PROPERTY MANAGEMENT FAQ’s
WHAT IS TICO’S PHILOSOPHY OF PROPERTY MANAGEMENT?
- Maintain the lowest vacancy rate possible.
- Assist in maximizing income and minimizing expenses.
- Act as the intermediary between the owner and tenants.
- Keep the owner insulated from the daily issues encountered in property management.
- Communicate the status of the property to investors.
- Ensure the property is well-maintained.
WHAT NEEDS TO BE DONE TO PREPARE PROPERTIES FOR RENT?
- Properties should be in the best possible condition to attract quality tenants.
- Paint should be in good shape with marred or dirty areas touched up.
- Neutral colors for walls and floors are best.
- Blinds or shades are ideal window coverings.
- Homes should be “detailed” clean and yards in excellent shape.
HOW DO I DETERMINE THE RENTAL AMOUNT?
- The competition determines rental amounts.
- Tico Realty Group tracks market rental ranges for homes and apartment buildings.
- Units marketed too high may be vacant much longer.
- Units marketed too low may take years before rental prices become competitive again.
- HOW DO YOU MARKET THE PROPERTY?
- After Owner Agreement is finalized, properties are immediately added to our rental availability list, web sites, local newspapers and other resources.
- Each property is monitored and tracked to measure marketing effectiveness.
- Communicate available rentals to local employers and business owners.
HOW LONG WILL IT TAKE TO RENT?
- Vacancy periods are market driven. Location, season and price all affect the vacancy rate.
WHAT ABOUT SMOKERS?
- It is common to restrict smoking.
WHAT ARE THE POLICIES REGARDING PETS?
- Statistics indicate that 75% of renters own pets.
- Restricting pets reduces the number of available qualified tenants.
- Pets will be screened and pet references checked out.
- In general, a well-behaved cats or dogs cause little wear and tear on homes and yards
- Non-refundable pet deposits are always required for cleaning/miscellaneous costs.
IS IT POSSIBLE TO REFUSE TO RENT TO FAMILIES WITH CHILDREN?
- It is unlawful to discriminate against children in any way.
- Children come under the protective class of “familial status”.
- Federal, State, and local Fair Housing regulations prohibit refusing to rent if applicants have children.
WHAT IS COLLECTED FROM THE TENANT UP FRONT?
- First month’s rent, a security deposit equal to one month’s rent and any miscellaneous deposits (i.e. pets), determined on a case- by-case basis.
WHAT HAPPENS IF THE RENT IS LATE?
- Rents are due on the first of every month.
- Rents not paid by the 5th, Tico Realty Group,
- Sends 5-day notice to pay rent or vacate.
- Hefty late-penalties are then levied against tenants who pay late.
- If rents are not paid by the 10th of the month, Tico Realty Group begins collection proceedings and eviction papers are filed at the courthouse.
HOW AND WHEN ARE MONTHLY RENT DISBURSED?
- Owner statements and rent check are deposited on or before the 15th of each month.
- Tico Realty Group, as an intermediary, deposits monthly rent checks directly into the owners’ bank accounts.
WHO HANDLES EMERGENCIES?
- Tico Realty Group provides 24/7, 365-day property management emergency services.
- Maintenance personnel and sub-contractors handle all emergencies, day or night.
WHAT IS THE AVERAGE LENGTH OF TENANCY?
- Most rental agreements are set for a one year term.
- At the end of the lease term, owners decide to renew to tenants (if the tenant wishes to remain), vacate tenants, or allow tenants to remain on month-to-month terms.
HOW ARE REPAIRS HANDLED?
- Tico Realty Group is responsible for approving all maintenance requests.
- Tenants are encouraged to submit all repair requests in writing.
- Tico Realty Group notifies owners of maintenance requests exceeding $200.
- Emergency requests are scheduled immediately and owners are notified at the first possible opportunity.
WHAT HAPPENS IF THE TENANT LEAVES BEFORE THE END OF THE LEASE?
- Tenants are responsible for the rents for the entire term of the lease.
- Tenants who leave before the term end date forfeit security deposits.
- Tico Realty Group notifies credit bureaus of lease contract violations.