FAQs - Magasi Real Estate

Frequently Asked Questions

How do you coordinate repairs and a maintenance for my luxury unit?

MAGASI coordinates all repairs and maintenance with our team of qualified and vetted third-party vendors – from plumbers, electricians, to HVAC technicians. We provide on-site supervision and ensure all work is completed in a quality manner. Our vendors are licensed and insured and MAGASI provides all necessary documentation when working within condominium or home owner associations.

While staying in my luxury unit, what services do you offer?

MAGASI provides a list of concierge services to prepare your arrival and during your stay – from professional cleaning, grocery shopping, dry cleaning, and more.

How do I know if I can rent out my luxury unit if it is part of an Association?

Depending on the bylaws of the Association, you may be permitted to rent out your luxury unit a certain number of times per year and with a minimum nightly stay. MAGASI is flexible in managing all types of luxury units per these regulations.

How do you select renters for my luxury unit?

MAGASI lists your luxury unit on third-party booking platforms (Airbnb, Vrbo) and on the MLS as the Licensed Broker. We always require owner approval prior to renting out your luxury unit and qualify renters based on the length of stay.

Can I require a minimum night stay when renting out my luxury unit?

Absolutely. For luxury units, MAGASI recommends 3-4 minimum nightly stays to attract high-quality renters and avoid large groups looking to rent out a luxury property. MAGASI does not auto-accept guests booking on third-party platforms and vets them accordingly through their online profile, phone calls, or in-person meeting.

Do I need special short term rental insurance?

For guests that book directly on our MAGASI website, we offer short term rental insurance for owners through our preferred insurance partner Safely. This is charged to the guest as a minimal amount per night, for example, an extra $11-20 per night. For guests that book through Airbnb and Vrbo platforms, their policy covers up to $1M. As a Super Host and Premier Host, MAGASI has experience in navigating the claims process for both platforms.

How should I furnish my short-term rental?

MAGASI offers our design services in assisting owners with furnishing their short-term rentals. With over four years of operating short-term rentals, we’ve learned firsthand what works and what doesn’t, what will likely break and what furniture pieces are must-haves. MAGASI can put together a design board and furniture/accessory list of items to purchase to get your short-term rental up and running in no-time.

How do you manage guest bookings?

MAGASI uses third-party platforms that specialize in managing short-term rentals. We currently manage all bookings through Guesty, which integrates with our operations software as well.

How do you manage cleaning and turnover of your short-term rentals?

MAGASI has an in-house team of professional cleaners that handle all turnover of short-term rentals, from linen and towel services to routine cleaning. MAGASI manages this process through our operations software Breezeway, which allows us to streamline all tasks and processes while increasing efficiency.

What is included in your onboarding of short-term rentals?

Whether you are a first time short-term rental owner or transitioning to new management, MAGASI onboards each rental property into our short-term rental portfolio. Our team performs all the work needed to make the rental ready to receive guests, from cleaning to inventory management. We brand your property with a unique name and professional photography and videography. We create engaging property descriptions for online booking platforms and tailored guidebooks for guests to navigate your property and the surrounding area, from restaurant recommendations to local attractions.

How do you staff your Affordable Housing properties?

MAGASI staffs each property depending on the overall unit count and size of the property, inclusive of all common areas, grounds, and amenities. As an example, for 100-115 units, we recommend an on-site team consisting of a full-time manager, maintenance supervisor and maintenance technician/porter, as well as a part-time assistant manager for leasing and other administrative duties.

How often does the corporate office visit each Affordable Housing property?

Our corporate team provides high-level oversight of the on-site property management staff. We communicate weekly with the on-site team and provide initial training and guidance as the property is turned over from prior management or stabilized. Our corporate team conducts weekly, biweekly or monthly inspections depending on the needs of the property.

How do you handle marketing and lease up for Affordable Housing properties?

Marketing begins with an Affirmative Fair Housing Marketing Plan (AFHMP) to advertise to the least likely to apply. MAGASI creates a clear and concise plan that meets all compliance aspects to reach potential applicants through news media and other channels. A Fair Housing Poster with Equal Housing Opportunity logo is displayed at all offices and building entrances and included in any print material. Marketing efforts are evaluated quarterly by comparing demographic data using our property management software Yardi.

How do you handle or reserve for major capital improvement items at your Affordable Housing properties?

Depending on the vintage of the property, a reserve study should be conducted to assess the remaining life of all building systems and structures. MAGASI establishes a separate Reserve bank account and recommends a set-aside of $300 per unit per year to account for capital improvements.

How often do tenants not pay rent at your Affordable Housing properties?

MAGASI is very proactive when it comes to collecting rent from tenants. Rent payments are paid electronically through our property management software Yardi. Current delinquency in our entire portfolio is less than 1.5%.

Do you accept rent payment by credit card?

MAGASI accepts credit card payment for rent. All credit card fees are paid by the tenant. This form of payment can be removed if desired by the owner of the property.

How do you qualify tenants and ensure they meet income restriction? How long of a steady employment record do you look for?

MAGASI utilizes Yardi’s specialized Affordable Housing Package for compliance with income restriction and tenant qualifications. In general, applicants are qualified using the same information in the Florida Housing Finance Corporation Tenant Income Certification Form TIC-1. We look for a steady employment of one year or employer reference indicating the applicant is in good standing. We check references of previous landlords to ensure applicants do not have evictions or complaints in their background.

How large of a security deposit do you charge?

MAGASI charges a standard security deposit of 1 month’s rent for affordable housing residents and 1.5 month’s rent for market rate housing.

What other Community Associations do you manage?

We currently manage a five-story, 32-unit condominium association in Coconut Grove, FL with ground floor retail and amenities that include a pool and fitness center. Our property management team has experience in managing a portfolio of hundreds of condo association units, as well as individual condo units for owners.

What are your typical management fees?

Our management fees differ by the size and needs of your association, depending on the amount of on-site vs off-site and full- or part-time staff for the association. We are proactive in working with associations to create a management structure that is realistic and meets the budgets and needs of the association.

Are you a licensed community association manager?

Since 2021, we have been licensed by the Department of Business and Professional Regulation as Community Association Managers (License #CAB5790). This enables us to meet all regulatory compliance for your community, advise the board of directors, and enforce all association by-laws.

What types of multifamily properties do you manage?

We manage all types of multifamily properties from low-rise to high-rise, older vintage to new construction, duplexes to 100+ apartment buildings.

What is included in your owner reporting?

We provide owner reports that include financial statements (income statement, balance sheet, cashflow statement) as well as budget comparisons, maintenance request report, and updated rent rolls.

How do you handle maintenance requests from tenants and process work orders?

Tenants will have access to our online management portal RentCafe to submit maintenance requests. The tenant fills out a form to describe the situation, location, and upload pictures. Our team determines the severity and appropriate course of action. We contact one of our preferred vendors, notify the tenant for scheduling, and ensure the work is completed appropriately. A completed maintenance work log is reported to owners on a monthly basis.

How do you communicate with tenants?

We communicate with tenants through our online management portal called RentCafe or by phone/email. Each property is given a dedicated email to send inquiries and a dedicated phone number to contact their assigned property manager.

Do you have an after-hours phone service?

Our phone service is available 24/7 for emergencies. After hours calls are routed to personnel on call, which alternates between your property manager and maintenance supervisor.