There are a number of real estate investors who don’t believe New York City property management firms serve any real purpose. However, there are many more investors who believe professional property managers in the boroughs of Brooklyn, Queens, Manhattan and the Bronx do have value and that is why they rely on them. There has been an ongoing argument among owners of New York City rentals and one that isn’t likely to have resolution with our lifetime. So, how is a new investor supposed to know whether if it is a benefit to use a New York City property management company or should you do it yourself?
The answer to this age old questions doesn’t really have a correct answer but it needs to be addressed on a case by case basis. What works for one individual won’t work for another. It would depend on circumstances that only the investor would know. Therefore it would seem that it would be a personal choice that only the investor can decide. We believe that there are factors that the investor/homeowner should look into before deciding whether to hire a New York City property manager. Below are the factors:
How much knowledge do you have about professional property management services in New York? With owning or managing properties, there is a lot of technical and legal issues that an investor must know when owning property in New York City. The rules and agencies that are involved are plenty and making a mistake can cost thousands. Not being exposed to the everyday issues that come up with these regulatory bodies and dealing with them can cause not only a monetary loss but a loss in time for the investor or homeowner. If this is the case for you, then you should consider getting professional help. If just for someone to guide you through the early steps of owning then that would be a good step. Once you get your feet wet with the process and the agencies that you would deal with then you can take it on your own if you want to.
Will you be able to provide superb service to your tenants? The rents in Queens, Manhattan, Brooklyn or the Bronx are high. The cost of housing in New York City is one of the highest in the United States. Your tenants expect great service and it would be up to you to provide it. Providing great service will help with the retention of these tenants once their leases are up. The ability to drop everything and assist the tenant with a problem in their apartment is an example of great customer service. Being able to do something without it not being scheduled and in a quick manner is important when you own property. The majority of owners have a full-time job or own several properties and need to tend to other things. This would mean that they are not able to give 24/7 service and would probably need professional property management.
Can you handle the everyday fatigue of managing your property? If you are the type of person who does not handle stressful situations well, then managing your property in New York City should probably be left to the professionals. However, if you can drop everything that you are doing and deal with issues quickly at your property and have an objective approach about the situation, then you may not need professional management.