Owner Sign Up – Next Steps
After signing up for one of our property management packages, what do you do next?
Welcome to Royal Palm Property Management, here are the next steps after joining us.
You just recently set up a new property management agreement with us and now it’s time to get your home ready.
First thing we want to do is try to alleviate some of the headache that you may occur in after the tenant moves in.
We have to bring the home to a certain level of property code, that’s going to include:
- Smoke detectors- If smoke detectors are older than 8 years old we will go ahead and replace them and charge you. To alleviate that, you can go ahead and check all your smoke detectors and put new ones in. This might save you some money.
- Locks- It is very important that the locks on all properties that we take over are new locks or we will need to change them. You could install the locking devices or contact one of your local vendors, however, we don’t necessarily recommend it. We highly recommend allowing us doing this on your behalf, we use our most trusted vendor and we’ll have proof of everything on paper.
- Property Insurance- Another point that we want you to understand is we require you, the owner, to add us as additionally insured, we need you to go to your insurance company and request to add Royal Palm Property Management as additionally insured on your homeowner’s insurance, this is critical and here’s kind of a breakdown why.
- If there’s ever a lawsuit, if a tenant wants to sue all parties involved for tripping on the back deck step, for slipping on the concrete in the front of the home unit or whatever a tenant could try and cook up to try and sue all parties, unless we’re on your particular insurance and named additionally insured, we would have to get an attorney representative, owner has to get attorney representative covered by their insurance company, and we have to turn around and go after the money for the attorney representation back to the owner. Makes no sense.
- The only thing that makes sense is we all get covered under the same umbrella by the same attorney or by the same attorney company, whatever that could be with the insurance company and whoever they hired to defend you.
- Just to be clear, there is a $35 monthly charge if we do not get named additionally insured, please name us additionally insured.
- If you can’t do it or forget to do it we charge that $35 per month as a means to at least offset the insurance costs that we had to carry, it doesn’t offer you any additional coverage but we have to get our own policy to ensure that in case we all get sued we all get covered.
We will be reaching out to you to go over all the details of marketing your home and we’ll be answering all your questions, so this is just a quick intro on what’s going to happen with the next steps after signing up a property management agreement, should you have any further questions reach out to us at (239)223-2116 ext. 101 or visit us at www.royalpalmpm.com