Dear FPM Properties Owner:
As we face a busy summer season of residents moving out and in, we want to remind you to be prepared for the hold back on funds.
Your management agreement indicates that we will hold from 50% up to 100% of the last month's rent in anticipation of, and for application to expenses involved with the property turn that are not chargeable to the security deposit. As you may recall, not all property turn "maintenance" items are chargeable to the resident's security deposit. Your property manager goes to great lengths to evaluate issues with a mind to contain cost while also protecting your asset and adhering to Florida Statutes. A very brief rundown of the process:
- Property manager assesses property condition post move out and determines chargeable repairs
- Property manager sends update to owner and internal team (your property manager will typically send you an update post move out to alert you to repairs and/or updates that need to be made prior to the next tenancy and the estimated cost).
- Maintenance coordinates the needed work and expedites completion based on new lease activity
- Maintenance reviews invoices and submits to accounting for payment (this is where the held funds from last month's rent come into play).
Additionally, we want to remind you of some of the items, if noted, we need to address to curtail liability: smoke and/or carbon monoxide detectors, stove brackets, rekeys of property, screens and window locks to name a few. For example, Section 83.51(1)(a)(b), F.S. of the Landlord/Tenant law states: "The landlord, at commencement of the tenancy, must ensure that screens are installed in a reasonable condition. Thereafter, the landlord must repair damage to screens once annually, when necessary, until termination of the rental agreement"
If you would like a comprehensive list of items, email us at: email@example.com
One last reminder, before storm season gets in full swing: if your rental property has fencing and you have a copy of the property survey, please send it to us (if you have not done so already). This will be extremely helpful in general but critical in the aftermath of a storm for correct quoting and resolution of downed fencing.
Finally, from all of us at FPM Properties, have a safe and happy 4th of July!
Disclosure: First Place Management Properties, LLC is "not" a real estate brokerage and does not lease or sell properties.
All sales and leasing activities are conducted through FPM Properties, dba. & First Place Management, Inc. both are licensed Florida Real Estate Brokerages.
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