Property management is a tricky affair and if you are an owner, we are sure you understand it better than anyone else. When you are just managing, it becomes a business for you; however, when you own the said property, personal involvement and liability are attached to managing the property.
Do you own a property in Brooklyn? Here are a few things you should and should not do as a property owner and manager:
Do’s
1. Maintain – Ensure your property is well maintained and in a livable condition at all times. The better the maintenance, the more tenants and rentals you can expect. Maintaining the property includes basic cleaning, repairs, paying taxes, etc.
2. Follow the rules – Ensure your building adheres to all rules and codes set by the government. If there are any violations, you need to get them sorted out before the building gets sealed or fined for code violations. Apart from financial loss, your tenants will be disturbed too, and this will cause a bad reputation, thus reducing your future chances of charging a good rent.
3. Pay Taxes – When you own a building, there are a number of taxes that need to be paid from time to time – property tax, water tax, electricity, etc. Apart from this, you need to take care of the taxations on the rentals received too.
4. Understand Responsibilities – Do understand your responsibilities as a landlord.
Apart from providing a comfortable living space for the rent you charge, you have to take care of your legal obligations as well. Learn about them, especially if you are new to this business. A professional property management company in Brooklyn can help you in this aspect as they are well experienced and know how to maneuver through all issues.
5. Market – When you plan to rent out your house or building, you will need to advertise it. This will require a lot of time and effort from your end as it is not as easy as just sticking some flyers around, like before. People are more careful and particular about where they live; the market is highly digitalized; hence you will need to advertise correctly to attract the target audience.
6. Choose Tenants – If you want a peaceful time as a landlord, you need to be careful about whom you rent out your place to. Tenant selection is a laborious task. A professional company that is into property management can do this for you with ease. They will have enough manpower and also know the nuances of the job at hand.
7. Negotiate – You will have to negotiate a deal with your prospective tenant. This will include negotiating about the services included, the length of the rental agreement, the date of the monthly payment, etc., in addition to talking about the rent itself.
Don’ts
Here are a few things you should not do as a property owner and manager:
- Don’t Underestimate – Do not underestimate the amount of time and work involved in property management. Just collecting rents and paying bills will not suffice. As mentioned above, property management involves many things and needs to be done in time to avoid any issues between you and your tenants and the authorities.
- Don’t Do It Yourself – While property management might seem to be an easy task on paper, it is the opposite in reality. Managing a property is a full-time job, and unless you have the time and patience for this, it is not a good idea to take up the full responsibility. When you have a professional property management company handling your building, everything will be sorted, and you can carry on with your work.
- Don’t Over Promise – When you are the landowner and the property manager, ensure you do not over promise to your tenants. When a separate company manages the property, you as the owner will be able to analyze and decide on the services they propose. However, when you are the manager, the tenants’ requests and demands reach you directly. While it can be tempting to agree to their demands to keep them happy, it will not be easy to carry them out.
- Don’t Sign Random Contracts – In order to maintain a building, you need handymen, workers, and other professionals. Please do not rush to sign a contract or a deal with these workers without checking their work first. You need to ensure they are up to the task, do it without hiccups, and deliver as promised. This will take time but is necessary.
Get A Professional
When you have a professional property management Brooklyn company taking care of your property in Brooklyn, your property will be in experienced hands. They will not only carry out all your duties mentioned above, with fair and very few issues; you will be relieved of those responsibilities too.
When you choose the property manager, do check their reputation, experience, and services offered. You can check their reviews, talk to them to understand how they work and decide based on your comfort level.
Do not go with a company that is very busy and is completely booked. Though they may have an impeccable reputation, they may be stretched too much and may not be able to spend enough time on your property.
Your property is a big investment for you and can grow over time if taken care of properly. When you have experienced professionals handling it, issues that you don’t foresee will also be handled with ease.
The more peace of mind you have, the better you can focus on other things and can even re-invest all the earnings from this property into another one.