Frequently asked questions for Landlords
Should I get additional Insurance?
Yes, you should get additional liability coverage to protect yourself. If an additional policy is created, we require that you name Kolker Consulting, inc., DBA Luxury Living Properties as additionally insured on the policy, and provide us a copy of the certificate of insurance (COI)
What do you think about adding a hot tub or other amenities to the property?
With every amenity added there is upkeep to those amenities which in turn accrue additional expense, as well as liability.
We would recommend talking this out with you to determine if additional amenities would be necessary to market the property.
How does photography work?
We will handle everything, as reflected in the pricing sheet there is a photography and set up fee. We will create a timeline with you specific to launching the property, and within that timeline will be a day that the home is vacant so that we can have our photographer come in.
How long will it take for my property to be rented?
It depends. Our goal is 100% occupancy, and currently we have a 98% occupancy rate. With that being said we do need time for our marketing efforts to take effect, and for the public to see the unit. We recommend not getting discouraged the first few weeks of marketing. Depending on the price it could take up to a month. Once the inquiries start rolling in, it is easier to build upon that momentum and keep it booked.
Where will the unit be listed?
The unit will be listed on a variety of platforms and websites. Initially we add the home to the MLS (which syndicated to hundreds of websites), and Zillow. Depending on whether the property is furnished or not, we can additionally list on Airbnb, VRBO, and Furnished Finder, and we register the home on several relocation company websites such as ALE and CRS. All rental properties will be featured in all of our own outbound marketing through our website, social media channels, and email blasts.
How do showings work with a guest in the property?
We are allowed to show the unit with a 24 hour notice given to guests as per the guest or lease agreement. For furnished monthly rentals, we understand that many of our guests are on vacation, and this could feel like a violation of privacy. We try to encourage prospective guests to check out the 3D tours in lieu of in-person walk throughs. If a prospective guest is looking for a longer term tenancy, we would then see if it would be appropriate to schedule an in-person showing with the current guest before doing so.
Do you collect rent?
No, we do not collect any money from the guests. We will discuss with you how best guests should pay you directly upon booking a unit. We strongly encourage all guests pay the total sum of their stay at booking for monthly rentals.
For long term rentals, tenants pay monthly with an up front deposit along with first or last month’s rent collected upon booking.
Lock Boxes:
We recommend and provide lock boxes for your rental, so tenants can access the property along with Realtors, and handymen.
Risks to being a landlord:
As with any investment, there are always risks associated with becoming a landlord including evicting tenants who overstay their welcome, along with safety issues, property damage and paying to repair problems. As long as you understand these risks, the rewards are immeasurable, including fostering new relationships with tenants and vendors, learning new things, and gaining equity or cash flow if the property is an investment.
As an investor myself, I can say that our future retirement is looking much more solid due to our real estate holdings, and despite the negatives, the positives are well worth the risk.
