6 Month Guarantee
Archwater is so confident in our screening process, will re-rent your property free of charge if for any reason a tenant leaves during this time period while we are managing the property . Although our careful screening and heavy security deposits generally capture quality and long term tenants, things do happen. Should a tenant leave or we request they leave within 6 months of the lease start, Archwater will re-rent the property at no cost. This service does not apply to those tenants involved with military, domestic violence or sex offences.
Owners, rest assured knowing that your property will have a detailed move in and move out inspection report performed at each tenancy. All inspections are combined with photographs detailing all areas of the property and its condition at move in, and move out. Any damage caused by tenants will be identified and non argumentative when security deposit claims are set against said damage. Should an issue ever find its way to court, our move in move out inspections will be undeniable proof and 100% justification of the charges invoiced against tenants security deposits.
Archwater Realty will review all service requests submitted by tenants and determine if the repair is duly needed, and/or is it a defect of the property or that of the tenant. If it is the tenant, they will be invoiced for the repair, If the repair is justified by Archwater and a defect of the property, we automatically handle the repair and invoice the owners in the next billing cycle. We handle all repairs of $ 300.00 or less. Should a repair be in excess of 300.00, we will contact the owner for a decision and process in which to handle. This service provides owners with the assurance that the property is cared for, tenants are living in a properly maintained and safe environment and further more does not disturb an owner at 11:00 pm for an approval for a $ 75.00 invoice on an overflowing toilet for example.
Owners have the option of rent distribution checked mailed or have deposits directly deposited into their accounts.
10 Questions to Ask a Property Management Firm Before Hiring
Before you talk to someone from a property management company, spend a few minutes looking them up on the Internet and searching answers to these ten questions:
1. Do they have a professional website?
Before you call on a property management company, determine if they have a professional website. Image and professionalism do matter.
2. Do they have any reviews online?
You will need to compare positive and negative reviews that property management companies have in order to consider selecting them.
3. How quickly do they respond to your phone call or email?
If a property management company does not respond to you quickly when you are a prospective client, it is a sign that their communication will be awful when you become a client. It is also a sign that they do not communicate well with their residents. Communication in this business is extremely important.
4. Do they belong to any professional organizations or hold any designations?
This is important because this determines who is running the property management company like a business and who is doing it part-time to make some extra money while they are being a realtor buying and selling homes. You want a professional management company that specializes in property management.
At Archwater we are not just licensed real estate agents, we are members of the National Association of Residential Property Managers (NARPM) where we hold Certified Property Manager designation.
5. Do they own any properties?
Do you want to work with someone who does not know what it is like to be an investor? You want to work with someone who understands investing and has built their company with the investors in mind, not themselves. Most management companies are built by agents not investors.
The owners of Archwater possess their own investment properties across the state of Florida.
6. What are setup fees? Are there any other fees?
Some management companies may charge lower management fees, but they charge setup fees, higher maintenance fees, money transition fees, transportation fees, etc. Make sure you understand all of the charges and fees.
Archwater does not charge setup fees. Archwateronly charges owners leasing fees, management fees, and lease renewal fees. Archwater neverupcharges maintenance invoices, nor chargesany administration fees such as sending letters, going to the property, etc.
7. When do they send you the owner’s payment?
It is important to have a clear time frame to receive payment. This also indicates a management company’s professionalism.
Archwater pays owners between the 10th and 12th of a leased month. We send an owner report with each payment.
8. How transparent are they?
Does the management company show before and after photos at move-in, move-out and make readies? Does the owner receive copies of maintenance invoices?
9. How do they advertise your property?
Ask about their marketing strategy and what they do to ensure your home is leased quickly and profitably.
10. What is their average tenant turnover rate?
Many management companies like to re-rent every year in order to keep a full month’s rent for tenant placement.
Archwater, however, usually has tenants staying on average of three years.
In conclusion, hiring a right property management company is paramount to your success. The right property management company will save you time and money. The few dollars per day to hire a professional manager will ensure you do not make a mistake with paperwork or putting in a wrong tenant. The right management services will save you money on maintenance with volume discounts; will save you money on rent by setting the rent correctly and marketing the property efficiently. Most importantly, a right property management professional will keep you out of the court system.
Good luck in finding right partners. We hope that you would consider Archwater Realty the right choice to take care of your investment management.
- Eviction rates: less than 1% total over a period of the past 10 years.
- Average days on market from listing to contract: 27 days
- Average price of investment property: $195,000.00
- Average percent of owners who cancel contracts with Archwater (excluding those who sold their properties): less than 1% total over a period of the past 10 years.
- Average time an owner has been with Archwater: 5.7 Years. Most of our clients have been with us since inception. However, new listing brings this percentage down a bit.
- Security Deposit disputes/court hearings: 2 cases and Archwater prevailed in both cases.
- Accuracy on investment portfolio: 100% educate new owners on realistic yields/returns of their investment properties. Archwater calculates the most challenging expectations for clients, and in all cases, the owners’yield has met or exceeded analyzed Performa. Occasionally, an owner will require a large expense such a roof; however, even this has been calculated in their Performa under reserves to accommodate.
- Archwater’s investment sales and leasing provide owners with Net Yield from 10-14% on cash purchases, and upwards of 17% on cash investments.
- Average Make-ready costs: An owner may expect an initial make-ready costs $2500.00. However,the cost will be significantly reduced to an average make-ready cost because Archwater’s care and handing of property and tenants.
- Average repair costs per industry standard is generally 5% of the total gross rent, with the exception of a major repair, or an owner who does not take the advice of Archwater on maintenance issues. Archwater’s average repair per owner is less than 3% per year.
In closure, Archwater’s owners and agents are investors as well. Therefore, we understand the Real-Estate investment world, and are seeking high yields. Our property management division treats every owner’s investment with the same skill and diligence as we do with our own portfolios. Additionally, Archwater Realty is highly efficient and organizationally detailed for its clients, as we pride a portion of our expertise on our military-styled procedures and documentation. Additionally, all Archwater agents and employees are professionally trained and on continuing education. Combined with internal audits, we insure our systems work at 100% efficiency.
Archwater sales, leasing and property management are similar to flying a plane.
Contact us today for a free investment market analysis.
What We Do For Owners
- Advertise property globabaly utilizing over 1500 various webistes
- We place the listing on M.L.S and offer a genorous referral fee to any agency who brings Archwater a tenant
- A Full video of a property to be used in advertising
- Full detailed screening and background check for tenants
- Handle all adverse action letters as required by law
- An attorney drafted (owner friendly) lease
- A detailed move-in checklist with photos indicating all the elements of a property’s conditions, so that we can use it to compare against conditions at move-out
- Handle all tenant related issues every month, handle all rent collections, rent distributions, zoning issues, HOA violations, collections, process server needs, late payments, and others
- Provide your tenants A/C filters directly to the door monthly during lease. Historically, A/C repairs are the most costly, changing a filter each month(which most tenants forget to do) assists reducing maintenance expense of your air conditioner
- Handle and care for all the repairs needed under $ 300.00. Any time a repair greater than $300.00 may be in need, we will contact you for your approval
- Send to you net rent checks each month along with a detailed spread sheet indicating monthly activities, gross rent, expenses(if any) and net rent
- Detailed move-out check list
- Handle all escrow accounts for Security Deposits, along with Security Deposit distribution and/or charges. All is following the required statue 83 Tenant Landlord laws on informing the tenant in the correct format.
- Monthly and year end detailed statements.