| Getaway Homes Property Management Services |
I thought it might be helpful if I explain the rental procedures relating to costs beginning at procuring a tenant. These are some of the procedures covered by that cost.
- We take the property into our rental pool and enter it into our computer system. One of our staff will visit and assess condition of unit as to cleanliness, condition of appliances, views, amenities of the complex, and special features. Staff will draft a right-to-lease agreement, property management agreement, and a sample of the lease you will be signing with the tenant, covering pet policy, smoking restrictions, etc. We will then recommend repairs, painting, cleaning of unit and carpets, and will supply a list of our preferred vendors to you, if you wish.
- We take photographs (usually up to 12) of the property
- We enter the property into the MLS (multiple Listing Service) of Pinellas/Hillsborough counties where more than 9,000 realtors will have access to that property. We compensate the referring realtor out of our fee.
- We list the property on more than 6 major Internet search sites geared specifically to Rental Properties. Some charge a flat fee, some we subscribe to, and some are free. This cost we absorb.
- We place the property on our web site www.getawayhomes.com, which we register with most Internet search engines.
- We place the property in various newspaper ads, usually in northern locations.
- When a potential tenant walks in, calls in or e-mails us, an agent will gather their requirements and start searching to find them an appropriate property.
- The agent generally tries to focus in on 5-6 units that might be appropriate, and takes the future tenant to preview those properties. Usually it takes about 15-20 minutes in each unit and another 15-20 minutes in travel time for each property. This means the agent spends anywhere from 2 1/2 to 4 hours showing properties before the tenant signs a lease. (God willing!)
- Once the tenant decides to lease a unit, the agent spends time with the tenant filling out the lease, getting a credit check on the tenant, filling out documents required by a condo association, and collecting all monies owed.
- We then enter that lease and all other info into our computer system.
- The agent or an office assistant will than gather all necessary keys and assist in making certain the tenant can move in. Agent assists with Electric, Cable, and parking passes.
- The agent in our office or the agent from any other real estate office who works with that tenant will receive a portion of the commission (1/2 of a full months rent) that was paid by you to Getawayhomes to procure that tenant
I hope the above procedures will help in understanding our fee structure.
Our fee for long-term rentals is ½ of a full month’s rent to secure a quality tenant, plus 10% per months for property management. The short-term fee is 18% of rent.
The agents showing your properties spend a great deal of time, not to mention gasoline and wear and tear on automobiles, in order to show rental properties - and they insist on being compensated for that effort.
In addition, we have had some questions in the past as to how timely would Getaway Homes send the rent check to the owner. Obviously, that will also depend on how timely the tenant pays the rent. Many tenants mail their payment on the first of the month and it may not arrive at our office until 3-5 days later. When it arrives:
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We receive the rent check (in the afternoon mail) and make a copy of it and deposit it into our account, usually the next business day.
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The payment gets entered in to our management software system and after payments and expenses are reconciled, a statement is issued.
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We pay bills Wednesdays and Fridays and on the first of the month, or more frequently, if necessary.
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The problem we encounter is that if the first date of the month falls on a three-day holiday weekend, the rent checks may not get to us until the 4th, 5th, or 6th of the month. And, as we’ve mentioned above, many tenants mail the checks on the first, which also adds several days to the process by going via the mail.
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We make every effort to get payments out by the 7th of the month but there are instances when checks may not get to us and, therefore, our outgoing checks are delayed.
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We do not wait for the tenant’s checks to clear our account, which may take anywhere from 3 to 10 days, or longer, depending on whether the check is from out-of-state or not. Most rental management companies in Pinellas will wait until the tenant’s check clears their corporate account before issuing a check for the owner, but we do not follow that policy. We assume that the security deposit would be used if a tenant’s check should be insufficient.
We hope that you find our services excellent for your needs and we are looking forward to working with you in the nearest future.
Sincerely,
Paul H. Gibbs
Please call us at 727-823-5414 or 727-415-4086 to arrange for a solution that fits your needs.
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