give me some tips on making my way into that area. I have substantial experience running my own rentals at a profit and would like to know what skills I need to gain in order to make an excellent property manager. Thank you in advance for your feedback. Anyone else please feel free to give me your feedback as well
Hey James, My best advice is surround yourself with experienced property managers and build your internet presence around rentals.
I don’t know what a property manager do. Do you mind explaining me some property manager’s duties more carefully ? Thank you.
I am just getting into real estate but it seems to me that property management is a lot of work with little return. Some agents in my office seem to be doing more of it because the market is so down but I’m not sold. Kind of sound like a headache. Any thoughts?
do you need a degree in property management to collect payments in florid?
Nice post. I know some people who mamnage appartment buildings. I never knew about the warranty sounds like a great idea. I know they set aside so much for maintenance also.
wow all frequently asked questions were answered….Property Management Knowledge has to be improved, challenged, and increased constantly, or it vanishes.
You should try doing a video Q&A session. Also gets some coverage on Youtube too. Boosts visitors and that’s always a good thing.
Doug I agree, Video is certainty the way to go now a days just need to find the time. Thanks for commenting.
We just recently started in the property management business at my real estate brokerage, this is a great read, and has given me some ideas on what we need to keep regulated.
Thanks!
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