Barnes Miami’s Property Management Services
Barnes offers quality property management services for all home owners or investors looking to rent their properties in the Miami area with the help of a trusted service. Whether your property be rented out or solely a secondary residence, Barnes offers a range of a-la-carte property management services that can be tailored to your needs. We are one of the rare real estate groups that has structured a separate department for this specific service, and have operated this unit successfully for several years. Today, the Barnes Miami property management team has in its a portfolio upwards of forty properties.
For all property types: rental units or secondary residences
Barnes can guide you on all choices to be made as new property owners in Florida:
- Insurance policies: Barnes works with multiple insurance brokers that can offer you different quotes from a range of insurance companies, with specific coverages packages determined according to your needs. In Florida, the four most common and recommended insurance policies are as follows:
- The classic “homeowners insurance” plan. These cover water damages (such as damage from plumbing leaks) and fire damages. Coverage varies depending on the property type and considers factors such as whether the property in question is an apartment/condominium, house, and if it is unoccupied or lived in by an owner or lessee.
- Hurricane insurance plans: often a component of homeowners insurance plans, these policies cover damages caused by exceptional meteorological phenomena such as hurricanes and tornadoes. This kind of insurance is strongly recommended in Florida but is not mandatory if you do not have a mortgage. The insurance copayment is dependent on the kind of damage; if it is damage caused by the hurricane it is determined by a percent of maximum coverage, while more typical damages have a predetermined copayment.
- Flood insurance plans: These are only for homes located in pre-determined flood zones. Like hurricane insurance plans, they are recommended but are not mandatory if you do not have a mortgage.
- Civil responsibility insurance plans: Sometimes included in classic homeowners insurance plans, these kinds of policies can sometimes be necessary on top of your basic plan in order to obtain a guarantee of better protection.
- Accountancy: Barnes strongly advises its clients to choose a local accountant to prepare your tax returns for the IRS. Your accountant will need to work closely with a lawyer who has prepared your legal entity if you have chosen to purchase assets under a company.
- Thanks to the fact that it has been active in the Miami market for more than a decade, Barnes is well prepared to give you a list of recommendations for accountants who are specialized in your financial interests while taking into account your international ties and assets.
- Barnes will then cooperate with your accountant, providing them with all information necessary to fill out tax returns or relevant legal documents. We can even host your mail deliveries in order to intercept and redirect important information and documents your way, including city mail, information from the state of Florida, IRS correspondence, or homeowners association information.
If your property is being rented:
Before helping you rent your property, Barnes will assist you in choosing the right lessee by providing background checks and other verification services. We lead a thorough investigation and scan criminal history and credit history. A income sufficient enough to pay rent, a good credit score and a blank criminal record are the only criteria to consider when reviewing an application to rent; making a selection based on anything else could put you at risk of being accused of discrimination under the Fair Housing Act.
Once the lessee has moved in, Barnes becomes the intermediary to handle the requests of both sides. We take care of ensuring the conditions of the lease are respected and to collect rent in a timely fashion. We also organize and coordinate the maintenance of the property, including taking care of reparations and other chores and enlist the help of any specialized personnel necessary to accomplish tasks. No major reparations are made without the written approval of the property owner and without a presentation of different competitive quotes.
In Florida, for example, it is imperative to perform regular maintenance on air condition systems, much like heating systems in cold weather countries. The maintenance of all household appliances is the responsibility of the property owner, as these are included in the lease.
The rules defining the responsibilities between lessor and lessee are clearly outlined in the lease agreement, this is why it is very important to have the latter drawn up by a licensed realtor. Barnes ensures that the lease protects you as a property owner.
In the event legal action must be taken against lessees, Barnes takes care of enforcing the terms of the contract with the help of legal professionals specialized in real estate.
Barnes takes care of paying off the bills of reparations and maintenance with rent collected each month. The capital accrued also serves to pay other charges such as monthly coop fees, city taxes, homeowners insurance or even mortgage payments.
To handle these transactions, Barnes has developed a secured, unique and exclusive property management platform for its clients. You can track the growth of your rental income account and make requests for transfers to your personal or professional bank accounts.
In the event of major damages such as flooding, leaks or fire damage, Barnes takes care of immediately launching appraisal procedures with your insurance policies and works closely with an insurance adjuster who works on your behalf to ensure you get the most out of your insurance policy.
We then coordinate insurance payments and reparations, step by step, making sure to respect the rules and regulations imposed by the city and your respective homeowners association.
Lastly, upon the departure of your lessee, our teams will do a final run through to ensure that the property has been left in the same state as it was rented in, not counting expected wear and tear. If this is not the case, the responsibilities defined between lessor and lessee in the agreement will be taken into account and the safety deposit will be held in the Barnes escrow account until proper reparations are made.
For your secondary home:
Barnes proposes a particularly personalized service if you occupy your home as a secondary residence as we understand the importance of having a trustworthy partner while you are away.
We allow you to choose, in an a-la-carte fashion, the area in which you would like assistance from the Barnes team.
We are able to provide all the same services as for a property management mandate and can additionally serve you in the following areas (upon consultation):
- Opening different utility accounts,
- Managing and paying different service providers including electricity, payment, cable TV, telephone, water, gas, alarm companies, gardeniers, housekeeping, pool upkeep and air condition maintenance,
- Filing for renewal of your LLC each year before May 1st,
Applying for reconsideration of property taxes with the help of a specialized lawyer.