Anyone who is interested in buying a home in Florida, either as a vacation/second home for themselves, or purely as an income producing investment will require the use of a reliable and competent Management Company.
|
|
The following is an outline of the services provided by such companies in Florida.
|
|
|
ESCROW ACCOUNT
|
A property management company will operate an Escrow Account on behalf of their client. This is a bank account held jointly between the management company and the client into which all the income generated by the client’s home is paid, and out of which all day-to-day running costs and minor maintenance expenses are paid, for example, utility bills such as electricity, telephone, cable TV, garbage collection, water, pool care, etc.
|
The Escrow Account is kept emtirely separate from any other business accounts held by the property management company.
|
|
|
|
UTILITIES
|
Not only will a property management company arrange payment of all utility bills from your Escrow Account each month, but if you purchase a new home, they will liaise with your builder prior to the completion of your home and arrange for all utilities to be connected immediately after all building work and inspections have been completed satisfactorily.
|
|
|
|
LICENSES & TAXES
|
In Florida, state law dictates that al homes must be licensed for “short term rentals”. This is the responsibility of the homeowner and the property management company will assist in the preparation of the necessary paperwork and submission of this to the appropriate body. In addition to normal property tax, a tax based on the gross rents that your home earns must also be collected. This applies to any rentals of six months or less. This tax currently amounts to 7 percent for the state of Florida and 5 percent to the County. The propertty management company wil collect these taxes and submit the relevant funds and reports to the respective agencies on your behalf.
|
|
|
|
MONTHLY MAINTENANCE
|
Each month the property management company will ensure that the following routine maintenance jobs are carried out.
|
Lawn Care - lawns mowed on a weekly basis during the growing season, with continued inspection, weeding and upkeep during the dormant season.
|
Pool Care - swimming pools will be cleaned and inspected each week, the chemical balance will also be checked and adjusted when necessary.
|
Pest Control - inspections and treatments will be carried out each month.
|
|
|
|
GENERAL MAINTENANCE
|
Your property management company will ensure that your home is inspected on a weekly basis during occupancy. Any minor repairs or maintenance (of $100 or less) will be carried out and paid from funds held in your excrow account. You wil be notified about these in yourmonthly statement. Any major repairs, amounting to more than $100, will only be carried out after prior consultation and approval by you, the owner.
|
|
|
|
FIRE & SAFETY REGULATIONS
|
In accordance with state law regulations your property management company will ensure that your investor home is fitted with the following:
|
inspected fire extinguishers; security chain on front door; security devices on other exterior doors; smoke detectors in every room.
|
|
|
|
HOUSEKEEPING
|
Your property management company will ensure that your home is given a full clean after each guest checks out. With your prior approval most companies will also carry out an additional clean once or twice annually so that your home is maintained in pristine condition.
|
|
|
|
GUEST SERVICES
|
A good property management company will provide a 24 hour guest services team. Most are also able to offer a good range of tourist information, advice on the central Florida area, discoun ted attraction tickets, as well as a wide range of additional services such as car rental or limo service, airport ‘meet-and-greet’, hire of video cameras and fax facilities.
|
|
|
|
STATEMENT OF ACCOUNT
|
After the end of each month the property management company will send the home owner a statement of account which will show all the rental income received and itemise the expenses incurred during that month, including any taxes deducted. It will also detail any minor repairs or maintenance.
|
|
|
|
To find out more about property management please get in touch with us using the email or contact form links provided on this page, or phone or fax us on any of the numbers below.
|
|
|
Email: propertymanagement@florida-realestate.net
|
|
Phone/Fax USA: 1 407 650 2549
|
|
Phone/Fax UK: 028 2589 1298
|
