Sand Dollar Property Management

Sand Dollar Property Management (SDPM)

What is the SDPM philosophy?

Our goal is to maximize the return on investment for our clients AND provide quality housing for our residents. 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 SDPM?

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 providers 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 SDPM makes owning rental property easy and how it has a unique edge with first rate performance.

What is SDPM'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 SDPM 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 SDPM 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.

How does SDPM market vacant properties?

View our marketing program

IS THERE ANY INITIAL COST TO THE MANAGEMENT OF MY PROPERTY?

Yes. Upon signing a management agreement with SDPM, owners will make an initial payment of $535 that will be applied as follows:

$35 to have your tenant lease drawn up by LAW OFFICES OF HEIST, WEISSE & WOLK, P.A., who also handle evictions as necessary.
$100 for a comprehensive, 132 point "Property Condition and Rental Ready Review" of your property (you will be provided with a copy of the report) including a set of photos of your property to support the Property Condition Review and for use in internet advertising. NO CHARGE if you just purchased the house and had a home inspection done.
$400 to fund your Owner reserve.

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 CHARGE EXTRA FOR OVERSEEING 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.

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.

Does SDPM require an expense reserve?

SDPM 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 $35 for attorney's fees for preparation of the lease. The law firm preparing the lease deals primarily in Landlord/Tenant Law and will be LAW OFFICES OF HEIST, WEISSE & WOLK, P.A. 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 or before the 20th of each month. 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?

SDPM endeavors to ensure a minimal amount of inconvenience to all of our residents by providing 24 hour emergency services as well as a quick response to routine repair and maintenance requests. Maintenance requests are submitted through the Tenant Portal or in writing. 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 SDPM 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.
Should 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.
Once the property is ready for marketing, we allow prospective residents to view your property.

How does SDPM 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 SDPM 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. New batteries will incur a cost of $12.50 each and new smoke detectors will incur a cost of $50. New carbon monoxide detectors cost $60. This is inclusive of parts and labor. 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 SDPM 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?

SDPM 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.

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 60 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 SDPM 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 SDPM LLC as an additional insured
IRS W-9
Unit Information Sheet
Lead Based Paint Disclosure Addenda, if the property was built prior to 1978

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.