Frequently Asked Questions From Owners
Below, find answers to some of our owners’ most frequently asked questions.
If I have my property managed by R. Russell Properties, Inc., will you save me money?
Yes. In most cases, we have found that our fees are more than offset by our ability to obtain higher rents, less delinquency, and faster turn around of vacating tenants. We also maintain a pool of qualified and licensed repair people who offer us the best price available, due to the large volume of business we can offer them.
Do I lose control of my property once you start to manage it?
No. We work for you and you set the parameters not defined by law.
Do you manage only residential property?
Yes. We are specialists ONLY in the management of residential properties. Primary single family, unfurnished properties with long-term leases that are one year or more. However, our portfolio’s do contain single family, duplex, tri and 4plex and small multifamily properties not requiring a resident manager.
Do you charge the tenant a security deposit? What about a pet fee?
When pets are allowed, we try and negotiate an additional pet fee of $300-$350 for each dog, or other animals that are allowed, For dogs, this includes a Pet Bite Liability Policy. For cats, $250-$350 is charged for each cat.
What happens to the tenants security deposit? Do you send it to me?
No. In compliance with Florida Law, the tenant’s security deposit is kept in an escrow account registered with a Florida bank licensed to do business in the state of Florida or in a posted Florida Surety bond. The Check-In form, acknowledged by the tenant, documents the condition of your property.. Any damage expenses beyond normal wear are deducted from the security deposit along with any other money owned by the tenant. The balance is returned to the tenant within 30 days of move out.
The new legislation is confusing. Do you keep up with all the changing rules and regulations?
Yes. Rob Russell is a member of the National Association of Residential Property Managers (NARPM), the National Association of Realtors, and the Greater Orlando Board of Realtors. These organizations are constantly monitoring industry changes and legislation.
Do you insure my property when you manage it?
No. You maintain your own insurance coverage. However, we will gladly recommend insurance companies interested in writing insurance on your property.
Will I know what is going on with my property?
Yes. We will communicate with you throughout our contract. We will contact you at reasonable times to discuss repairs and notify you of any tenant requests to vacate. Plus, throughout the contract, we will keep you aware of other issues that may arise.
Will you help me find a qualified tenant without having me sign a full management contract?
Yes. Many Owners have the time and ability to manage the day-to-day operation of their rental property but lack the resources to attract and screen qualified tenants. We will assess and market the property, screen the tenant, sign the lease, document the move in, collect security deposit and the first month’s rent, and then return the property to you for daily management. Our fee for this is 100% of one month’s rent.
Do you qualify all applicants that want to rent my property?
Yes. Our application is designed to generate complete information from each prospective tenant. We process all applications and verify information on each application. In general, an applicant must have good rental history (not from friends or relatives), have approximately three (3) times the rent rate in verifiable household income, and possess an acceptable credit history.
Do you advertise vacancies?
Yes. We would recommend marketing the vacancy as soon as we receive notice from your tenant of their intention to move. The advertising is your cost. However, we use the internet to acquire 75% of our tenants and we perfected that with our “Internet Advertising Package”. For the past 37 years, we average three weeks finding a qualified tenant. With the IA Package, sign on site, local REALTOR networking, and our mobile friendly technology, we feel this is all that is needed. We also receive many referrals from current and former tenants.
Do you handle problems late at night?
Yes. Tenants are given our number when they move in and in the case of an emergency they are directed to a separate line. We will talk with the tenant to determine how best to proceed. Many times we can solve the problem over the phone.
Can I still use my favorite plumber, AC Company or handyman?
Yes. We will gladly contact the companies or individual(s) you specify as long as they are actually licensed, insured and in the business of performing the required work.
Do you pay the bills for me?
Yes. We will gladly pay expenses and repairs for you. There must, of course, be sufficient cash flow from the property to cover such expenses and we may require you to set up a reserve fund for this purpose or send a check to cover the expense.
Do you mail my monthly statement and check as soon as the tenant pays the rent?
No. Even though rents are due on the 1st, many times tenants pay late. To allow all tenants’ rent payments to clear the bank, owners’ monthly statements and checks are mailed out on the 10th of each month.
Are your management fees competitive?
Yes. The old saying, “You get what you pay for,” is always true. There are other companies that charge less than we do. There are other companies that charge more. We are somewhere in the middle. Our Full Service Management fees for residential properties are 8% to 12% of the gross collected rent each month. All repair and advertising costs are passed on to the owners. We feel we offer a very comprehensive service package and our rates are very competitive.
Are you licensed?
Yes. We are licensed by the Florida Real Estate Commission.
Can you start managing my properties today?
Yes. We can start the process immediately. Contact us today to set up a no obligation consultation to discuss your property in detail.
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