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Rental Management


Rental Management (example based on High Point)

 

We separate our services into three categories:

 

1.       Management of your condominium

2.       Acquiring a tenant for your condominium

3.       Reselling your condominium when you are ready to sell

 

  

1.     Management of Your Condominium - In advance to us being able to market your unit for rent, you will be required to have on deposit with us an amount equal to three months of expenses. We recommend establishing this escrow amount parallel to the closing of your unit.

 

  

·   Here is an example of escrow for condo 3205, assuming it's vacant:

·         Condo Fee                                               $510.00 /Month

·         Taxes                                                       $817.00/Month

·         Management Fee                                     $75.00/Month

·         Electric                                                     $75.00/Month*

·         Maintenance Reserve                              $139.00/Month

·         Total per month                                        $1616.00

·         Total escrow required to be on deposit:   $4848.00

 

·   Here is an example of escrow required for Condo 3205, assuming it is rented:

·         Condo Fee                                              $510.00 /Month

·         Taxes                                                      $817.00/Month

·         Management Fee                                    $185.00/Month

·         Electric                                                    $0.00/Month**

·         Maintenance Reserve                             $139.00/Month

·         Total per month                                       $1651.00

·         Total escrow required to be on deposit:  $4953.00

 

·         *This is an estimate.

·         **On annual leases, generally the tenant pays the electric.

 

The cost to manage your condo on an ongoing basis is charged as 10% of monthly rent paid (or a minimum of $75/month if vacant).

 

Here are the services that we provide for the fee:

  • Handling of escrow funds (includes HOA fees, taxes, insurance, and reserves for repairs)
  • Accounts payable and receivable for funds collected (gross rent amount, fees, etc)
  • Quarterly and annual reports for funds collected and paid
  • Attend meetings on your behalf as part of the power of attorney agreement
  • Allow access to your property for repairs by a third party vendor and/or verifying the repair has been done
  • Interview, screen ,and qualify prospective tenants
  • Processing of lease application and pertinent documents for the condo association
  • Checking and documenting of credit report and references for prospective tenant
  • Collection of rent & security deposit from approved tenant
  • Actions associated with non payment of rent (not including attorney fees & eviction proceedings)
  • Quarterly inspection on your annual rental to ensure your property is in good standing (will notify tenant 24 hours prior to inspection)
  • Advertising of your rental, whether annual or seasonal
  • Market America agents to promote your property (offices in several cities in FL)
  • Property Manager available 24 hours a day for responses to emergencies
  • We will always deal with honesty, utmost integrity and your best interest at heart.

 

If the unit is vacant, then included in your monthly charge will be the following:

  • Monthly property inspection
  • Inspect security of all exterior doors and windows
  • Inspection after major storm
  • Inspection for mold and water leaks
  • Visual inspection of property
  • Visual inspection for insect intrusion
  • Check fuse/circuit breaker for signs of surge
  • Digital photos emailed once a month
  • Removal of all unwanted newspapers, flyers and debris
  • Run all faucets and toilets to maintain proper sewer trap operation
  • Check A/C for proper operation
  • Handling of payment for electric (see escrow requirements)
  • We will always deal with honesty, utmost integrity and your best interest at heart.

 

 

Extra services for an additional charge:

 

  • Change air filter and adjust temperature - once a month $10.00
  • Run appliances to check for proper operation - once a month $10.00
  • Change smoke detector batteries - once a quarter $5.00
  • 10% surcharge on improvement projects i.e. ceiling fan or window treatment installation, if you chose not to purchase the package from Market America
  • $75.00 fee for each delivery of furniture not included in the furniture package purchased from Market America Group.