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Q & A


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WHAT MAKES ESTATE BROKERS DIFFERENT?

What makes us different is that we go the extra mile to protect you. We handle case preparations (if legal proceedings are required by an attorney) and we protect you through maintenance regulations. These are some additional steps we take to efficiently manage your investment property:

  • We require tenants to obtain insurance prior to moving in (this provides you with $100,000 worth of asset protection)
  • We work only with qualified building inspectors when performing inspections for your property
  • We exclusively work with licensed and reputable vendors
  • We have board-certified attorneys prepare your leases and lease updates are designed specifically for your property with current laws in mind
  • Lastly, we report your tenants’ payments directly to Experian Credit Bureau on a monthly basis (this means your tenants are accountable to pay their rent on time)

Simply put, we do what it takes to take care of your property and secure your cash flow.

MOST NOTABLE ACCOMPLISHMENTS:

  • Resolved complex condo association foreclosure action against client in 2009
  • 19% occupancy increase for Blossom Terrace Apartments in 90 days
  • 51% ROI (Return on Investment) on low-income turnaround apartment complex project by establishing new policies, management and maintenance staff
  • 25% increase in occupancy of Rio Grande Plaza (commercial plaza)
  • 43% ROI (Return on Investment) on developer turnaround project within 90 days (on 5 acre Winter Park land)

HOW LONG WILL IT TAKE TO LEASE MY PROPERTY?

The amount of time it takes to lease your property may vary. It all depends on the time of year, local marketing conditions, availability, and property condition. If the property is priced right and left in good condition, we usually find tenants within 2 – 12 weeks. Once the current leaseholders give us a 60-day notice of moving out, we begin showing your rental property. Our property managers answer hundreds of prospective tenants’ calls and emails each week as we schedule property showings, post advertisements and review applications. The longer your property is on the market, the more it costs us. We have an invested interest in leasing your home fast.

“Eric has been managing two of our properties in Orlando for almost a year. He was able to find tenants quickly (within 4 weeks) and maintained a good relationship with us. The monthly electronic statements are very helpful for us to keep track of everything related to our rentals. Thank you, Estate Brokers!”

– Jing Jing Costello

ARE YOU LICENSED?

Yes. All of our property managers are licensed to perform real estate services in Florida. We specialize and focus on property management, not sales.

HOW DO YOU QUALIFY A TENANT FOR MY RENTAL HOME?

Our comprehensive background check includes:

  • A criminal background check on all adult applicants
  • A credit report check on each adult applicant
  • An eviction search for the county/state where the applicant previously resided
  • Previous address verification and rent payment history search
  • Verification of the applicant’s employment and income
  • Public records check

WHEN WILL I RECEIVE THE PAYMENTS?

As the owner, you will receive your rent payment by the 26th of each month. Here’s a complete breakdown of the corporate managerial accounting process:

  1. On the first week of the month, we collect rent from the residents.
  2. On the second week, we resolve any bounced checks or late payments.
  3. On the third week, expert accountants review the statements for accuracy.
  4. By the 26th of the month, you receive your payment (before mortgage interests are due).

With this payment strategy, our clients have fewer disruptions in their cash flow and enjoy the peace of mind of knowing that our dedicated team of professionals is taking care of all the details for you, our client.

“Eric from Estate Brokers is a top notch professional and knows the business of property management. We are a military family and move around the country, we have the upmost confidence in Estate Brokers to handle all our property management needs.”

– Trish Mulligan

DO YOU CONDUCT INSPECTIONS?

Yes. This is one way we monitor the condition of the property. We do the following inspections:

  • Move-in/move-out inspections
  • Monthly drive-by inspections
  • Annual inspections
  • Mid-lease inspections
  • AC inspections
  • As-needed inspections
  • Some properties need more inspections than others. For this reason, we work with reputable third-party experts to conduct in-depth inspections. All third-party inspectors benefit our clients, especially when it comes to preparing for any legal proceedings.

    “Estate Brokers LLC is a professional property management company that makes sure all the houses are cleaned before they are rented out again.”

    – Tim Bryant

    WILL YOU HELP SELL THE PROPERTY?

    No, we specialize in property management (not real estate sales). We believe sales and management are on different sides of the spectrum. If you’re looking to sell your home, we can refer you to an experienced real estate agent to assist you. We’re happy to work with those agents so that you have a winning team on your side.

    DO YOU GET MY PROPERTY IN ‘RENT READY’ CONDITION?

    Yes, we manage the process of getting your home ready for renters from start to finish. We have vendors who specialize in everything from general cleaning to repainting, and we oversee every step of the operations to ensure high quality and short turnaround time. Once the work is completed we authorize payment from the owner’s account.

    “I have had a very good experience with Estate Brokers so far. I am fairly new to the game of renting out houses for income, so they have helped me get the house ready, priced the house right to satisfy my goals financially, and to get it rented as quickly as possible. I was very happy that the house didn’t sit on the market at all.”

    – Aaron Fletcher

    HOW DO YOU HANDLE COLLECTIONS?

    We collect payment in several ways:

    1. Tenants pay through our secure online bill pay portal
    2. Tenants pay via check (by mail)
    3. Tenants pay by debit/credit card
    4. Automatic payments
    5. By cash at any 7-Eleven or Ace Check Cashing stores
    6. Tenants can also deliver their rent payments directly at our Downtown Orlando office

    Rent is due by the 1st of each month and is considered late by the 5th. Residents who have not paid by the 5th of each month receive an automatic late notice, a firm reminder and then a late fee. We attempt to reach residents by all available means in order to help them avoid getting legal charges and additional moving costs.

    Any resident who has not submitted their rent by the 5th (or next business day if the 5th is on a weekend) will be served a 3-day notice, which is the beginning of an eviction. At this point, there is no additional cost to you. While an eviction is rare, we understand that financial hardships do arise. However, they require prompt attention.

    We post a ‘Pay Rent Notice’ at the property and then forward all paperwork to our legal staff. Then we send copies of the lease and notices given to the resident to a law firm on the second week of the month (or sooner) so that the eviction can proceed immediately.

    “I have worked with Estate Brokers for 2 years now and overall it has been a very positive experience. As a property manager Eric has done a superb job of finding the best and most qualified tenants to rent my property. So far the tenants have taken excellent care of my property and paid the rent on time each month. I would highly recommend Estate Brokers to anyone who wants to lease a property in Orlando.”

    – Devin Barnett

    DO YOU GUARANTEE TENANT PLACEMENT?

    No. We cannot provide a guarantee as to whether or not a tenant will default. However, there is no additional cost of our services to initiate an eviction. The eviction is paid out of the tenant’s security deposit.

    IS YOUR COMPANY THE MOST AFFORDABLE?

    For one thing, our fees are very competitive. When considering all the fees for the actual benefits offered, we are actually less expensive than most companies around.

    We don’t charge you common fees such as setup fees, check processing fees, administrative fees, eviction warranty gimmicks, vacancy warranty gimmicks, repair up charges, processing fees, eviction fees, et cetera. We like to keep the process simple and transparent, so there are no hidden charges. We only have two fees and this is what they cover:

    1. Leasing Fee: This includes advertising, scheduling showings, screening applicants, showing the property, reviewing applications, processing paperwork, collecting deposit, preparing the lease, and preparing the property for move-in.
    2. Property Management: This includes servicing the property, taking maintenance calls 24/7, answering questions, tenant orientation, periodical inspections, scheduling vendors, lease management, property review, notices, collection, owner statements, accounting, Escrow oversight, consulting owners, obtaining bids as needed, and more.

    WHO HANDLES PROBLEMS AFTER HOURS OR ON WEEKENDS?

    We do. Our property managers are available on-call for our tenants 24/7 through our answering service, our direct phone numbers or via the Tenant’s Web Portal.

    HOW DO YOU HANDLE MAINTENANCE REQUESTS?

    We have a simple yet effective method in place for handling maintenance requests: our maintenance program tracks the status and communication between all parties.

    • All tenants attend an orientation session before moving in
    • We make sure that all the appliances are tested and everything in the property functions
    • As outlined in the lease, tenants are responsible for damages which they cause

    ESTATE BROKERS aims to place tenants in properties that are well-maintained and in pristine condition. We may also make recommendations regarding maintenance and improvements. We work to maintain your property at a high standard to preserve your investment.

    DO UTILITIES NEED TO BE ON WHEN THERE IS NO TENANT?

    We highly recommend that you keep utilities on even when the property is vacant. These are a few reasons why:

    • The property is more pleasant when proper air and light are circulating
    • If there is no air circulation, your property can start forming mold in hot conditions
    • We will be able to get the property in good condition more quickly before the next tenant moves in

    Depending on the location of your property, some utility companies will automatically turn utilities on in the owner’s name once the property becomes vacant. Please check with the property’s utility company as requirements differ from each town or county.

    HOW AND WHERE DO YOU ADVERTISE TO POTENTIAL TENANTS?

    We advertise on over 30 well-trafficked websites, proactively place the advertisement on nearby main streets, and we coordinate with other real estate companies to bring maximum exposure to your property and find you the right tenants.

    We also post your listing on our website. The Estate Brokers mobile website is simple and easy to access. Tenants also use our website to submit their leasing application. We use the stacking method when marketing the properties and have a dedicated leasing staff that focuses solely on leasing.

    WHAT ARE RESERVES?

    Reserves refer to a cost account specifically for covering unexpected home repairs and costs. A small amount of each month’s payment is deposited into the reserve account and builds over time. The funds in this account remain yours, and can be withdrawn at any time. In the event that a home repair were to become necessary, the cost to cover such a repair is paid for from the reserve account, and not out your payment for that month. This ensures that your monthly earnings are consistent, with no surprise fluctuations.

    Estate Brokers does not benefit from a client having reserves. It is simply a financial cushion for you, ensuring that any future repairs are covered.

    HOW DO OWNERS GET PROPERTY UPDATES?

    Clear communication is extremely important between you and your manager, this is why we communicate with you, the client, through detailed monthly statements.

    Any owner who requires additional updates such as phone calls, meetings and emails may be billed $75.00 per half hour as needed.

    Changes such as agreement alterations, additions and/or new directions by the client may be subject to additional charges and/or termination.

    AM I (THE HOMEOWNER) ALLOWED TO CONTACT ANY OF THE TENANTS?

    To keep processes and milestones running smoothly, we strongly advise that you do not make contact with tenants. Contacting the tenants undermines our management role to protect our clients and often changes a tenant’s attitude. Here are some of the issues that may arise from initiating contact with tenants:

    1. “It’s not business anymore, it’s personal” – the tenant’s attitude changes
    2. The tenant is reminded that it is not their home, and thus they are not responsible as outlined in our processes and agreements
    3. The tenant assumes their conversations with you override their contract terms (this causes legal challenges)
    4. The tenant will harass the owner with personal drama, or become more demanding of the manager.
    5. According to Attorney Harry Weist, “by contacting the tenant, you may need to appear in court upon legal proceedings.”
    6. The tenant, now having your contact information will contact you in regards to maintenance issues.
    7. The tenant may no longer feel inclined to respect their written legal contract once they’ve formed a personal relationship with you. To them, your conversations are Verbal Contracts.

    To avoid these mistakes and to help us protect you, we strongly advise you to not contact the tenants. We are a full-service management company with contracts, practices, communications and milestones in place to keep the process hands-free and easy for you.

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