Many have asked and are confused about what property management companies do in New York City. In the times that we are, it becomes important to understand the intricacies of their responsibilities and how it can be advantageous to your as a homeowner. In short, experienced NYC property managers are hired to manage your relationships with your tenants, collect rent, provide maintenance, improve conditions and lease available units when they become available. It is important that your property manager understands the market and can guide you in what values are in a particular borough. Rents may be fluctuating in area such as Astoria Queens or Bushwick, Brooklyn. It is important to know what prices are going for and what your prospective tenants may be looking for in terms of amenities in those area. A good property should be aware of risks and liabilities to your property and do whatever is legally possible to protect your investment. So what can you expect from a company like BJD Property Management?
Accounting and Rent Collection
The biggest concern many landlords have is the collection of rent. In NYC, there are many rules about rent collections. It is important to collect in a timely manner as it affects both the welfare of the property (i.e. being able to make necessary repair, falling in delinquency in paying taxes and mortgages) and the owner. Properties are normally purchased for investment purposes and there are expectations of them. While the majority of landlords have full time jobs and it becomes difficult to obtain payments from tenants that have tendencies to pay late, an experienced NYC property management company will have systems in place in order to get late rents and collect late fees. At BJD Property Management for instance we give tenants the ability to pay online so it makes it easier for tenants to pay. Furthermore, we use software that informs us of late payments and fees associated with it. Should tenants become habitually late or fail to pay, your property management company must be able to send the necessary notices that are in compliance with new housings rules enacted in 2019. It is important to have strict procedures and enforce when necessary.
Our state of the art software allows our property owners to have a back end portal where they can review the necessary financial events and print documents necessary for financial filings.
Preventative Maintenance and Management
Having great relationships with your tenants is a key when it comes with overall retention and income stability. It is important to keep healthy communications up with them. Having satisfaction and knowing that repairs will be fixed in a timely manner makes tenants feel safe. Their input is always important and discussions should be welcomed. Your property manager should be able to navigate this relationship. Between maintenance, repairs or disputes with other residents your property management company should be there and try to resolve their issues when they come about. We insure that our maintenance vendors are in contact with them and can meet them when it is practicable to both parties involved. Should an emergency arise we make sure someone is there within 24 hours to remediate whatever problems may arise. It is important to have vendors available that not only can examine problems but can also remediate in an economic and timely fashion.
Tenant Marketing
Finding good tenants can be a tough situation when you are dealing with other issues at the property. Marketing, doing background checks as well as doing interviews of prospective tenants can be a job by itself. At BJD Property Management we have outside specialists that assist us with the marketing of properties. Once a prospective tenant is found we have a comprehensive tenant screening that assists us in obtaining qualified tenants. The final step is when possible we can have our property managers have an interview with the prospective tenants in order to see if it is the right fit. With over 20 years of experience we feel that our procedures in finding tenants has been efficient. It has resulted in long term tenants that take pride in their apartments
When looking for an experienced NYC property management company you should zero in on firms that have expertise in these areas. At BJD Property Management we take pride in what we do and believe our service is second to none. BJD Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx. Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.