Property Management FAQ

THE REALTY MEDICS 101 QUESTIONS

How is The Realty Medics different from other property managers?

  • We’re Central’s Florida’s highest-rated 5-star property management company on Google, Yelp and the Better Business Bureau. We’re known for delivering the most for your rental property investment for the least amount of hassle, which we call “Property Management Peace of Mind.”
  • Our technology blows away the competition. Today, property management IS rocket science, and nobody can match our technology tools. Our president, Ben Sencenbaugh, is a former NASA Space Shuttle engineer with a gift for developing software that helps human beings be more … well, human.
  • Our staff are “Property Management First Responders,” because they’re known for being hyper-responsive, professional, courteous and experienced. Because our agents are required to keep current on all legal aspects of property management, they’re also known for being informed.
  • We find the highest-quality tenants. Our website is syndicated to almost 100 other websites. We take advantage of the MLS at no additional cost to you. And we offer a No Security Deposit Option for qualified renters—making your property even more attractive to prospective renters while still protecting you against tenant damages to your property.
  • Our scale saves you money. Because we manage over 1,000 properties, we can lower your costs through economies of scale. In other words, we can offer multiple services that would be cost-prohibitive for individual owners and smaller companies.
  • We’re available 24/7. Our emergency maintenance providers are on call 24/7 to stabilize emergency issues that could lead to larger problems or increase your liability.

What’s The Realty Medics’ role as a property manager?

Our role is to engineer the best possible experience for our owners. That means generating steady income for you while preserving or increasing the value of your investment property. Our specific tasks include advertising your property, screening tenants, negotiating leases, collecting rent, scheduling maintenance for your property, keeping accurate records and providing regular reports and communication.

What’s your philosophy of property management?

We want to make Central Florida the best place to live because it’s the best place to rent. That means engineering a positive rental experience based on maximizing ROI for owners while maintaining quality housing for tenants. We do this by building strong relationships, using the latest technology, implementing effective marketing strategies, staying on top of industry trends, and following consistent systems—all with honesty and integrity.

What expectations do you have for leasable properties?

Before we offer a property for lease, we thoroughly inspect it to ensure compliance with all governmental ordinances. We also advise our clients with recommendations to maximize their return on investment. By offering a quality product, we work hard to minimize maintenance requests and complaints while maximizing resident retention and satisfaction.

What fees will I have to pay once I am approved?

You will be required to pay a security deposit within 1-2 days of your approval. Once we have the deposit, a Lease Administration Fee will be due (this ranges from $125-225 based on your combined credit score). If you have a pet, and the property permits pets, there will be a one-time pet fee of $125 per pet due prior to move-in. Be advised, the property may require an additional non-refundable pet deposit. This will be mentioned in the property’s marketing description under “Pet Restrictions” if there is one. If the property is in a community with an HOA, an application and fee may be required as well as transfer of amenity or key fee(s). This will be mentioned in the property’s marketing description should there be any additional HOA costs.

What about Credit and Rental History?

We prefer a combined average of a 600 or higher credit score (Average of all financially responsible applicants), however, we will accept as low as a 550 with a higher deposit. We use your overall credit score, rental history and income to evaluate your security deposit.
We look into any current or past evictions or tenant-landlord disputes. If you have record of a current eviction, recent eviction, or debt owed to a previous landlord, these are disqualifying factors under our requirements.
Current bankruptcies will not be accepted – Discharged Bankruptcies with documentation is acceptable.

How do you handle maintenance?

Our Property Management First Responders ensure minimal inconvenience to owners and 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 contact owners for approval before work is performed. Emergency requests may need to be completed before the owner has provided an approval, but only enough work to ensure that further damage doesn’t occur.

Do you require insurance?

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

ADDITIONAL QUESTIONS

How do you communicate with owners?

Promptly and thoroughly. We are constantly in contact with our Clients. We are constantly providing updates to our Clients. Sometimes too much. We want you to know we are working hard and will keep you up to date. Most of our Owners trust us to make the right decision, but we wait for the you to tell us that. We have the proprietary software that allows us to always have the latest information. You can always call or email and we will respond the same day. It is our Company policy.

Can you help me buy or sell investment property?

Yes, our Co-Owner/Broker, Tommy Weclew is an expert in buying and selling investment properties. He has bought and sold hundreds of millions of dollars of properties. He 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 work with them to make a smooth transition as well.

How much can my investment property lease for?

Several factors determine your lease rate, including rental rates for competing homes in the immediate area, as well as your property’s location and condition. Since we have more than 1000 rental properties in Central Florida, we have internal market data as well as having a rental home in most neighborhoods in our area. We will be happy to provide you with a Free Rental Price Analysis report with the best possible pricing.

What are The Realty Medics’ fees for managing my property?

For single-family homes (including townhomes, condos and duplexes), our fees are 8% of the gross rental income, plus a one-time leasing commission of 75% of 1 full month’s rent. We also offer our investors a 9% management fee with a 50% leasing fee, and a 10% management fee with a 35% leasing fee. These systems 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. If you have specific needs, we can develop a program to meet them. We’ll be happy to send you a sample of our Property Management Agreement.

How do I pay my management fees?

Management fees are deducted from your monthly rental income distributions.

Do you require an expense reserve?

We require each client to maintain a balance of $300.00 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’s your collection process?

All rents are due on or before the first of each month and are considered late after 5:00 p.m. on the 1st of each month. We send out a first letter of delinquency on the 3rd, followed by a three-day Notice to Vacate letter. For residents who haven’t paid in full by the 13th of the month, we initiate the eviction process. We do make rental payment agreements on a case- by-case basis.

When are rent distributions made to owners?

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

What are the court costs involved with an eviction filing?

Court costs are determined by the court system and typically cost approximately $525-$625 for an uncontested eviction, depending on the number of defendants. These costs are charged to the resident. If not paid, they’ll be deducted from the resident’s security deposit upon vacating the property.

How does the No Security Deposit Option work?

Property owners have told us that security deposits can be a real headache. No one likes taking the time to collect deposits or haggle with tenants over how much to return when their lease expires.

To minimize those headaches and give your property a competitive advantage, we’ve created a No Security Deposit Option . Qualified renters provide a secure billing authorization instead of making a large cash deposit upfront. You bill them for damages and repairs as needed, up to a limited amount. The benefit to you: Because renters love avoiding deposits, your property rents faster!

Only tenants who meet certain requirements (e.g., bank account balance history and available credit) qualify for this deposit-free option. When you need to collect from your tenant, you’ll receive the balance in installments using the payment method of their choice. When the lease is up, there’s no need to return deposit money!

ADDITIONAL QUESTIONS

How do you communicate with owners?

Promptly and thoroughly. We are constantly in contact with our Clients. We are constantly providing updates to our Clients. Sometimes too much. We want you to know we are working hard and will keep you up to date. Most of our Owners trust us to make the right decision, but we wait for the you to tell us that. We have the proprietary software that allows us to always have the latest information. You can always call or email and we will respond the same day. It is our Company policy.

Can you help me buy or sell investment property?

Yes, our Co-Owner/Broker, Tommy Weclew is an expert in buying and selling investement properties. He has bought and sold hundreds of millions of dollars of properties. He 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 work with them to make a smooth transition as well.

How much can my investment property lease for?

Several factors determine your lease rate, including rental rates for competing homes in the immediate area, as well as your property’s location and condition. Since we have more than 1000 rental properties in Central Florida, we have internal market data as well as having a rental home in most neighborhoods in our area. We will be happy to provide you with a Free Rental Price Analysis report with the best possible pricing.

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