Important information

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1. 1. What is the commission for a lease?

This depends on the time of the contract.

1. • Contracts for one (1) year and may be extended indefinitely. The first month of the lease plus tax.
   • Contract for less than one (1) year. One (1) month of the lease is prorated by the number of months of the lease. If the contract is extended to a year or more over the full commission will be paid.
   • Contracts for two (2) years or more. Flats 101 will charge the first two (2) months of the lease.
2. What is the procedure to market a property in Flats 101?
   • Check that your property is within our coverage of operations
   • Fill out our form as complete as possible
   • Fill out the letter of consignment – sale (NOT EXCLUSIVE)
   • Schedule appointment to take photos of the property (Flats 101 always requires taking photos as it handles a special format)
3. Recommendations for taking photos of a property.
4. • Schedule the appointment between the hours of 9:00 am and 4:00 pm in order to have the best possible brightness of the property.
   • The property requires to be organized and neatly as possible so we can take an optimal quality of pictures
   • The quality of the pictures drastically improves the chances of selling the property, therefore this stage is very important.
5. Why charge taxes on your commision?
6. All the services provided in Colombia are subject to sales tax. Flats 101, being a legally incorporated company, is obliged to pay this tax to the DIAN.
   With Flats 101, you can feel calm, that from the beginning we will always work 100% legal and consistent with Colombian law.
7. Am I independent agent and want to know if you share commission?
8. We work with a network of independent estate agents based on trust and professional ethics. However, we are always open to meet new people who share our vision and work in the same way as us.
9. How does property management work?
10. FLATS 101 SAS, will receive in consignment your property for it to be managed during the time of the lease. A real estate management contract will be signed, where the owner authorizes FLATS 101 SAS for this service.FLATS 101 SAS would charge a monthly rate of 8% plus tax on the current rental fee.

    Our service includes:

    • • Addressing the tenant for all purposes, preventing the owner to worry about the day to day management.
      • Montly invoicing the tenant during the first 5 days of each month. Once the tenant has made the payment, the 15th day of each month (if applicable date), we will make the deposit according to the instructions of the owner, discounting management services and tax.
      • In addition, we pay the montly fees of the buildings management, as well as any additional fees required by them or the property. Furthermore, we can also pay property tax within the given dates established by the government.
      • Maintenance and local repairs. Our objective is that your property will always remain in the best conditions, we have a group of operators that fix and repair any inconvenience suffered by their property in the shortest possible time. Cost is also deducted from monthly rental fee with prior authorization from the owner.

    In addition we have provided a collective bond policy of charges, administration fee and payment of services, with the insurance company MAPFRE SEGUROS at a rate of 2% per month plus tax. This service is at the owners discretion which is at their discretion take it or not its owner. It should not be taken Flats 101 S.A.S not responsible for possible nonpayment tenant.

11. What is a lease insurance?
12. The objective of the insurance is to prevent the risk of default on cancellation of lease fees, management fees, utilities by the tenants. The insurance covers upto 36 months in compensation).
13. What is covered?
14. The leasing policy provides the following coverages:
    • • Montly lease
      • It covers 100% of the rents left to pay for tenants to return the property to the owner for a period of up to 36 months.

    Price 2% of the lease per month plus tax

    Administration fee

    It covers management fees to pay left by the tenant.
    Cost 2% of the price of the buildings management per month plus tax

    Public utilities

    Covers unpaid public utility services (water, electricity, gas, telephone) that are due at the time of delivery of the leased property and the costs of reconnection and reinstallation if necessary.

    Cost 5% per year plus tax from a million pesos onwards

    Attorney fees

    Covers attorneys’ fees and costs incurred in collecting judgments of property restitution resorted to this instance.

After buying a property to rent it for commercial or residential purposes, you might want to hire a property manager. In the first place, managing a property can be very time consuming and there could be a lot of factors that you are not considering, besides collecting rent.

• Maximizing your income: We charge anywhere between 6 -10% depending on the package you choose. This generally is less then a professional employee that takes care of your property.
• Invest in properties anywhere: By hiring a property manager, you don’t have to be worried in investing close to your home due to time and distance factors. Now you can focus on making excellent investments regardless of their location.
• Vendor relationships: We have excellent relationships with all types of professionals that will be available for the maintenance of your property. Not only have we negotiated with our team of contractors, workers, tradesmen, suppliers and vendors, the best rate possible, but also set up strict time schedules.
• Compliance with housing regulations and property laws: There are local, state and federal regulations, as well as fair housing regulations that you must comply when renting and maintaining your rental property. We can help you by keeping you up to date on all these regulations.
• Maximize your valuable time: Property management is very time consuming and can become a conflict in your day to day. By hiring us, you can focus on further investments in real estate.
• Managing tenants: We will deal with all the aspects of the tenant-owner relationship. This includes all routine and emergency maintenance, as well as any conflicts that can be generated during the time of the rental.
• The right rental rates: We implement a thorough market study to determine the best rental price for your property.
• Marketing and advertising: Among all the different tools we use to promote your property, we also have an over the top webpage that attracts thousands of potential clients every month. In addition, we have a very strong presence in social media and Google ad words.
• Collecting and depositing rent: Collecting payments from clients can be one of the most difficult aspects of property management. We have efficient methods in order to collect and have your money on time. In case you have several properties or live outside the area, you will find its very time consuming and sometimes frustrating, when collecting rent every month.

1. 1. General package
      • a. Flats 101 will effectively manage your property by checking everything is up to date and working. In addition we will pay your utilities, taxes and other expenses regarding your property. We can even check up on your car and make sure its up and running for when you arrive.
   2. Exclusive package
      • Flats 101 will implement an effective marketing and advertising strategy in order to find and screen a qualified tenant.
      • We will prepare and implement the lease, move-in inspections, collect rent and security deposit, transfer the rent to the owner and finally respond – handle all the maintenance issues and tenant issues.
   3. VIP Treatment package

Includes services of the general and exclusive package, as well as:

1. • • Financials and back end operations: bookkeeping, documentation, filing, forms and portfolio management.
     • Property manager will be available to the tenant 24/7