Investor and Owner FAQ

These are effectively insurance, and we are not an insurance company.  Litigation has occurred recently, accusing companies of “posing” as an insurance company.  We do have an optional Landlord insurance policy that provides for eviction, rent and additional liability insurance.  This is provided by SureVestor ProtectionPlus.  Click here to learn more.  Pet issues are covered by security deposit.

See our pricing page for full details but in short, the Premium includes longer tenant guarantee, additional advertising and lower leasing fee.

Please contact your insurance agent to confirm but it is likely you will need a landlord policy and RPM Blue Sky will need to be named as Additionally Insured.  Contact Us to receive our Owners Insurance Info Sheet.

Maintenance coordination is a variable occurrence, so it would be unfair to include this in the monthly management fee.  Additionally, we are upfront with the cost.  Be sure to ask other companies if they are getting compensation on the ‘back end’ that is hidden from you.

It is fine to have a home warranty but there can be additional delays and time required to manage the submission process.  For this extra time, there is a per hour service fee to manage home warranty submissions as outlined in the management agreement.  Some property management companies may refuse to work with home warranties due to the extra work and the delays that the resident must accept.  Our goal is the ensure that residents are satisfied and desire to renew, a home warranty is often a roadblock to resident happiness.

Think of it as an emergency fund for your rental home to be sure that RPM can quickly approve maintenance issues and there is less concern over transferring money when there is a need. We have a responsibility to provide a working home to the residents, and if there are issues with paying for a repair, you could be in default on the lease.  It is best practice to be prepared for repairs that may be needed.  We require a minimum of $750 but recommend at least one month’s rent and increased peace of mind come with more.  We can also use a portion of monthly proceeds to build up the fund for repairs and/or expected maintenance or improvements.

It is held in the RPM Client Trust account and is managed using industry standard practices and Florida laws and statutes.  We provide monthly reporting that shows an account of all monies.

There is no one way to determine how much the contingency fund should be.  Here are few common methods.

1. Multiple the value of the home by 2% to 3%.
2. Think of the most expensive and likely repair based on the age and condition of the home equipment, another 10% to 25%.
3. Multiple the monthly rent by 2 or 3.

By using one of these methods or even a combination, you should be able to calculate a good reserve fund.  RPM requires a minimum of $750 to be available in our client trust account.

There are a few goals with a resident benefits package.

1. On-Time Rent Payments
   • Residents are rewarded using a point system that can be used for gift cards, products and monthly drawings.  Each resident can earn up to $375 per year via the Pinata Loyalty Rewards Program.
   • Residents are also rewarded with on-time reporting to credit bureaus and access to their credit score through the Pinata Credit Engine.  This reporting can lead to notable score increases.
2. HVAC Maintenance
   • RPM provides Merv 8 pleated air filters for residents to change.  We also send reminders every 60 days to complete the change.  During resident move in, renters are instructed how to change the filters and its importance.
   • Changing air filters on a HVAC system increases efficiency, reduces load on the system and keeps the air and ductwork clean.
3. Happy Residents
   • The importance of keeping residents happy cannot be understated when it comes to paying on time, taking care of the property and leaving the property in good condition.
   • Residents are greeted with a move-in gift usually worth around $50 with a combination of items.  We start by providing a quality plunger and package of nice toilet paper.  When residents move it and everything is in boxes, it is nice to have some toilet paper.
   • The package also includes a move-in concierge to setup utilities and Internet service, again making the move in process easier on the resident.

The full resident benefits package is here.

Showings may be conducted in person, virtually, open house, or self-guided, depending on the property, neighborhood, and scheduling needs of the property manager and prospect.  Real Property Management Blue Sky uses software that manages the showing process to ensure the highest level of ease in scheduling and providing the most information possible, all leading to a prospect application.  We may also use secure key boxes or smart deadbolts to streamline the process. We also use a leasing hotline to ensure that all calls about your home are answered timely. All prospects are screened to ensure the viability and security of the property. The depth of screening depends on the type of showing. The office conducts a brief phone interview or requires an online form to be completed to ensure that there is a general match between the prospects’ requirements and the rental’s attributes and qualifications. A form of identification is usually required.  If the prospects are interested in the rental and believe they will meet the qualifications, they can complete an application.

Our goal is to successfully place residents that will take care of your home, pay on time and end the lease with timely notice and leaving the home in good condition to facilitate a quick turnover.  We use a scoring system that takes into account credit score, collections history, income, rental history, references, and background to qualify applicants. Based on the result of the scoring system, applicant groups that do not qualify for any one of the below items still may be approved but may require additional risk mitigation such as additional verification/documentation, increased deposit, last month’s rent or a risk fee.

• A combined gross income of at least three (3) times the monthly rent.
• At least one applicant with a credit score of 620 or greater.
• No evictions or bankruptcies in the last 3 years.
• Positive rent references and on-time rent for the last two years.
• Clean background free of felonies such as illegal manufacture or distribution of a controlled substance, bodily harm, destruction of property or sexual offenses.

First, RPM Blue Sky encourages and rewards renters to pay on time through our rewards program through Pinata and we report on-time rent to the credit agencies.  The renters are aware that their rent payments are due by the 1^st day of the month by 3pm EST. We provide a 3-day grace period before late fees are applied.  While most renters pay on time, some pay late. This can be due to a one-time event or can be a recurring problem. The steps that Real Property Management Blue Sky takes to resolve late, or non-payments are:

1. Automated rent due reminders.
2. Email or Text to renter – this is usually all that is required to find out why the rent is late and to establish a commitment as to when it will be paid.
3. Letter to renter – a formal communication from Real Property Management Blue Sky is the first step in formally documenting the lateness of the rent. This letter is sent to the renter afte 3 days if the rent has not been received by then.
4. Pay or Quit Eviction Notice – if the late payment of rent is a recurring problem or if the rent is severely late, it may be appropriate to start the first step in the legal eviction process by initiating a Pay or Quit Eviction Notice in accordance with state law. Your Real Property Management Blue Sky may write this notice and have it posted at the residence.
5. Not Cured – If the renter hasn’t cured the Pay or Quit Eviction Notice, then the eviction process will begin and requires attorney.  Optional Landlord Protection Insurance can provide coverage for loss of rent, eviction fees and defense costs.  See our page on the optional SUREVESTOR ProtectionPlus for more information.

Every effort is made for deposits to be submitted on or before the 10th business day of the month.  In some circumstances, it may be later.  Your owner’s draw will be sent to you by Automated Clearing House (ACH). ACH disbursements can take two-to-five business days to clear through the banking system.  Unfortunately, the clearing time is not in our control.

Yes, at Real Property Management Blue Sky, we handle all types of rehab and maintenance work, from small repairs to full-scale property renovations. Whether you’re a homeowner needing routine upkeep or an investor looking to upgrade a rental, we’ve got you covered.

Common Scenarios We Take Care Of:

✔ Routine Maintenance – HVAC servicing, plumbing leaks, electrical repairs, appliance fixes, and general upkeep to keep your property in top shape.

✔ Tenant Turnover Repairs – Repainting, deep cleaning, carpet replacement, and any necessary repairs to get your property rent-ready fast.

✔ Emergency Repairs – Burst pipes, roof leaks, electrical failures, or any urgent issue that needs immediate attention.

✔ Property Rehab & Upgrades – Kitchen and bathroom remodels, flooring upgrades, exterior improvements, and more to increase rental value and attract quality tenants.

✔ Code Compliance & Safety Updates – Bringing older properties up to code, installing smoke detectors, and addressing safety concerns to meet local regulations.

Our network of licensed contractors and in-house maintenance team ensures high-quality work at competitive prices. Whether it’s a minor fix or a major renovation, we’ll take care of it efficiently so you can focus on your investment. Contact us today to learn more!

At Real Property Management Blue Sky, we have a clear and consistent late fee policy designed to encourage on-time rent payments while maintaining positive tenant relationships.

As part of our commitment to fostering timely payments, our Renter’s Benefits Package includes a rewards program and positive credit reporting, offering incentives for residents who pay on time.

If rent is not received by 3:00 PM EST on the 3rd day of the month, a late fee will be applied per the lease agreement. In addition, our team will proactively reach out to residents to understand the delay and work toward a resolution. Our goal is to keep communication open while ensuring rental obligations are met.

At Real Property Management Blue Sky, we typically include addendums to clarify specific aspects of the Management Agreement, ensuring transparency and setting clear expectations. The two most common addendums are:

1.SureVestor ProtectionPlus Opt-Out Addendum – This addendum allows property owners to opt-out of the SureVestor Rent & Eviction Protection Insurance Program if they choose not to participate in this additional layer of financial security.  Click here to learn more.

2.Rent Ready Addendum – This addendum outlines the required property condition standards before a home can be listed for rent. Our Rent Ready Standards ensure that the property is compliant with local habitability laws, appealing to high-quality tenants, and in a condition that helps minimize future maintenance issues. Key requirements include:

• Professional cleaning (including carpets)
• Freshly painted and patched walls
• All doors, appliances, and mechanical systems in working order
• Lawn and exterior maintenance completed
• Removal of all personal items and debris
• Compliance with safety standards (e.g., smoke/carbon monoxide detectors)

We conduct a Rent Ready Inspection and provide a report of any deficiencies that need to be addressed before marketing the property. The home will not be listed until all rent-ready standards are met, ensuring a smooth leasing process and a strong first impression for potential tenants.

For more details on these addendums or other agreement terms, feel free to contact us!

To ensure the pool remains clean, safe, and properly maintained, we will hire a professional pool maintenance company if there is not already one in place.

✔ A licensed pool maintenance company will be scheduled to service the pool regularly
✔ They will ensure proper chemical balance, cleaning, and equipment upkeep
✔ Costs will be discussed with the owner to determine if they will be passed on to the resident or paid by the owner and if there will be a separate fee to the renter.

There are two ways these expenses can be handled:

1️⃣ Included in the Rent: We can include these costs in the lease by factoring them into the monthly rent. However, this may increase the rent amount significantly, potentially making the home less competitive in the market.

2️⃣ Additional Lease Add-On: Since these expenses are typically considered additional costs, they will likely be a separate charge added to the lease. In this case, the tenant would be responsible for reimbursing the landlord for these fees, either as a flat monthly fee or based on actual costs.

The specific payment structure will be outlined in your lease agreement. If you have any questions about how these fees will be handled for your rental, please reach out to us for details!

FHA loans require borrowers to occupy the home as their primary residence for at least one year before converting it into a rental. However, there are exceptions to this rule, including:

✔ Job Relocation Exception – If your new job is a significant distance away (typically 50+ miles) from your current home, you may be eligible to rent out the property before the one-year mark.

If you believe you qualify for an exemption, we recommend:
1️⃣ Reviewing your FHA loan agreement to confirm specific terms.
2️⃣ Contacting your lender to discuss your situation and obtain written approval if needed.
3️⃣ Ensuring compliance with FHA guidelines to avoid potential loan violations.

If you decide to move forward with renting, we can help you navigate the process and ensure your property is managed effectively. Feel free to reach out with any questions!