Owner FAQ

This is a list of our most frequently asked questions by prospective Owner clients.

 

If I have my property managed by River Oak Realty, 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 repair professionals 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?

No. We are specialists in the management of residential and commercial properties. Our portfolio contains single family, duplex, tri and 4-plex and small multifamily properties not requiring a resident manager. We also offer management services for commercial office properties.

Do you charge the tenant a security deposit? What about a pet fee?

Yes. Our policy is that the security deposit is the equivalent of one full month’s rent. Pets are not allowed without your permission. When pets are allowed an additional non-refundable pet fee of $200 for each dog or cat is charged. Our policy is that pets must be 20 pounds or less unless you authorize an exception.  Certain breeds of dogs are prohibited.

What happens to the tenant’s security deposit? Do you send it to me?

No. On properties that we actively manage, we hold the security deposit in our property management escrow account.  At move out, we complete a thorough inspection, document the condition of the property and prepare a security deposit claim if necessary. Any damage expenses beyond normal wear are deducted from the security deposit along with any other money owed by the tenant. The balance is returned to the tenant within 30 days of lease termination.

The new legislation is confusing. Do you keep up with all the changing rules and regulations?

Yes. River Oak Realty and our agents are members of the National Association of REALTORS®, the Florida REALTORS® Association, and the Northeast Florida Association of REALTORS®. These organizations are constantly monitoring industry changes and legislation and provide us with continuing education.

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. Speak to one or our property managers for details on fees.

Do you qualify all applicants that want to rent my property?

Yes. Our Rental 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 two (2) times the rent rate in verifiable gross household income, and possess an acceptable credit history.

Do you advertise vacancies?

Yes. We start marketing the vacancy as soon as we receive notice from the tenant of their intention to move. We will place a sign on the property. We then advertise the property on various internet sites. We also receive referrals from current and former tenants and owners and from other agents with whom we network.

Do you handle problems late at night?

Yes. Tenants are given their property manager’s number when they move in. 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 from available funds in your account. 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 send my monthly statement and rental funds as soon as the tenant pays the rent?

No. Even though rents are due on the 1st, tenants have a grace period until close of business on the 3rd day of the month and sometimes tenants pay late. To allow all tenants’ rent payments to be clear and any outstanding invoices to be paid, owners’ monthly statements are distributed out on or around 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. We believe in keeping our fee structure simple and do not “nickel and dime” our owners like other companies.  All do not charge any advertising or eviction costs to our owners. We feel we offer a very comprehensive service package and our rates are very competitive. Speak to one of our property managers for more details.

Does your management agreement give you exclusive right to sell my property?

No. We can sell your property if you would like us to, but it is not a requirement of our management contract.

Are you licensed?

Yes. We are licensed by the Florida Real Estate Commission (License # CQ247660).

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.