FREQUENTLY ASKED QUESTIONS

Future Owners

What does WaterMarke Management Group do to help their owners?

As a leading luxury property management company in North Florida, WaterMarke Management Group strives to create a profitability plan that is customized to each owner for their property. Our goal is to ‘Maximize profitability of your rental property by Maximizing your marketing exposure and Minimizing your risk.’

How do I start the process of obtaining property management with WaterMarke Management Group?

To learn more about our services and how we can help you, please contact Greg Bowman, Executive Director. Email: Greg@WMGFlorida.com or Office: 904-221-8850

What is a lease management agreement?

When you hire a property manager, it is important that you review their management agreement carefully so that you understand what you are agreeing to. It should include: Services & Fees, Responsibilities of Property Owner, Comply with Fair Housing, Liability, Contract Duration and Termination Clause.

How do I prepare my home for tenants?

How do you screen new tenants?

Tenants are screened using a 3rd party screening company that performs a background & credit check. This is followed by verification of income & rental history.

What is the criteria for a rental application?

What type of Insurance do I need to have when I have a property that is being managed?

What is required for a tenant to move into a new unit?

Tenant screening, agreed lease terms, signed lease by all parties and certified checks for: 1st month’s rent, security deposit and non-refundable pet fee (if applicable). Plus, a move-in inspection report with photos.

How is the interior/exterior of the unit’s condition documented prior to moving in to the unit?

We use a 3rd party company to conduct a move-in inspection. This inspection includes photo documentation and is necessary for comparison to the move-out inspection.

Are there any other fees?

Office: (904) 221-8850
Email: Care@WMGFlorida.com

How do I contact WaterMarke Management Group?

Office: (904) 221-8850
Email: Care@WMGFlorida.com

What are the various services that you offer to your clients?

Essentially, when we manage your property, we handle all aspects so that you do not have to. This includes marketing and placing the tenants, collecting and distributing funds, managing tenant concerns and maintenance issues, managing all terms of the lease through its term.

How do you determine rent amount?

We prepare a comparative market analysis and give you a suggested range. You determine the rate you wish to market.

Do you offer direct deposit for your owners?

Yes.

How do you collect rent from tenants?

Online tenant portal.

Do you conduct property inspections and, if you do, what charge is associated with them?

We conduct scheduled inspections of the interior of houses at 3 and 9 months and the exterior at 6 months. However, we also enter as needed including maintenance needs. We do not charge additionally for inspections.

What steps do you take to market properties?

We market through NFLMLS, our website @ WMGFlorida.com, AppFolio, AHRN for military, North Florida Photography, featured by our social media manager on Facebook, LinkedIn, yard sign, incentives to other brokerages, also sent to our REMAX agents in 3 offices.

How long are your properties typically vacant?

Depends greatly on price and season. Spring is best. Owners who want to stick to a price might have their property on the market for months. If priced right, a lease should be in place within 30 days or less.

What are your income and screening requirements for applicants?

See application criteria.

What control do I have over the tenant lease agreement?

Terms are controlled by you through WMG; length, rate, special stipulations. Our leases are written by our attorney who specializes in Florida Landlord/tenant law and we comply with all Fair Housing.

How often will I get updates on my portfolio?

Each month when you receive your statement and when changes occur or are due to occur with a lease. Special approval for expenses exceeding the maintenance limit.

Do you require tenants to enter into a 1-year or 2-year contract?

Preferably 1 year so each renewal can be evaluated. We write leases greater than 6 months.

How much of a security deposit do you require the tenant to pay prior to move-in?

Standard in the northeast Florida market is the equivalent to one month’s rent providing an applicant meets rental criteria. Exceptions would be approved by the owner and often additional deposits would be required.

What are the stipulations if we want to vacate the tenant prior to the end of contract, or, if the tenant wants to vacate prior to the end of the contract?

Tenants are obligated to the lease unless under military orders. Tenants may vacate by paying a two month penalty providing the clause is written into the lease.  If not, terms can be negotiated.

Can you explain the federal fair housing laws to me?

Follow the link below. Licensed agents, such as ours at WMG are educated in this act and others related to housing and we follow all aspects.

https://www.hud.gov/program_offices/fair_housing_equal_opp/fair_housing_act_overview

How is damage deemed “tenant neglect” (not normal wear and tear) handled?

Security deposit claims can be complicated.  We advise owners in each case regarding what will or will not be likely challenged.