Answers to your common questions
Are the repair bills sent to me or to MVPM?
When we order repairs on your behalf, the repair bills will be sent to our office for payment from your owner reserve and/or rental proceeds. Occasionally, if a very large repair must be performed, we will set up the service and ask you to phone in a credit card to a provider or send us funds before we can order the work.
Are utilities put in the tenant's name?
For annual rentals, yes, utilities are generally always put in the tenant's name unless there is a specific reason (such as condominium restrictions) that they cannot be. On seasonal rentals, utilities are maintained in the owner's name, but we will deduct any utility expense from the tenant's deposit as reimbursement to the owner, as specified in the tenant's lease.
Do I have to pay you to oversee repairs?
We oversee minor repairs as a part of our management fee. Should you require us to oversee a major renovation, there is an additional fee.
How much security deposit do you hold?
We always ask for a double security deposit (equal to 2 months’ rent) on annual rentals. In addition, we will also ask for the first month's rent to move in. Talk to your property manager if you are interested in waiving the last month's rent. Although we will never waive a security deposit, occasionally owners may be interested in permitting a one-month security deposit, in the interest of quicker occupancy.
How will you advertise my property?
We constantly carefully review our marketing strategies and have found that internet marketing is by far, the absolutely most effective means of advertising your vacant unit. Every property is advertised on Realtor.com and a network of over 40 other sites. Your property will also be advertised on our website which is constantly optimized for the best search results. We also do some limited print advertising in specialty markets where we have found it effective.
What happens if my tenant pays late?
You will receive your proceeds in the next disbursement.
What if I don't want smokers, or pets, or children?
Title VIII of the Civil Rights Act of 1968 (Fair Housing Act), as amended, prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing custody of children under the age of 18), and handicap (disability). Consequently, to be a part of our program, you must be open to accepting children in your unit. Smokers and pets are not protected classes under the law and you may choose not to allow either one in your property. The only time pets must be allowed in a unit is when an applicant has a service animal. Service animals are not considered pets, we cannot take an additional deposit or fee for a tenant to have one, and we may not discriminate against an applicant who has a service animal.
What if I need a certain amount in rent to cover my monthly expenses?
Competitive rental rates may not provide enough income to cover all expenses on a property. Pricing a unit competitively is what will get it rented, and holding out for an unreasonable rental rate will result in vacancy which is always most expensive!!
What is an owner reserve and what is it for?
An owner reserve is a moderate amount of money, generally $600, which we require of all owners in the program. This is owner funds that we hold in the event of any repair or service that may be required on a unit either to prepare it for marketing or to maintain it during a tenant's occupancy. Should you remove a property from the program, the remaining owner reserve is fully refundable to you.
What kind of screening do you do?
We conduct a thorough screening of all adult applicants including a review of consumer credit, landlord & utility collections, check writing history, eviction history, and Social Security identity check, as well as a 50-state criminal and 48-state sex-offender search, in addition to an Office of Foreign Assets Control (OFAC) search and FBI Terrorist list search.
When will I receive my rental proceeds?
MVPM disburses owner proceeds twice a month-- on or before the 10th of each month and 2 weeks thereafter.
Why do you need my tax ID?
Per Federal law, we are required to report income to the IRS annually. Consequently, all property owners must submit a IRS Form W-9 to our office before we can enroll you in our program.
Will you refund my leasing fee if the tenant breaks the lease?
Although we do not offer refunds of leasing fees, we will gladly credit a pro-rated amount of the original leasing fee to a new tenancy on the same unit that we procure on your behalf.
Sarasota’s Residential Rental Resource since 1986.