So you have decided that you may need assistance managing your rental properties. It may be because you are relocating or just because it takes too much time dealing with the day to day operation of your investment. It can be a headache for some dealing with tenants issues as well as keeping up with maintenance and collecting rent. The big question you have is “What should I be looking for in a NYC property management company?”. Sure, many property management companies can collect your rent and rent your units when they become available but you should be looking for more from you property management company. Below is some considerations that you should look into when considering a professional New York City property management company.
Does your management company up to date with the housing laws in NYC?
Being up to date with the real estate laws are very important with respect to property management. It is important because having a legal issue will cost you in the thousands should they arise. The potential of losing your cash reserve is possible if there is a mistake made. It is important that your NYC property management company is familiar with all the laws with respect to housing so you can avoid the risks associated with the property. Whether it be understanding how violations are given by the Department of Buildings to ramifications of landlord & tenant litigation your property management company should be adept of the intricacies associated with important cost saving issues.
Communication and screening of tenants
We have seen many times in the past that there is nervous excitement to have properties rented by owners. Sometimes the fear of falling behind in mortgage payments becomes a serious issue and the screening process of prospective tenants falters. When you hire a professional New York City property management company they will do the work for you. Property management companies should take time in the screening of potential tenants. They should also have processes in check in order to do screening of prospective tenants that complies with the laws of the State of New York. A competent screening would include and criminal, landlord & tenant history as well as the credit check in order to see whether they are suitable for your property. Although these objective tests may give you an idea of the person, it is also advisable to have an interview with the prospective renter to see if they are a good fit as well. There is more to a person than just income on a sheet of paper and getting references as well as an interview should provide the property management company enough information to decide whether the renter is suitable or not.
At the end of the day, the collection of the rent is the end goal for your rental property. The process can become easier with an experienced NYC property management company. Giving the ability to make online payments and giving them options to pay the rent are important considerations that a property management company should look into. When the tenant moves in there should be a clear understanding of how and when payment should be sent. Avoiding confusion in the beginning of the relationship save you plenty of time and will improve your overall relationship with your tenant during their term.
With the expectation of being available 24/7 and having your own life to live managing a New York City rental property can be demanding. Partnering with an experienced New York City property management company can make your life much easier. Your ability to exceed your revenue goals increases with professional management by your side.
If you are in need of assistance of managing your property Blue Harbour Property Management is a great choice. We are a full-service NYC property management company servicing the areas of Queens, Brooklyn, Manhattan and the Bronx.