Property Management Frequently Asked Questions

1. Rent Collection
2. Renter Communications
3. Posting of notices
4. Accounting of funds
5. Monthly Statements, year-end tax forms
6. Paying Misc. Bills associated with the property
7. Monitoring renters and the condition of the property
8. Dispatching vendors for repair
9. Normal make ready of vacant units
10. Utilities set up and payments
11. Market analysis for renewals and rentals
12. Owner communication

HOA/Condo dues and/or mortgage payments can be paid by yourself or from your account here at FPM. If we are to pay them, we require the amount to be added to your reserve to make the payment on time rather than waiting for rent to clear to pay them.

You, the property owner, will need to pay the common area security deposit and provide us with a receipt or have it paid from your account here with FPM so it can be tracked. This deposit is held by the association for any potential damages to the association property by the tenant or guest of the tenant. When the current renter vacates, the deposit stays in place for the next.

Yes, but only if you require extra services. Those fees are listed on the management agreement under ‘miscellaneous’.

$500 reserves are required. Reserve funds are for maintenance, utilities, or any other costs between disbursement and the next rental payment. We do not send a vendor without having funds to pay them, and we insist on prompt maintenance to ensure we meet landlord responsibilities. Prompt maintenance means happy renters, which translates into easy rent collection, renewals, and rate increases. Bottom line, it is good for your bottom line.

You can reach us by phone, email, or text.

We offer a turnkey style of property management service so you’re not bothered with the day-to-day but are involved with the big decisions like rental rates, renewals, large purchases, etc. We are always available for any questions, concerns, ideas or other matters. We’re here for you.

We will be ready within 1-3 business days after receipt of a signed agreement, accompanying forms, and reserve funds.

For vacant units, immediately. For units occupied by renters who are not vacating, immediately. For units occupied by renters vacating, at least 2 weeks before the scheduled move-out date. If you reside in the property, 30 days before your vacate date, so we can begin marketing and prepare for unit readiness.

Privately owned annual rentals from single-family homes to apartment buildings.

We service Florida, parts of Miami-Dade, and portions of Palm Beach County.

Our website, the Multiple Listing Service, social media, YouTube, and over 60 websites including Realtor.com, and we maintain a ‘waiting list’, as we regularly have renter inquiries.

No, the costs of advertising and listing the property are covered by the leasing fee; however, you may opt for professional photography at a fee that is outlined in our management agreement.

As long as the property is in market-ready condition, it can be shown whether occupied or vacant.

Proper pricing, assuring excellent condition, effective marketing, our large network of Realtors, wait lists from other properties that rented, past clients, vendors, and our 40-year reputation in the area for professionalism in management.

No. At move-in, the first month’s rent paid by the renter goes to the leasing fee, so keep in mind you will not see proceeds until the 2nd month of occupancy.

We analyze the market for comparative rentals and current competition to be certain your home is priced competitively to avoid lengthy vacancies. We make recommendations, ultimately the decision is yours.

Applicants pay related fees and are screened for credit, criminal background, prior evictions, income, rental history, and pets. We carefully follow all applicable laws and guidelines and adhere to our own best practices and stringent qualification guidelines.

Once the renters are approved by us, we direct them to apply to the association and ensure they are approved before move-in.

If a property is ‘Move-in Ready’, priced properly, accessible via lockbox for showings, and allows pets, it should rent within days to weeks. Overpriced properties can take months to rent, and usually require multiple price reductions. We will recommend a competitive rate to avoid lengthy vacancies.

When tenants move into your property, we connect them with a utility concierge who assists the renter in putting all applicable utilities in their name. Some municipalities require services to be kept in the property owner’s name. In those instances, we will bill the renter if the service is not included in the rent.

We collect a security deposit equal to two month’s rent when the tenant is approved to rent the property. The deposit is held by FPM, in an escrow account for the renter until the tenant departs from the property. When the renter vacates, FPM follows Florida Law regarding notices and disbursement.

The property should be clean, empty of any personal items, and all repairs complete and in ‘Move-in’ condition. We want picky renters who have high expectations, as they are the type of renters who will maintain the property. The home should be professionally cleaned, including tile/grout and carpet shampoo. Here is a list of our minimum standards for market-ready properties:

• All flooring is to be free of stains.
• All windows, doors, locks, and sliders are in functional condition with screens, and all windows should have window treatments/blinds.
• All personal items removed from inside & outside the home, other than house-specific items like appliance manuals, lightbulbs, matching paint, etc.
• No safety hazards, trip hazards, chemicals, boats, playground equipment, trampolines, grills, or firepits. Think liability.
• Pools – gates must lock, enclosure must be complete, equipment must be functional, and pool cage enclosure, if applicable, must be fully screened.
• All light fixtures are to have functional light bulbs.
• All appliances are in good working order and clean inside and out, between cabinets, beneath and above.
• Smoke and carbon monoxide detectors must be in place & functional.
• Paint – all walls, doors & baseboards should be free of scuffs, marks, etc. – It is recommended that neutral colors be used.

No personal property should remain other than those items necessary for proper use of the property like pool equipment, matching paint, tile, etc. (if it exists)

NOTE: We do not inventory items left like ladders, countertop appliances, lawn ornaments, birdbaths, mirrors, area rugs, doormats, grills, tools, etc., and often remove them as most renters do not want them. FPM reserves the right to dispose of personal items regardless of value.

No, the entire property is rented to the lessee, they have a legal right to quiet enjoyment (without access by the owner for their stored items) and there could also be liability issues. Please arrange to remove all items and store them elsewhere as needed.

Renters are required to pay in full, online, on the first of each month. The rent is late after the 5th.

NOTE: Online payments can be returned NSF, so funds are not disbursed until clear.

A full month’s rent is collected at move-in regardless of the date. If a renter moved in after the 1st, they would pay a prorated rent the following month.

When a payment is late, a legal notice is delivered to the renter. We engage is regular communication and assess each situation individually. You’ll be kept informed should an account become seriously delinquent.

Yes and no; it depends upon the situation, which is why we stay in communication with the renters. Once eviction is filed, you incur legal costs, so it makes sense to utilize eviction only as necessary. There are a multitude of other approaches that can be used to collect the past due rent faster and allow the renter to get back on track when the situation is temporary. Each situation is assessed individually, and you will be part of the conversation.

There are legal fees for each portion of the eviction process, so it depends upon whether each phase is completed and if court attendance by management and/or an attorney is necessary. It also depends on whether the eviction is contested or not. There is also a charge if the sheriff must remove the tenant. The average cost of an uncontested eviction is approximately $650 plus a $100 admin fee for those on our standard management agreement, and no admin fee for plus or ultimate packages.

We send your proceeds monthly via direct deposit into your bank account once rent clears the bank and all bills have been paid, typically around the 10th of each month.

You will have access to your Owner’s portal and can access it anytime you like. Each month, your property statement(s) will be uploaded to the portal, along with any invoices for services or repairs. You will also receive a 12-month cash flow report and 1099 at the end of the year. Multi-Family properties will include a rent roll and other reports as applicable.

All leases are for one year and attorney attorney-approved. We do not alter our lease template; however, if there are special circumstances regarding your property, we can have an attorney write an addendum, and the attorney will charge for the addendum.

Each unit is inspected after move-out, prior to move-in, and sometimes multiple times during a vacancy to check the progress of painting or repairs. All inspections are documented in detail both in writing and with photographs. We also conduct exterior inspections periodically. Renter-conducted self-inspections are completed via an app with photographs at various times like before renewal and when management feels they are otherwise needed. Additional inspections can be arranged.

Happy renters renew their lease. One of the most overlooked aspects of owning rental property is ensuring your tenants renew their lease and stay multiple years. Each vacancy costs you money in lost rent, leasing fees, lock changes, paint, repairs, cleaning, etc. FPM works all year long to ensure your tenants stay as long as possible, by providing prompt, quality maintenance & follow-up, and regular communication.

We communicate with you months before lease expiration to ask if you intend to renew the lease, have us sell the property, or if you plan to move back in. We will make a recommendation regarding whether or not the renter should be renewed, and at what rate – ultimately, it’s your decision.

Yes. We are licensed REALTORS® affiliated and licensed by the Florida Real Estate Commission. We are also members of the Florida Association of Realtors and the Miami-Dade Board of Realtors. When you hire us, we become your exclusive broker for renting and sales.

Yes; however, in Florida, a lease survives the sale. That means you cannot ‘cancel’ or terminate the lease without the renter’s agreement. We are experts at negotiations, and can assist in working out arrangements with renters on your behalf as needed.

Yes, as a full-service Real Estate Broker, we are able to help you acquire more properties. We often have opportunities due to the vast amount of investors we work with and can assist with any property for sale.

Yes! Sixty-seven percent of U.S. households, or about 85 million families, own a pet, according to the 2019-2020 National Pet Owners Survey. Properties rent faster and at higher rates when pets are allowed.
We accept pets unless you notify us in writing to the contrary.

No. We do not add a service charge or inflate any maintenance invoices for repairs

Renters notify us of needed repairs, or items that may be noted during an inspection. We troubleshoot maintenance items as possible to see if they can be resolved without cost. If necessary, a qualified vendor is dispatched to assess the issue, and we authorize repairs or involve you as necessary, the invoices are paid from your account and will show on your statement. Annual or semi-annual tree trimming, mulch, gutter cleaning, pressure washing, dryer vent cleaning, and other maintenance are considered regular upkeep and you should expect related expenses.

Yes. We have a $500 repair limit; however, in emergencies, in situations where a repair is necessary to protect people or property, or where the property owner is unavailable and the repair is required by Florida Law, we are authorized to exceed that limit.

Lawn & pool care are paid by the property owner and should be factored into the rent. Relying on renters to maintain pools or lawns is not realistic. FPM will assign a co. to handle these services or may retain a vendor you currently use if they are licensed and insured.

We do not! Trust is extremely important. Trust that we receive timely responses, quality repairs, fair prices, and a willingness to correct any issues. We have established relationships with companies of all types of expertise, and we make sure every vendor is licensed and insured for the task at hand, as necessary.

We can accommodate reasonable requests to send your preferred vendor to your property so long as they are licensed and insured for the job at hand. We will coordinate all work orders and access.

We are on the same team, and it is our job to increase your wealth, not waste it. Expenditures are outlined in our agreement and we abide by it. We also abide by the obligations outlined in the lease and Florida law. If we think a repair might exceed the limit and we are unable to reach you, we may initiate repair work even if it is higher than $500 for the following cases: (1) the health or safety of a tenant is an issue; (2) the property will incur damage if immediate action is not taken, (3) In instances where there is only one option to consider. We will protect you from liability and your property from further damage.

Most owners hire a manager because they do not want direct involvement with the tenant in the property. When the property is vacant you are free to do whatever you like with notice. While the tenant is occupying the property, we will handle all maintenance. There are liability and common-sense issues that drive this policy.

We are not a contractor. We can assist in locating general contractors on your behalf, coordinate access, and check in on progress; however, large remodeling projects exceed our responsibility to oversee normal maintenance and repairs, and there is an hourly fee for related services, inspections property trips, etc., as outlined in our management agreement if you choose to have us handle these extra services.

For some items, yes. With our vast experience, we know the expected expense with most repairs, painting, and routine maintenance items and have established vendors whose prices have been vetted to be reasonable. We use vendors who are licensed and insured, who we trust to do the job right, and those we expect to respond appropriately if anything goes wrong. We typically do not request multiple estimates for jobs below $1500, and typically not for a/c systems as we have established pricing with two companies.

Yes, shortly before a new renter moves in the locks will be rekeyed and there will be a cost associated.