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Register Today! – CONDO & HOA EXPOS get information on booth availability, show sponsorship or speaking opportunities

Register Today! – CONDO & HOA EXPOS get information on booth availability, show sponsorship or speaking opportunities

  • Posted: Dec 04, 2017
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Register Today! – information on booth availability, show sponsorship or speaking opportunities

This coming spring, L&L Exhibition Management has four events that give you the opportunity to meet and have face time with Property Managers and Board Members in South Florida.

If you would like more information on booth availability, show sponsorship or speaking opportunities, please call me at (800)-374-6463 or reply to this email.
 
Sincerely,
Contact:
-Nick Vedder
Show Manager
(800) 374-6463
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A Guide to Being Politically Smart for Board Members

A Guide to Being Politically Smart for Board Members

  • Posted: Jul 12, 2017
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A Guide to Being Politically Smart for Board Members

RePublished with permission from Our Members:  http://royalemanagement.com/home/

Royale Management Services, Inc.
2319 N. Andrews Avenue, Fort Lauderdale FL 33311
Phone: (954) 563-1269 | (800) 382-1040 | Fax: (954) 563-2153 | Email: CAM@rmsaccounting.com

 

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Commercial vs Residential Property Management: What the Difference is?

Commercial vs Residential Property Management: What the Difference is?

  • Posted: Jul 12, 2017
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by Author Donatas Kazakauskas 

There are many differences between commercial and residential property management.

Usually, new property managers start with residential buildings, because of its simplicity. But if one wants to jump into commercial property management, there are many things to learn. In this blog, I will cover the key points.

sfpma1. Tenant expenses. In addition to the base rental fee, commercial building tenants need to pay some or all of the expenses related to real-estate ownership. These expenses (can be called “three nets” or NNN) consist of property taxes, insurance and maintenance fees. There are several types of commercial leases, such as:

a. Triple net – requires the tenant to pay the net amount for all three types of costs (real estate taxes, building insurance and common area maintenance (CAM) fees).

b. Modified net – a compromise between gross lease and triple net. The property manager and tenant usually agree to split the maintenance expenses, but the tenant pays for the real estate taxes and insurance.

c. Gross lease – In this case, the landlord collects the fixed rental fees and pays for all the expenses out of them. These contracts usually have many clauses that may increase the rental fee to cover increased taxes or insurance for the landlord.

d. Percentage lease – mostly used in shopping centres and retail malls. It typically requires a lessee to pay the base rent and on top of that amount, pay a percentage of their sales volume.

These leases are much more complex compared to residential leases. In cases where you collect a fixed amount for CAM fees every month, you need to do an annual recalculation based on what you have received vs actual expenses. Residential rental rates are typically a fixed amount per month or other price period plus the utilities payed based on consumption. Does your software allow you to deal with all calculation situations and easily calculate the correct amounts for the tenants? Soft4RealEstate does.

2. On-Site manager and maintenance. In large office centres or shopping malls, it is necessary to have on-site managers who can deal with tenant requests or take care of other issues. In some countries or US states, this is even defined by law. To track all the requests and work orders, you need to have a system that is easy to use for both the manager and tenant. It should be easy for the manager to track all ongoing tasks, view the work schedule, and change statuses. On the tenant’s side, it should be clear when and what will be done, and when any work can be expected to be finished. While renting apartments, you can have maintenance vendors and tenants usually deal directly with them without property manager interruption.

3. Responsibilities. This point is an advantage for commercial properties. Tenants of commercial buildings have a greater amount of responsibilities than residential tenants. With residential tenants, you’re agreeing to a habitable residence, and the laws weigh most heavily on the tenant when it comes to evictions, habitability, etc. Commercial properties are for business use, and the scope of landlord responsibilities is lower. What is more, most commercial buildings are only used during the daytime, so you won’t receive midnight calls for fixing a toilet, leaking pipes or complaints about loud music from neighbours.

4. Leases. It is easier to rent residential property. Moreover, the rental agreements are usually shorter in length and easily renewable, while commercial leases are more complicated. They are much longer, might have difficult extension options, rent is reviewed annually and prices are commonly increased by the CPI or some other fixed index. Commercial lease agreements are harder to break because of many termination clauses.

Even though the processes seem similar: you have tenants, you have contracts, and you have units to lease, maintain and manage, so commercial property management and residential property management are not the same. You need to take all the things mentioned above into consideration in order ensure the best results for every situation. Not every residential property manager can manage commercial properties without any preparation. Once you start doing commercial property management, make sure that you not only have the necessary knowledge, but also the tools, such as software, to make it work. Sometimes Excel seems good enough to do the work, but the day may come when you need to say goodbye to it. When?

 

 

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Tasks property managers commonly perform for owners

Tasks property managers commonly perform for owners

  • Posted: Jul 09, 2017
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Evaluate the property and determine an accurate rental rate

  • Perform detailed documentation of the interior and exterior including photos
  • Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good ROI.
  • Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary, but should include looking at the recently rented comparables according to size and type.
  • Discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking etc.
  • Install a lock box

Market the property for rent

  • Prepare home for rent
    •  Clean home and optimize interior appeal
  • Create ads tailored to the property and advertising medium. Some of the mediums commonly used are:
    • Paid and free rental listing websites
    • Print publications
    • Signs
    • MLS
    • Fliers
  • Work with other realtors and leasing agents to find a tenant
  • Provide a 24-hour hot-line where prospective tenants can listen to detailed information about the property
  • Field calls from prospects for questions and viewings
  • Meet prospective tenants for showings throughout the week and weekend.
  • Provide prospective tenants with rental applications that are legally compliant with fair housing laws
  • Collection applications with application fee

Tenant Screening and Selection

  • Perform a background check to verify identity, income, credit history, rental history, etc.
  • Grade tenant according to pre-defined tenant criteria
  • Inform tenants who were turned down

Tenant Move In

  • Draw up leasing agreement
  • Confirm move in date with tenant
  • Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance
  • Ensure all agreements have been properly executed
  • Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.
  • Collect first months rent and security deposit

Rent collection

  • Receiving rent
  • Hunting down late payments
  • Sending out pay or quit notices
  • Enforcing late fees

Evictions (A Great website for Eviction Information is: www.NationalEvictions.com )

  • Filing relevant paperwork to initiate and complete an unlawful detainer action
  • Representing owner in court
  • Coordinating with law enforcement to remove tenant and tenants possessions from unit

Legal

  • Advise in the event of a legal dispute or litigation
  • Refer owner to a qualified attorney when necessary
  • Understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental properties.

Inspections

  • Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
  • Send owner periodic reports on the condition of the property

Financial

  • Provide accounting property management services
  • Make payments on behalf of owner (Mortgage, insurance, HOA dues, etc.)
  • Detailed documentation of expenses via invoices and receipts
  • Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
  • Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form
  • Advise owner on relevant tax deductions related to their rental property
  • Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses

Maintenance, Repairs, and Remodeling

View the Associations MEMBERS DIRECTORY: Find top companies that work with the Management Industry.

  • Provide and oversee an in-house maintenance crew
  • Establish a preventative maintenance policy to identify and deal with repair needs
  • Provide an network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work that is up to code.
  • Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job for the best price.
  • Maintain outdoor areas
    • Leaf and snow removal
    • Landscaping
    • Removing trash and debris
  • Maintain and monitor a 24 hour emergency repair hot-line
  • Larger renovation or rehab projects
    • Provide recommendations on how the project can maximize rental income.
    • Prepare preliminary cost estimates
    • Get multiple independent bids for the work
    • Act as general contractor overseeing the work

Tenant Move Out

  • Inspect unit and fill out a report on the property’s condition when the client moves out
  • Provide tenant with a copy as well as estimated damages
  • Return the balance of the security deposit to the tenant
  • Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.
  • Clean unit and perform and needed repairs or upgrades
  • Re-key the locks
  • Put the property back on the market for rent

This isn’t intended to be a comprehensive list of property management services, but it should give you a fair idea of the scope of a property management company’s activities

SFPMA Members work with HOA, Condo, Multi-Family, Single-Family, when you are ready to have your property Managed by a Professional and take the time to enjoy your life.

Find the right Management Company on our Members Directory.

 

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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

  • Posted: May 30, 2017
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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?

  • Posted: Apr 28, 2017
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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.

  • Posted: Apr 26, 2017
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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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