Owner Frequently Asked Questions

• Q: Are you licensed?

  A: Yes, we are fulling licensed and insured.

• Q: Can I reach you after hours?

  A: We are available 24/7 for emergencies.

• Q: Can you put the money directly into my account?

  A: Yes, we can send your monthly rent proceeds via ACH to your bank account.

• Q: Do I get to see the lease or sign it?

  A: We upload a copy of the signed lease to your portal but Royal Palm PM signs the lease on your behalf since we’re the agents for your investment.

• Q: Do you sell real estate too?

  A: We are a full service real estate company helping investors from all over the world. Property management is a service that we offer and have a team dedicated to just that. We also have agents that specialized in sales and listings as well.

• Q: How soon can you start managing my property?

  A: Today! The onboarding process is very easy and we can handle most everything the same day.

• Q: Can I say who I want as tenants for my property?

  A: You can specify whether or not you want tenants with pets (in most situations) or even tenants who don't smoke although all our properties are marketed as smoke-free. However, the more restrictive you are, the longer it could take to rent your property.
  
  You cannot discriminate against any protected class under the federal fair housing or local fair housing laws, such as saying you don't want children. Because of this, it is best that you leave the selection process to us. We are professionals in leasing. We have specific criteria that every applicant has to pass in order to rent your property.

• Q: What do I need to do to my property before I rent it?

  A:The better condition your property is in, the better quality tenant we will attract for you. This means that the property should be clean, carpeting should be shampooed, walls should be painted (a neutral color is best) if they are dirty or marred, and things should be in good repair. It is best to have window coverings on the windows, such as blinds. Tenants are no different than you and I when we were looking to buy our houses - if it was clean and everything was working, it appealed to us more.
  
  Upon taking over management, we will go through your property and make note of the condition and what we would suggest being done. You would then instruct us what you want to be done.

• Q: How are security deposits handled?

  A: We handle the security deposit for your tenant. According to state law, there are special requirements for the handling of deposits. We keep the deposits in a separate, non-interest bearing account. We conduct a move-in condition report of your property prior to the tenant moving in; we do it again when they move out, so we have a before and after picture and can lawfully deduct any damage over and above normal wear and tear on the property.

• Q: How is maintenance handled?

  A: The tenants do have responsibility for some of the maintenance on your property. They have to replace burnt out light bulbs, change furnace filters, change batteries in the smoke detectors, and provide for exterminating if they are in a single family home or in a double bungalow where their unit is the only one affected. Tenants are usually responsible for the lawn care and snow removal unless they are in a multi-unit property.
  
  When repairs need to be done outside the scope of the tenant's responsibility, we would have one of our in-house maintenance technicians or one of our sub-contractors handle the job. Anyone doing maintenance on your property is selectively screened and insured to protect you from unnecessary exposure. Our workers are available for your property maintenance needs 24 hours a day and their work is guaranteed. We handle the nuisance calls at all hours of the day or night. So you don't have to deal with that call in the middle of the night.
  
  If we go out and find that the problem was tenant caused, the tenant will be billed and responsible for reimbursement of the charge. We look at your property as our own and are only doing necessary maintenance and repairs; however, if it exceeds our authorization limit as stated in our management agreement, you will be contacted.
  
  Because of the volume of work we do with them, we usually get lower rates than what you would get if you called a contractor directly. We are home maintenance experts; we know houses, the problems that occur, what repair costs are, and how to get good service and we minimize unnecessary repairs by troubleshooting issues with the tenants.

• Q: What type of insurance do I need?

  A: Your normal homeowners' insurance does not extend to you the same coverage you will need when you rent out your house. You need comprehensive public liability insurance also known as DP3 - Dwelling Property All Risk. It still gives you the fire coverage you get from your homeowners but adds extended coverage since you will have a tenant living in the house. Expect this added coverage to increase your premium some. We recommend you speak with your insurance agent before you rent out your house.

• Q: How long is your management agreement for?

  A: We do sign a 12-month agreement, but mainly to avoid any misunderstanding; it's cancelable at any time; there is never a cancellation fee and our service comes with a three-month money-back guarantee.

• Q: When will I receive my money each month?

  A: Rents are due in our office on the first of each month. Our leases specify that if rent is not received by the 4thof the month, a late fee is assessed. In order to avoid violating trust accounting laws, we need to wait until rent checks clear before we can send payment to you.
  
  We deposit your funds electronically into the bank of your choice. This process is done between the 10th and 20th of each month and funds will be in your account the next business day.
  
  We will collect the rent, pay the bills and then at the end of each month, provide you detailed monthly statements showing all the income and expenses for the month along with payment of any excess funds.