Owner Frequently Asked Questions
Can’t I manage my own property instead of hiring a property management professional?
The answer is YES! You can manage your property instead of hiring a property management professional. You will also have to do your own taxes, defend yourself in court in case the tenant you chose was not as trustworthy as you though, manage maintenance procedures and costs and many other hassles. This takes a lot of time and attention, both of which could be used differently and more productive.
You need to understand that Florida landlord/tenant laws are in favor of the tenant, like in many other states; not only this, but the rules of the game changed every year. You can invest in yourself and even become the best manager for your property. But you can choose a team of professionals to do it for you. We have assessed the risk of illegal leases, not providing proper notices, illegal or improper terms in your lease contract, or simply put, taking shortcuts. They are not worth it and will only create a stronger “waiver defense” for a tenant in case your misunderstanding takes this path. Allowing your tenant to not abide by your contract’s terms creates a precedent, implying that the terms do not apply, and making it difficult for you to enforce them later on. Without understanding every single word of Florida’s law about the landlord/tenant relationship you might end up losing more money than you can afford. Do not risk it!
Why use a Property Management Company?
Getting your property occupied implies screening tenants, showing your home, drafting leases, collecting rent, managing maintenance and, in unfortunate situations, evictions. You will feel overwhelmed at some point, we can guarantee it.
Our goal at Everest is to keep you away from all this process, because we have different specialized teams on each of the aspects mentioned above. You will remain what you really are, a property investor, and not a property manager!
How can you help me?
We focus on these key drivers of investment success:
- Vacancy – Our vast knowledge of the real estate marketing and strong on and offline marketing campaign, topped with well-established relationships with renowned real estate brokers, we ensure you will have the shortest vacancy period you could desire!
- Market Rent – Our market knowledge enables us to assess your property in a correct manner, advise of any improvements that will enhance its value and market it accordingly, in order for it to rent faster and at your best financial interest.
- On-time Payment – You will receive your money without error each month – straight to a bank account of your choosing.
- Repair Costs – Our Self-help videos and strong relationship built with the tenants help you reduce maintenance costs, since you don’t quite need a professional to change the kitchen faucet. But when matter require it, out team of licensed maintenance employees and certified contractors will help, ensuring quality and providing warranty for their work.
- Reserves – You do not need to provide any reserve funds!
- Tenant Goodwill – We build strong tenant relationships in order to ensure tenancy length, adding security to your property by doing so.
Why use Everest for Property Management?
Not because we say so. Not because we tell you we are the best at what we do, but because our clients recommend us. We reach our goal of providing the highest level of service, while keeping your property secure and your investment safe. We take care of your tenants in order to establish a long relationship. You will receive the maximum ROI you can, because we do protect your property.
Who prepares your leases and legal documents?
We partner with a law firm specialized only in Real Estate and Property Management. They are experts in past and current law, becoming your and our consultation resource as managers, when needed.
Do you manage Condos too?
We do. Even if Condo Associations’ rules vary and have presented their unique challenges, we have only conquered them so far, and we take pride in offering the same level of professionalism as we do in other properties we manage.
Do you manage short term or vacation rentals?
For the time being, we have chosen to focus on long term, unfurnished rentals with leases of at least one year. If and when we decide to expand our services, we will list this option, if available.
Do I need to be involved?
No, you do not. Our service is a total turn-key. After the management agreement has been signed, we fully manage the property; until you decide to sell the property of terminate the agreement. It is in the best interest of the owner, in order to provide consistency to tenant, efficient management and a steady cash flow.
What do you handle for me?
The service list is varied:
- Property marketing;
- Tenant Screening;
- Lease Signing;
- Move in/out inspections;
- Manage maintenance and emergency requests from tenants on a 24/7 basis;
- Rent Collecting;
- Security Deposit trust fund management;
- Receive and pay monthly bills and maintenance or repair costs from vendors;
- Monthly deposit of your net proceeds into the bank account of your choice;
- Electronic monthly and year-end accounting statements and 1099s;
- If and when you choose we can take care of selling your property, whether it is vacant or occupied.
How do you screen applicants?
We pass every prospective tenant through criminal, credit, and eviction background and income verification.
What don’t you handle in the property management services for me?
You are in charge of your own property payment and other taxes, Condo Association or HOA dues. Also, any utilities required when the property is vacant are your responsibility. Once the home is rented, we take charge of those as well.
Who decides what rent is charged?
Deciding the right rent is our responsibility, but only after a proper evaluation of property condition, current market condition, nearby comparable properties, the term of the lease and local supply and demand.
Do you collect property management fees when the property is vacant?
No. Even if we do manage marketing, tenant screening and lease agreements, we only commission from the rents collected. This is why your best interest is our best interest, striving in finding the best tenants, longest rental periods and highest allowable rent.
When Do I Receive My Monthly Proceeds And Statement?
Your proceeds will be wired in your bank account of choice monthly, between the 14th and 18th.
Also, you will receive a monthly statement, issued on the 13th of each month. You will be able to consult it and print it from our Owner’s Portal right after we notify you of its release by email.
As the Internal Revenue Service (IRS) requires it, we will provide you with the annual 1099 which documents the amount of rent collected from your rental property. You will receive this form, mailed to you, before February 1st of each year. We hope the future we have the possibility to send it in electronic format, but for the time being, we are constrained by current laws to send it via the US Postal System. The same form will be electronically sent to the IRS, as required by law.
What Does My Property Manager Do?
Scope of work includes but not limited to:
- Rent collections and proceeds distribution;
- Lease and lease renewal preparation and coordination;
- Engage in a solid relationship with tenants, through phone calls, email and faxes, as well as periodical inspections of the rental property;
- Coordinate and ensure property repairs are done properly;
- Send notices violation of the rules stated in your rental agreement and also for late or nonpayment of rent;
- Obtain approval for maintenance or repair costs above a pre-set margin, agreed upon singing the property management agreement.
- Manage and provide accurate and timely accounting of all money received and disbursed monthly;
- Keeps a client trust account in non-interest bearing account for you money, as required by the Colorado State Law, the Colorado Real Estate Commission and the Department of Regulatory Agencies (DORA), which regulated Property Managers;
- When requested by you, your property manager will provide Comparative Market Analyses (CMA) on the leased properties, in order to determine rental and re-sale market value.
For any other questions or enquiries on property management or any other services offered by Everest Property Management, please feel free to contact us at anytime, remembering we can help you maximize the return on your rental investment.