What is the Sand Dollar Property Management philosophy?
Our goal is to maximize the return on investment for our clients AND provide quality housing for our residents. It is called property management, but we call it asset management and protection - of your building and your cash flow. Our mission is to offer personalized and professional services to both our owners and residents by building strong relationships, utilizing the latest technology, implementing effective marketing strategies, and following consistent systems all with honesty and integrity throughout every facet of our business. We strive to stay on top of market changes and industry trends and adapt accordingly.
Our Values are a great place to see if we are compatible to work together. We are not the cheapest (not the most expensive either) and are not interested in providing the cheapest service. We DO endeavor to provide exceptional service and results.
What is the advantage of renting through Sand Dollar Property Management?
Our staff is professional, courteous, informed and experienced. Our team members hold a FL Real Estate License, and/or are investors. By capitalizing on the concept of economies of scale, we can offer multiple services that would be cost prohibitive for individual owners and smaller companies. We have one of the strongest marketing programs in the industry, utilizing the most up to date marketing techniques available in the industry. We stay on top of changing trends and legal issues to protect our client's interests. We also have emergency maintenance contact center on call 24 hours a day to stabilize emergency issues that could lead to much larger problems or increased liability for the owner.
Discover how Sand Dollar Property Management makes owning rental property easy and how it has a unique edge with first rate performance.
What is Sand Dollar Property Management's role as a property manager?
Our role is to achieve our clients objectives while preserving or increasing the value of an investment property and generating income for our clients. We advertise our properties, screen tenants, negotiate leases, collect rent, schedule maintenance for your property, keep accurate records, and provide regular reports and communication with our clients.
What types of properties does Sand Dollar Property Management manage?
We manage all residential properties including multi-family apartment complexes, multi-unit properties, mobile home parks, single family homes, condominiums, and town homes throughout Central Florida, including Volusia, Seminole, Lake, Orange, Polk and Osceola Counties.
What expectations does Sand Dollar Property Management have for leasable properties?
We operate in strict compliance with the FL Landlord/Tenant Law and work closely with the leading Landlord/Tenant Attorney in the state. Before we offer a property for lease, we thoroughly inspect the property to ensure that all governmental ordinances are complied with. We also advise our clients re: recommendations that will maximize their return on investment. We have found that by offering a quality product, maintenance requests and complaints are minimized and resident retention and satisfaction are increased.
The number one expectation is a clean property in rent ready condition.
IS THERE ANY INITIAL COST TO THE MANAGEMENT OF MY PROPERTY?
Yes. Upon signing a management agreement with Sand Dollar Property Management, owners will make an initial minimum payment of $400:
- $400 to fund your Owner reserve.
- Once we have an approved tenant, you will pay the $30 to have your tenant lease drawn up by WILKINS
LAW FIRM, who also handle evictions as necessary, address our questions and issues on your behalf.
[We cover the cost of the renewal lease].
- If there is not a tenant in the property at the time we take over management, we recommend a
property inspection if it has not been done recently. We will do a rent ready inspection, and will
recommend our licensed professional inspection company at our reduced rates with their guarantee included.
- If the property already has a tenant, there is a lease assumption fee, which will be determined by
the following 1. the lease; 2. the tenant payment record; 3. the condition of the structure. Issues in
any or all require a greater or lesser amount of work. The minimum fee is $300 and includes all tenant
and owner portal and account set up and this property and safety inspection by a licensed property inspector,
along with pest control and this guarantee.
WHAT DO YOU CHARGE FOR MANAGEMENT FEES?
We offer competitive and fair fees, with superior service and understanding of investor needs. We charge the normal percentage of 10% of the monthly rent as a management fee. Our leasing fee to find and place a qualified tenant or to renew a tenant depends on the plan you choose - ask us for your options.
Multi-unit and multi-family properties along with Mobile Home Parks are by proposal.
DO YOU DO TENANT PLACEMENTS ONLY?
Yes we do. Contact us to review your property. We can send a tenant placement packet that spells out everything to do a tenant placement with us and our fees. Minimum is one month rent. You have options for other services too.
DO YOU CHARGE EXTRA FOR OVERSEEING NORMAL MAINTENANCE AND REPAIRS?
No! This is part of our standard service to you, the owner, and is included in our management fees. To avoid any conflict of interest, we do not operate an in-house maintenance department. Instead, we contract with independent licensed and insured vendors who are qualified to perform the services needed on your property. We do not accept rebates from vendors, nor do we charge fees to tenants to oversee maintenance or repair services, believing that any savings should be passed along to you, the property owner. Owners may view all repairs and charges in their online portal.
If rent ready renovations or major upgrades/renovations are needed, we charge a fee to oversee and manage that - it is based on the work needed.
Maintenance, repairs, and upgrades greater than $5,000.00 must be contracted directly between Owner and Contractor in order to comply with Florida statutes. We are glad to assist in obtaining bids and managing the process. We have a contractor as a member of our team.
Does Sand Dollar Property Management require an expense reserve?
Sand Dollar Property Management requires each client to maintain a balance of at least $400.00 in the property's trust account for expenses associated with the management of the property. All client funds are held in a Trust Account in strict compliance with the FL Trust Account Guidelines.
What is your collection process? and eviction process?
Not only is it a best practice to have an attorney prepare the lease and handle all evictions, in the State of Florida, a Broker/Property Manager is not allowed, by law, to draft a lease, therefore, there will be an administrative charge to the Owner/Landlord of $30 for attorney's fees for preparation of the lease. The law firm preparing the lease deals primarily in Landlord/Tenant Law and will be WILKINS LAW FIRM. The charges to cover these attorney's fee(s) will be collected from the first monies received.
The attorney will be available to you and us at no charge for phone consultations in the event of disputes with the Tenant(s) or related issues and will provide a reduced price eviction if the attorney files evictions in the county where the property is located. Because they deal with Landlord/Tenant Law everyday, we follow their recommended practices and procedures for collections.
Lease preparation includes fully completed lease with optional clauses, additional agreement section, addendums such as mold addendum and pet addendum. Any errors are covered by the law firm and if the lease is not consummated or the deal falls through, then the charge is waived.
In addition to residential leases and eviction filing, they handle security deposit disputes, discrimination defense and general property management related litigation. They are available to us by phone, fax and email.
When are equity distributions made?
Equity distributions are made on the 15th of each month direct to your bank account. Net proceeds, less reserve, are directly deposited into our client's accounts through the Federal Reserve's electronic ACH transfer system. Monthly statements are available in the Owner Portal as well. Should there have been any maintenance items, or other expenses, the original invoices are also in the Owner Portal.
How is maintenance handled?
Sand Dollar Property Management endeavors to ensure a minimal amount of inconvenience to all of our residents by providing 24 hour emergency contact center as well as a quick response to routine repair and maintenance requests. Maintenance requests are submitted through the Tenant Portal. Maintenance requests are handled by our licensed contractors with skilled, licensed, and insured subcontractors. We strive to exceed the minimum standards and have found that by providing a quality home we can attract a higher quality resident and command higher lease rates.
What insurance is required?
We require a valid certificate of insurance, listing Sand Dollar Property Management LLC as an additional insured party to be on file at all times - there is usually no additional cost associated with this.
What is done when a resident gives notice that they will be moving out?
- We visit the property to update any marketing materials and do an assessment as to the anticipated turnover time.
- We send a letter to the resident notifying them of their duties upon vacating - this information is also in their Tenant Portal.
- We modify the reserve in the client's account, if necessary, to ensure that funds are available to
perform all turnover items necessary to get the property ready for the next resident.
- Once the property be ready to market, we implement our marketing plan.
- If applicable, the appropriate arrangements are made for the transfer of utilities.
What is done after a resident moves out?
- We have the locks changed immediately after a resident moves out for safety and security reasons
- We perform a move-out inspection of the property. During the inspection, we identify items that
should be charged to the former resident. We also will make recommendations to preserve the value of
the property and decrease the vacancy time. We document the condition of all our properties with digital pictures.
- We supply a summary of the inspection to you as quickly as possible online.
- Once the property is ready for marketing, we allow prospective residents to view your property.
How does Sand Dollar Property Management screen prospective residents?
- We perform a credit check, criminal background check, employment verification, and
rental/mortgage payment history on every adult prospective resident.
- We evaluate the lease rate/income ratio.
- Upon approval, the prospect is given 72 hours to sign the lease and pay the security deposit.
What does Sand Dollar Property Management do before a new resident moves in?
A move-in inspection is performed in which we document, both in pictures
and writing, the condition of the property.
As required by law, all smoke and carbon monoxide detectors must be tested
and the batteries replaced regardless of how new they are...we order this
right away and charge it against the $400 in escrow. The tenants are responsible
for these after move-in.
Furnace filters will be changed, as needed. The cost is generally $12.50 -$18.00
per filter, unless there are uniquely sized or have other special needs. Not only
does this help protect your investment, but sets the benchmark for new residents.
Per the terms of our lease agreement, residents are required to replace them
throughout and at the end of their tenancy.
The property will be re-keyed to ensure the safety and security of both the
property and new resident.
Do clients have to accept pets?
Pets are accepted on a case by case basis, as determined by our clients. There is a one time non-refundable pet fee and a pet deposit for each pet paid by the resident, which may vary depending on the number and size of pets. Pets that are classified as a vicious breed are not accepted at any time. For more complete information about accepting pets please contact us or consult your Owner Manual in the Owner Portal.
How do you communicate with your clients?
We believe in prompt and thorough communication with our clients. We have provided 24/7 access to all information and communication through the Owner Portal. Every staff member has their own telephone extension, voice mail and e-mail. We send out monthly statements and quarterly newsletters in an effort to keep our clients informed.
Below are some of the instances that we will initiate additional communication:
- Collections and Evictions
- Un-Acceptable applications
- Notice to vacate from tenant
- What to expect when tenant moves out
- Lease renewals
- Extraordinary maintenance items
How much can my investment property rent for?
Your lease rate is going to be determined by several factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. The markets that dictate lease rates vary vastly from the markets that influence the value of properties. Please contact our office and we can discuss this with you as it relates to your specific property.
Can Sand Dollar Property Management help me buy or sell investment property?
Through our affiliation with Sand Dollar Realty Group LLC and reputable, experienced and established local REALTORS we can assist you in the acquisition and disposition of investment property. Should you have an established relationship with another REALTOR, we can assist you by working with them to make the process smooth.
How are Security Deposits handled?
Sand Dollar Property Management does require security deposits from all residents, usually the amount is equal to one month's rent. As required by FL Law, the FLORIDA SECURITY DEPOSIT (Florida Statute 83, Sec 83.49), these funds are held in a separate escrow account at an insured bank within Florida. Security deposits cannot be disbursed until the resident vacates, after providing proper notice.
Can I enter my property after it is rented?
All leases in Florida are governed by the FL Landlord/Tenant Law and provide for the covenant of quiet enjoyment. As a result, we do not enter the property and recommend the owner not enter the property, except in emergency situations or when repairs have been requested by the resident. History has shown that repeated disturbances prompt residents to become unhappy and not be as willing to renew their leases. We do however do bi-annual interior inspections, along with exterior inspections with pictures between the iunterior inspections.
How much notice does a resident have to give before they can properly vacate a property?
Our lease provides that the resident give a minimum 30 day written notice that the lease will be terminated, with termination not permitted on any day other than the end of the month.
What does Sand Dollar Property Management need to start managing my property?
To begin management of your property we will need the following:
- Executed property management agreement
- Keys to the property, including mail box keys, if applicable
- Garage door openers, if applicable
- Certificate of insurance, with Sand Dollar Property Management LLC as an additional insured
- IRS W-9
- Unit Information Sheet
- Lead Based Paint Disclosure Addenda, if the property was built prior to 1978
- If it is a lease assumption, then we need the following in addtion:
- copy of the lease
- copy of the tenant screening
- record of tenant payments (rent roll)
- maintenance record
You begin the process with an application and property evaluation. Then you and your prospective property manager will determine if working together is a good fit for both.
How do I pay management fees?
Management fees are deducted from your monthly equity distributions or paid through your Owner Portal.
Can I view my account online?
Yes, our clients have full access to their accounts. You will see the same data that we have in the office and be able to prepare your own customized reports, 24 hours a day, 365 days a year.