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MANAGEMENT SERVICES
As your Property Management Company, we will perform many important functions, all designed to maintain your property in Florida to the highest standards while ensuring your peace of mind. We can structure a management agreement to meet your needs, whether your home will be for personal use, short or long term rental. Click on option(s) below for more information:
- • Accounting Statements
- • Bill Payer Service
- • Insurance
- • Licensing
- • Services
- • Taxes
Accounting Statements
Each property owner will receive an accounting of all revenues received and all expenditures relating to their rental property on a monthly basis in accordance with the Property Management Agreement. Service charges, utilities, management fees and any miscellaneous charges will be debited from your account as per prior arrangement at this time. If for any reason there were moneys due to us, these would be due at this time. The monthly statements obviously become an important record for your year-end tax purposes; however, we will supply a year-end accounting statement recapping all activity for the current year.
Each month an accounting statement will be sent to you showing deposits and withdrawals, i.e. income and expense. This is used at year-end to provide you and your accountant with an accurate record of your operating expense. A client escrow is set-up and by Florida Law, has to be maintained in a credit balance. We cannot use the funds in this account for anything other than your expenses. [ Top ]
Bill-Payer Service
The home owner will in most cases open an account at a local U.S. bank for such purposes as direct payment of their mortgage and transfer of funds between the Property Management Company and the home owner. [ Top ]
Insurance
All owners of rental properties must have a current homeowner's insurance policy in effect, a copy of which must be kept on file in our offices. It is recommended that one million dollars of liability coverage be purchased along with the standard homeowner's policy. The costs depend on the size of the home, location and type of construction. [ Top ]
Licensing
Properties in a short-term rental program must be properly licensed with the Department of Regulation, Division of Hotels and Restaurants, a Florida State Agency. The annual fee is $140 - $150 for single-family residences. In addition, the State of Florida will inspect each rental home before issuing the license.
The inspection will require that each home must be fitted with -
- A “2A40BC” fire extinguisher.
- Additional smoke alarm for the hearing impaired.
- All exterior doors, including the glass sliding doors, will need a double locking system.
- A rate card must be on file and maintained in the management company office
- Smoke alarms in all sleeping areas, i.e. bedrooms and living areas, and they must be inter connected. [ Top ]
Services
We provide a complete line of services to maintain and enhance your property's rental value. Fully licensed professionals carry out all services. Following is a list of the property maintenance services we provide and an explanation of each.
- Lawn Service - Complete maintenance of the entire lawn area including grass mowing, trimming, watering and fertilization. Your lawn will be monitored so that if any problems, such as excessive weeds, cinch bugs, etc. become evident, treatment can be initiated immediately thus avoiding more costly damage later. Lawn service is performed weekly during the growing season and less frequently during the dormant season, but no less than twice per month. This service is billed in 12 equal monthly payments.
- Pool Service - Complete cleaning of the pool, pool traps, pump traps and pump filters. In addition, the water is chlorinated and pH balanced. All chemicals are included. Service performed, 52 weeks a year and is billed on a monthly basis.
- Pest Control - The chemical treatment of the interior and exterior of the home for the elimination of all types of insects. This is a normal and recommended service for all Florida homes. Homes are treated every month. The service is billed based on 12 equal monthly payments.
- Home Cleaning Service - The complete cleaning of home linens, towels, bedcovers and dishes following the checkout of guests. An inventory is performed at this time checking for damages, if necessary, the guests damage deposit is charged. This procedure is essential for preserving the home and furnishings for you the homeowner. Home cleaning service is available on a more frequent basis if the renter desires it and would be billed directly unless prior arrangements have been made. Home cleaning service is billed on your monthly statement when utilized.
- Maintenance - Scuff marks on the wall, small spots on the carpet, minor damage to dishes, etc. are considered 'normal wear and tear'. Most often, these types of things can be corrected and there is no charge to the renter or the homeowner. However, occasionally there is a need for major maintenance. [ Top ]
Bill-Payer Service
The home owner will in most cases open an account at a local U.S. bank for such purposes as direct payment of their mortgage and transfer of funds between the Property Management Company and the home owner. [ Top ]
Taxes
In addition to the property taxes, every homeowner have to pay a tax based on the gross rents received must be collected for any rentals of 180 days or less. This tax is made up of:
1. A 4-5% Tourist Development or Resort Tax
2. A 6-7% State of Florida Sales Tax Total: 10-12%of gross rentals
Normally these taxes are charged on top of the rents and paid by the tenants - much the same as would take place with a hotel or motel. We collect these taxes and submit them to the appropriate agencies on a monthly basis in compliance with the law. We also will, ensure that you are properly registered.
We collect and pay all Sales Resort Tax on the rental income it generates for your property. It is the responsibility of the owner to declare the rental income achieved on Owner Bookings and to pay the relevant tourist tax. However, on your instructions, we will be happy to pay any amount due to the relevant county tax office. [ Top ]
Living Costs
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Home Size with Private Pool
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2 Bed Condo
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3 Bed Condo
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3 Bed T-Home
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3 Bed + Pool
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4 Bed + Pool
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5 Bed + Pool
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6 Bed + Pool
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Fixed Monthly Expenses
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Admin. Fees
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$100
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$100
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$100
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$100
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$100
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$100
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$100
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Pool Maint.
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0
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0
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$90
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$90
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$90
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$90
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$90
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Lawn Maint.
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0
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0
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0
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$70
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$70
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$70
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$70
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Pest Control
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$28
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$28
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$28
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$28
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$26
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$26
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$26
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Cable TV
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$30
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$30
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$30
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$30
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$30
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$30
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$30
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Telephone
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$25
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$25
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$25
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$25
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$25
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$25
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$25
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Consumables
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$28
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$28
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$28
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$28
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$28
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$28
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$28
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Variable Monthly Expenses
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Utilities
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$150
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$170
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$170
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$170
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$190
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$210
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$230
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Housekeeping Services (2x a month)
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$130
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$140
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$140
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$140
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$150
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$160
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$170
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Monthly Running Costs
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$491
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$521
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$611
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$681
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$711
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$741
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$769
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Annual Running Costs
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$5,892
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$6,252
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$7,332
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$8,172
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$8,532
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$8,892
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$9,228
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Target Weekly Income (400 - 1,200)
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$450
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$500
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$550
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$600
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$700
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$800
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$900
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Average Annual Income (Based on 40 wks. rented)
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$18,000
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$20,000
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$22,000
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$24,000
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$28,000
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$32,000
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$36,000
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Approximate *Net Annual Income (Excluding Mortgage)
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$12,108
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$13,748
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$14,668
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$15,828
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$19,468
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$23,108
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$26,772
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* Net payments to the owner, (i.e., after sales tax and a Rental
Commission of only 10%) offered by the rental agreement.
If the owner does not have a mortgage, real estate taxes
will need to be paid out of the above net income figures at an estimated 1.5%
to 1.9% of the selling price.
Rental incomes are generated from a variety of sources.
These various sources all have different buying power and agreements, which
means that the revenue paid to the owner varies from rental to rental, depending
on the source of the reservation.
This advertisement does not offer the sale of any securities
and serves as a guide. Buyers should thoroughly familiarize themselves with any
property contemplated for purchase.
Figures provided by our Property Management Division.
Email: info@villaconnect.com Tel.: +44(0)2074 745 745 Mob.: +44(0)7961 369 829
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If you are interested in purchasing a property please request a FREE Brochure from us.
If you wish to discuss your requirements further then please contact us from this website or contact us directly.
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