Finding a New York City property management company that cares about your rental as much as you do can be an arduous task. Some companies may have so many rentals that they will concentrate on the higher value ones instead of looking at all their managed properties equally. They may also value properties in a different borough that may be not where your property is located. For instance, some property management companies will value their Manhattan apartments more than their units located in Brooklyn. That is why doing the requisite research is very important when deciding on a building management company in NYC. It may be a time- consuming task and you may vacillate on your decision but here are some factors you should look into when deciding on a manager:
Discussing the problems at your property and coming up with solutions: Although a property manager may not call you whenever there is an issue at the managed property there should be a certain protocol on when he or she could call the owner. For instance, some property managers use a monetary value that authorization needs to be discussed. At Blue Harbour Property Management we discuss any repair or expense that exceeds $500. This allows the owner to be up to date with what we believe are intermediate level of repairs. A good property should manager should call and discuss your options on how to resolve the issue. It shouldn’t be that the building manager calls you when there is a catastrophic event that occurs at your property like Roof damage etc.
Discussing strategic improvements to maximize revenue: Good property managers shouldn’t just babysit your property. They should be forward thinking and look at ways to improve the value of your property. They should be concerned for instance about how much revenue the investor’s property in the Bronx is making and how much actual net profits they are receiving. Thus, you should find someone that is always looking at making you the maximum amount of money. Increasing rents, reducing costs and maximizing revenue should be words coming out of your property manager’s mouth all the time.
Always maintaining communication: Does your property manager answer your phone calls or promptly return your calls when they are missed? Are there check and balances at their office so calls don’t go un-answered. Do you have the property manager’s cell phone number? Can you text the manager? Remember at the end of the day, it is your property and your property management company works for you and not the other way around. You should be able to pick up the phone and ask questions about your investment.
If you are looking for a new NYC property management company that cares about your property as much you do, Blue Harbour Property Management is the right company for you. If you have any questions about the services we provide you can contact us at 718-843-1185.