CLASS ACTION LAWSUIT ALERT, UPDATE AND RECOMMENDATIONS

In a class action lawsuit against a large real estate investment trust in Florida, the judge ruled that certain practices which are common to thousands of apartment communities in Florida are illegal. The judge awarded over $1.6 million to the members of the class in addition to imposing other costly penalties. While we disagree with the outcome of the case, our firm is providing some “Safe Harbor Recommendations” which could help prevent your community or company from becoming a target.

Click here for our "Safe Harbor Recommendations".

FREC CHARGES APARTMENT MANAGEMENT COMPANY FOR GIVING REFERRAL FEES TO RESIDENTS AND BONUSES TO APARTMENT MANAGERS

With a few exceptions, Florida law only allows person holding a Florida Real Estate Broker’s license to receive commissions on the rentals of property, and they in turn are allowed to pay these commissions to those holding Florida Real Estate Salesperson’s licenses. Unlicensed on-site property managers and leasing agents are allowed only to receive a salary for engaging in leasing. Property managers may also pay a resident of an apartment community a referral fee of up to $50.00 for that resident referring another resident.  While these laws have been on the books for some time, FREC has just begun enforcement which could result in felony criminal charges and large fines.

Click here for more details.

 NOTICE OF THE MONTH - The Notice of Non-Renewal

There comes a time in every tenancy where the parties decide to part ways. Unlike some other states, Florida law does not require that the landlord have a reason to non-renew a tenancy, and the landlord can do this at any time after the lease expires as long as it is not done for illegal, discriminatory or retaliatory purposes. The law must be followed though, the proper notices used, and timing issues are crucial.

Click here for detailed discussion of NON-RENEWAL.

 INDUSTRY LEADER OF THE MONTH - Fred Thompson RMP

Fred Thompson started his real estate career specializing in Residential Property Management in 1988. He went independent with RE/MAX 200 Realty in 1998 and started the RE/MAX 200 Realty Property Management Division. With a staff of three full time property managers and one full time bookkeeper, they manage 300 single-family homes in Northeast & Southeast Orlando. Fred has been very active with the National Association of Residential Property Managers (NARPM) since 1995 and the Florida Association of Residential Property Managers (FARPM). Fred was a founding member of FARPM and has served as Membership Chair, Vice President, President Elect, President and Past President. He achieved his Residential Management Professional designation (RMP) in 1997 from the National Association of Residential Property Managers. BRAVO FRED!!  
 

Visit Fred’s site at http://www.orlrent.com/

NARPM NEWS

A brand new Florida Chapter of the National Association of Residential Property Managers (NARPM) has formed in Sarasota and Manatee County. Over 60 property managers attended an informative meeting on December 7, led by Melissa Prandi, Michael McVety, Betsy Morgan and Harry Heist. If you are a residential property manager in Sarasota or Manatee Counties, this chapter is for you.

For more information, contact Scott Corbridge at s.corbridge@sarasotamanagement.com or call 941-953-5200.