Management Fees
Management fees are charged on a percentage basis as the rent is collected. (10%) The amount charged per calendar month will depend upon the actual amount of rent collected. Our minimum monthly fee is $90.00 but look at what you get while we professionally take care of your asset.
Management fees are for our services in connection with:
- A manager on call 24 hrs. a day, 7 days a week, 365 days per year.
- Timely rent collection.
- Attending to payment of various property expenses.
- Collection of late rent through various legal means.
- Lease enforcement with tenants.
- Hand deliveries of notices to tenants as necessary.
- Organizing maintenance repairs and quotes at no extra charge.
- Administering rent through the trust account.
- Electronic funds transfer to your account. ACH
- Filing evictions “if” necessary.
- Attending court evictions “if” necessary.
- Preparing calendar monthly statements for property owners and collating supporting information for the owner’s statement.
- Preparing annual year end income/expense statements & IRS1099 Forms
- Liaison with home owner or Condo Associations, if applicable.
- Organizing utilities to be turned on and off when required.
- Conducting annual rent reviews.
- Regular follow-up with maintenance contractors.
- Periodic visual inspections of the property to ensure lease compliance.
- Processing notices to vacate or to renew a lease term.
- Liaison with insurance companies, when authorized.
- Conducting written move in/move out inspections.
- Lodging security deposit claims (when necessary) in accordance with the Florida Landlord Tenant Laws, F.S. 83.
- Maintaining a professional office with the latest in technology and property management tools in our industry.
- Constant ongoing training and cutting edge knowledge of our industry.
Leasing Fees:
- 75% of first month’s rent
- The leasing fees are for our services in connection with:
- Marketing through our MLS and various on line venues.
- Arranging, placement, recording and administering advertising and signage.
- Arranging, taking and saving photos of your property.
- Creation and placement of property flyers.
- Uploading photos and property information to the various Internet marketing sites.
- Arranging and conducting showing appointments with prospective tenants.
- Keeping property owners informed of the showings and rental activity.
- Administering lease applications and processing applications for tenancy.
- Tenant screening via credit reports, eviction searches, criminal background check, sex offender checks, verification of former landlord references, and employment verification of applicant.
- Negotiating the terms of the lease with prospective renters.
- All our leases are prepared by an attorney. The same attorney offers to handle evictions at a discounted rate.
- We always move the tenants in personally. We go over all the features of the home and explain what is expected of them.
- Register and activate the tenant’s rental payment system.
Lease Renewal:
- Lease renewal fee $175
- The leasing renewal fees are for our services in connection with:
- Extending tenants for an additional year of rental income for the property owner.
- Encouraging management to preserve existing tenants, thereby reducing property owner expenses and increasing income.
- Avoiding vacancy as much as possible.
- Preparation of proper lease renewal documentation.
- Review of market rents to adjust rents on lease renewals.
- Timely renewal notices to residents, per Florida Statute, F.S. 83.
Annual Property Condition Review: No Charge!
We provide to each property owner of each investment property a complete cosmetic property condition review each year. This review will include photos of your property and recommendations regarding upkeep, maintenance and repair.
The most important purposes of this annual property review:
- Review how the tenant is complying with the terms of the lease agreement with regard to physical care of the property. Perhaps repairs need to be made and charged back to the tenant.
- Determine any violation by tenants with regard to:
- Pets
- Additional people residing in property
- Yard maintenance
- Excessive trash in yards or property
- Identify and correct any noticeable safety issues, which present potential liability for you, the property owner.
- Identify necessary maintenance/repairs not considered priority and handle through normal work order procedures. These areas include:
- Tenant requests for repairs
- Plumbing repairs or water damage
- Electrical repairs
- Carpeting or flooring repairs
- Caulking repairs
- Other items as noted on annual property condition review
- Identify any potential capital improvement recommendations that the property owner will need for future consideration. This could include replacement of old and/or defective:
- Carpets
- Appliances
- Plumbing fixtures
- Heating and air conditioning
- Other floor coverings
- Cosmetic improvements
As you can see, the annual property condition review provides you, the property owner, with a much larger overview of your investment property than just maintenance and repair.
We feel this is a valuable added service that Thomas Kay Realty, Inc. provides to all of our property owners.
Sales: 5% Sales commission
Thomas Kay Realty is a full service Residential Real Estate Brokerage and offers a discounted rate to our Property Owners when they decide to sell their investment properties. Ask us about a 1031 exchange if you are selling your investment home and plan to purchase another. We can show you how to save on capital gains when doing a 1031 exchange.
Thank you for considering Thomas Kay Realty, Inc. to manage your investment property.
We will earn our fees and will appreciate your business!
Please take a look at our Management Agreement. You will see how we can save you money by not charging for many extra services that other Property Managers charge for while protecting a VERY BIG INVESTMENT of yours’.
Ronald Gerson, Broker/Owner
Thomas Kay Realty, Inc.
