Frequently Asked Questions
Will Long Term Tenants Want To Rent My Home?
We specialize in finding middle-income families that prefer to lease rather than buy. We’ve been doing this for many years now. Unlike other countries, not everyone in the USA wants to own their own home. The location, condition, affordability and professional management are important factors for tenants to consider.
Will I Benefit from a Long Term Rental?
Yes, most of our owners started out with their homes as vacation rentals. Some of our owners told us they were spending as much as $30,000 a year subsidizing their home and now they are H-A-P-P-Y as they get monthly rental checks deposited into their bank!
Will I see any Financial Returns?
All your hard earned cash and savings aren’t going to support your rental home in Florida. You have turned your Florida home into an investment, instead of a beautiful, luxurious money pit. With the added savings you can stay in a different brand new home each time you come to Orlando. You can now go on vacation anywhere. Think about taking a cruise around the Caribbean or a trip around the world! You now have the freedom to choose again!
What about the Monthly Running Costs?
At the start of the lease, the tenants are required to have all the utilities transferred into their name. Your electric & water etc. can be turned off on the same date. Cable and phone can be disconnected as soon as we take over management. No more weekly cleans or calls outs to change a light bulb. You will still be responsible for servicing and maintain the pool, pest control and general repairs to the home.
Who takes care of the Maintenance and Repairs?
Lawns & gardens – You will be responsible for taking care of the lawn and landscaping. Please keep the grass in good shape, it needs watering twice weekly. Trim the bushes and landscaping regularly and apply weed and feed at least 2 to 6 times a year.
Pets – Most rental owners understand that families have pets. So, it’s company policy to allow pets with a pet fee, which is non refundable and non transferable. Like you, pets need to be approved, we’ll need to see them and keep a photo on file.
Swimming Pools – If the home you lease has a pool, you need to obey strict pool safety rules. No unattended children under the age of 16, no running or horse play and no glasses or china in the pool area, use plastic ware to avoid accidents. No coins in the pool – they rust. No pets in the pool – hairs clog the filters. No diving, most Florida pools are less than 6ft deep. If you have children, please ensure that all doors and windows leading to the pool area remain locked at all times. A second to check could save you a lifetime of agony.
The pool is serviced weekly; to balance the chemicals take care of the controls, equipment, timers and surface brushing as required. If there is a storm after a period of dry weather, dust from the pool screen will end up at the bottom of the pool. Use the pool brush provided to brush any debris towards the main drain. Please keep all pool screen doors closed and don’t lean on the fragile screens. Be very careful when cutting grass or plants around the exterior as strimmers will tear the screening.
Pest Control – Optional Your home maybe treated against pests on a quarterly basis and treated both inside and out. If you are suddenly overrun with ants or roaches they will return and re-treat the property. Operatives will call you to advise when they’re coming and you don’t need to be home while they spray. Only State approved pesticides, non-toxic to humans and animals are used.
Want to know more? Message us and we will get back to you.
Will I have Sales or Resort Taxes?
No sales or resort taxes on long-term rentals, providing the home is leased for seven consecutive months or longer to the same tenants. Long term rental homes are not required to file monthly sales, resort or bed tax returns. All your short-term licenses will need to be canceled at the commencement of your first lease agreement. This includes your state sales tax license, hotel license, and local business resort tax licens
Do the tenant have to pay Property Taxes & Home Owner Association Fees?
Unlike other Countries, these bills are the responsibility of the homeowner and not the tenant. Property tax bills are mailed out by your Town/County early November every year. Check with public records to ensure they have your mailing address correct. If you haven’t received one of these bills- it’s important to investigate, as this could result in the foreclosure of your home. Homeowners associations in most cases are mandatory too. The association bills the owners and not the occupants either yearly or monthly. They too can force a foreclosure for nonpayment.
How Long Does It Take To Find A Suitable Tenant?
As long as your home shows well and is in great shape, it shouldn’t take long at all. Typical time is between 2 days to 3 weeks.
How Do You Find Suitable Tenants?
Each home is different so, it makes sense for us to structure an individual marketing plan. Generally speaking, we advertise your home on the internet with various search engines and on numerous popular websites including MLS. We offer generous finders fees to over 2,000 realtors in Florida who may have clients looking to rent a home. We produce an exclusive on-line brochure with 10-20 color photos. Most people search online first, and we find this is the fastest way to produce suitable fast qualified inquiries. We complement this by placing an attractive for rent sign on your property. We may show the home as many as 20 times before finding the right family. Or it may be the first family we show it too.
How Do You Qualify Tenants?
We work with the main official credit/background agencies, and we order official written reports on all potential applicants. Here’s where you can view online the application. https://renterschoicehomes.com and click “Apply now”, button at the top. We call all the references personally, verify their employment and income. We check their credit history and background in all 50 states. We also require personal and family references in addition to taking into account our first impression when we meet them.
Do We Get to Choose Our Tenants?
The decision is yours. We will tell you about each applicant so you can make an informed decision. Then, we ask for your permission before drawing up a lease.
What Happens if the Tenants Don't Pay the Rent?
This rarely happens- but when it does. We serve the tenants with a legal notice prepared by the attorney for them to deliver the rent or quit the premises. This usually gets their attention and the rent paid. Evictions for us are few and far between. Remember our careful screening process. We’ve only had to do two evictions in the last five years. Each one took around six weeks from start to finish and cost the owners less than $1,000. The attorney that drew up your lease will be more than happy to handle the eviction for you at a discounted rate.
What about the Utilities?
At the start of the lease, the tenants are required to have all the utilities transferred into their name. Your electric & water etc. can be turned off on the same date.
What about the Lease?
We don’t use the standard leases that you can buy from an office supply store or the FARBAR leases as we don’t believe these are good enough. We are seasoned realtors with years of experience with leases. We believe it’s best to have the lease drawn up by an attorney who specializes in Florida lease law for residential properties at our expense.
How long is the Lease?
We recommend yearly renewable leases providing the tenants keep the home in good shape and pay their rent on time.
How much are your Management & Leasing Fees ?
We charge 10% of all rents collected as our ongoing management fee. The first month’s rent is the leasing fee. Choosing a management company is not as simple as choosing the largest or, the cheapest you can find. Any savings on fees can be easily wiped out by the home sat empty for an extra month or two due to a low advertising budget, or an overwhelmed inattentive unskilled staff. We don’t claim to be the cheapest management company in town. Our ratio of highly skilled staff to rentals is amongst the highest in the industry. Our rental owners will happily tell you we provide the best services possible with added peace of mind.
Will I have to Furnish the Rental?
Appliances, carpet, blinds are required. Sofas beds etc. are not. Please contact us for further information about your furniture.
What kind of rules do HOAs have?
Each neighborhood has deed restrictions and a vigilant Home Owner Association to ensure the community is a nice place to live for all its residents. Here are some of the most typical restrictions in a residential community. No commercial vehicles, boats, RV’s, trailers allowed on driveways or parked over night on the street. No parking on the grass. Visitors may need to park in designated areas.
Why should I choose McCormack Realty & Renters Choice Homes?
Somewhere mid through year one-when, you realize that the rent checks come every month and everything is going well. When you call McCormack Realty & Renters Choice Homes, someone answers the phones during business hours. Your calls get returned etc. You can see what’s going on 24/7 online. Everything is starting to make sense for the first time in a long time. You can start to breathe a little easier and not worry so much. If you have any more questions, please call us. That’s why we’re here!