Who Are We?
Lake Mary Realty Inc. works closely in affiliation with recognised, reputable and professional advisers in both Orlando, Florida and the U.K & Ireland. The aim of these amalgamation of partnerships was to efficiently service our clients both sides of the Atlantic while looking to purchase exquisite new properties in the Orlando / Disney area of Florida, either for personal occupation or rental purposes. Needless to say we are also happy to assist you in the property management of your new home should you wish to use it for investment / income purposes after purchase.
We believe that our association with expert affiliates in England and America will immensely benefit our new and existing British / American Clients and we ensure to work diligently, honestly and at all times most cost effectively on your behalf. A company is only as good as it's reputation and we are proud to have clients being referred time and time again to us via word of mouth. Therefore we would also be grateful if you would consider recommending our services to your friends, relatives, colleagues and neighbours!
With a positive, professional, personal hands-on approach we believe that you will enjoy your association with our company and it is our aim to ease you gently and pleasurably into your purchase, hopefully eliminating the vast majority of the stress and hassle which is associated with vacation or property purchases. At all times we encourage and welcome your feed back regarding our services so please do not hesitate to send us your comments!
Please feel free to contact our sales team at any point should you require any further information or personal attention.
Property Management
If you are seriously thinking about buying real estate in Florida near the Walt Disney World Resort area, you will most certainly require the services of a local company to manage and possibly to rent out your property in your absence. We can recommend some of the best management company agents in Orlando, Florida and we will be happy to discuss this with you at the time of your purchase.
LICENSING
Properties which are wishing to participate in a short term rental programs must be properly licensed with the Department of Regulation, Division of Hotels and Restaurants and a Florida State Agency. The annual fee is around $140 - $150 for single family residences. In addition, the State of Florida will inspect each rental home before issuing the license.
The inspection will require that each home have the following:
1. A “2A40BC” fire extinguisher.
2. Additional smoke alarm for the hearing impaired.
3. All exterior doors, including the glass sliding doors, will need a double locking system.
4. A rate card must be on file and maintained in the management company office
5. Smoke alarms in all sleeping areas, i.e. bedrooms and living areas, and they must be inter connected. If already built, we will inspect your home to make sure you are in compliance. If your home is to be built, the developer will usually install smoke alarms at no charge. We always ensure that the home complies with the law.
BRIEF SHORT TERM RENTAL TAX REVIEW
In addition to the property taxes that every homeowner has to pay a tax based on the gross rents received must be collected for any rentals of 180 days or less. This tax is made up of :
1. A 5-6% Tourist Development or Resort Tax
2. A 6-7% State of Florida Sales Tax Total: 11-13% of gross rentals. Normally these taxes are charged on top of the rents and paid by the tenants - much the same as would take place with a hotel or motel.
Taxes are collected and submitted to the appropriate agencies on a monthly basis in compliance with the law. You are also assured that you are properly registered. Sales Resort Tax is collected and paid on the rental income generated from your property. It is the responsibility of the owner to declare the rental income achieved on Owner Bookings and to pay the relevant tourist tax. However, upon your instruction the amount due will be paid to the relevant county tax office.
INSURANCE
All owners of rental properties must have a current homeowners’ insurance policy in effect, a copy of which is to be kept on file in our offices. It is recommended that one million dollars of liability coverage be purchased along with the standard homeowners’ policy. The costs depend on the size of the home, location and type of construction.
ACCOUNT STATEMENTS
Each property owner will receive an accounting of all revenues received and all expenditures relating to their rental property on a monthly basis in accordance with the Property Management Agreement. Service charges, utilities, management fees and any miscellaneous charges will be debited from your account as per prior arrangement at this time. If for any reason there were moneys due, they would be due at this time. The monthly statements obviously become an important record for your year-end tax purposes; however, you will be supplied with a year-end accounting statement recapping all activity for the current year.
Each month an accounting statement is sent to you showing deposits and withdrawals, i.e. income and expense. This is used at year-end to provide you and your accountant with an accurate record of your operating expense. This is a client escrow and, by Florida Law, has to be maintained in a credit balance. Funds in this account cannot be used for anything other than your expenses.
HOME MAINTENANCE SERVICES
You are provided with a complete line of services to maintain and enhance your property's rental value. All services are carried out by fully licensed professionals. Following is a list of the property maintenance services provided and an explanation of each.
1. Lawn Service - Complete maintenance of the entire lawn area including grass mowing, trimming, watering and fertilization. Your lawn will be monitored so that if any problems, such as excessive weeds, cinch bugs, etc. become evident treatment can be initiated immediately thus avoiding more costly damage later. Lawn service is performed weekly during the growing season and less frequently during the dormant season, but no less than twice per month. This service is billed in 12 equal monthly payments. 2. Pool Service - Complete cleaning of the pool, pool traps, pump traps and pump filters. In addition, the water is chlorinated and pH balanced. All chemicals are included. Service performed, 52 weeks a year and is billed in a monthly basis. 3. Pest Control - The chemical treatment of the interior and exterior of the home for the elimination of all types of insects. This is a normal and recommended service for all Florida homes. Homes are treated every month. The service is billed based on 12 equal monthly payments. 4. Home Cleaning Service -The complete cleaning of home linens, towels, bedcovers and dishes following the checkout of a renter. An inventory is performed at this time checking for damages, if necessary, the renters damage deposit is charged. This procedure is essential for preserving the home and furnishings for you the homeowner. Home cleaning service is available on a more frequent basis if the renter desires it and would be billed directly unless prior arrangements have been made. Home cleaning service is billed on your monthly statement when utilized. 5. Maintenance – Scuff marks on the wall, small spots on the carpet, minor damage to dishes, etc. are considered “normal wear and tear”. Most often, these types of things can be corrected and there is no charge to the renter or the homeowner. However, occasionally there is a need for major maintenance.
BILL PAYING SERVICE
The home owner will in most cases open an account at a local U.S. bank for such purposes as direct payment of their mortgage and transfer of funds between the Property Management Company and the home owner.
Generally if a property is located close to attraction parks, approved for short term rentals, has its own private pool and has been furnished and maintained to a good standard, then it will satisfy the requirements of the many tour operators and individual holidaymakers.
If you have not yet purchased a property but are seeking to do so, we encourage you to discuss the matter with us before you commit yourself to a particular purchase. We will be happy to give you, at no cost and without any obligation, the benefit of our experience in the Florida rental market. We will provide you with information as to which particular communities and types of property are generally in demand within the industry and which we believe will achieve the best rental return. We can show you many different options, types of homes, builders and plans of property management that will meet your taste and budget.
