Prospective new Landord FAQS :
Are there any
up front costs?
No, however, we require the owner to reimburse
EJF for advertising and for any repairs
performed on the property as the expenses are
incurred.
When do you mail the
owner's check and statement?
Owner's checks and statements are mailed on or
before the 1st day of every month. The check
and statement reflect activity in your account
for the preceding month.
Do I loose control
of my property once you start to manage it?
No. We work for you. We allow you to be as
involved or uninvolved in the management of your
property as you would like.
If my property is
vacant, do I still pay a management fee?
No. Management fees are only earned when rent
is collected. No fee is payable when your
property is vacant.
Can you send or
wire-transfer my funds to my bank?
Owner's funds may be sent directly to any bank
account the owner chooses at no additional cost.
What if I want to
use my repair people?
An owner may use their own vendors as long as
they meet our criteria and carry the necessary
insurance and licenses.
How do I know you
won't spend large sums of money?
In the management agreement, we set a dollar
amount which cannot be exceeded without owner
approval except in cases of emergencies.
How do you determine
the rent amount?
We use many tools to determine the appropriate
rental rate for your property. Primarily, we
rely on our vast experience with leasing similar
properties. We also conduct a comparative
market analysis to determine what other similar
properties are receiving in rent.
How long will it
take to lease my home?
Homes typically rent between 30-45 days. The
condition of the property, overall strength of
the rental market and the rental price all have
major impacts upon the speed by which the
property rents.
How much security
deposit do you collect?
Typically, the deposit is the same as one
month's rent.
Who holds the
tenant's deposit?
The tenant's deposit is held in an interest
bearing escrow account administered by EJF in
accordance with jurisdictional requirements.
How do you find a
tenant?
We use signs, flyers, newspaper classified
advertising, word of mouth, the internet and the
Multiple Listing Service to find qualified
tenants.
How do you determine
if a tenant is qualified?
Residents must pass EJF's thorough application
requirements. We verify credit, rental,
employment and criminal history on each adult
applicant.
What if a tenant
doesn't pay?
Rents are due on the first and become late on
the 5th. If the resident has not responded by
the 20th, we initiate the eviction process.
What if the tenant
does damage to my property?
The resident will be responsible for all damages
beyond normal wear and tear. If the tenant does
damage to your property, money will be held from
their security deposit. If the cost of
repairing the damage exceeds the amount of the
security deposit, you can sue for the additional
amount owed.
How often do you
check the condition of the property?
Interior condition surveys are typically done
once per year. Other checks may be performed if
a vendor notices something "unusual" at the
property.
What happens when a
tenant gives notice to vacate?
We verify that the tenant has provided proper
notice. If they have, we inform you that the
property will be coming vacant and, with your
consent, we begin looking for a new resident.
We survey the condition of the property and
start any preventive maintenance or repairs need.Tapestries
What do you do if
the tenants are not taking care of my property,
or you discover unauthorized pets?
We immediately contact the tenant and give the
tenant an opportunity to correct the situation.
Usually they will. If the problem persists, we
will make a decision based on that specific
situation which includes filing for eviction.
Do you pay the bills
for me?
We can pay your insurance, mortgage, homeowner's
fees, etc. There must be sufficient cash flow
from the property to cover such expenses and we
will ask you to set-up an additional reserve
fund for this purpose which will allow us to
make prompt payment for you without waiting for
the rent to arrive.
Do you insure my
property when you manage it?
No. You maintain your own insurance coverage.
However, we will gladly recommend insurance
companies interested in writing insurance on
your property.
Do you handle
problems late at night and on weekends?
Yes. Our automated 24-hour emergency line
answers all calls and will page us in case of an
after hours emergency. We will talk with the
tenant to determine how best to proceed. Many
times we can solve the problem over the phone,
saving you the cost of an emergency repair.
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