JPMS FAQ: What People Ask (or ought to ask) About Jerusalem Property Management
What does a "property manager" actually do?
A professional property manager should offer all the following services for property owners, whether they are in the country or abroad:Arrange rental contracts or leases between owners and tenants.
·Collect the rent for the owner according to the agreed schedule, and deposit the funds into the landlord's bank account.
·Conduct regular inspections of the property (whether occupied or empty).
·Arrange for repairs as needed with qualified contractors.
·Be on the site to supervise all contract work.
A professional property manager should be able to accommodate special needs as well, which should be spelled out in a customized management agreement with
the property owner.
When should I hire a property manager to look after my flat?And why?
The most obvious time is when your flat is unoccupied.Even if you're away only for a short time, experienced thieves can recognize the signs of an abandoned
property (such as junk-mail collecting in a mailbox).
The simple precaution of having a professional take responsibility for valued property for a few days or weeks has been ignored by some, who thought such a short
time carried no risk... only to learn otherwise, to their great regret.
Other occasions can call for a property manager:
·If you are renting out your flat and living elsewhere in Israel.If you're like most people, you lead a busy life and you don't have time to check on its condition as
often as you should.
·If you are renting your flat and living abroad.Obviously, you can't check on its condition because of distance.
·If you are out of the country and have someone else "housesitting" for you.Even a friend or relative may not be able (or willing) to maintain your property as you
would like.
What are the special needs of a Jerusalem property?
Jerusalem is exposed to many realities that have the potential to damage your property:
·Security issues
·Extreme heat, desert wind ("sharav") and sandstorms in the summer
·Snow and heavy rains in the winter
As experienced property managers, JPMS stays alert to changing conditions.In fact, we don't wait for problems to develop; we take precautions to make sure
your property is not negatively affected.
Why is it important to hire a Jerusalem property manager for my Jerusalem property?
·As Jerusalem residents, it's easy for us to make frequent trips down your street. These trips can reveal potential problems that require a response - from dust-raising roadwork to overgrown trees.
·We are aware of local weather conditions (which can vary greatly across Israel), local events, and other factors that can impact your neighborhood.
·With our decades of experience, we know each neighborhood and the unique problems that might arise there (such as a specific block exposed to strong winds or prone to seasonal flooding).
How can JPMS save me money?
The most important factor is your property insurance.The involvement of a professional property manager lowers your risk (and corresponding premium), and greatly simplifies the claims process if something should happen.We also monitor your insurance contract and make sure it does not accidently expire, putting your property at risk.
Other ways JPMS can save you money:
·Alertness to fix potential problems before they become expensive repair jobs.
·Regular maintenance to prevent a host of common (but costly) problems.
·Cost-effective repairs or renovations, done by reputable contractors at competitive prices.
·Contractor work that is supervised by a JPMS representative, to ensure quality of workmanship, timely completion and quality materials - all of which will save
you money in the long run.
·Timely payment of utility bills, which avoids needless late charges or fees for reactivating disconnected service.
·Regular monitoring of utility bills, comparing them with the meters and promptly correcting any errors or over-charging.
·Efficient tracking and renewal of rental contracts, to prevent a disruption of rental income.
All of these not only safeguard your finances, but your peace of mind as well -- and who can put a price on that?
How do I decide which services are right for me and my property?
JPMS presents you with a list of options in our first meeting with you.We explain what each service includes, and we ask questions about your property.From long experience, we know exactly what to ask in order to cover all eventualities.
I don't have the time or patience to deal with running around and getting utilities connected in my flat after I arrive.What can you do to take this off my mind?
We can do everything necessary for connecting water, gas, electricity, phones and other details – either for a new property or for one that has been vacant for an extended time.
As your property manager, we are authorised to open or reactivate such accounts in your name. We visit the offices of the various companies to expedite hook-up, and we visit the flat for any physical connections that must be carried out. We also check the utility bills and follow up on any discrepancies.
How far in advance do we need to give you notice that we want to use our unoccupied apartment?
Usually a week's notice is enough.We make everything ready - turn on the refrigerator, other appliances, and even the lights, making sure that all are in working order (and fixing them if they are not).We clean your flat until it's shining. If desired, we can also stock the kitchen with basic necessities - or with a complete grocery list of your choosing.
If you need the apartment more urgently, we can make arrangements to have it cleaned and stocked at 24 hours' notice.
If you know that you are coming to Israel at regular intervals (every Pesach and every Succot, for example), we can arrange for the apartment to be ready, without the need for advance notice each time.
What will your service cost me?
It greatly depends on your needs and the services you choose, but for example...
Management of a rental property, in all its aspects, will cost you up to 15% of your rental income, which is a modest investment for worry-free protection of a valuable property.
How are my expenses calculated and reported by JPMS?
We produce expense reports every 6 months, with yearly financial statements.These outline in orderly detail everything we have purchased or done in service to your property, complete with receipts or other documentation. Our reports also list all income received from a tenant or other source.
How and when do I receive status reports on my property?
Besides the expense reports mentioned above, we stay in touch by email regarding any ongoing issues.
How do you go about finding a tenant for my flat?
We have developed a reliable screening process over many years of service.In addition, we require guarantors for rental payment by the tenant.And we are expert in drawing up the kind of rental agreement which will protect not only your property, but also you, the owner.
I want to sell my current property in Israel and/or purchase a new one.How can you help me?
Jerusalem Property Management Services has relationships with leading real estate agents in Jerusalem who specialize in serving the Anglo market. Working through us will usually make your selling / purchasing efforts smoother and more successful.
When it comes to purchasing a property, we can make your flat hunting more efficient by conducting preliminary inspections of properties for sale prior to your arrival.We select the ones that most closely match your preferences, so that you don't have to waste time looking at properties that are unsuitable. We can also help you with advice on the purchase contract.
I have just purchased an apartment that needs major renovation.Can you find reliable contractors?And how do you know they are reliable?
During our 20 years of experience, we have located and retained the top contractors in the country, known for their professionalism and honesty. They are aware that we expect work of the highest standard, and that we closely supervise every stage of the work. We do not make final payment until we are completely satisfied.
