Owning a property can be a huge responsibility, especially when you want to take care of it on your own. Be it your own house or commercial property or just a condo you are renting out. Managing a property in Brooklyn is not an easy task.
Tips To Manage
So, how can you do it? What are the factors to consider? Here are a few tips for efficient Brooklyn property management:
- Doors – These are the easily damaged parts of a building. Be it a house with wooden doors or office space with glass doors. Doors are the most used and abused part of the house that tend to give way and show wear and tear easily.
Wooden doors can expand in winter and rainy weather and can make it hard to shut them properly. Periodical checks and maintenance will ensure the doors last long. Well-maintained doors can also make the space look better.
- Walls – Check for cracks regularly. Weather changes can cause cracks. It can give way for moisture seepage, which can lead to mold and mildew. This will, in turn, cause your building to rot away from the inside. It might be too late to repair if not checked periodically.
Get a professional to check the walls and cracks. Fill up the cracks and paint over them if needed. Choose the right variety of paint that can act as a sealant and protect the walls for longer durations.
- Electrical – Wires get damaged over time and with an increase in usage. As technological advancements push us to use more advanced appliances, the load-bearing on the wires can be beyond recommended. It can result in wiring issues.
Check your wirings regularly if you are adding more appliances or machines to the existing electrical settings. Increase the capacity if needed, change the wires to more durable ones to prevent electrical accidents.
- Termites – This is another major issue with wooden structures and modern structures with a lot of wooden fittings. Termites can be hard to spot. They can eat away at your building silently. Fumigate and check for termites every year. If you add any wooden fittings, it can be a carrier for termites and other insects. Check them and spray them before you use them inside the building.
- Plumbing – These can cause trouble, just like electrical. Adding more pumps or water lines can increase the load on existing pipelines. A pipe burst within the walls is not something you need in your building. If your building is old, check the plumbing. Change pipes into new models that can take both heat and cold. Also, please choose a model that is made to withstand winter rather than freezing in it.
- Landscape – Get a professional gardener to trim the bushes, weed out unwanted plants and check for infestations. Though this is only outdoors, it can pave the way for insects to enter the building. Rodents can thrive in unkempt gardens too. Even if you are renting out the space, it can be a good idea to get a professional to clear up the space regularly.
- Repairs – All houses and buildings will have repairs. A contract with a repair company can save you a lot of money. They can do periodic checks. The repairs will be covered in the yearly contract costs. It can be much cheaper than finding a person every time you have a repair to attend to.
- Tenants – If you rent out your building, ensure you are on track with your rental agreements. Check the dates and renew them as and when required. Setting a reminder for these on your mail or calendar can be very helpful. Also, check-in with your tenants to see if all their complaints are rectified. It will help you extend your agreements and also earn goodwill to get tenants in the future.
Brooklyn Property Management
So, can you do this all by yourself? Yes, it is definitely feasible. However, it is very time-consuming and can be quite stressful if tenants have complaints that cannot be rectified immediately.
The best course of action in such a situation is to hire a professional to manage your property. They can take care of it all and help you maintain your property in a very good state. Not only will it reduce your stress, but it can be cost-effective too.
The property manager will have a team to handle all repairs and complaints. This will work out to be cheaper than you have to find a contractor or repair company personally. It is the responsibility of the manager to ensure all issues are dealt with professionally. They will follow up with the tenants to confirm if all problems are resolved.
When you are not in direct contact with the tenants, it can be a pleasant experience to own a property. You can spend all the time and effort to focus on other things, including your primary business, to earn more and invest in more properties.
Managing on your own may seem to be cost-efficient on the surface level. However, considering everything, including the opportunity cost, opting for a professional Brooklyn property management company will be the most cost-efficient choice.
Hire a professional property management company, sit back, relax and enjoy the benefits from your investment worry-free!