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Rembaum’s Association Roundup: Florida’s Newest Non-Native Invasion – Overnight Rentals

Rembaum’s Association Roundup: Florida’s Newest Non-Native Invasion – Overnight Rentals

  • Posted: May 30, 2017
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With little doubt, purchasing a home is one of the most significant investments you can make. In order to help protect that investment, many purchasers choose to buy homes within community associations that include homeowners’, cooperative and condominium associations. Behavior within community associations is governed by a declaration of condominium or declaration of restrictions, along with the bylaws, articles of incorporation and, importantly, and more often than not, the rules and regulations generated by the board of directors. Those of us living within community associations, for the most part, did not sign up to live in a community with transient overnight housing. Yet, if left to the vices of VRBO and AirBnB that is exactly what can happen in your community. Do you know what to look for? Do you know how to prevent this from occurring? What if it is occurring in your neighborhood? What can your community association do about it?

For a variety of reasons, none which are the subject of today’s column, local governments may have difficulty in promulgating local ordinances prohibiting overnight housing offered by VRBO and AirBnB. Therefore, it is left up to your community association’s board of directors to ensure proper measures are in place to prevent homes in your community from becoming the newest unnamed hotel/motel.

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FREE CONDO BOARD CERTIFICATION CLASSES AND PROPERTY MANAGEMENT SEMINARS

FREE CONDO BOARD CERTIFICATION CLASSES AND PROPERTY MANAGEMENT SEMINARS

ROYALE MANAGEMENT SERVICES, FT. LAUDERDALE, HOLDS FREE CONDO BOARD CERTIFICATION CLASSES AND PROPERTY MANAGEMENT SEMINARS

Fort Lauderdale, May 30, 2017 — A series of free certification classes for condo Board members as well as educational seminars for Board members of condos, homeowners associations and co-ops take place on Monday evenings.  All sessions are held at the offices of Royale Management Services, 2319 North Andrews Avenue. 

Open to all who register, the Board certification classes and property management seminars are conducted by Steven J. Weil, Ph.D., EA, LCAM, president of the 31-year old Fort Lauderdale property management firm.  Refreshments and networking begin at 5:30 p.m. The seminars follow promptly at 6:00 p.m. and include a Q&A. Space is limited. Reservations may be made by calling 954-563-1269.

Condo Board Certification Classes are held on the second Monday of the month and cover topics such as condo law, fiduciary responsibility, governing documents, official records, financial reporting, budgeting, enforcement, elections, et al. Upcoming dates are:  6/12/2017, 9/11/2017, 10/9/2017, and 11/13/2017.

The Property Management Seminars listed below take place on the third Monday of the month: 

06/19/17       Conducting Meetings & Getting The Work Done

09/18/17       Reading & Using Association Financial Statements

10/16/17       Building a Budget That Works

11/20/17       Condo Elections – Getting It Right

Dr. Weil has appeared on Good Morning America and is frequently quoted by major media.  His bylined articles are regularly published on the South Florida Property Management Association website.  “The Condo Board Certification Classes are designed to help new board members meet the Florida 718.112 Statute requirements for Condo Association Board Members,” Dr. Weil said. “Our seminar goal is prevention — to help keep Board members of condos, HOAs and Co-ops from frequently having to call their attorney.”

ABOUT ROYALE MANAGEMENT SERVICES, INC.

Steven J. and Theresa Weil, each of whom has earned a Ph.D. in Business Administration, are the principals of Fort Lauderdale-based Royale Management Services, Inc. A licensed, full-service Community Association Management (CAM) firm, RMS provides professional residential property management services throughout Broward County, Florida, specializing in management, consulting and accounting for Condominium Associations, Home Owners Associations and Co-Ops.

RMS has a team of 16 full-time employees dedicated to working closely with association Boards to hold down costs while improving the quality of life for their residents. RMS strives to ensure that proper procedures are followed to keep the association in compliance with all of the rules governing elections, budgeting, accounting, operation, collection and assessment. The work includes educating board members on the responsibilities, duties, and obligations involved in governing the association.

Royale Management Services, Inc. has been serving South Florida since 1984. Originally founded to provide high-quality management and accounting services for business and individuals, the company expanded into the property management business in 2000. The firm and its president are members of the Community Association Institute (CAI) and the Fort Lauderdale Chamber of Commerce.

CONTACT:
​Rose Sexton, Business Communications Services, Deerfield Beach, FL 

Phone: (954) 480-9906    Email: sextons.r@gmail.com

OR

Steven J. Weil, Ph.D., EA, LCAM

Royale Management Services, Inc., Fort Lauderdale, FL 33311

Phone: (800) 382-1040  Email:  steve@rmsaccounting.com

CHECK OUR MONTHLY CALENDAR OF UPCOMING EVENTS TO FIND THESE AND OTHER EVENTS FOR THE PROPERTY MANAGEMENT INDUSTRY.

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ARE WE TOO COMPLACENT ABOUT HURRICANE PREPARATION?

ARE WE TOO COMPLACENT ABOUT HURRICANE PREPARATION?

ARE WE TOO COMPLACENT ABOUT HURRICANE PREPARATION?

Steven J. Weil, president, Royale Management Services

by Enrolled Agent Steven J. Weil, Ph.D., EA, LCAM, president, Royale Management Services, Inc.

It’s likely that we don’t have to react with any great urgency this summer to the long-term threat of sea level rising, but it’s probably a very good idea to think seriously about hurricane preparation right now.

Floridians may have become a bit complacent about hurricanes, knowing that South Florida has not been hit by a major hurricane since 2005.  However, hurricane researchers tell us that the current 11-year drought in the Sunshine State is almost twice as long as the previous one of six years’ duration (from 1979-1985).  They warn that it’s just a matter of time before storms start coming this way again.

Association residents have some options, depending upon the strength of a storm.

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Entering the Gate at The Broward County Condo & HOA Expo, Ready to meet Leading Companies working in Florida’s Property Management Industry.

Entering the Gate at The Broward County Condo & HOA Expo, Ready to meet Leading Companies working in Florida’s Property Management Industry.

The Broward County Condo & HOA Expo
Special thanks goes out to L&L Exhibition Management, Nick Vetter and his Team for putting on this event.

I stopped in to meet with many of our SFPMA (South Florida Property Management Association) Members. Starting with Multi-Housing Team Bob and Sergio with Aaxon Laundry Systems, Rodger Kopp III of Commercial Laundries, Rudy Silva and James Friedman with Sherwin-Williams, Introducing myself to Buster Cash with Coast to Coast General Contractors, Proper Introductions to Steven J Weil Owner of RMS Accounting and Royal Management Services, Getting to meet more team members Ana Echeverri and Pedro Diez with The Falcon Group and SFPMA Legal Experts for Community Associations Kaye,Bender,Rembaum Attorneys At Law where Michael Bender Pompano Beach Office was giving a “Seminar on Legal and Legislative Changes and how it affects your Communities”. Among other attorneys present was my pleasure to finally meet Lisa Magill Esq. who brings her Expertise in Community Association Laws to one of Florida’s Leading Law Firm.

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I made new sales by going to Condo & HOA Board meetings!

I made new sales by going to Condo & HOA Board meetings!

With the numbers of service companies that are competing for work in the Property Management Industry I get these questions asked almost every day. How can my company increase sales?  How can I get in front of the decision makers? 

Both are great questions, So you want to get in front of the decision makers letting them know what your company does and how your services can help them. We feel strongly about joining with others in an Industry Organization or Association, one that is committed to the industry you are trying to get work from.

First Look at how much they charge. There are so many that charge from 400 up to over 700 per year to be listed on their directory. We ask you to understand that many of these organizations and associations charge service companies more than other members, why would that be. Well they know that you want to join and get noticed they charge you more because there are more service companies looking to do this. We think this is unfair taking money out of the pockets of hard working companies. The property managers, property owners, landlords, should be the ones paying more to find the Top Professionals that are listed and ready to help save them on the services they provide.

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What you can’t see is often more important than what you can.

What you can’t see is often more important than what you can.

When talking about people we often say it’s what is on the inside that counts, well the same can be said for condominiums. What you can’t see is often more important than what you can.

Many associations came about when developers converted apartment buildings into condos. Others in south Florida are just getting old and while it might not always be obvious on the outside a look inside the walls, under the slab or in the elevator equipment room will give you a better picture of the problems that lurk beneath the surface. All of these things have useful life’s and tend to wear out over time.

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The short-term rental market is one of the hottest segments in real estate and property management

The short-term rental market is one of the hottest segments in real estate and property management

1.Hidden Costs – Short-term rentals are a different breed; they have many costs that traditional long-term rentals don’t have. These behind-the-scenes costs can include everything from replacing furniture to landscaping the lawn to supplying toilet paper. In essence, they’re more like hotels than rental properties. Here’s a quick list of common unforeseen costs:

  • Maintenance – garden and lawn irrigation, pool maintenance, pest control, HVAC maintenance
  • Utilities – cable, electricity, Internet, telephone, etc
  • Upkeep – housecleaning, toiletries, replacing appliances, carpet cleaning
  • Annual fees – taxes, insurance, property management fees, license fees

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Mobile Leasing: The transition to mobile-based marketing, leasing and resident management in 2017

Mobile Leasing: The transition to mobile-based marketing, leasing and resident management in 2017

The buzz in the property management industry right now about the transition to mobile-based marketing, leasing and resident management, with the expectation that the pervasive tech obsession sweeping America will leave no process unturned.

The reality may be a little closer to the current standard practices of renting an apartment—with a couple of notable exceptions.

Industry insiders tell us that while things are going to change a lot for some high-end apartment communities and their tenants, many of us will still be filling out paper applications. But we may get to pay our rent and submit maintenance requests, online. And while searching for that great new place, expect to be courted with apps and mobile-friendly websites.

Here’s a step-by-step look at the apartment rental process and what’s changing—or, perhaps, staying the same.

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Tenant Screening: A Must for your Property!

Tenant Screening: A Must for your Property!

  • Posted: Oct 12, 2016
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If you want to minimize the risk in your property investment business, you should understand that a key to your success isn’t just buying the right investment property.

it’s finding the right property management–whether that’s you, or someone you hire. And a critical component of property management is finding the right tenant for your real estate investment property, which means tenant screening should be at the top of your priority list. Here are five things you can do to ensure that your tenant screening process helps you identify the best tenants and weed out the bad ones.

 

1. Let applicants know that tenant screening is mandatory.

Just hearing the words “screening process” will make some potentially bad renters self-filter and save you time.

2. Use your tenant screening process consistently.

A systematic and comprehensive screening process that you apply objectively to every applicant will protect you if someone claims you violated the Fair Housing Act. It will also help you to screen out bad renters.

3. Decide what your minimum qualifications will be, and stick to them.

Will you have income requirements so you have some assurance that your tenants can make their rental payments? Will you accept tenants with criminal records? What if they haven’t had any arrests for more than ten years and a steady job? Think about these issues, make a decision, and apply them consistently.

4. Run a credit check.

Credit checks are critical. You can find out applicants’ debt-to-income ratios and whether they pay their bills on time. Learn how to read a credit report. And never accept a credit report that a potential renter brings to you; get them directly from a credit reporting company.

5. Check references.

Always call present and past landlords. A present landlord may give a good reference to get rid of a bad tenant; a past landlord may be more forthcoming. Ask about evictions, complaints from other tenants, pets, major maintenance issues, if rent was paid on time, and if the landlord would rent to the tenant again. Also consider getting and checking employment and personal references.

 

Find Tenant Screening Companies on our Directory>>

 

If you don’t have the time or the desire to do tenant screening, don’t cut corners–consider hiring a property manager to help you. Alternatively, All Property Management has partnered with leading businesses, including TransUnion, to offer services to our clients. TransUnion offers a tenant screening service called MySmartMove that provides credit and criminal records checks, leasing recommendations, and suggested deposit amounts to independent property managers and residential real estate investors.

Have you screened tenants before? What methods did you use? Have you used social media sites, such as Facebook and Twitter. Do you think that’s a good idea?

 

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Tips on Property Management Rental Income, Deductions and Record keeping.

Tips on Property Management Rental Income, Deductions and Record keeping.

If you own rental real estate, you should be aware of your tax responsibilities.

All rental income must be reported on your tax return, and in general the associated expenses can be deducted from your rental income.

If you are a cash basis taxpayer, you report rental income on your return for the year you receive it, regardless of when it was earned. As a cash basis taxpayer you generally deduct your rental expenses in the year you pay them. If you use an accrual method, you generally report income when you earn it, rather than when you receive it and you deduct your expenses when you incur them, rather than when you pay them. Most individuals use the cash method of accounting.

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If you don’t hire someone to field these inquiries, you’ll have to do it yourself.

If you don’t hire someone to field these inquiries, you’ll have to do it yourself.

Vacation Management managers can be found on SFPMA.com

Vacation listing websites help you book renters but they can take up to 30 percent in commissions. While this may seem high, remember that each booking can involve dozens of inquiries for each renter. If you don’t hire someone to field these inquiries, you’ll have to do it yourself.

You probably don’t want to rely on a listing website alone for your marketing. If you do, you may be costing yourself a lot of rented nights each year. Here are some relevant facts from the Vacation Rental Property Marketing Blog about vacation rental owners’ marketing expenses:

Vacation rental owners spent an average of $1,150 per year marketing their properties in 2011.

Half of all vacation rental owners only use listing sites to market their properties. This group experiences annual average occupancy rates of 54 percent.
Vacation rental owners who combine listing sites with their own websites bump their occupancy rates up to 76 percent, on average.
94 percent of all vacation rental owners believe they could be doing more to promote their properties.

Let us help by listing your Vacation Rental Company with us: 

SFPMA has a Directory used by Thousands of Clients looking for the management services you provide.

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