Why choose property management?
Maybe you have just inherited a property and don’t have the experience or you are a busy professional with no time. Maybe you are relocating or finally retiring. Perhaps you administer a trust and need a third party to handle the trust’s affairs. Whether you are a first-time home buyer, property investor, or experienced apartment owner, EGL Properties can assist you with all your real estate needs.
We have great success in making sure that properties are leased to qualified residents and that they are properly maintained. EGL Properties approaches property management as an income-generating business. We are not doing our job if we do not keep your expenses low and your income high. To do this EGL Properties maintains a high standard of reliability and accountability, and gives owners the true peace of mind that comes with knowing that their property is in the best hands possible.
Once I start with EGL, who do I talk to? Who handles my property? Who do residents call?
Communication is the key to a successful property management relationship. You are assigned an experienced Property Supervisor as your day-to-day contact. You will also have a dedicated Client portal where you will have access to property documents, inspections, and monthly financial reports. Residents have their own portal to request and track maintenance requests and pay online. We also offer 24/7 emergency maintenance coverage.
How do you decide what rent to charge when there are vacancies?
Your Property Supervisor will do a market survey of rents charged for similar rental units in your area. We are also leasing units on a daily basis, and are very familiar with the market and changing rents. Based on this information and consultation with you, the Property Supervisor will determine an asking rent that appears competitive.
How do you advertise your vacancies?
EGL Properties starts the marketing process as soon as we are advised of a vacancy. We place ads on all the popular apps, with professional photography including virtual staging and video tours. Because of our reputation, many prospects contact our office directly. We make it easy for applicants to view vacancies and apply directly through our website.
Can I see the application and approve the residents?
EGL typically screens and approves the residents, as our staff is trained in issues such as credit screening and fair housing. Our software has very strict parameters for determining credit worthiness. In addition, we check all applicants’ rental history and verify employment. We are very careful in choosing residents, as we have to interact with them on a daily basis. In other words, it’s to both our advantage to choose carefully!
How do you handle security deposits?
When your resident vacates, we will provide all required accounting of the resident’s security deposit within the time legally allotted. If there are damages they will be deducted from the security deposit. We are allowed by law to charge the resident’s deposit for rent, damages above normal wear and tear, and cleaning. We want you to know that we consider this an important time in the management cycle, and we will protect your interests.
How often do you visit the property?
When a property first comes under EGL management, an interior and exterior inspection is scheduled as soon as possible to determine if there are any health and safety issues that need to be addressed. This includes such items as smoke detectors, water leaks, or trip hazards. Obviously, if there is a vacancy, the property will be shown as appointments and open houses are scheduled, sometimes on a daily basis. Once the property is full and the initial inspection has been done, the Property Supervisor will schedule regular drive-by and walk-through inspections.
Who collects rent?
Residents can pay rent through our website or by dropping off payment at our office by the first of the month. When the rent is received it is immediately placed in a trust account. At this point, all bills that EGL is directed to be paid are paid. The remaining disbursements are made on the last day of the month.
When do you serve 3-day notices? Who handles evictions?
EGL is very aggressive in rent collection. If rent has not been received from a resident by the 5th of the month, EGL will serve a three-day notice to pay or quit. We do our best to work with residents to keep units occupied, but if a resident has lost their job, falls ill and can not pay rent, and chooses to stay in the residence, EGL works with a highly experienced eviction attorney to regain possession of the unit. Our attorneys are reasonable in cost and work exclusively with management companies.
What happens if there is an emergency after business hours?
When you hire EGL, we become responsible for your property 24 hours a day. There is always a senior staff member on call to quickly address emergencies. And, we have access to vendors who can respond in an emergency, no matter what the hour.
Can I use my own vendors?
EGL often continues to use an owner’s regularly scheduled vendor, such as the gardener or pool service. While we are happy to use your own vendors, one important benefit of EGL’s management is that we have developed relationships with vendors, such as plumbers or electricians, who charge low rates and are reliable, because EGL gives them a significant volume of business. You, as the owner, benefit from these vendors’ excellent service and prices.
I am really nervous about racking up big maintenance expenses. How do you control expenses? Can I approve all work?
EGL always attempts to improve your bottom line, and one way is to control expenses. For major repairs, such as re-piping or re-roofing, several bids are obtained, and EGL will get your written approval. However, if there is an emergency, such as a burst water heater, a government inspection requires certain work, or, a routine repair is requested, such as a leaking faucet, or broken toilet, then EGL will go ahead with the work and keep you informed. Our vendors are reasonable and reliable; otherwise, EGL would not utilize their services. In addition, if it is discovered that a resident caused the damage, we charge the resident for reimbursement of the repair expense.
When do I get my financial report and what does it include?
Clients have access to their own dedicated online portal where they can easily access their current and past monthly financials. These reports are easy to read and can be tailored to their specific needs. In each report, at a minimum, we include an Executive Summary highlighting major issues, a Rent Roll, an Income & Expense Statement, a Ledger of the Broker’s Trust Account, and an Expense Register with copies of all bills paid. The best part is that the year-end statement can be provided to a CPA for easy tax preparation.
We own the property with several partners. Can we get separate disbursements?
Our software can easily disburse funds based on pre-assigned percentages. We can also send our monthly reports to more than one owner.
Why do I need liability insurance for my property?
You wouldn’t drive without car insurance, or go without health insurance. Similarly, as a landlord, you must have insurance to protect yourself from the unexpected. If you don’t have insurance in place, EGL can provide you with the names of several agents to contact and obtain proper coverage.
Are your prices competitive?
Our management fees are very competitive and reflect our expertise and commitment to excellent service. We have found that poor management can have a very high cost. When ALL fees are considered, we are actually less expensive than most companies around.