Property Management
 

The other thread about exit cleaning spawned another question in my alleged mind.
What property management company do you use? Are you satisfied? Are they better or worse than the villages property management? AND if I may be so rude, what does it cost? We are visiting in Sept to hopefully buy and rent out for a couple years and visit when we can to get our feet wet.

Thanks for any replies! ::)

Re: Property Management
 

Too lazy to type it all over again, but see my response to schotzy in the other thread.

Re: Property Management
 

I used TV Property Management for 3 years and was VERY happy with their performance. Service was excellent, they advertised, booked, rented, cleaned, inspected, deposited my money and sent me a monthly and an annual report detailing all income and expenses. Very, very professional. My caretaker was in regular contact with me.
They initially took 18% then raised it to 20%. Like much else about things done by TV, not cheap but very well done. Truly a worry free scenario for me.
They rented for Jan, Feb & March each and also for weeks or days in the other months for folks coming down for their previews. We averaged about 120 days per year.
I'd use them again in a heartbeat.

Re: Property Management
 

We also used them initially but then they "cut back" on the number of homes that they managed, at least that is what we were told and we were forced to find a replacement. I agree with you Steve, they were excellent.

Re: Property Management
 

I've come to believe their "cut back" was really a move to keep the homes they managed in the newer areas so the tenants (read: Sales Prospects) were closer to the new construction and away from the resales. Is your home in a more mature area?

Re: Property Management
 

My house is in TV property mgmt and I am very pleased with the bookings and service. Someone told me at the get-go that they only keep a house for 3 years in their system and that has been their policy for quite a while.

BTW I'm not surprised they prefer houses in the South part of TV, since most of the people who use their service are coming for a "Preview". By renting near the new builds they get a better flavor of what they are buying.

Re: Property Management
 

Out of curiosity, I called Hometown Property Management and asked if there was a "age of the home" cutoff for what they managed. They said there was no firm line but, yes, they preferred to represent/manage newer units. I used my 3+ year old house as an example and they said there would be no problem. I think they are fairly restrictive and since they have a large pool from which to choose, they can select only the better maintained places. And since much of their rental clientele is potential buyers, they want to make a good impression.

I've rented from independent companies for visitors with very mixed results. One was absolutely terrible -- the unit was not ready to be rented and the service once the renters were in was miserable. Other companies and independent owner/renters are great. As someone said, TV Hometown Property Management is a bit more expensive but well worth it on service and reliability.

Re: Property Management
 

Steve,
My home is located in Polo Ridge.

Re: Property Management
 

So I guess Polo Ridge is too far from the newer construction. I just withdrew my house from the program (we're in Liberty Park) so I can start living there, and they said they were sorry to see us go. It's just over 3 years old, but they maintained it perfectly. As a for instance, I got an email from the caretaker saying there was a stain on a sheet, and they were replacing the set. The cost was deducted from the rent and noted on my statement. They really kept it in perfect shape for the tenants. My neighbors commented on how, when the tenants left, the place was invaded by the cleaning crew.

Re: Property Management
 

Thanks for all the useful information. I thought I read somewhere on the boards that if the villages have your home in their program that you have to pay their fee if you use it yourself in the off season or if you let a friend use it etc. Is this true? Because it is my intent to rent in the winter season for a couple years and use it myself in November and maybe May. Thanks again for all the replies.

Re: Property Management
 

Yes you do pay them the 20%. But you won't pay the $50 for the caretaker when the home is occupied. Off season the designer homes are $2100/month, so assuming you couldn't cut a deal with them, you'd be on the hook for $420. I was only able to stay for a week at a time, so the $14/day wasn't bad. And you don't have to lay out the money, it comes out of your income when they settle up (just like the cleaning charges). It's also tax deductible as an expense, like the cleaning charges, mortgage interest, phone, cable, landscaper, pest prevention, electric, gas, amenity fees, did I forget anything?

Re: Property Management
 

If you are going to rent part of the year and stay in your house please talk to you accountant. The IRS allows you to stay 14 days a year or 10% of the rental days. If you stay more than that they consider it a vacation home and you loose may of the tax benefits.

Re: Property Management
 

I only stayed a few days at a time and part of a week. Never passed the 14 day mark.