Frequently Asked Questions
Why choose Selah Management?
At Selah Management, we are investors just like you. We know investors buy real estate for the cash flow or gains instead of the headaches of managing the property or its tenants. Our goal is to make it as hands-off for you as possible, unless you wish to be more involved, so that you can enjoy the profits of your investment that we deposit to your account. We will take care of your properties and make it more valuable. We want to earn your trust so that you can trust us to buy your next investments and rely on us to handle them.
What kind of rental properties do you manage?
Our property management services are catered towards commercial properties or apartments generally larger than 40 units. However, we can accept other properties as needed.
What locations do you cover?
Our goal is to be trusted to manage properties all over the world. Currently, we are focusing on the New York City Area, which we define as the five boroughs (Manhattan, Queens, Brooklyn, Staten Island, Bronx), Northern NJ, and Long Island. Local knowledge is a vital ingredient when leasing a property, and team members who have expert local knowledge of the area will manage your investments.
How quickly will you lease my rental property?
We can never say with certainty how long it will take to lease your property. There are far too many variables that come into play including location, season, price, applicant quality and just being in the right place at the right time. This is a numbers game and to win, you have to have as many potential tenants looking at your property as possible. They can't look at it if they don't know it is there. Advertising is the only way to let them know what you have for them. Although vacancies are unsettling, we follow our proven processes until we find the right tenant for your real estate investment.
How much will my rental property rent for?
Often novice real estate investors or unintentional landlords may set rents based on how much they need to cover their mortgage, or how much they want, or on what they heard another rental home is renting for. These methods almost always create problems and leave your rental vacant for a long time. Arriving at the appropriate rent level can be a complex process that must take many factors into account. This is one of many areas where our hands-on experience can make all the difference.
What steps do you take to lease my rental home property?
We have developed a comprehensive rental home marketing program that enables us to keep rental properties leased every year. Among other things we use extensive online advertising including the use of the MLS and other popular sites renters use to find their next home. Eye catching yard signs, extensive property preparation, and neighborhood signs draw many people to come to take a look at your property.
What are the terms of your property management agreement?
Our property management agreement is designed to focus on each unique property and the resources it will require. For example, if you have a property that is in great condition and requires little maintenance, you won't pay high fixed maintenance fees.
What if a tenant destroys my property?
With our screening program, the chances of this happening are slim. As we market quality rental properties, we attract stable tenants who would take pride in the location they rent. With that kind of tenant, malicious damage is rarely a problem. In the event a tenant does damage to the property, we get the house back in rent ready condition as quickly as possible and re-leased. Once we are clear about the cost of the damage we can assist you with collecting on the judgment.
What if a tenant needs to be evicted?
We can take care of the legal process for you. This is one of the most common areas where real estate investors may get in trouble by trying to "save money." We keep the tenant if they are good paying tenants, evict if we can't keep them current, and get the house vacant and rent ready as fast as the law allows.
Do you get my approval before doing any maintenance work?
Your agreement will outline the parameters for maintenance approvals. When the cost of a repair is expected to exceed the agreed-upon limit, you will be contacted for pre-approval. If you wish to be more involved, we can contact you for lower-cost work as well.
I think I can rent my unit out in its current condition. Do I need to renovate and fix up broken things when the market it hot?
We encourage you always to take the time to ensure proper move-in conditions. If you rush to get a tenant in, you may end up with unqualified tenants who may jeopardize your prized investment. Instead, get the property to a good standard so that respectable tenants would come in and take care of their new home as they make payments as agreed. Keeping the unit in top-notch condition when tenants move in, it is also likely that they will leave the unit clean for the next tenants when they leave.
Can you provide a list of exactly what management services are provided, including dates I will receive reports, and a breakdown of management costs?
The list of services we provide would be written in our agreement. It is different for everyone since some may desire fewer services or require more. Generally, accounting reports are provided at the end of each month, and it provides a breakdown of the management costs.
Can you explain your methods of generating interest in my rental property and selecting tenants in compliance with all Fair Housing laws?
We follow a standard process for all tenants, including performing credit, income, and reference checks to make decisions based on business reasons. We comply with the Federal Fair Housing Acts (42 U.S. Code § §3601-3619, 3631) that prohibit discrimination based on race, religion, national origin, gender, age, familial status, physical or mental disability. We market your property and work with other real estate brokers to find you a qualified tenant.
Who will actually manage the day-to-day activities at my property? What are his qualifications, and does he exclusively manage real estate?
You will get a designated person who will manage your property. You will get a direct contact number for him/her to address your needs directly. Credentials can be provided when requested.
Who will actually manage the day-to-day activities at my property? What are his qualifications, and does he exclusively manage real estate?
You will get a designated person who will manage your property. You will get a direct contact number for him/her to address your needs directly. Credentials can be provided when requested.
Do you provide 24/7 on-call maintenance services with a live person answering the calls who also has e-mail capability?
We provide an online system for tenants to log the issues for immediate attention. When a request is urgent, it will ring the phone of the designated personnel assigned to your property to contact the tenant for further action immediately. After ensuring immediate safety, proper maintenance personnel will resolve the issues to completion.
Do you carry Errors and Omissions coverage of at least $500,000, plus general liability coverage of at least $2,000,000? Do you have a $500,000 Fidelity bond?
Yes.
What are the security deposit laws in NY and NJ?
New York: One (1) month Rent as security deposit (since 2019). Return of Security deposit within 14 days after tenant vacates. Name and address of financial institution and the amount of deposit must be disclosed. The landlord may retain an administrative fee of 1% each year on the amount deposited. Buildings with six(6) or more units must pay interest to the tenant with their choice of having it subtracted by monthly rent, paid at the end of the year, or at the end of the tenancy.
Source: NY Senate. Sections 7-103 to 7-108. https://www.nysenate.gov/legislation/laws/GOB/A7T1
New Jersey: One and one-half (1.5) month rent as security deposit. Return of Security deposit within 30 days after tenant vacates. Name and address of financial institution, the amount of deposit, type of account, and the current rate of interest must be disclosed within 30 days of receiving the deposit. Landlords may pay interest earned annually or credit the rent due. Landlords with 10 or more units must deposit in insured money market fund.
Source: New Jersey Department of State. Sections 46:8-19 (Security Deposits) and 44:8-21 (Return of Deposit) . https://nj.gov/state/dos-statutes.shtml
What are some examples where the security deposit is used to clean the premises after the tenant leaves?
| Ordinary Wear and Tear: Landlord's Responsibility | Damage or Excessive Filth: Tenant's Responsibility |
| Curtains faded by the sun | Cigarette burns in curtains or carpets |
| Linoleum stains caused by shower spray | Broken tiles in bathroom |
| Minor marks on or nicks in wall | Large marks on or holes in wall |
| Dents in the wall where a door handle bumped it | Door off its hinges |
| Moderate dirt or spotting on carpet | Rips in carpet or urine stains from pets |
| A few small tack or nail holes in wall | Lots of picture holes or gouges in walls that require patching as well as repainting |
| A rug worn thin by normal use | Stains in rug caused by a leaking fish tank |
| Worn gaskets on refrigerator doors | Broken refrigerator shelf |
| Faded paint on bedroom wall | Water damage on wall from hanging plants |
| Dark patches of ingrained soil on hardwood floors that have lost their finish and have been worn down to bare wood | Water stains on wood floors and windowsills caused by windows being left open during rainstorms |
| Warped cabinet doors that won't close | Sticky cabinets and interiors |
| Stains on old porcelain fixtures that have lost their protective coating | Grime-coated bathtub and toilet |
| Moderately dirty mini-blinds | Missing mini-blinds |
| Bathroom mirror beginning to "de-silver" (black spots) | Mirrors caked with lipstick and makeup |
| Clothes dryer that delivers cold air because the thermostat has given out | Dryer that won't turn at all because it's been over-loaded |
| Toilet flushes inadequately because mineral deposits have clogged the jets | Toilet won't flush properly because it's stopped up with a diaper |
Source: Nolo. https://www.nolo.com/legal-encyclopedia/chart-cleaning-repairs-landlord-deduct-29017.html
Other reasons for deducting from the security deposit would be non-payment of rent, non-payment of utility charged that were paid directly to the landlord, and costs to move/store/dispose of tenant's belongings.