Management Services

Management Companies (MC) will perform many important functions, all designed to maintain your property to the highest standards while ensuring your peace of mind. Management agreements are structured to meet your needs, whether your home will be for personal use, short or long term rental. The following is an explanation in detail of the functions performed; after which is a “quick reference guide”.

Licensing	Taxes	Insurance
Accounting Statements	Services	Bill Payer Services

Licensing

Properties which are intended to participate in a short term rental program, must be properly licensed with the Department of Regulation, Division of Hotels and Restaurants, a Florida State Agency. The annual fee is $140 - $150 for single family residences. In addition, the State of Florida will inspect each rental home before issuing the license.

The inspection will require that each home have the following:

A “2A40BC” fire extinguisher.

Additional smoke alarm for the hearing impaired.

All exterior doors, including the glass sliding doors, will need a double locking system.

A rate card must be on file and maintained in the management company office

Smoke alarms in all sleeping areas, i.e. bedrooms and living areas, and they must be inter connected. If already built, we will inspect your home to make sure you are in compliance. If your home is to be built, the developer will usually install smoke alarms at no charge. We always ensure that the home complies with the law.

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Taxes

In addition to the property taxes that every homeowner has to pay a tax based on the gross rents received must be collected for any rentals of 180 days or less.

This tax is made up of :

A 4-5% Tourist Development or Resort Tax

A 6-7% State of Florida Sales Tax Total: 10-12% of gross rentals.

Normally these taxes are charged on top of the rents and paid by the tenants - much the same as would take place with a hotel or motel. It is the responsibility of the owner to declare the rental income achieved on Owner Bookings and to pay the relevant tourist tax. However, MC will be happy to pay, upon your instruction the amount due to the relevant county tax office. Back to the Top

Insurance

All owners of rental properties must have a current homeowners’ insurance policy in effect, a copy of which is to be kept on file in our offices. It is recommended that one million dollars of liability coverage be purchased along with the standard homeowners’ policy. The costs depend on the size of the home, location and type of construction. Back to the Top

Accounting Statements

Each property owner will receive an accounting of all revenues received and all expenditures relating to their rental property on a monthly basis in accordance with the Property Management Agreement. Service charges, utilities, management fees and any miscellaneous charges will be debited from your account as per prior arrangement at this time. If for any reason there were moneys due to us, these would be due at this time. The monthly statements obviously become an important record for your year-end tax purposes; however, we will supply a year-end accounting statement recapping all activity for the current year.

Each month an accounting statement is sent to you showing deposits and withdrawals, i.e. income and expense. This is used at year-end to provide you and your accountant with an accurate record of your operating expense. This is a client escrow and, by Florida Law, has to be maintained in a credit balance. We cannot use the funds in this account for anything other than your expenses. Back to the Top

Services

MC provides a complete line of services to maintain and enhance your property's rental value. All services are carried out by fully licensed professionals. Following is a list of the property maintenance services we provide and an explanation of each.

Lawn Service - Complete maintenance of the entire lawn area including grass mowing, trimming, watering and fertilization. Your lawn will be monitored so that if any problems, such as excessive weeds, cinch bugs, etc. become evident treatment can be initiated immediately thus avoiding more costly damage later. Lawn service is performed weekly during the growing season and less frequently during the dormant season, but no less than twice per month. This service is billed in 12 equal monthly payments.

Pool Service - Complete cleaning of the pool, pool traps, pump traps and pump filters. In addition, the water is chlorinated and pH balanced. All chemicals are included. Service performed, 52 weeks a year and is billed in a monthly basis.

Pest Control - The chemical treatment of the interior and exterior of the home for the elimination of all types of insects. This is a normal and recommended service for all Florida homes. Homes are treated every month. The service is billed based on 12 equal monthly payments.

Home Cleaning Service -The complete cleaning of home linens, towels, bedcovers and dishes following the checkout of a renter. An inventory is performed at this time checking for damages, if necessary, the renters damage deposit is charged. This procedure is essential for preserving the home and furnishings for you the homeowner. Home cleaning service is available on a more frequent basis if the renter desires it and would be billed directly unless prior arrangements have been made. Home cleaning service is billed on your monthly statement when utilized.

Maintenance – Scuff marks on the wall, small spots on the carpet, minor damage to dishes, etc. are considered “normal wear and tear”. Most often, these types of things can be corrected and there is no charge to the renter or the homeowner. However, occasionally there is a need for major maintenance.

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Bill Payer Services

The home owner will in most cases open an account at a local U.S. bank for such purposes as direct payment of their mortgage and transfer of funds between the Property Management Company and the home owner. Back to the Top