Overview
Business philosophy
At J. Luis the goal is to create a quality housing atmosphere for their tenants while ensuring the highest possible return on investment for their clients. Their mission is to offer services that are second to none to both their clients and tenants by utilizing the latest technology, implementing effective marketing strategies, and systems. J. Luis stays on top of market changes and industry trends and provides timely information of these changes to their clients. It’s what sets J. Luis apart.
J. Luis Standards
Prior to leasing a unit, J. Luis staff check to make sure the unit is clean, sanitary, safe and in habitable conditions according to the Florida Residential Landlord and Tenant Act. They also check that the yard and the exterior are well kept and free of debris. The carpets are cleaned or replaced and the property is inspected for insects and bugs, and treated if necessary. They also make sure that each property has the legal amount of working smoke detectors with new batteries. The property is re–keyed and new HVAC filters are installed. Taking care of these details beforehand provides that new tenants will have a much easier process moving in, which in turn hopefully they will have more respect for the property and care for it better.
Investing in J. Luis
Contracting J. Luis’ services is not an expense but an investment. Typically services are provided at 10% of the gross rental income per month, $75.00 being the minimum. Additionally there is a prepaid advertising fee of $250 per vacancy. There is a $75.00 lease renewal fee, and a $75.00 close out fee at the end of management agreement term. There is also an initial leasing fee equal to one full month’s rent for all new tenants, however, there is no charge while the property is vacant. These are general figures, contact a representative to see how J. Luis can generate a customized program to meet your needs. View a sample of our Property Management Agreement.
Reserves
J. Luis requires a minimum reserve of at least $300.00 from initial rental proceeds. The reserve monies are to be used for unexpected expenses arising from the management or operation of the property. These funds are held in a Trust Account in accordance with the Florida Residential Landlord and Tenant Act.
Security Deposits
J. Luis does require security deposits, usually an amount that is equal to one month’s rent, from all tenants. The Florida Residential Landlord and Tenant Act requires that these funds be held in a separate escrow account at an insured bank within Florida. Security deposits cannot be disbursed until the tenant vacates and at that time, can only be disbursed to the owner or the tenant.
Collection & Eviction Process
All rents are due on the 1st of the month and are delinquent on the 6th. Tenants that have not paid by the 6th of the month will receive a first letter of delinquency on the 6th, in which the tenant is notified to pay the rent in full or vacate the property within three business days. If the tenant does not respond, a second letter of delinquency will be sent on the 13th. For those that have still not paid by the 18th of the month, an Eviction Complaint will be filed which triggers the eviction process.
Court costs due to an eviction are charged to the tenant and if not paid will be deducted from the tenant’s security deposit upon vacating the property. Court costs are determined by the court system and typically run a minimum of $125 and up. The tenant will also be responsible for an administrative filing fee due to J. Luis equal to total court costs incurred.
Disbursements
On the last business day of each month, equity disbursements are made utilizing electronic ACH transfer. Net proceeds will be directly deposited into the client’s accounts on that day. Monthly statements are emailed on the last business day of the month along with copies of the original invoices from any maintenance items or other charges. Download our ACH authorization form.
Maintenance Items
J. Luis strives to ensure a minimal amount of inconvenience to all of our tenants by providing 24 hour emergency services as well as a quick response to routine daytime repair and maintenance requests. Routine maintenance requests must be submitted in writing to J. Luis. Requests are handled by skilled, licensed, and insured subcontractors. Tenants can utilize the online maintenance request by downloading a Resident Maintenance Request form, filling it out and faxing it to the office.
Insurance
J. Luis requires that owners carry a general liability insurance policy for the protection of any claims arising out of the operation, leasing, and maintenance of the property. The firm requires a valid certificate of insurance listing J. Luis Properties Management, Inc., as an additional insured party to be on file at all times.
Insurance Adjustment
If for any reason should a loss occur, J. Luis works with Florida’s Premier Public Adjusting Company (FPPAC) to have your claims processed. J.Luis will arrange to have an insurance adjuster access the property and take any steps necessary to protect your investment. Because of the relationship J. Luis has with FPPAC, claims are processed quickly and efficiently. *Note each individual owner must contract with Florida’s Premier Public Adjusting Company separately. J. Luis has no business affiliation with Florida’s Premier Public Adjusting Company.
Tenant Notice of Non-Renewal
When a tenant notifies J. Luis of their intention not to renew a lease, the following will be done:
- A visit is made to the property for an assessment and to ensure that anticipated turnover time is minimal
- Notification is sent to the tenant explaining their duties, including cleaning and yard care
- A reconciliation of the owner’s reserve is made and is modified, if necessary, to allow for expenses that may arise to be to get the property ready for the next tenant
- The marketing program is initiated for the property and advertising charge of $250 per vacancy will be charged to the owners account to cover for all of the advertising costs, irregardless of the length of the vacancy
- The appropriate arrangements are made for the transfer of utilities
Vacancy
After a unit has been vacated the following will also be performed:
- After a tenant moves out the locks are immediately changed
- At this time J. Luis will perform a move–out inspection of the property. The inspections should be completed within the first five business days after the tenant moves out. After inspection is complete a J. Luis representative coordinates for repairs to be made and determines if the tenant is liable. All information is documented. Any items requiring special attention are noted and communicated to the owner.
- A summary of the inspection will be supplied to the owner on or about the sixth business day of the month
- Once all work is complete, prospective tenants are allowed to view the property.
Tenant Screening:
- J. Luis performs a credit check, criminal background check, employment verification, and payment history audit on every adult that intends to occupy the property
- Prospective tenant’s lease rate/income ratio is evaluated
- Upon approval, the prospect is given 72 hours to sign the lease and pay the security deposit
Pre-Move in Inspection
- A move–in inspection is performed in which the condition of the property is documented-any last minute items are taken care of such as light cleaning
- All smoke detectors must be tested and the batteries replaced regardless of how new they are. J. Luis abides by the Florida Residential Landlord and Tenant Act. New batteries will incur a cost of $12.50 each and any missing smoke detectors will be replaced at a cost of $50. This includes parts and installation
- HVAC filters will be changed if necessary. The cost is $12.50 per filter, unless they are uncommonly sized or specialized filters. Lease terms require that tenants replace the filters at the end of their tenancy as well as change them every month throughout tenancy
- The property will be re–keyed to ensure safety and security of both the property and new tenant
- A light cleaning will be performed to the interior of the property a few days prior to move–in as necessary
Pets
Pets are accepted on a case by case basis as determined by our clients. There is a onetime non–refundable pet fee, which may vary depending on the number and size of pets, paid by the tenant. For more complete information about accepting pets please contact a representative.
Lease Rates
Lease rates are going to be determined by several market factors including the condition of the property, location and the rental rates for competing similar properties in the immediate area. Unfortunately, the markets that dictate lease rates vary vastly from the markets that influence value of properties. Please contact a representative about your specific property.
Investment Property Sales
J. Luis is affiliated with local Realtors® and community contacts as well as other investors. J. Luis can assist you in the acquisition and disposition of investment property. Should you have an established relationship with another Realtor®, J. Luis can assist you by working with them to make the process smooth.
Management Fees
Management fees are deducted from the monthly equity disbursements.
Recurring Bills
J. Luis’s accounting system can easily pay all monthly bills, including HOA dues and mortgages. In order to take advantage of this service, there is an additional reserve requirement equal to 100% of the anticipated monthly bills to be paid. Bills are paid on the 25th of each month. Download the appropriate form here to begin this service.
Online Account Access
J. Luis clients have full access to their accounts. You will see the same data that they have in the office and be able to prepare your own customized reports, 24 hours a day, 365 days a year. Tenants have a separate portal for their account access.
Getting Started
In order for to begin the process of managing your property J. Luis will need the following:
- Executed property management agreement
- Copies of current leases
- Keys to the property, including mail box keys, if applicable
- Garage door openers, if applicable
- Certificate of insurance, with J. Luis Properties, Inc., as an additional insured
- IRS Form W-9
- Property Info Form
- ACH Authorization
- Lead Based Paint Disclosure, if the property was built prior to 1978
- Lead Based Paint Notice to Landlord, again only if the property was built before 1978
After all the terms have been agreed to and the proper documents have been returned, J. Luis will provide you with a welcome package to give to your current tenants informing them of the management change. Any funds due to J. Luis per the agreement will be deducted from the initial month’s rent.
