Featured Property Manager Of The Week - Sun Cove Realty

Sun Cove Realty - Tampa, Florida

Sun Cove Realty, Inc. is moving toward a higher level of automation to provide cutting edge property management and leasing services. With over 200 properties currently managed, Sun Cove Realty has a solid base of recurring Tenant leads and can provide you with the support you require to manage your residential property. Our property management services page can provide you with detailed information regarding what services we provide. Many problems can occur renting a residential property. As an owner and potential customer, give us an opportunity to explain "why you need a property manager". We can provide you with answers on issues you may encounter without a property manager's guidance and insight. Sun Cove Realty, Inc. is a member of the NARPM (National Association of Residential Property Managers).

Sun Cove Realty Inc. manages residential properties in the Tampa Florida area.

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Property Management Fees Explained

When you hire a property management company to serve as the liaison between yourself and your tenants, you want to be sure you're getting the best possible property management services for the money. The services a property management company provides can range from a la carte to an all-in-one inclusive package. Along with that comes an array of fees for each. There is no set in stone fee structure we can provide you. But we can educate you on what common fees to expect and what each is commonly for. In the end it will be up to you to compare company fee structures and choose the best one that fits within your budget. Below are some of the most common fees and what service they provide.




Commission
This is an ongoing monthly fee charged to the property owner to compensate the property manager for the responsibilities of overseeing the management of the property. This fee can vary from as little as 3% to over 15% of the monthly gross rent. In place of a percentage some managers may charge a flat monthly amount which again can vary from $50 to over $200 per month. All property management companies generally charge this fee.




Lease-Up or Setup FeeThis fee is charged to the property owner to compensate the property manager for their initial time invested and resources used in setting up an owner’s account; showing property and/or other activities resulting in tenant placement. I guess you could look at it as a “finder’s fee” for placing a tenant in your property. Once a tenant has been placed and first rent income comes in, the property manager will deduct this fee from the rent proceeds. Some property managers have been known to require this fee upfront prior to tenant procurement. Usually this fee is non-refundable once the property manager has started the process of tenant procurement or any legwork has been initiated with the property. This fee can vary from none to as much as the first months rent, and usually is a one-time fee per tenant.




Lease Renewal Fee
This fee is charged to the property owner when a property manager renews a current tenant’s lease and covers the costs of initiating paperwork or communication involved in implementing the new lease document. A property manager may also justify this fee if they perform a year end inspection of property. This fee can vary from none to $200 or higher, and may be charged every time a lease renewal is implemented.




Advertising CostsDepending upon the property management company’s contract, either they will pay the advertising costs or the property owner or they could split the costs. If the manager is willing to cover this cost, most likely they will charge the lease-up or setup fee as outline above. If the management company covers this cost make sure to find out what type advertising or marketing of your property is included. If it’s placing your listing on their own web site and other free online classified sites you may not be getting your monies worth. They are many good rental or tenant resource online web sites that bring in qualified tenants for a reasonable fee and you will want to consider these. And don’t forget about print media, yard signs, listing on the MLS or even an open house. Nothing is worst than having your property vacant, bringing in no money only because you or your property manager skimped on advertising.




Maintenance Mark-up ChargesThis is one of those costs you may never really of known about or had it disclosed to you. A "Mark-up" is a charge over and beyond the final bill on maintenance and/or repair work done to your property initiated by your property management company when using their vendors or in-house maintenance staff. This should be disclosed in your Manager/Owner contract which usually will state the markup as a percentage above the final invoice from vendor. For example, your manager had to call a plumber to replace the dishwasher in your rental property. Total charges for completing the job: $400. If your property manager contract states you will incur a 10% markup on all maintenance work the actual cost to you will be $440. Just one of those things to be aware of as these all eat into your profits.




Early Cancellation FeeThe dreaded "3 months and no tenant". Your property manager insist he or she's doing everything they can to find you a tenant. But here it is 3 months and still no tenant; what do you do. Well, look at your Manager/Owner contract and that might be your deciding factor. I am not a fan of this fee, and believe it to be an unnecessary fee and for you manager out there this could be the deal breaker. I'll tell you why; if a property manager is doing their due diligence and keeping the owners in the loop as far as decision making, market conditions and communication lines open an owner will not be second guessing his property managers abilities. The odds of this scenario happening is unlikely but you must be prepared for it. A cancellation fee can range from none to over $500. To be fair, some managers legitimately deserve this fee especially if they have pocketed advertising costs, incurred lots of legwork and time invested in your property.




"You've Got To Be Kidding Me" Fees
These are one's I have personally had the pleasure of running into.
Your property is vacant, but we still will charge our monthly commission or a small flat fee.
"A For-Rent Yard Sign Fee". I believe this was $25/mo.
"Preventive Maintenance Fee". This was to cover the "just in case" and changing out A/C filters. If "just in case" never happens they still pocket the money. I believe this was $20/mo and I still was charged for filters.

In SummaryRead your Manager/Owner contract, understand what you are signing, ask lots of questions and know what the fees will buy you in services. A good real estate lawyer can help in negotiating the terms in a contract that suit both parties. These contracts are not set in stone. If your property manager will not negotiate, there are other property management companies that are eager to earn your business.

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Featured Property Manager Of The Week - Michael Brady Realty

Michael Brady Realty - Colleyville, Texas

Providing a superior level of informed, professional real estate services to buyers and sellers in the Dallas/Ft. Worth area and all the surrounding cities. We also provide unsurpassed Leasing and Property management services.

One of the most important financial transactions you'll ever make is buying and selling a home. As an expert in the industry, I can help you achieve your real estate goals. I can offer you proven marketing strategies and over 25 years worth of sales and marketing experience. I've been a proud member of the Dallas/Ft. Worth community for over 20 years and know the area and real estate market well. We manage both residential and commercial properties.

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Property Management For Your Vacation Rental

Do you own vacation property and need to find a solution to booking more weeks in your property? Have you decided to rent your vacation property year round? Are you looking for a vacation property management company that understands the intricacies of successfully renting and managing vacation rentals in your location?
Vacation Property Management is a niche business. Usually Vacation Property Management companies will be located in popular tourist destination. They specialize in managing vacation rentals which could be as small as a single family house to as large as a beach resort. Vacation rentals are typically fully furnished and equipped for full functionality. These properties are occupied for short term stays but could rent for longer periods of 3-6 months.
Vacation rentals are very different than your typical residential long-term annual rentals. Vacation rental management's an extremely fast pace labor-intensive environment. As a result it takes a special type of management company to oversee the challenges involved with this type of property. Rentals terms are typical for nightly, weekly, monthly and possibly longer stays. Properties are typically furnished and equipped with everything a vacationer would need while away from home. Due to the continual turnover of patrons using the property; maintenance issues; cleaning service as well as daily accounting, it is typical to incur higher costs/commission fee for such services. On the flip side, income generated typically is much greater than residential long-term rentals. Finding a qualified vacation property management company can be a laborious task.
Things to look for is a company with experience handling these types of properties. You want one with a well equipped staff including office personnel, maintenance staff as well as a cleaning crew. How do they market your property? Do they have their own website? Do they market on other websites to attract business. How do they handle income and expense reporting? Are they available by phone 7 days/week or only during business hours? What fees do they charge for their services?
Once you have many of these questions answered your decision of which company to choose will become easier and less stressful.

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Featured Property Manager Of The Week - Di's Mountain Get-A-Way

Di's Mountain Get-A-Way - Blue Ridge, Georgia

Hi, I would like to introduce myself. I am Dianne J. Mallernee, Owner and Property Manager/Cabin Consultant of “Di’s Mountain Get-A-Way”. I have over 11 years experience in managing, renting and decorating cabins in the North Georgia Mountains of Blue Ridge. I have been married to Dwight (Tuse) Mallernee for over 30 years, we moved here over 13 years ago. It actually started out to be a second home for us, like it is for a lot of you. It just never made it to the second home stage; we started out here full time. Tuse is a self taught wood carver, cabinet maker, builds beautiful custom furniture and he also designed and maintains my website. We have two great daughters (Carla and Missi) who have given us four wonderful grandsons (Josh, Jack, Jace and Blaine); they are the highlight of our lives.

If I can help you in any way from planning a week-end get-a-way to planning a family vacation, or if you are coming up to buy and would like to earn a little extra income while you’re not enjoying your cabin yourself…please give me a call or e-mail…I would love to discuss our Property Management Program with you. If you already have a cabin and need a little help with decorating or up-dating I’d love to talk with you also. The curb appeal and the décor of your mountain home are just as important as the décor and the cub appeal of your permanent home. And I would love to help you.

Di’s Mountain Get-A-Way property management can manage your vacation rental in the Blue Ridge Georgia area.

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Featured Property Manager Of The Week - Bell Property Management LLC

Bell Property Management LLC - Somerset, Kentucky

Bell Property Management LLC was established in 1998 and has provided exceptional property management services for over ten years. A wide array of property care and maintenance services are provided by Bell Property Management. Satisfied customers include real estate developers, individual property owners, commercial real estate owners, investors, and vacation property owners.

Bell Property Management is a member managed LLC, managed by Calvin Bell. Mr. Bell is a well known and respected manager, business owner, and college educator. Graduating from the University of Kentucky with a Management degree, Mr. Bell has recruited, hired, and trained over one hundred successful professionals and has an impeccable reputation among his peers.

We are your Lake Cumberland Property Management and Development experts in Somerset, KY. We are a full time professional property manager and consultant for home owners associations, REO management, foreclosure management, lake development, lake lots and land. We know Lake Cumberland and have a fully staffed office on Highway 27 in Somerset. We can help find tenants, collect rents, maintain your local property, and repair or remodel your home.

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