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Before you look to hire a Property Manager, you have to ask yourself these Questions

Before you look to hire a Property Manager, you have to ask yourself these Questions

  • Posted: Nov 17, 2022
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Before you look to hire a Property Manager, you have to ask yourself these Questions

How far do you live from your rental property and how frequently can you visit the property?

If you are close you may be able to make the regular visits required for maintenance, inspections, collections, etc., otherwise the further you live the higher your travel time and expenses will be. The larger the distance the more temptation there is to not keep a close eye on things, and that can be a recipe for disaster. You should plan making monthly scheduled visits and there is always the potential for a middle of the night emergency call that requires your immediate attention. In the long run, is this feasible for you?

How do you deal with the of day to day operations yourself?

This is a tough one. we all like to think of ourselves as level-headed and even-keeled, but at the end of the day it takes a special kind of person to deal with the ups and downs of property management. Behind the seemingly simple task of collecting rent every month lie a number of unpredictable problems can push people to their limits. Ask yourself how you would react in the unfortunate event that tenants:

  • Get in fights with other tenants or neighbors
  • Have domestic disputes
  • Conduct illegal business in the dwelling
  • Carry on all night parties and revelry
  • Try to sneak extra people or animals into the home
  • Decide to sue you
  • Trash the property
  • Incite the wrath of the HOA because of repeated deed restriction violations
  • Refuse to pay rent because they are a “professional tenant” and know how to work the legal system for the maximum amount of free housing at the owners expense?

 

How many rental properties or units do you have?

As your portfolio grows so do the management challenges, and it becomes easier for things to fall through the cracks. Investors with large portfolios stand to reap significant benefit by leveraging the efficiencies a property manager can provide. Size can also constrain investors’ ability to consider purchasing new properties if they’re already maxed out managing their current holdings.

 

Do you do all the maintenance and repairs yourself?

If you can’t do it yourself, do you know who to call? Finding reliable handymen and contractors can take a while and in the mean time you may unknowingly hire people that are unethical, uninsured, do poor quality work, over charge etc. maintenance and repairs are a significant component of land lording and if you question your ability to ensure the work is done well and in a timely manner, you might want to consider hiring a property management company.

How quickly are you able to get your unit ready to be rented?

Advertising, fielding calls, and showing the unit can take a considerable amount of time, but are critical tasks as vacancies will quickly eat into your profit margins. If you question whether you have the skills or the time to make this happen, or if you have historically had an unacceptably high vacancy rate, you may want to consider hiring a property management company.

 

Are you capable of handling the paperwork nightmare.?

From profit and loss statements to tax deductions, this area needs special attention and becomes an increasingly larger burden for larger portfolios. some owners (especially those with a back ground in finance) will do just fine, others may opt to hire an accountant to help with the book keeping. If you feel like this might be a weak point you might want to consider hiring a Community Association or Condo Management Company.

 

Are you willing to be on call 24/7/365?

Its important to answer this question honestly, because when an emergency happens at your property you can’t ignore it. Your special event, important meeting, vacation, or personal crisis doesn’t relieve you of your obligation to your tenant. These emergencies don’t happen all the time, but when they do you have to be willing to handle them immediately. can you handle being called at 2 in the morning to fix someone’s overflowing toilet?

 

Are you willing to confront tenants about late payments and if need be evict them from the property?

Many new owners dislike feeling like the bad guy and try to be understanding by making exceptions. The problem is that this only invites additional abuses and excuses by tenants. Late payments must be dealt with immediately, and while sometimes a friendly reminder is all that’s needed, other times, it can be a very confrontational process ending in eviction. Unlike running a charity, running a successful rental business means enforcing the rules even it means evicting a single mother who lost her job and won’t be able to pay rent anytime soon.

 

How well do you understand the laws governing Community Association Management

Ensuring the property is run in accordance with the law is critical in both preventing lawsuits and shielding yourself from liability if you are sued. Familiarity with contracts is also very important as your rental agreement is the only binding agreement between you and the tenant.

 

Many property owners can benefit from hiring a Manager. State of Florida Property Management Association and our Members located all over the State of Florida are vetted holding licensing, Insurances, the leaders in our Industry. You can find many of them listed on our Directory, If you want or need more help with the selection contact us! We are always ready to help.  SFPMA.com

 

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Collection of Fees for Property Managers. How are they determined?

Collection of Fees for Property Managers. How are they determined?

  • Posted: Nov 17, 2022
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Collection of Fees for Property Managers. How are they determined?

 

Rental income and fees are the lifeblood of the business. If the mechanisms are not put in place to bring in the right amount at the right time each month, the business will eventually wither and die. When properly performed, this is what allows top real estate investors to achieve a higher than average return on investment.Here’s a list of issues to review and questions to ask the Community Association Management firms you interview: How do they determine their fees & rates?

There is a science behind maximizing rents for a community association manager to achieve this requires them to have knowledge of the local market and perform solid research on the last 10-20+ most recently rented comparables. Rules of thumb like the 1% rule (charging 1% of the property’s value as the monthly rent) are handy for reference, but can not replace thorough research using current market data. Aside from affecting rental income, your rental rate can also impact the properties value. The goal should be to get the unit rented within a month.

 

How often do they raise fees & rents?

Rental rate surveys should be performed at least annually, and more frequently if there are vacancies or lease renewals. Contractual rent escalators allow the rents to be raised without the need to negotiate, offer an explanation or give notice. Tenants know they have already agreed to it so it doesn’t feel arbitrary, and tenants are actually grateful if the firm decides to not enforce the full rate hike.

 

How is rent collected?

It’s a plus if the management company offers direct debit for tenants. Processing fewer checks improves cash flow and saves time and money. This lets you know as soon as possible if funds aren’t there and eliminates excuses about checks lost in the mail.

 

How do they deal with bounced checks?

This is usually a warning sign of trouble ahead; after the first bounced check tenants should be prohibited from writing personal checks until at least 6 months of good payment history has been established. Additionally, there should be a provision in the rental agreement that says tenants agree to pay the maximum the law allows for all returned checks.

How do they deal with delinquent payments?

Find a Community Association Management company with a process that is firm but reasonable. Tenants & Owners will start paying later and later if the management company lets them, therefore it is imperative they enforce ALL aspects of the lease. Once they identify a tenant with a trend of delinquencies, they should keep a close eye making sure they either get back on track or deal with the consequences. Remember that a strict collections process is only balanced out by the community association manager quickly responding to owners & tenants’ needs with quality service.

 

What is their current rate of delinquency?

Find out if they run a tight ship or allow things to get out of hand. When is rent due? Is there a grace period, if so how long?  Due on the first day of the month (in hand not postmarked), late on the second day of the month is standard. A grace period that extends to either the 3rd or the 5th is also standard. Keeping it shorter prevents it from getting significantly delayed in the event of a holiday or long weekend.

 

How much is the late fee?

While late fees can generate revenue, their primary function is to get owners & tenants back on track to timely payments as quickly as possible. This community association management fee is typically between five and ten percent of rent, sometimes a small daily fee is added to this as an incentive to catch up ASAP. In theory, the late fees are supposed to reflect the penalty the owner would experience in the event of a late mortgage payment.

 

How do they handle evictions?

How quickly do they usually get repossession of the property when an eviction takes place?  Their process should be well documented, and although the best course of action will vary based on the circumstances, they should be able to explain to you the basic checklist they go through each time. You want to deal with a company that acts quickly, documents their actions, and understands your area’s unique laws for this process. Find a manager who excels at containing and eliminating the problem as quickly as possible. This is basically a small monthly fee that insures that the management company will pay for all attorney and court costs associated with evicting a tenant they placed. It’s not a widely offered service, but it’s a valuable service that speaks to the property management companies confidence in their screening process.

 

 

We have a partnership with  www.NationalEvictions.com A Web based Eviction Information Company helping Landlords, Building Owners, Property Managers, and Real Estate Professionals with the Process of an Eviction in their State. Offering Information on Landlord Tenant Laws, Eviction Process, Articles State Specific, Access to All Forms for Evictions along with Business Forms ( ie: Leases Letters to Tenants, Amendments, and many others) Filing Services for Property Managers and much more…

State of Florida Property Management Association Offers this to the Management Members.

 

The State of Florida Property Management Association has partnered with NationalEvictions.com – Many of our Managers are using them for protections and filing of Evictions in Florida. 

NationalEvictions sets their fees accordingly Managers send them a list of who has not paid rents in the month, Letters, Notices to Quit are prepared and served to Tenants and Renters every month. These Notices for Non Payment of Rents have a set time – Usually 3 days Notice, If the Tenant, Renter does not pay, The Property manager must make the decision to go forward with the Eviction.  As a company being serviced the fees are much lower than calling NationalEvictions for one Eviction.  EX: We change from 300 to 450. per Eviction – When a Management company is under contract we charge our fees at 275.00 We prepare and file the evictions for them ( Clerks fee for payments to file are not included in our fees, ( clerks filing fees plus our fees ) ). Serving the Tenant with Notices are also set lower if we are contracted each month to prepare and serve to the Tenant, rather than calling our office to serve one or two in any month. ( We can charge for each Tenant in any month 35.00 for preperation and service to Tenant) with Managers that usually have about 5-7 Tenants that do not pay, this on the 1st of each month comes to  about 250.00 and we follow up and keep track of each tenant’s Time as per the Notices given.

Its really not a lot of money for the services we provide! We get results, When Tenants see that you are ontop of your rents and management! THEY KNOW YOU MEAN BUSINESS.

Find out more about them on NationalEvictions.com

 

Breakdown of fees for a management company

While Community Association Management fees are important they must be viewed in light of what other firms are charging, the scope of services provided and the quality of those services. The company you hire will be stewarding one of your biggest assets and the last thing you want to do is make your decision based solely (or even primarily) on who charges the lowest fees.A lower price may reflect either an acknowledgment they don’t provide top tier service, or an attempt to gain business by undercutting the competition. The problem with the latter is that it leads to slim margins for the firm which lowers the ceiling on the quantity and quality of service they can provide and still remain profitable. If a firm is under-pricing their services across the board it is possible they may try to make up for it by overloading their managers with as many properties as they can (or can’t) handle.The truth is that price is one of the last things to consider. Not because it is the least important factor, but because you should only think about price, and actually hiring an MC after you have determined that they will provide quality services tailored to your needs. What good are low fees if the management company does a poor job?Other common mistakes are failure to identify all the potential fees for Community Association Management, as well as not making a true ‘apples-to-apples’ comparison of costs between property management companies. A lower management fee could easily be wiped out by a lot of expensive back-end charges and vice versa.Remember that all fees are negotiable, so before you make your final decision, you should try negotiating the best rate possible from the firm whom you think would do the best job.

 

Management fee
There is a significant difference between commercial vs residential property management fees but the average management fee ranges between 4-12% of monthly rent. For a single family home you might expect to pay 10% in rental property management fees. This fee will vary based on the number of properties you need managed, the number of units in each property, the location and condition of the property, and most importantly, what services are included for that fee. (Fees also vary market by market, Other pricing models include flat fees, or a hybrid that sets both a percentage and a flat fee and asks you to pay whichever is lesser/greater. Find out if fees are billed or deducted directly from owner accounts.

 

Vacancy fee
Many management companies don’t require this—if they do, pay close attention. Some management companies charge a monthly vacancy fee ($50) that is prorated when a tenant is landed. Other companies expect to collect the full monthly property management fee even though there is no rent coming in. Make sure that the language in the contract indicates management fees are to be paid out of “Collected rent” or “Rent collected” as opposed to “Scheduled rent” or “Rent due”. Ensuring this language is in place will also protect you from having to pay management fees in the event that a tenant stops paying rent.

 

Set-up fee
This fee is for the time invested in setting-up a new account. It ranges from 0$-300$. Find out if the fee is per unit or per property, and if it makes a difference if the unit is occupied or not.

 

Leasing fee
Leasing fees compensate the manager for the time, effort and cost associated with getting you a new tenant. While this fee is common, some owners are opposed to paying it, preferring that it be padded into the management fee so there is more incentive for the management company to find long term tenants.
In truth, a good management company views the management fee, NOT the leasing fee as the primary profit center. This is why leasing fees as a stand alone service (meaning without other property management services are typically much higher (75-100% of first months rent). A transparent fee structure is laid out in such a way that high tenant turnover hurts, rather than rewards the management company. The only time this is not the case is when the fee is excessive, or there are significant vacancy fees. In the event that you are fortunate enough to have a long term tenant, you will benefit by not having to pay a leasing commission that is padded into the monthly management fee.

 

Advertising fee
There are plenty of ways to generate leads using free resources like signs, craigslist, etc. but with vacancies time is money and prolonging the search process to save a few advertising dollars is a bad idea. This fee could be charged in addition to the leasing fee so it’s important to ask who pays and what the typical fees are. The better they are at marketing the less you will pay, if they have a good strategy and use tools should be around $100 and certainly not more than $200.

 

Lease renewals
Some community association managers charge this fee whenever they have to draw up the paperwork to renew a tenant’s lease. The fee typically ranges from 0-200$. The process doesn’t require a lot of work, so a big fee should be a red flag. You should ask if they require lease renewals or if they allow tenants to go month to month after the initial term is up.

 

Reserve fund fee
These funds are used to pay day-to-day operating expenses, making sure that services are performed promptly and bills are paid in a timely manner. A reserve of $200-$500 is normal for single family properties.

 

Maintenance fees
Will they contact you with an estimate before performing repairs over a pre-defined amount? Is this negotiable?

 

Their policy may be to notify you if an expense exceeds a higher figure like $500-$1,000, but you may want to ask if this can be set lower ($100-$200) starting out and increased over time as you become more comfortable with the property management companies judgment. Additionally, if this notification is waived during “emergencies”, ask that they define what qualifies as an emergency.

 

Do they have their own maintenance/repair crew?
Companies that don’t offer this may portray it as an ethical hazard since the company could overcharge, but so long as you confirm that the billing rate and process is reasonable, it should not be a problem. If managed properly, an in house crew is a benefit that can lead to cost savings and a more streamlined process.

Here are some questions to ask:
What services do they perform?
What is the billing rate? ($30-$40/hr is average.) Does it vary based on the work being done?
Is there a trip charge, or a minimum billing time?
Are they available 24/7/365? Is there an extra fee/higher billing rate if they are called on off hours, weekends, or holidays?

 

For larger remodeling/upgrade projects, do they act as the general contractor overseeing the work that is done? Is there a fee for this?
Do they get at least three independent bids for larger ($500+) projects?
Do they belong to a network to get better repair rates on the work they outsources
Do they charge a “mark-up” fee?

This fee is stacked on top of the final bill for the work performed. Not all firms have this fee; if they do it should come in around 10%.

 

Eviction fee
Fee for serving notices, dealing with attorneys, court appearances, evictions, etc. Hourly rates are typically $25-$50 while a flat fee for the whole eviction process usually comes in between $500-$600 (plus court costs). Find out if they typically use an attorney for evictions and what their billing rate is.

 

Unpaid invoice fee
This is a small service charge (typically 1.5%) that is added each month to all unpaid invoices that are past due.

 

Bill payment fee
Fee for making owner payments such as mortgage, insurance, home owners association dues, etc. Some management firms don’t charge a separate fee, while others don’t even provide this service.

 

Sales commission if property is sold
Some management firms require an exclusive arrangement to broker your properties. If this is their policy, find out the brokerage rate and make sure there is a limited term which will allow you to re-list with another firm if the property does not sell within a reasonable period of time. Also, if the firm requires it, how much would the sales commission be in the event that a tenant ends up wanting to purchase the property they are occupying? This is typically 1-3% but we have seen higher, always make sure to check the contract.

 

Other income
Find out if they will be keeping any portion of the following sources of income:

  • Late fees
  • Returned check fees
  • Pet deposits
  • Lease violation fees
  • Interest on security deposits (may not be applicable depending on state laws) and owner funds held by manager
  • Income from laundry and vending machines

Extra duties fee
Some contracts contain a list of extra services not included in the contract along with the billing rate in the event the owner requests any of them be performed. Check to see if this clause exists, what services are listed, and what the billing rate is.

 

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SO WHERE WILL PRICES GO? By Eric Glazer, Esq.

SO WHERE WILL PRICES GO? By Eric Glazer, Esq.

SO WHERE WILL PRICES GO?

By Eric Glazer, Esq.

I think last night’s 60 Minutes episode made it clear that for some, living in their condominium unit may simply become unaffordable.  The question is……which condos will suffer the most and which other forms of housing are most likely to retain their values and even go up.

Everyone is freaking out that all condominium living will soon become insanely unaffordable but that simply isn’t true.  Remember, these new inspection laws only kick in after 25 years if your condo is on the beach or within 3 miles of the coast.  They don’t kick in for 30 years for all other condos.  So, if your condo is new, these new inspections may not apply to you for decades.  Relax.

What else do we know?  Full funding of reserves start in 2025 and they can’t be waived.  Does that spell doom and gloom for everyone?  Not necessarily.  If your condominium has always been doing the right thing and has been fully funding reserves, these new laws requiring the full funding of reserves may not have a financial effect on you at all.   On the contrary, if you have been living in a condominium that has been waiving reserves for years, or even decades, you are in trouble.  You have a lot of catching up to do.  But what did you expect?  You were never putting away money for future repairs?  Did you think your building would never need repairs?  If it did need repairs, did you think these repairs would magically be paid?

Remember, these mandatory inspections, mandatory repairs and mandatory reserves only apply to condominiums of 3 stories or more.  So obviously, if your condominium is under three stories, you won’t be subject to mandatory inspections or mandatory reserves.  Something tells me, your home will be in high demand.

Of course, if you live in an HOA, the new inspection and reserve laws won’t apply to you either.  No doubt in my mind, condo dwellers will soon be looking to switch to the HOA way of life.

If you live in one of those condos above 3 stories that is 30 years of age or older and never reserved a dollar, it’s going to be hard to sell your unit. Buyers are more educated now and realize they would be buying into a financial nightmare.  If you want to sell, your price will definitely have to factor in, what the new buyer is about to pay for those inspections and repairs.

On the contrary, people who own condos under 3 stories or who live in HOAs will be in the driver’s seat as none of these costs will be passed on to their potential buyers.

I’m no realtor……..but this is how I see it.

 

Lake Turnover and Fish Kills The science behind it….by Allstate Lake Management

Lake Turnover and Fish Kills The science behind it….by Allstate Lake Management

Lake Turnover and Fish Kills The science behind it….

by Allstate Lake Management

Lake turnovers generally occur in the fall but can sometimes occur in the summer. During the hot weather, the surface water of a lake warms much faster than deeper water. This results in a temporary layering effect, with warm water on top and cool water underneath. Scientists refer to this as stratification.
Because the top layer has constant access to the atmosphere, it tends to have more oxygen than the bottom layer-even though it’s warmer. If a heavy wind or cold rain should occur during these conditions, the stratification may be broken, causing the two layers to mix. Once this happens the mixing action can result in low dissolved oxygen levels throughout the water column, and can potentially cause a fish kill.
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We hope that you are able to make a donation of any amount to our fundraiser because there is still so much to accomplish in defeating blood cancers once and for all!

We hope that you are able to make a donation of any amount to our fundraiser because there is still so much to accomplish in defeating blood cancers once and for all!

The Leukemia & Lymphoma Society (LLS) exists to help cure blood cancers and improve the quality of life of patients and their families.
Every year we raise funds for LLS because of how important this lifesaving organization is to us. Last year we raised over $20,000 (THANK YOU!). Inspired by your generosity and determination to fight for a cure, this year we increased our goal to $35,000!
Here’s how your donation to LLS changes lives!
  • Since 1949, LLS has invested nearly $1.3 billion in cancer research – funding nearly all of today’s most promising advances, and bringing us closer to cures.
  • Last year, LLS Information Specialists responded to nearly 20,000 inquiries from patients and caregivers, guiding them to a wide array of education and support services.
  • LLS has a nationwide grassroots network of more than 100,000 volunteers who advocate for state and federal policies that benefit patients.
We hope that you are able to make a donation of any amount to our fundraiser because there is still so much to accomplish in defeating blood cancers once and for all!

Madison Cohen and Harvey Cohen share their touching story of survival and hope.

Please go to:

Welcome to Cohen- Marketing Team’s Fundraising Page

Cohen Law Group are members of SFPMA and we support this fundraising and health of Madison

Frank J Mari / Executive Director SFPMA

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Watch the Webinar: Preventive Maintenance CEU Course

Watch the Webinar: Preventive Maintenance CEU Course

Watch the Webinar: Preventive Maintenance CEU Course

We recently held an educational webinar with the Brickell Homeowners Association and Siegfried Rivera to discuss why a preventive maintenance plan is a critical aspect of any association’s operation.

click on the picture below and watch the video. or click here.

Disclaimer: This video is for educational purposes only. You will not receive credits for watching the recording. Credits were issued only to those that attended the course.

brought to us by, Campbell Property Management

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SOLitude Lake Management Acquires Clarke Aquatic Services

SOLitude Lake Management Acquires Clarke Aquatic Services

SOLitude Lake Management Acquires Clarke Aquatic Services

SOLitude is proud to announce the acquisition of Clarke Aquatic Services, Inc. (CAS), a business unit of The Clarke Group, headquartered in St. Charles, IL. The transaction closed effective November 1, 2022.

Uniting with Clarke

Clarke Aquatic Services provides aquatic management services to customers in Florida, Illinois, Indiana, Michigan, Minnesota, Wisconsin, and Virginia. Through this acquisition, SOLitude welcomes nearly 50 new aquatic service professionals to its organization and expands its operations to 59 total offices across 41 states.

“We are excited to unite Clarke Aquatic Services and SOLitude Lake Management, further strengthening our position as the premier lake and pond management company in the country,” Mychal Manolatos, Vice President of SOLitude Lake Management said. “Clarke Aquatic Services brings a long reputation of sound service and expertise in the industry.”

Merging to Become ONE

SOLitude and CAS find common ground in the mission to help communities and businesses achieve clean, safe and beautiful lakes, advance new industry technologies, and support healthy experiences around the water.

“Merging with SOLitude supports professional opportunities for CAS coworkers and enhances the service portfolio and technologies available to aquatics customers,” said J. Lyell Clarke, Chairman, President, and Chief Executive Officer of The Clarke Group. “With the sale of our Aquatics business unit, Clarke intensifies its focus on its core business of developing and delivering the most environmentally-responsible solutions for managing the public health impacts of mosquitoes around the world.”

Learn about our eco-friendly mission.

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Implementing proactive solutions is the best strategy for achieving a beautiful lake

Implementing proactive solutions is the best strategy for achieving a beautiful lake

Top Lake Management Articles of 2022

The year is almost over, but there is still time to set your lake or pond up for success. Start the planning process now and lay the foundation for a healthy and beautiful waterbody in 2023. Whether you’re looking to create happy communities or want to learn effective shoreline management solutions, our experts are here to help. Look back at our top 5 articles of 2022 and discover everything SOLitude has to offer to help you achieve your waterbody goals.

1. How Consistent Lake Management Helps Create Happier, Healthier Communities

For many, water brings peace and happiness. That is one of the many reasons maintaining a healthy waterbody is so important. Water quality issues can have a harmful effect on recreational activities, wildlife, property values, and overall quality of life. Start a proactive management plan and enjoy the benefits of a healthy waterbody all year long.

2. Set Your Waterbody Up for Success This Year and Beyond

Annual management is essential to the health and well-being of any lake or pond. Proactive, eco-friendly strategies that are tailored to your unique ecosystem will make it possible to maintain a balanced and beautiful waterbody for all to enjoy. Build a custom annual lake management plan and achieve your goals for years to come.

3. Beyond the Water: Effectively Managing Lake and Pond Shorelines

Regular shoreline maintenance ensures that your lake or pond can withstand the test of time. Protecting your waterbody from the dangerous and unsightly effects of erosion starts with preventative management. Learn how smart solutions such as bioengineered living shorelines can repair even the most severe erosion cases.

4. Control Nutrient Levels and Improve Lake and Pond Health with All-Natural Alum

Nutrient Remediation with Alum is one of the most effective and natural solutions for poor water quality. When water quality is healthy, algae, nuisance weeds, and toxic cyanobacteria are less likely to thrive. Restore the balance and beauty of your waterbody with Alum and other proactive solutions.

5. Oxygenation Solutions for Lakes & Ponds: Floating Fountains vs. Surface Aerators vs. Submersed Aeration

Healthy, functional lakes and ponds require oxygen. Waterbodies with poor water quality can suffer from water quality impairments like algae, toxic cyanobacteria, and aquatic weed growth. Fortunately, lake managers can utilize three solutions to increase oxygen: floating fountains, surface aerators, and submersed diffused aeration.

Achieve Your Ideal Waterbody

There’s no doubt that lakes and ponds are vital to our communities. That’s why it’s so important to maintain a healthy waterbody for everyone to enjoy. Let us help you reach your lake and pond management goals next year. Contact our professionals to get started on your 2023 management plan.

SPEAK TO A PROFESSIONAL
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Prepare for Tropical Storm Nicole by Cohen Law Firm

Prepare for Tropical Storm Nicole by Cohen Law Firm

Prepare for Tropical Storm Nicole

by Cohen Law Firm

Homeowners & Property Owners Preparedness Tips:
It is extremely important for you to have records of your property’s condition in the event that you need to file a claim with your insurance company.
Before The Storm:
  • Take photos of your property- Interior of Home, Exterior of Home, Roof, Pool and Pool Area, Fencing, Trees, Front Yard, Back Yard.
  • If you are not able to take photos before a storm, collect the most recent photos you have taken of your property.
  • Document belongings- with proper documentation, you may also be able to recover lost expenses for home contents, personal property, and other items. Here is a list of some items to consider keeping receipts for or appraising: Televisions, Furniture, Jewelry, Artwork, Appliances, Computers, Antiques, Beds, Decks, Other Electronic Equipment
  • Know what is in your homeowner’s insurance policy.
  • Have records of your property’s condition in the event that you need to file a claim with your insurance company.
  • Review your mold coverage.
  • Review your flood coverage. This is normally separate insurance policy.
  • Ask your insurance agent about coverage for water damage, law and ordinance, debris removal, and additional living expenses.
  • Check your hurricane deductible, it can be much higher than your regular deductible.
  • Have a plan to move yourself and your family – especially those with special needs.
  • Have a portable radio, TV or NOAA Weather Radio on hand to monitor important information.
  • Homeowners who depend on well water should draw an emergency supply.
  • Get cash or travelers checks in case banks or ATMs are not operational.
  • Ensure all your electronic/mobile devices are fully charged.
  • Gather important documentation and place in waterproof container.
  • Make arrangements for pets; emergency shelters may not let you bring your animals with you.
  • Find out where the nearest shelter is located and the routes to get there.
  • Fill your automobile(s) with gas or ensure your electric vehicle is charged.
  • If you have an emergency power source, learn how to use it properly.
After The Storm:
  • When it is safe to do so, photograph your property’s: Interior, Exterior, and Roof
  • Consult with an attorney experienced in handling insurance claims before giving any recorded statements or meeting with an adjuster assigned to the claim.
  • Call the insurance carrier and timely report the claim.
  • Homeowners should obtain an inspection by a qualified contractor and/or roofer to assess whether the hurricane force winds have damaged or diminished the roofing system and building envelope.
  • Take photos and record the questions and answers when talking to adjusters.
  • Make sure to keep track of the name and number of every person you talk to at your insurance company.
  • Check your Co-Insurance penalties.
  • Make a copy of the insurance policy and keep it in a safe place.
  • Check your policy coverages and sublimits.
  • Just because water has not began to enter the structure does not mean that there is not damage to their property.
  • We have seen too many homeowner claims where an engineer is hired months after the storm and the engineer states the damage preexisted the hurricane.
  • For more information about the work we do with insurance claims, Click Here.
Business Owners Preparedness Tips:
  • Businesses should pay close attention to the storm’s forecast over the weekend. The National Hurricane Center releases a new full advisory every 6 hours, at 5am, 11am, 5pm and 11pm EDT. They are issuing intermediate advisories every 3 hours, between the full advisories (1am, 8am, 1pm, 8pm EDT.)
  • During this time, it’s important to review your disaster and emergency communication plan.
  • Backup all data on servers and personal computers and ensure remote access is available.
  • Ensure your equipment is raised above potential flood levels.
  • Review your insurance policies to mitigate any possible gaps in coverage.
  • Protect and duplicate important business documents and records. Be sure they are accessible from anywhere.
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DEVELOPERS ARE ON THE PROWL – By Eric Glazer, Esq.

DEVELOPERS ARE ON THE PROWL – By Eric Glazer, Esq.

DEVELOPERS ARE ON THE PROWL

By Eric Glazer, Esq.

I’m already hearing stories of developers making low ball offers to owners in high rise condominium buildings, offering to buy units at bargain prices. Here’s why…..  Developers knows that in building of 25 years or more on the coast or 30 years or more inland, owners are facing massive upcoming expenses.

These include but are not limited to:

  1. Mandatory fire sprinklers or an engineered life safety system;
  2. A mandatory Phase One Inspection;
  3. A likely Phase Two Inspection which will subsequently result in major repairs being required to the condominium property;
  4. A Structural Integrity Reserve Study and the full funding of reserves.

 It’s going to get mighty expensive to remain living in some condominiums and developers know that many owners simply won’t be able to afford it.  Their strategy is to offer you some money for your unit instead of you having to come out of your pocket tens of thousands of dollars or more.

Developers may rely on simply making an agreement to buy everyone’s unit at the same time and if even one owner decides not to sell, the deal is off.

Developers may also have a strategy where they buy enough units to “terminate” the condominium form of ownership.  Under the current statute the developer may wish to accumulate only 80% of all units.  If so, the developer can then file a plan of “termination.”

the plan must be approved by at least 80 percent of the total voting interests of the condominium. However, if 5 percent or more of the total voting interests of the condominium have rejected the plan of termination by negative vote or by providing written objections, the plan of termination may not proceed.

 

If you read the foregoing statute, clearly developers would want to purchase just in excess of 95% of all units so that nobody can stop the plan of termination.  However, some of you may have language in your governing documents that would require a vote of 100% of the owners in order to terminate the condominium.  The question of whether the magic number is 80%, 95% 100% or some other number depends upon whether you have “Kaufman” language or “as amended from time to time” language in your governing documents.  Believe me, it gets complicated.

The bottom line is that many of you will soon be approached by developers looking for a steal.  When this happens, rather than have infighting among those that live and/or own in the condominium, I urge you to seek the advice of counsel on this very complicated topic.

No doubt older buildings will be toppled by developers who will put new ones in their place.  It may be very unlikely that even though you lived there for decades, you won’t be able to afford the prices in the new condominium.  Ladies and gentlemen, gentrification is coming to a neighborhood near you.

Every Sunday watch and listen…Ask Questions get Answers!