Management Program
Management Program
Lake James Real Estate TYPES OF MANAGEMENT:
Long Term
any lease over 90 days
Short Term/ Seasonal
over 30 days but under 90 days
Vacation
under 30 days or booked on any online platform
RATES FOR MANAGEMENT TYPES:
Long Term
12% of rental amount
Short Term/ Seasonal
15% of rental amount
Vacation
20% of rental amount
A 6.75% sales tax is applicable, based on the percentage of the management fee charged. This tax is filed with NC Dept. of Revenue each month.
SERVICES PROVIDED:
- Advertisement – by signs, website listings, booking platforms as needed (Zillow for long term, Vrbo for vacation. Additional fees will apply). Descriptions, amenities, rates and area information are provided.
- Showings – schedule showings as needed for appropriate type of rental.
- Applications/Leases/Vac Rental Agreements – Depending on the type of rental, applicants or guests are screened/processed using standard real estate procedure. Some screening involves a written application, background check with credit, criminal history, and eviction check. Vacation rentals use NC standard vacation rental agreement and guests must sign to adhere by all house and community rules.
- Communication with renter – All communication with renter/guest is done by management. Before, during and after all leases or stays. 24-hour access to assistance is provided by phone, text, and email.
- Payment Processing – All rental payments/proceeds and security deposits (where needed), are held in a non-interest-bearing Real Estate Trust Account until disbursed. All owners are paid by company check from this account; no direct deposit available.
- Long term rentals are disbursed monthly with an owner statement and check, usually mailed the 15th of each month.
- Short term, seasonal, and vacation stays are disbursed after the check out and exit clean are concluded. To ensure all vendors are paid in full for any service needed, including maintenance, repairs, or adjustments and refunds (if applicable). These also receive a statement.
- Owners will receive a statement at the end of the year for tax purposes.
MAINTENANCE/REPAIRS:
- We do not assume any landlord repair/maintenance responsibility. Our primary services include managing, showing, calendar scheduling, point of emergency contact, coordinating entry for repairs, maintaining contracts and disbursing the money on behalf of the owner.
- We can recommend any additional services that owners may need such as cleaning services, mowing, a concierge service for more detailed arrangements, and a handyman if needed. These must be ordered and paid for by the owner.
- As management agents, we assist with scheduling and coordinating repairs with vendors but we are not responsible for repairs or payment of repairs. We can only pay out of the account when there is owner profit in the account waiting to be disbursed, otherwise the payments will be made directly from the owners on repairs. All repairs over $200 must be authorized by the owner.
OWNER REQUIREMENTS:
- Additional liability Insurance is required for short term and vacation rentals.
- A list of property requirements is supplied along with the management agreement forms, depending on type of management desired.
- Contact information for owner(s) and preferred service providers.
- We require both long term and vacation rentals to have scheduled contracts in place with pest control and HVAC service maintenance.
- Short term and vacation rentals require full time lawncare in place, contracted and paid by the owner.
- All rentals must be professionally cleaned before and after each lease/stay, including carpets. This includes the onset of management and any lapses during leases.
- All listing platform fees must be paid by owner. Annual or Pay Per Booking.
- Management terms only apply to properties with a lease in place or when a property is occupied by booked guests. If the owner or an owner guest is using the property for personal use, the owner is responsible for all maintenance and repairs.
Manage Properties
Contact us now if you are interested in having us manage your property.
