SunCoast Property Management does not profit from managing the turnover of your property between tenants. We do charge a flat 10% project management fee to cover the overhead required to successfully and efficiently make your home ready to rent again.
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.
Once you have approved the turn and the turn funds have been received, the project 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 may not hear from the Turn Department until your turn is completed. However, feel free to reach out to your Turn Coordinator at any time during the turn process. At the close of the turn, you will be provided final pictures of your investment property.
We base putting your property on the market on current market conditions and the stage of the turn process. You will be notified by the marketing team when your property has been put on the market. You will also be notified of its rental range.
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 for 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.
- On average, we try to lease homes within 30 days.
You will be under a management agreement with SunCoast Property Management. Our Investor Relations department will contact you to Schedule an On-Boarding Call. We will walk you through the details of our property management and our onboarding process for properties tenant-occupied or vacant.
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 one or two. We charge a $500 non-refundable pet fee 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.
Communication with our owners is one of our top priorities. In your Owner Portal, you can view your current tenant, 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 your Owner Portal.
You will receive a Monthly Owners Draw Statement. We post your monthly statements to your owners portal as soon as your payment has processed.
Our staff best communicates by email. But of course, we are always happy to schedule a call with you.
As your property management company, it is important to let us do what you hire us to do… find qualified tenants, manage the tenants, and aim to protect the integrity of your investment. Suncoast follows FDRA guidelines and approvals for all applicants.
Once it is time to perform the unfortunate task of evicting tenants, it generally takes about one month. This depends on 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. *Pandemic may cause delays in the process.
Owner draws can take up to the 15th day of the month following rent collection. However, our Accounting Team works tirelessly to process all owner draws by the end of the first month following rent collection. For more details contact our Investor Relations Associate, Virginia Houston.
Owner expressly agrees, is obligated to and shall; Carry and maintain, at Owner’s sole expense, liability and property insurance coverage amounts adequate and sufficient to fully protect the interests of both the Owner and SunCoast. All insurance policies shall name both SunCoast and the Owner as insured or additional insured parties to each policy, and each policy shall specifically and expressly include an indemnity/hold harmless provision in favor of SunCoast. Liability for personal injury and property damage in the amount of at least $300,000. An example Certificate of Insurance (COI) is here.
The tenant is responsible for lawn care while occupied, in most cases. If you own a multi-family property, lawn care may vary.
The tenant is responsible for the utilities while occupied, in most cases. Additionally, if you own a multi-family, and depending on how the property is metered, utility expense can be included in the monthly rent.
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.