Below is what we do for Property Management -
I hope the above procedures will help in understanding our fee structure.
Our fee for long-term rentals (6 months+1day) is ½ of a full month’s rent to secure a quality tenant, plus 10% per month for property management. Short-term rate is 18% per month. (We collect and remit all taxes and condo fees and approvals.)
The agents showing your properties spend a great deal of time, not to mention gas and wear and tear on automobiles 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:
- 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.
- The payment gets entered in to our management software system and after payments and expenses are reconciled, a statement is issued.
- We pay bills Wednesdays and Fridays or more frequently, if necessary.
- 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.
- We make every effort to get payments out by the15th of the month but there are instances when checks may not get to us and, therefore, our outgoing checks are delayed.
- Florida Real Estate Commission requires that we wait for the tenant’s checks to clear our account, which may take anywhere from 7 to 10 days, or longer, depending on whether the check is from out-of-state or not.
We attempt all simple repairs with our full time maintenance crew. They bill at $30.00 per hour with no travel or mileage charges. If a licensed plumber or electrian is required we have strategic partners available 24/7. Our office is open 7 days a week and my personal cell is on the office recording.
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
Shannon Group Inc dba.