So you’ve invested in a rental property, and you’re ready to make a profit. Owning such, however, presents you with a burden of responsibility trying to keep it up and running. This can quickly become overwhelming given specific circumstances, making the hiring of a local NYC property management company a valuable option. Is there true merit to seeking professional assistance, though? Here are a few things you must consider.
Location of Your Property Compared to Your Primary Residence
The distance between your primary place of residence and your rental property has a direct effect on management difficulty—the farther you live from your property, the trickier it is to keep tabs on it. For instance, if you primarily live in Buffalo, New York and your property is in NYC, you wouldn’t want to drive to and from your home (4 hours each way at 65mph) every single day just to check on your property. Communicating with the Board, managing employees, responding to emergencies, sorting out maintenance issues and accounting matters would all be tougher with this kind of setup.
Your Own Preferences
It’s natural for property owners to look forward to the challenge of managing rental properties on their own. There are a select few, however, who may not be interested in hands-on involvement in their properties—people who could surely use the services of reputable apartment management companies in NYC like Blue Harbour Property Management, Inc. Property management firms know the job better than almost anyone, and they’re more than willing to run your property the way it should be professionally done.
The Number of Properties You Own
You may be able to handle one or two units on your own, but if you own 5 or more (with dozens of different tenants to boot), management difficulty increases exponentially. The more properties you own, the more units, maintenance issues, tenant complaints, and vacancies you’ll have to deal with. You’ll benefit more from getting professional help if you have a separate full-time job to tend to as well.
Your Management Experience and Skill Level
Managing a rental property (or a series of such) requires a specific level of management competence, or else you’ll be in real trouble. For instance, you can be accused of discrimination if you didn’t understand how housing laws work, which is something a property management company can help you with.
Finally having your own real estate to rent out or lease is a thrilling thought, but don’t be blinded by the excitement. If you’re new to this venture, let property management specialists help you to ensure profitability in your business.
Should I Hire A Property Management Company For My Rental Property? AllBusiness.com
Should You Hire A Property Manager? About.com
When Should A Landlord Hire A Property Management Company? Nolo.com
Should I Hire A Professional Property Manager? LandLordOlogy.com, October 17, 2013