Owner Investor Frequently Asked Questions:
Why is SunCoast Property Management the right management company for my properties?
- SunCoast Property Management is a reliable, full-service Property Management Company. We are staffed to effectively and efficiently manage your properties. SunCoast can on-board vacant or occupied properties, whether they are currently rent ready or in need of repairs. We can manage properties that require renovations scaling from minor to major. SunCoast Property Management is not a licensed contractor. However, we do manage projects by overseeing the turn or renovation process with one of our SunCoast approved, qualified, and licensed contractors/ vendors.
Click HERE to meet our amazing office team!
VACANT PROPERTIES NEEDING REPAIRS (TURNS):
- What is the charge to manage repairs to my property in order for it to be made rent ready?
- SunCoast Property Management does not profit from any turn that we oversee. Owners are charged for SunCoast labor plus the cost of the actual repairs/renovations.
- I live out of state. Will SunCoast inspect the property and communicate repairs needed?
- Once you are on-boarded with SunCoast Property Management and you officially own the property, SunCoast can utilize our Turn Team to inspect the property and report back to you with a detailed scope and pictures. Your scope will line item the list of repairs we feel need to be made in order for the property to be made rent ready. Your scope will also include the cost of repairs, plus labor.
- What type of communication should I expect while repairs are being made?
- Once you have approved the turn and the turn funds have been received, your turn will begin shortly thereafter. Unless there is an issue that comes up during the turn process that wasn't previously addressed on the initial scope, you won't hear from the Turn Department until your turn is completed. Then, you'll be provided post-turn pictures.
- Will you start marketing my vacant property for rent if it requires repairs?
- No AND Yes. We will start marketing your property for rent as soon as the turn has been approved and funds have been received. It is important that we communicate properly with our prospective tenants. If we don't have an approved turn and/or funds for the turn, then we aren't able to give the tenant an accurate expected move in date.
- How long before I can expect to start earning income on my property?
- This is a loaded question. There are several variables at play:
- Does your property need repairs? If so, how extensive?
- Is your property currently occupied? If so, are the residents current on their rent?
- If vacant, how long has your property been vacant? Two of the most common issues that come up once a property has been occupied after a long vacancy are plumbing and electrical. Have you had a plumbing and electrical inspection? If you haven't, we highly recommend it. Not addressing these possible issues prior to occupancy can ultimately cost owners more in maintenance expenses after occupancy than had they faced the issues earlier. Thus diminishing your monthly rental profit.
- Owners need to allow time the SunCoast Leasing Team to find a qualified tenant. SunCoast Property Management has a dedicated Leasing Team that only leases our managed properties. Provided the home is in good condition and taking into consideration the location... it generally does not take very long to lease up a property, though we cannot guarantee the amount of time it will take to lease any property.
- This is a loaded question. There are several variables at play:
- What do I need to do once I close on the property?
- You should be under a management agreement with SunCoast Property Management prior to closing so that the management team can get started immediately. If you are purchasing an occupied property, you'll need to send us the current lease in place, regardless if it is expired or not and the current rent roll. The security deposit should be sent to our office as well. All of these details should be worked out prior to closing in order to help alleviate any delays. Schedule an On-Boarding Call and we will walk you through all of the details of our property management and our on-boarding process.
- Can I choose to not allow pets, smokers, and large families?
- SunCoast Property Management 100% complies with the Fair Housing Act. For you, this means that you cannot choose to not allow someone that is a member of a protected class under this particular act. You can, however, choose to not allow pets and smokers in your home, but you cannot deny a service animal. Suncoast Property Management strongly encourages you to allow pets as we have found that most families have a one or two. We charge a $350 non-refundable pet deposit to each family with up to two approved pets. We do not allow a pet that is on the Florida aggressive breed list. Click here for more details.
- What if I want to cancel management with you?
- SunCoast does have a cancellation policy. Details can be reviewed when you schedule a call to discuss our services.
- How often should I expect communication from SunCoast?
- Communication with our owners is one of our top priorities. Some of what you will receive is weekly reporting on the status of your current tenant, access to your owners portal where you'll see open/closed work orders, all pertinent documents to your portfolio, real time accounting, and the ability to edit banking information as well as personal information. Please visit our Owner/Investor Property Management page.
- How do you account for my monthly income and expenses?
- You will receive a Monthly Owners Draw Statement. We post your monthly statements to your owners portal as soon as your payment has processed.
- How does your staff best communicate with owners?
- Our staff best communicates by email. But of course, we are always happy to schedule a call with you.
- Do I get a say in who you rent my property to?
- As your property management company, it is important to let us do what you hire us to do ... find qualified tenants, manage the tenant and aim to protect the integrity of your investment. Though we are open to discussing future tenants with you, it is best to follow the rental requirements in place. For information on our tenant screening criteria - Click Here.
- What is your protocol for evicting tenants?
- Once it is time to perform the unfortunate task of evicting tenants, it generally takes about a month, once the eviction has been filed and depending upon how long the court takes. To discuss further details on when we file and the cost, please schedule a call with us to discuss in detail.
- When do you send rental proceeds to owners?
- Rental proceeds are sent to owners the first week of the month for the previous months collected rent. Schedule a call for more information on SunCoast's accounting practices.
- What are your management fees, including the leasing fee and lease renewal fee?
- This conversation is best had with a team member. Schedule an On-Boarding call and we will review the most frequent monthly expenses you should expect.
- What if I don't know the market very well? Is there anyone who can help me make a sound decision about my interest in a particular area and investment property?
- Yes we have a strong understanding of the market and can assist you with rental market values for any upcoming purchases. Schedule an On-Boarding call.
When it comes to purchasing and then managing investment properties, you'll find that SunCoast Property Management is a well qualified property management company with a successful track record.
SunCoast Property Management was created by investors ... for investors.