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Are you licensed?
Yes, EJF Real Estate Services is a licensed real estate broker in Washington, Maryland and Virginia. We are fully insured and bonded as well. All of our agents and property managers are also licensed.
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.
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.
How soon can EJF Real Estate Services start managing my home?
We can start the process immediately. We will start by obtaining some information about you and your property and helping you decide if we are a good fit for your needs. Call Matthew Greeves at 202-537-1801 ext. 213 or email him at matthew@ejfrealestate.com.
Are you licensed?
Yes, EJF is licensed in Washington, Maryland and Virginia. All of our community association managers are also licensed professionals.
Are you insured?
Yes, EJF is fully insured and bonded.
What are the characteristics that set you apart from other property management companies?
We believe in a service oriented approach to property management. We don't force fit your association into our system, rather, we tailor our services to meet the unique needs of your association.
How many associations does each property manager manage?
Typically, each property manager oversees a portfolio of about ten associations. Because the size and demands of each association varies significantly, some managers oversee more than 10 properties, some less. EJF does not overburden our managers with too many associations and provides the support they need to do a consistently good job.
When does EJF issue financial reports?
Complete financial reports are issued to the boards the week prior to the board meeting, or around mid-month, whichever is sooner. Typically, a complete report including copies of all invoices is delivered to the president and/or treasurer. All other board members received a scaled down version of the report by email.
Will you oversee major capitol improvements?
Yes. As professional property managers we have extensive experience with capitol improvement projects, however, know the limits of our professional training. Therefore, whenever a board is contemplating a capitol improvement project we typically recommend that they hire an engineer to determine the scope of work, issue a request for proposal, help select the appropriate contractor and oversee the work of the contractor. EJF is involved as the board's advocate every step of the process.
Can residents pay their fees by automatic debit?
Yes. EJF offers a direct debit program for the payment of your monthly fees. If a resident chooses to participate in the program, their fees will be automatically deducted from their checking account on the first business day of every month. The program is completely voluntary and is provided at no cost to the resident or the association.
Will you bring in your own contractors?
EJF will only suggest that the board consider changing contractors/vendors if we see an opportunity to enhance service and/or reduce the cost of service. Otherwise, EJF will work with the contractors currently serving your association.
How do I know you won't spend large sums of money without board authorization?
You are protected in the management agreement by a set amount that we cannot exceed without board approval.
How often will you inspect the property?
Our community association managers try to inspect the properties they manage weekly. They conduct a formal written inspection once per month. A copy of the inspection report is submitted to the board along with the financial reports.
What if an owner doesn't pay their fees?
EJF is proactive in the collection of fees. As a result, we rarely have problems. We follow the board's policies for the collection of fees including issuing late notices and applying late fees. In addition, EJF will often contact delinquent resident with a friendly phone call or email reminding them that they have fallen behind. This typically works. However, if an owner falls behind two full months, EJF will recommend to the board that they be turned over to the association's attorney to initiate collection proceedings. The attorney fees will be charged back to the resident in accordance with the By-Laws.
What if a resident doesn't follow the House Rules?
If we received a report from one resident complaining about another resident, we will begin by calling or emailing the offending resident letting them know we received a complaint. We give them a gentle reminder to be respectful of their neighbors and to follow the rules. Typically, the residents don't want to bother their neighbors and gladly comply with our request. If they don't, we follow up with a formal written notice informing them of their violation and insisting that it stop. If it continues, we turn it over to the board for their direction.
Are there any hidden costs?
No. None at all.
How soon can EJF Real Estate Services start managing our association?
In order to facilitate a smooth transition, we need about 30 days lead time before we take over management. We start by signing the contract. We then obtain resident and vendor information from your current management company and write letters to each informing them of the change. As the transfer date approaches, we coordinate the transfer of files and financial reports from your current manager to EJF. Call Peter Greeves at 202-537-1801 ext. 212 or email him at peter@ejfrealestate.com for more details. |
