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Owning an investment property can be a lucrative and profitable experience, but it comes with risks, and how you as a landlord manage those risks can determine the ultimate success of your investment.
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My name is Andrew Dougill, and I’m one of the owners of Hoffman Realty, along with my wife, MaryAnn Hoffman. MaryAnn founded the company in 1998, after she graduated from the University of South Florida. Almost immediately, some of her investor owners asked if she...
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I have personally owned residential real estate properties for over 30 years. Over those 30 years, Hoffman Realty has managed thousands of investment properties for other landlords. Based on that personal and professional experience, these are my five tips for the...
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This is a follow up to our earlier blog in which we talked about the top 5 laws every landlord needs to study. That particular blog covered federal laws. Today, we’re state-specific, and we’re discussing the top 3 Florida Laws every landlord needs to study. Florida...
by Andrew Dougill | Aug 30, 2017 | Tampa Property Investment
There are a lot of landlord laws and regulations that apply when you rent a property, from federal to state to county and even city levels. Today, we’re discussing the top five laws that need your attention. These are all Federal laws. They tend to have the most teeth...
Rental Criteria & Application Instructions
Thank you for your interest in renting a home that is professionally managed by Advantage Property Management Services. Below you will find the instructions and criteria required when submitting a rental application. It is important that you read the information below prior to submitting an application to understand what is required for renting the property. If you have further questions, please contact one of our leasing agents at x2.
Q: General Application Information
Q: Application Processing and Time Frame
Q: Income Requirements
Q: Basic Criteria
Q: Credit Requirements:
Q: Application Fee
Q: Security Deposits & Risk Mitigation
Q: Rental History or Property Ownership
Q: Criminal Background
Q: Acceptance/Denial of an Application
Q: Multiple Applications
Q: Ideal Applicants & How To Make Your Application More Attractive
WE ARE PLEDGED TO THE LETTER AND SPIRIT OF THE U.S. POLICY FOR THE ACHIEVEMENT OF EQUAL HOUSING OPPORTUNITY THROUGHOUT THE NATION. WE ENCOURAGE AND SUPPORT A PROGRAM IN WHICH THERE ARE NO BARRIERS TO OBTAINING HOUSING BECAUSE OF RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN.
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Download “Making the Most of Your Rental Property” Ebook
Reading this will help you:
– Understand how to increase your profits and avoid common landlord pitfalls.
– Discover the value a property manager can bring and how to find tenants effectively.
– Learn how Landlords must hold escrow and how to handle maintenance and inspections properly.
– Understand how to command top dollar for your rental and earn a positive cash flow.
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OWNER FAQs
Q: What type of rental properties do you manage?
Q: What geographic areas do you cover?
Q: What type of Property Management experience do you offer?
Q: Why should I hire you as my property manager?
Q: How much will my house rent for?
Q: What will you do to rent my house?
INTERNET LISTINGS: Our available homes for rent are posted on dozens of for-rent websites, complete with high quality photos, maps and property details for the convenience of those searching for a new home. Our ad-copy is carefully crafted to provide critical information to prospects who only spend a few seconds reading ads.
PROFESSIONAL PHOTOGRAPHY: Prospective tenants are visual, often looking at the photos before reading the ad. It’s critical to have high quality photos to attract high quality tenants. Compare our photography to other companies. You’ll instantly see the difference and understand why we convert a huge percentage of page-views to showings.
VIDEO TOURS: When possible, we film and publish video tours of our rental properties. Photos are great, but it’s difficult to “feel” the flow of the house with still photos. Video tours give prospective tenants the ability to virtually walk-through your property and experience the floor plan and flow of the home. Our high-definition videography
INSTANT ONLINE SCHEDULING: When a prospective tenant wants to schedule a showing it’s important to make the process as easy as possible. Instead of playing phone tag with a leasing agent, APMS prospects can instantly schedule a showing online. Enabling prospects to instantly schedule a showing allows us to convert a higher percentage of inquiries to showings.
CORRECT PRICING: Even the best and nicest homes will not lease quickly if overpriced. We make sure your rental home is priced according to current market conditions.
THOROUGH PREPARATION: Even the best located and well-priced rental homes will not lease quickly if the rental home is not in top showing condition. Homes for rent in the East Bay absolutely must show well and have an attractive “curb appeal” or they may sit empty for extended periods. Part of our job as property manager is to make sure your rental home is presented in a clean and attractive condition so that it will attract a good tenant.
Q: What, specifically, do you do to qualify a tenant after they have applied to rent my house?
Q: How do you make sure the tenant is taking good care of my home while renting?
Q: What do you do if they are not taking care of my property as they should, or you discover unauthorized pets?
Q: What happens if the tenant does not pay their rent?
Q: How informed will I be about what happens with my property?
Q: How do you handle maintenance requests?
Q: Do you use the cheapest maintenance people you can find?
Q: Do you hold some of my money for repairs? How much?
Q: How do I know your property manager won't spend my money on large repairs without my approval?
Q: What if I want you to use my plumber, A/C company, etc?
Q: When do you distribute Owners funds and send statements?
Q: When will I receive with my monthly statements?
Q: How much is the leasing fee?
Q: Are your property management fees negotiable?
Q: Are there administrative fees or other service charges up and above the property management and leasing fees?
Q: Does your property management agreement give you exclusive rights to sell my property?
Q: Is the Property Management Agreement a standard, widely used form?
Q: How much security deposit do you charge the tenant?
Q: Are you a licensed Property Manager?
Q: How soon can you start managing my home?
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Pet Application
Each of our properties has its own unique Pet Policy, which is specified in the advertisement. Before you schedule a showing or submit a rental application, review the property’s pet policy to ensure your pets comply.
Applicants with pets or service/companion/assistive animals are required to submit a pet application through a third-party pet screening service. There is a fee for the service (fee is waived for service/companion/assistive animals). The application is available here.
If a pet is allowed, the security deposit amount will increase by $500/pet and Tenant will pay a Pet Administration Fee (“Pet Fee”) of thirty dollars ($30.00) per month for the first pet and twenty dollars ($20.00) per month for any additional pets.
Even if a property allows dogs, the following dog breeds are never allowed: Akita, Alaskan Malamute, Boxer, Bull Mastiff, Canary Dog, Chow Chow, Doberman Pinscher, German Shepherd, Husky, Pit Bull, Rottweiler, and Wolf Hybrid. Applicants with these dog breeds as pets should not apply.
Fill out the form below to download this free eBook:
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APPLICATION PROCESS
We appreciate your interest in our available homes for lease offered by XYZ PM. In order to qualify for one of our rental properties, you must submit a rental application. The rental application must be completed by each person age 18 years and older who will occupy the property. Applicants are required to complete the application in its entirety and submit all specified documents.
Leases are granted on a first-approved application basis. XYZ PM will process your application and notify you if you qualify to lease the desired property. Allow two business days for the rental application to be processed. If any additional information is needed a representative will contact you.
Download our 11-Step Background Screening Process Document Here:
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How We Inspect Your Property
We perform a video taped move-in inspection at the start of a tenancy.
At around 90-days after the start of the tenancy, we perform an occupied inspection to check for issues like:
We take photos to document. If there are issues, we schedule action and subsequent follow-up inspections. Assuming all is OK, the next interior inspection is an Annual Property Review in 6-months or 90-days prior to the end of the lease.
The Annual Property Review (APR) is a written report with photos performed by a licensed home inspection company. The APR goes beyond tenant lease compliance to inspect the major systems in the property (such as roof, plumbing, electric, heating and cooling, appliances, etc.). This is important report for our landlords. Owning an investment property is like owning a car – if you don’t maintain it properly, it will let you down. The licensed home inspector also performs our comprehensive safety inspection at the same time. We want your tenants to be safe in your property, and it benefits you as the landlord because it lowers your potential liability to personal injury claims.
At move-out, we perform another video taped move-out inspection. We bring this back to our office to compare it with the move-in so we can make informed decisions about tenant damages and cleaning responsibility.
All Day-to-Day Operations
• A manager on call 24 hrs a day, 7 days a week, 365 days per year.
• Attending to office visits, daily telephone and email correspondence with tenants.
• Proactive communications with our landlords.
• Liaison with Homeowner or Condo Associations, if applicable.
• Timely rent collection.
• Collection of late rent through various legal means.
• Administering rent through the trust account.
• Periodic inspections of the property to ensure lease compliance.
• Lease enforcement actions with tenants.
• Hand deliveries of legal notices to tenants as necessary.
• Organizing keys for viewings, inspections, and repair vendors.
• Attending to payment of various property expenses.
• Organizing maintenance repairs and quotes.
• Regular follow-up with maintenance vendors.
• Copying/scanning of invoices and data entry.
• Preparing calendar monthly statements for property owners and collating supporting information for the owner’s statement.
• Preparing annual year-end income/expense statements & IRS 1099 Forms.
• Conducting annual rent reviews.
• Processing notices to vacate or to renew a lease term.
• Organizing utilities to be turned on and off when required.
• Conducting videotaped move-in/move-out inspections.
• Lodging security deposit claims (when necessary) in accordance with the Florida Landlord Tenant Laws, F.S. 83.
• Liaison with insurance companies, when authorized.
• Filing evictions “if” necessary.
• Attending court evictions “if” necessary.
• Maintaining a staff of highly skilled and trained professional property managers.
• Maintaining a professional office with the latest in technology and property management tools in our industry.
• Constant ongoing training of staff and cutting-edge knowledge of our industry.