Have a building in Queens? What you need is a good Queens property management company to help you maintain the building and other essential services. Yes, you can do it all on your own. However tempting and cost-effective that suggestion sounds, it is a wrong move. The sheer number of services such professional companies can offer will surprise you.
Here are some of the services a property management company can be used for:
- Collecting Rent
No one likes to spend all their precious time running behind tenants to collect the monthly rents. While some might be very prompt in their payments, many can be evasive or need one too many reminders before they can handover the check to you.
When you have an efficient property management company offering building management services, they will collect the rents on time and handover them to you. You can even ask them to deposit the amount into your account, especially if you live in another city or country. This depends on the agreement between you and the company.
One of the biggest advantages for you as a landlord is that you save more time and don’t have to face problematic tenants or be subject to unnecessary issues. The company will be your mediator when it comes to your tenant and ensure everything is done on time.
- Tenant Selection
Finding a good tenant is crucial when you want to rent out your apartment or the whole building. A thorough background check is necessary to ensure the prospective client is not a fugitive or has any ongoing issues with the law. These can only complicate things for you as a landlord.
While selecting the right tenant is essential, it is not easy. It can be very time-consuming, and one cannot drop all their work and rush to show around the apartment to a prospective client.
Employ a well recommended and established property management company that can advertise for your apartment, see prospective tenants, show around the house and finalize the deal after a background check or financial analysis.
- Lease Renewal
When your good tenant wants to extend their lease, what do you do? You need to renew the lease agreement before the previous deal expires. This requires drawing up a new contract, getting it legally registered, signed by all parties involved, etc. When you have a team to do this for you, it saves you a lot of work and running around.
A good property management company in the Queens area will be able to help you with this without any issues. Since they are experienced in this field, they will know what is to be done when. They will ensure all processes are completed without any glitches.
- Resolve Code Violation
When a building gets old or has been in use for a few years, it is not uncommon for it to violate a couple of old codes or not meet the new codes and regulations. In such a case, the government has the authority to seal your property, leading to many unwanted litigation that can stretch for long periods.
When you have a well-equipped property management company taking care of your building, they will keep up with all the codes and regulations. They will know when certain permissions or licenses have to be renewed, what papers are needed to get new permissions, etc. In case of violations, they will have the right legal councils and manpower to resolve them capably.
- Tenant Dispute
When you have rented out your building, tenant disputes are bound to arise. This could be due to a disagreement in the rentals, non-payment of rent on time, not satisfied with the building’s maintenance or services, etc. A property management company will have people to handle such disputes amicably and have the manpower or contacts to attend to the maintenance issues, if any.
Without a professional company managing your building, you will be required to address all such complaints and disputes. This can not only eat up your time but your peace of mind as well.
- Bookkeeping
Bookkeeping is an essential service offered by property management companies. They keep a record of the date and amount of all receipts and expenses. A building will require repairs and timely maintenance to ensure everyone living in it is comfortable.
They will file all the receipts in order and keep all the papers accessible. Tomorrow, if you need to renew a service contract or dispute with one of the service providers, these files can make things easier for you.
When your books are maintained professionally, you can determine if the building is earning profits for you or is running at a loss at just one glance. Keeping a record of various policies, renewals, maintenance payments, etc., are very important for the smooth management of a building.
Go For It
If you have more than one building or a variety of buildings in the Queens area, you would be expecting a good income from these valuable investments. Signing up for a deal with a property management company from the area can be a very wise investment to protect your other investments.
When you have one company looking after all your buildings in the area, it makes communication and follow-up easy for you as well. You can even get a good discount or better offers from the company.