Answers to your common questions
What do your Services include?
Our comprehensive Property Management Services include:
• Collecting monthly rents and other rental related fees from the tenants;
• Paying bills relative to the property and specific to OWNER (taxes and HOA payments may not be included);
• Maintaining records and accounts of all receipts and expenditures with respect to the property;
• Providing OWNER monthly itemized statement of all property rent collected and expense receipts incurred;
• Maintaining property maintenance and repairs, utility services, inspections, renovations, remodels;
• Reporting to OWNER adverse conditions related to the property which shall require the attention of the OWNER;
• Posting the proper preliminary notices in the event an adverse action is required;
• Leasing vacant/vacating units;
• Paying owner Distribution payments.
Are you licensed and Insured?
Yes. Did you know that if you are considering a Property Manager, who, a. will be paid to market and fill your vacant units, and, b. will not be your employee, that Property Manager MUST hold an ACTIVE Florida Real Estate License? Property Manager Randy Bultema ‐License # 3195740. Broker Keith Angel ‐License #3199497. Metro Residential LLC ‐Business License # CQ1040050. General Liability Insurance: UDC‐1387418‐CGL‐13, Professional Liability Insurance: DC‐1387418‐EO‐13 (sources: myfloridalicense.com, sunbiz.org).
Can I charge a pet deposit?
Yes; we typically collect a non-refundable pet FEE of $300 for one pet and $450 for 2 pets. However, if they show proof that the pet is a therapy or service animal, then you are not allowed to collect a deposit or fee for the pet.
Can I reach you after hours?
Yes. You get 24/7/365 direct access to the Property Manager Randy Bultema via mobile and office phone, text and email. Clients want a close connection to us, and we to them.
Can you put the rents directly into my own account?
No. We open up an operating account, specifically for your property, and deposit rents into that account. We then pay any payables related to the property thru that account, as well as ourselves and most importantly, you.
Do I get to see the lease or sign it?
Yes. You are always welcomed to receive a copy of the fully executed Lease Agreement. We, as your Agent – Power of Attorney, sign the Lease on your behalf.
Do I have to allow a tenant to have pets in my home?
Short answer; No. However, if they show proof that the pet is a therapy or service animal, then you must allow the pet.
Do you sell real estate too?
NO. We focus 100% on Property Management and Tenant Placement Services. However, we can act as an intermediary between buyers/sellers and investors that wish to buy or sell income producing properties.
How Do You Determine the Market Value of My Rental Property?
As members of the Greater Fort Lauderdale Realtors, we have access to unlimited data to run a highly accurate comparable market analysis (CMA) to determine the current rental value of your property. Including what other similar homes in the neighborhood have rented for in the recent past. However, there are many other variables to consider – time of year, condition of property, location, current market inventory and other comparable competition in the area.
How do you market your properties?
1st We place a FOR RENT sign on the property (if allowed) with our phone #, website and a Text-to-Rent code which allows a potential renter to get instant info and photos of your rental listing right on their mobile phone. We receive a notice when they inquire and then call the potential renter to set an appointment.
2nd We place your rental on dozens of rental sites including realtor.com, zillow.com, frontdoor.com, hotpads.com, trulia.com, backpage.com, local.com, oodle.com, vast.com, craigslist and many more giving your property the most exposure for finding quality renters quickly.
3rd And most importantly, we begin showing your unit as soon as the current tenant gives us their notice to vacate, not after they vacate like most others do. This delay may cost you an entire month’s rent, or more!
How do you move a tenant into my unit?
We will meet the Tenant at your rental to go over with them several aspects of the rental including showing them where the water shut-offs are and how to use them, where the circuit breaker box is, how to change the AC filter, ensuring all utilities they are responsible for are in their name, as well as how and where to pay their rent. We also give them keys, fobs and remotes and hand them an Occupancy Inspection Report which they have 3 days to complete and return to us. We use this same report when conducting the Move out inspection.
How do you screen tenants?
These days you simply cannot judge a tenant by their character alone. We run a comprehensive screening report on every tenant 18 years of age or older. This includes credit, criminal, eviction and sex offender reports. We also verify income and obtain current and past landlord information. This screening can be pulled up in a matter of minutes and costs the owner nothing.
How is rent collection handled?
We offer your tenants several ways to pay their rent;, including:
1. Tenant Portal: Paying thru our website: we set up every tenant with access to a our Tenant Portal so they may pay their rent easily by checking account or any major credit card, which allows us to capture a reoccurring rent payment from them and place it directly into your properties operating account, saving valuable time and minimizing costs dealing with late payments!
2. Deposit Card: Tenants may be assigned a convenient Deposit Card allowing your tenant to simply go to any Wells Fargo Bank and make a rent payment by cash or check, which goes directly into your properties’ operating account.
3. Dropping off at our office: Your tenants can drop their rent payment off 24/7 at our office or by using our convenient drop box. They may also mail their rent payment to our PO Box.
How long of a lease do you sign?
We typically suggest annual leases only. However, based on the type of property, various lengths can be allowed. Be aware that shorter term leases can create escalated wear and tear on the property and therefore more frequent maintenance and repair costs.
How long will it take to rent my property?
One of the most frequently asked questions we receive. A good rule of thumb is to expect a 5% vacancy rate on your rental. That is 18 days. However, the South Florida rental market has seen resurgence over the past few years. This is creating lack of inventory and increased rents. And pushing vacancy rates lower.
How many properties do you currently manage?
We aren’t the biggest management company in South Florida, and that’s fine with us. Keeping our inventory manageable, usually less than 100 units, which allows us to keep our costs down, your fees lower and communication with you a top priority.
How much security deposit do you charge the tenant?
We always collect a deposit equal to 1 months rent. And up to 2 months rent, depending on the applicants credit, income and other criteria.
How Often Is My Property Inspected?
We will inspect your rental every year at lease renewal or tenant vacancy. More inspections are not usually advantageous and usually upset the Tenant. Remember, we are holding their money in case of any damages.
May I contact any of your current Clients?
Yes. Many of our Clients are referred to us by our past or existing clients. We can provide you a list of current clients to contact and ask them about our level of service they receive from us.
What Are Your Fees for Managing My Property?
While property management fees are important they must be viewed in light of what other firms are charging, the scope of services provided and the quality of those services. The company you hire will be stewarding one of your biggest assets and the last thing you want to do is make your decision based solely (or even primarily) on who charges the lowest fees. A lower price may reflect either an acknowledgment they don’t provide top tier service, or an attempt to gain business by undercutting the competition. Our fees are very competitive and are usually offset by higher rental rates and lower overall expenses.
What happens if a tenant breaks the lease?
Tenants are responsible for payment of rent for the duration of the lease. We understand that sometimes there are extenuating circumstances requiring early termination and we will consider those requests on a case-by-case basis. Typically, the minimum charge will be no less than 2 months rent. Requests to break the lease must be submitted in writing by the Tenant and the Lease Termination fee must be paid prior to allowing them to break their Lease. We will then begin to re-rent the unit and get another tenant in there as quickly as possible.
What happens if the tenant does not pay the rent?
We rarely experience serious problems with tenants. Unlike many management companies, Metro Residential LLC spends almost no time in litigation. Our clear communication, our care in selecting tenants, and the clarity of our lease agreements minimize the chances of misunderstandings, disagreements, and inappropriate treatment of your property. In the event that we do encounter a problem with a tenant, we will try to work out a solution. If we must evict at tenant, we will notify you immediately.
What happens when the Tenant gives their notice to vacate?
Once we receive a Notice to Vacate from the Tenant, we email and post-mail them Vacancy Instructions on what we expect them to do in order to get their full Security Deposit back. Once they vacate, we enter the unit to complete a fully recorded and photo inspection of the unit. We then calculate how much (if any) to withhold from their deposit and send the balance to them via Certified Mail, along with a Notice to Impose a Claim on Security Deposit, a copy of the Move in/ Move out inspection report, and a final statement, usually within 15 days after they vacate. Florida allows up to 30 days if we make a claim on their Deposit.
What is an Owners Portal?
Your Owner Portal gives you immediate online access to current information about the property under our management. Easy-to-read monthly statements let you track income and expenses, as well as other valuable information specific to your rental property.
What type of properties do you manage?
We manage residential properties only, no Home Owners Associations or Commercial properties. This includes Single family houses and Townhomes, Condos, 2,3,4-plexes and small Apartment Complexes. And have nearly 20 years of hands-on experience doing so.
What type of reports do I get and how often?
You receive comprehensive monthly cash flow reports that you can also view online through your Owners Portal at anytime, So, you are always aware of what’s going on with your property 24/7/365.
When will I get my distribution payment?
Owners are paid out by the 15th of each month. We strongly encourage owners sign up for direct deposit for the quickest and most efficient method of payment.
Who holds the tenant security deposit?
We hold the Tenants Security Deposit in a separate non-interest bearing bank account. And refund the Tenant, minus any repairs, damages or unpaid fees or rent after they vacate.