Using
your Keys home as a rental
Generally long term rentals should be unfurnished.
• Initially we do a credit check before submitting a lease to you, then
with your approval of the lease, we collect the first and last months rent
plus a security deposit which is typically a months rental amount. We are
very proactive in this area and I assure you the home is handled professionally.
• As to utilities- The tenants take the lease to the water, electric,
phone and cable people and have the utilities put in their name and of course
they pay their own deposits. Garbage down here is included in your tax bill-so
there is no garbage bill.
• As to what is the best rental situation , that is size, which areas,
views, pools, how water and boating accessibility affects rental amounts
and the typical rental amounts for both long and short term, plus the fees
involved, please contact Jennifer Smith, 305-453-7544, our property manager
in the upper Keys.
As to extra costs and what is necessary to have a Home as a Rental.
• When you rent your home out you need to license it through the County.
This costs $25.00 and we handle the paperwork for you. The County and the
Tax people want the home licensed so they know where there may be tax dollars
coming in. When your home is used as a rental, in effect you are operating
the same as a hotel or motel and so come under their safety guidelines.
• Every bedroom and the main living area must have a hardwired smoke
detector and there must also be an escape light. This light comes on in case
of a power outage-this also must be hardwired. (About $350.00 installed smoke
detectors and escape light for a 2/2)
• There also needs to be a professional quality refillable fire extinguisher
that is approved by the fire department (about $55.00). This would be the
same as you'd find in a restaurant or hotel room. There needs to be a dead
bolt on the door that works from the inside and is a different key than the
main door. All of these issues help protect your liability in cases of fire/break
in.
• When the home complies with all of the above and we have the signed
contract, then it can go into the rental pool .
SPECIFICS OF THE AGREEMENT
1 Coldwell Banker agrees to manage the home for a period of one year with
the contract automatically renewing unless either side gives 90 day notice.
2 Our fee for vacation rentals is 20%---what is really important here are
the following points.
• There are no hidden fees-such as credit card charges etc.
• We typically send you the money within 2 weeks of receiving it÷we
do NOT hold it until the first of each month or split it out each month.
We always collect cashiers checks from the renters so when the money is received,
it is quickly processed through our main office and sent to you.
• There are no charges for going up on our Web sites÷5 in all.
• There are no charges for the pictures that are taken.
• There are no charges for any specific flyers, brochures or ads that
we run on our rental properties.
• Please go to www.rentalsfloridakeys.com
• We actively and aggressively manage your home. Meaning we get the
best customers (qualified) We play by the 2 people per bedroom limit, and
we work to keep it filled other than your personal usage
• All of the computers in the 6 Coldwell Banker Schmitt offices throughout
the Keys are linked. If a customer inquires about a home, it will show up
on the rental agents computers.
• We have Handymen, Electrical, Plumbing, Landscaping, Pest control
and appliance people that respond when there is an emergency.
BOOKING THE HOME FOR THE OWNER.
This is very simple. You would call the rental manager and have him block
out the home when you want to use it. We don't charge a fee for any of that.
Generally you would have us arrange for the home to be cleaned after you
leave .
FLORIDA BED TAX- Florida charges a 11.5% tax on all hotel, motel, home rentals.
We collect the money from the tenant and disperse it to the tax agency .
CLEANING SERVICE The tenants pay this fee which varies based on the size
of the home. On average a 2/2 is $100 and a 3/2 is $125.00.
PETS AND SMOKING If the home is no smoking, that is put in the rental file
and the tenants are informed before they book the home. If the home allows
pets, we collect a pet deposit which is added to the standard security deposit
of $500.
How are emergency repairs handled?
• We have handymen available that can take care of small emergencies
or updates, as the owner requires. Since our company manages over 300 rentals,
we also have a good working relationship with Plumbing, Electrical, Appliance
and Carpet, Tile people.
What about Hurricane preparation?
• In the event of an impending Hurricane, the handyman or someone else
can be hired to put up the storm shutters, bring in the lawn and patio furniture,
etc for a fee-as we have too many homes for us to do them individually. This
agreement should be set up in advance by the homeowner and the handyman.
We will help you find someone to do this.
What makes a good Vacation Rental
• A clean, well-maintained home on a canal or open water.
• Typically one of the bedrooms should have a set of twin beds if the
renters are bringing children.
• Good linens and towels and a backup set. This is especially important
for monthly renters.
• The washer, dryer and refrigerator should be newer if possible.
• A good Television hooked up to cable (about $35.00 per month) and
a CD or tape stereo system.
• The kitchen must be completely outfitted. A microwave is also very
important for renters.
• Patio and/or Lawn-Deck furniture. If there is an upper deck, a table
and chairs plus loungers.
• On the water side, below a set of loungers and chairs.We get a lot
of repeat renters÷if the renters have a good experience, they will
come back. We see this especially with people that book two to three months
a year.
Who handles the renters?
• All of our offices have a dedicated rental manager whose job is to
rent the homes. In conclusion, there is a lot to discuss on rentals and this
is used to just get you information regarding the main issues ."
