Property Management FAQ’s

What is THE REALTY MEDICS philosophy?

Our goal is to maximize the return on investment for our clients while maintaining quality housing for our tenants. While it is not always an easy thing to provide tenants with homes in excellent condition and save owners money to maximize income, our mission is to offer personalized and professional services to both our clients and customers. We do this by building strong relationships, utilizing the latest technology, implementing effective marketing strategies, and following consistent systems, all with honesty and integrity throughout every facet of our business. We strive to stay on top of market changes and industry trends and adapt accordingly.

What is the advantage of renting through THE REALTY MEDICS?

  • Our Staff is professional, courteous, informed and experienced. All of our team members hold a Florida Real Estate License or a Florida Home Inspector’s License. Agents are required to keep current on all legal aspects of property management. Our staff take continuing education classes to stay apprised of legal updates.
  • Since we manage a large number of properties, we are able to capitalize on the concept of economies of scale; we can offer multiple services that would be cost prohibitive for individual owners and smaller companies.
  • We utilize the most up to date marketing techniques available in the industry. (Our website is syndicated to almost 100 other websites and we take advantage of the MLS at no additional cost to you.
  • We stay on top of changing trends and legal issues to protect our client’s interests.
  • We have emergency maintenance providers on call 24 hours a day to stabilize emergency issues that could lead to much larger problems or increased liability for the owner.

What is THE REALTY MEDICS role as a property manager?

Our role is to achieve our client’s objectives while preserving or increasing the value of an investment property and generating income for our clients. We advertise our properties, screen tenants, negotiate leases, collect rent, schedule maintenance for your property, keep accurate records, and provide regular reports and communication with our clients.

What types of properties does THE REALTY MEDICS manage?

We manage all residential properties including multi-family homes, single family homes, condominiums and townhomes throughout the Central Florida Area.

What expectations does THE REALTY MEDICS have for leasable properties?

Before we offer a property for lease, we thoroughly inspect the property to ensure that all governmental ordinances are complied with. We also advise our clients with recommendations that will maximize their return on investment. We have found that by offering a quality product, maintenance requests and complaints are minimized and resident retention and satisfaction are increased.

What are the fees for THE REALTY MEDICS to manage my property?

For single family homes (including townhomes, condominiums, and duplexes) our fees are 8% of the gross rental income and leasing commission of 75% of 1 full month’s rent (One-time fee). We also offer our investors a 9% management fee and a 50% leasing fee.  They work out to about the same amount per year.  No management fees are incurred while the property is vacant based on the above fee structure. Should you have specific needs, please contact us so we can develop a program to meet your needs. We will be happy to send you a sample of our Property Management Agreement.

Does THE REALTY MEDICS require an expense reserve?

The Realty Medics requires each client to maintain a balance of $250.00 for each single family unit. These funds are deposited in the property’s trust account for expenses associated with the management of the property.  We can put a plan in place to build up your reserve accounts over a specified period of time in order to alleviate the need for these funds right away.

What is our collection process?

All rents are due on, or before, the first of each month and are considered late after 5 PM on the first of each month. We send out a first letter of delinquency on the third, followed by a three-day notice to vacate letter. For those residents that have not paid in full by the thirteenth of the month, we initiate the eviction process. We do make rental payment agreements on a case by case scenario.

What are the court costs involved with an eviction filing?

Court costs are determined by the court system and typically cost approximately $525 for an uncontested eviction, depending on the number of defendants. These costs are charged to the resident and if not paid, will be deducted from the resident’s security deposit upon vacating the property.

When are Rent distributions made to Owners?

Monthly statements are e-mailed on the 1st and the 11th of the month and Owner payments are made on the 11th. If there have been any maintenance items or other expenses the amount will be deducted from the rental income and will be listed on the Owner Statement. If rent is collected between the 10th and 19th for any reason, it will then be dispersed to the Owner on the 21st of the month.

How is maintenance handled?

The Realty Medics ensures a minimal amount of inconvenience to all of our residents by providing 24-hour emergency services as well as a quick response to routine repair and maintenance requests. All tenants must submit maintenance requests in writing through their tenant portal. The request then enters our workflow and we will contact the Owner for approval before the work is performed. (Emergency request may need to be completed before the Owner has provided an approval, but only enough work to ensure further damage does not occur)

Is insurance required?

We require general liability insurance policy for the protection of any claims arising out of the operation, leasing, and maintenance of the property.

What happens when a resident gives notice that they will be moving out?

  • We visit the property to update any marketing materials and do an assessment as to the anticipated turnover time.
  • We send a letter to the resident notifying them of their duties upon vacating and include an expected cost menu for any items not taken care of by the tenant prior to moving out.
  • We modify the reserve in the owners account, if necessary, to ensure that funds are available to perform all turnover items necessary to get the property ready for the next resident.
  • Should the property be ready to market, we implement our marketing plan.
  • The appropriate arrangements are made for the transfer of utilities.

What is done after a resident moves out?

We perform a move out inspection of the property usually within a day of the tenant move out. During the inspection, we identify items that should be charged to the former tenant. We also will make recommendations to preserve the value of the property and decrease the vacancy time. We document the condition of all our properties with a move out video.

  • We supply a summary of the inspection to the owner as quickly as possible.
  • We begin obtaining the make ready quotes for owner approval.
  • Once the property is ready for marketing, we allow prospective residents to view your property.

How does THE REALTY MEDICS screen prospective residents?

We perform a credit check, criminal background check, eviction search, income verification check, employment verification, and rental payment history on every adult prospective resident.

  • We evaluate the lease rate/income ratio. Our tenants must earn three times the monthly rent.
  • Upon approval, the prospect is given 48 hours to sign the lease and pay the security deposit.

What does THE REALTY MEDICS do before a new tenant moves in?

The tenant is given a Move-In Checklist form upon move in. It is the tenant’s responsibility to return the report to TRM within 15 days of move in. This form is not for maintenance work orders. This form is for notification of property condition only. We will then validate the form and keep a copy on file. We utilize this form upon move out to determine preexisting conditions which may have been prevalent before the tenant moved in. With our notes, we are able to validate pertinent charges to the tenant.

Do owners have to accept pets?

We permit animals/pets into managed properties as long as the Owner allow us to do so, however, at least 60% of renters have pets. When we make the decision to accept an applicant with pets, we minimize your risk by limiting the breed, age, number and size of the pets. We also use a special pet addendum for your protection. We ensure the pets are not of the hazardous breed types that are restricted by most home insurance companies.

How do we communicate with our Owners?

We believe in prompt and thorough communication with our Owners. Every staff member has their own telephone extension, voice mail and e-mail. We send out monthly statements and communication logs in an effort to keep our Owners informed. Below are some of the instances of when we will initiate additional communication:

  • Acceptable applications
  • Notice to vacate from tenant
  • What to expect when tenant moves out
  • Lease renewals
  • Extraordinary maintenance items

How much can my investment property lease for monthly?

Your lease rate is going to be determined by several factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. The markets that dictate lease rates vary vastly from the markets that influence the value of properties. Please contact our office and we can discuss this with you as it relates to your specific property.

Can THE REALTY help me buy or sell investment property?

Yes, our licensed agents will be happy to assist you with the acquisition and disposition of investment property. Should you have an established relationship with another REALTOR, we can assist you by working with them to make it a smooth transition.

How are Security Deposits handled?

The Realty Medics requires a security deposit from all residents; usually, the amount is equal to one month of rent plus $200. These funds are accounted for separately at an insured bank account. Security deposits cannot be disbursed until the tenant vacates, and can only be disbursed to the owner or tenant.

How much notice does a tenant have to give before they can properly vacate a property?

Our lease provides that the resident give a minimum 30 day written notice at the end of the lease. If the lease is broken before the expiration date, a 2-month penalty will apply.

What does THE REAlty Medics need to start managing my property?

To begin management of your property we will need the following:

  • Executed property management agreement
  • Keys to the property, including mailbox keys, if applicable
  • ACH Authorization

How do I pay management fees?

Management fees are deducted from your monthly rental income distributions.

Will you pay my monthly bills for me?

Currently, we will pay HOA dues for our clients whose properties are in a Home Owner’s Association. However, due to liability purposes, we do not pay mortgage payments. All other bills associated with direct operation of your property, we will gladly pay. We do require that your account have a minimum balance in excess of the estimated monthly payments in order to take advantage of this service.

May I view my account online?

Yes, our clients have full access to their accounts. You will see the same data that we have in the office and be able to prepare your own customized reports, 24 hours a day, 365 days a year.