Owner FAQ

We offer both annual and short term (monthly) property management services in the Charlotte and Sarasota County areas. 

We do not charge an initial one time advertising or start up fee. We get paid when you get paid and do not collect our placement fee or management fee until the first owner draw is issued (normally when tenant moves in).

Typically, once all paperwork is complete and everything requested has been provided, including access to the home, we can have the property on the market within 48 business hours.

Yes. We have both dedicated cell phones that our team members keep on them after hours as well as a 24/7 call center.

We can disburse funds via direct deposit to a provided account or by mail via check.

Owner draws are initiated on our end on the 10th of each month or following business day if the 10th falls on a weekend or US holiday. The draw is then processed by our bank (1-2 business days) and sent to yours. Depending on banking institutions, most deposits will hit accounts on the 12th-15th.

Yes. We upload our lease agreements to your portal.

No. In our property management package we obtain a limited power of attorney that allows our firm to sign the lease on your behalf, creating both a smoother and easier process. In addition, our team is well versed in Florida statute, preventing any risk of potential HUD violations. 

Tenants can pay via mail, online, in-person or through certain approved locations that take cash payments accepted through the PayNearMe option allowing a secure way to pay rent at convenient locations like 7-Eleven, CVS, Walmart and FamilyDollar. If rent is not paid by the 5th, we contact the Tenant directly to remind them of the due payment, then post a 3-day notice to cure. If rent is not paid after the expiration of the 3-day notice we will contact you to discuss options in more detail.

Unless disclosed and agreed upon on the frontend, we hold the Tenant(s) security deposit, prepaid funds and prorations. Florida statute has very specific laws as it pertains to holding deposits and the process for disbursing, therefore it is in the best interest of all parties for our firm to hold these funds.

We charge two times the monthly rent as a security deposit.

Although we can not 100% guarantee an eviction will not happen as life does happen, we have an extremely low eviction rate. People unexpectedly lose their job, a death or illness in the family can occur and people’s financial situation can change dramatically. However, in the event an eviction should need to take place, we assist with facilitating the process by working with your attorney. The eviction process in Florida usually takes three to four weeks if uncontested. 

All adults in the household over the age of 18 must individually complete our tenant application. If for any reason you are not approved for a rental property, the $75 application processing fee is non-refundable, so please ensure you are able to qualify before you apply by going through our pre-screening process by talking to a team member as well as being transparent with your answers. Some homeowner and condominium associations require a separate application fee and/or security deposit. If you select a rental and such is the case, all applicants may be additionally required to apply through the association, submit to an in-person association interview, and remit whatever fees or deposits the association may require. Generally the association application fees are $150 or less. Homeowner and condominium associations that also charge a security deposit are variable, please check with our team  for specific association security deposit requirements.

The application process normally takes 24 business hours to complete and review the results. However, additional time may be needed for income verification, pet verification, addressing questions arising from the results or if additional information is needed.

Tenants are contacted 60 days prior to Lease renewal to perform an inspection of the property and to discuss if the Tenant is interested in renewing the Lease. In the event that the Tenant is interested in renewing the Lease the results of the inspection, a discussion regarding market rental rate and confirmation of desire to renew takes place with you to determine if the Lease should be renewed or not. In the event that the Lease is renewed a new Lease is drafted with any adjustments made to the prior Lease and a $150 renewal fee is charged.

Prior to every renewal a complimentary market analysis is performed on the property to determine current market rental rate. In the event that an increase is warranted the rate is adjusted once agreed upon by all parties and discussed.

In the event that your tenant did NOT pay rent in full on time you will be notified by us once the 3-day notice has been posted and not cured. 

Fantastic! Palm Realty Property Management works closely with Realtors and in the event you wish to sell your home we will notify the Agent that referred you to us to contact you directly. In the event that you were not referred to us by a Realtor we will happily refer you to one of the extremely qualified Agents we work with. In the event you are already working with an Agent, we work collectively with that Agent and your Title Company to provide all of the information necessary to successfully close your property. It is advisable to contact us first before selling or listing your property to discuss how the Lease survives the sale, transfer of funds and additional details regarding both parties rights.

Please reference your exclusive rental management agreement.

Yes. We cannot manage your rental property without it and require a copy of your dec page showing evidence that your policy has the right protections in place. Contact your insurance provider to add a landlord insurance policy or we can direct you to an insurance agent. This policy must have a minimum of $100,000/$300,000 of public liability insurance. 

No. We outsource all work orders to local licensed and insured vendors.

You can perform your own property maintenance and repairs if the home is vacant. Once occupied, provided that you are licensed and insured in the trade in which you wish to perform repairs this is allowed, but not recommended. We highly suggest that our Landlords keep an arm’s length relationship from our Tenants to prevent complications and issues.

No. All of our repairs, maintenance and services are completed by licensed as well as insured local vendors. We do not markup the cost and invoices are at cost that can be viewed via your online owner portal.

Yes, you can determine if and under what conditions pets are allowed. We discuss this subject upfront and build into our rental management agreement how you would like to proceed with pets. This decision needs to also be in compliance with County ordinances, deed restrictions, HOA rules, HUD guidelines, the ADA and Florida statute. 

Invoices are attached to your portal and accessible in real time. We can also email or mail a copy upon request. The charges are included on your Owner Statement.

We are required to submit all of our 1099's to the IRS electronically and will email a copy direclty to you for your records. We can also mail a copy upon request. All 1099's need to be provided by March 31st the following tax year. Owner Statements can be reviewed in your portal at any time. We also include a copy along with your 1099. Upon request we are happy to email or mail you your owner statement at any time as well.

We will need an ITIN if you live outside of the US and do not have a social security number or EIN if an entity.