OWNER'S RENTAL MANUAL

The first and hardest thing for most people to do is to accept the idea that they can manage their own rental property. Most of us have never done it before and it seems like there are too many things to think about, so we think we don't want to do it, or even worst that we can't. That's just not true. Thousands of people each year, who have never managed their rental property before, find out it isn't that hard. It's really nothing more than common sense and taking a little time to learn the basics. If your ready to give it a shot, let's get started.

Why should you manage your rental property?
a. Even the best rental agent does not have the vested interest in your property as you do.

b. You have more control of who rents your property.

c. You build a pleasant long term relationship with your tenants and you keep them coming back rather than the rental agent controlling them.

d. Your tenants feel more secure when they can speak directly with the owner because they know you are interested in the property and the tenants happiness so they will come back, year after year.

e. There is no misunderstandings or long delays communicating with the tenants because of a middle man.

f. You increase your income up to 20% each year.

g. Many tenants later become buyers. If you decide to sell your property, often your tenants will be the most motivated to buy the property because they have made friends with the other people in the building and feel at home in the property. This could save you thousands in real estate cost.

Note: If you provide the buyer to the selling transaction Sloan Realty, Inc. will serve both the buyers and sellers through the complete sales process and closing for a total of only 1.9% compared to the common 6% of the sales price.

How will I advertise my rental property?
a. Viewing properties on the web is how most of the tenants chose their rental properties.

b. Almost all tenants use their computer to search for a Fort Myers country club and some will be referred by friends to look specifically for Colonial Country Club. This web site almost always comes up as the number one hit on all web search engines. This is because of the number of hits we receive each day, the large amount of information and the daily updates it receives.

c. Most owners have the basic communication tools needed today. These are a telephone number, computer, e-mail address and a fax machine. Some have a digital scanner that can copy any paper and then it can be transmitted over the web. Some still get by with just a telephone, the U.S. mail and their family puts the ad on the web site for them.

d. It is good to establish a protocol of communications with your tenant. It is often best to use e-mail except for an emergency. You need to establish when and how the tenant is to communicate with you and what is an emergency. I don't know of any rental agent or company that is responsive 24/7.

How will I get maintenance performed for the property when I am far away?
Many owners imagine that their distance from the property will prevent them from managing the property. That's not true. If the hot water heater stopped working, and you had a FULL SERVICE rental agent, the tenant would call the agent and the agent would call you for instructions. You would tell the agent to call a repairman and they would do so. Why not just have the tenants call you and you can call the repairman. This again scares some owners because they don't know any reliable repairperson in Fort Myers. This is not a problem because on this web site, on the left menu bar we have our Concierge List  Our family has compiled this list over the years of all kinds of goods and service providers. Our management of the list has three simple rules. #1.We refuse to accept any compensation of any kind from the venders. #2 The only way a new company can get on the list is if they are highly recommend by some one we know and trust. #3 If we ever get a negative comment from a user we will remove the company from the list and we will never put it back on again. That makes for some very good tried and trued references. Most vendors will accept a credit card or will bill you. They have a lot of experience working with out of town owners.

Having a good home watch person is absolutely necessary. Most home watch services will provide additional help for about $25 per hour. It is necessary to know that you can have assistance if you need it for your peace of mind. If your home watch service will not provide such services you might want to call some home watch services listed on our concierge list.

How will I get keys to the tenants?
The best way to provide keys for your tenant is for you or your home watch person to buy an inexpensive lockbox from one of the large hardware stores such as Lowes or Home Depot for about $25. Be sure it is possible to change the combination of the lock box. These boxes are similar in design to the kind of lock boxes used by realtors but they are not of the same quality or price. Place the lock box on the storage  door handle when possible, rather than the front door handle, as the lock box can damage your door or framing if it does not have proper padding behind it.

When tenants leave they should lock the property and place the key in the lock box. The cleaning service can then be given the code to get the key so they can freshen up the unit. The cleaners will then return the front door key to the lockbox. After the cleaning has been performed your home watch person can inspect the property to assure it is in good condition and the cleaning has been done properly. The home watch person can then easily change the code in the lock box for the next tenant or just for security.

It is a good idea to provide three front door keys to each tenant with instructions that one key will always remain in the lock box. This is because it is very common for tenants to lock themselves out of the rental property. If you always have an extra key in the lock box this will save everyone problems. It is best to have the tenants leave the mail box key, pool key (and a garage key when applicable) on the kitchen counter for the next tenants. It also helps the home watch person to check to see that all keys have been left behind. It is important that your home watch person have a copy of ALL keys so duplicates can easily be made in case the tenant lost some keys or forgot to leave them on the kitchen counter.

Don't forget to call the front gate at (239) 277-9273 so your tenant can enter the country club. Also, remind the tenants that they will need to obtain their personal gate security pass as soon as possible.

Many owners prepare a notebook of instructions for the tenants with a greeting and the ways they can contact you.

Some even go as far as to having their home watch person place a bottle of wine or champagne in the refrigerator. It is always appreciated if you can list  local restaurants, shopping, entertainment, beaches, etc. We are preparing such a list at this time and we will be glad to provide you with a copy as soon as it is completed.

Don't forget to also include the rules and regulations. Informed country club tenants almost always produce good neighbors.

How will I get a rental contract and can I get a credit report for prospective tenants?
Most hardware stores like Home Depot sell rental contracts but if you have a problem finding one please contact me. Very few tenants in country clubs cause any problems but it is still wise to conduct business in a professional manner. If you want to have a credit report on a prospective tenant you can contact me and I will assist you in the procedure.

Should I change my contents and liability insurance policy for my property?
It is best to change it from a homeowner's policy to a landlord policy and most owners increase their liability amount.

Please contact me at 239-567-0582 if you have any more questions.

Genice Sloan