Do you own real estate in NYC? Or do you plan to? Are you buying property for investment and not for occupying it yourself? What is the best way to manage your property? If you think that collecting rent and doing regular maintenance is all you need to do, you are wrong. Property management is much more than that. Effective property management is essential for your investment to flourish. NYC or New York City consists of 5 boroughs, with Manhattan at its core. The other 4 boroughs are
- The Bronx
- Brooklyn
- Queens
- Staten Islands
Most of these boroughs are densely populated and with distinct styles of buildings and architecture. Property management is even more critical if you have properties in more than one borough.
Why is Property Management Important?
The property management industry in the USA generates approximately $ 90 billion as annual revenue and is growing rapidly. Good property management goes a long way, and both owners and tenants agree on specific points for successful property management.
- Ease of contact
- Speed of reaction
- Time and resources available
- Good technical capability
- Follow up and turn-around time
What does a property management firm do in NYC?
NYC is a melting pot of cultures, and its architecture reflects this aspect to some extent. You can see high-rises, single-family homes, tiny condos, lavish villas, and much more. Any property management firm having a presence in NYC must be aware of the specialized requirements of each type of building or home. It could be possible for owners who live in NYC with some effort and time to self-manage the properties, but it is much better to get the property managed professionally.
The four basic things that property management involves are:
- Maintenance & repairs
- Rent collection
- Leasing & documentation
- Property inspection
Apart from these, a company may do many other things depending on what they offer and what you require.
- Cleaning
- Accounting
- Evicting
- Financial reporting
- Property sale
- Outdoor services
How to find the best property management company in NYC?
Your property is an invaluable asset that requires good management. Choosing the right property manager can seem difficult at first, but the task can become easy if you are ready with the right questions. Here are a few tips to help you choose correctly.
- Look for specialists: real estate is a complex industry. You want someone aware of the latest state, federal, and local laws & regulations. The type of property you own may require specialized handling, so you need to be careful. Certain companies focus on commercial rather than residential properties. The right questions to ask could be:
- How long have you been in this business?
- What is your current portfolio like?
- Verify the licenses and certificates: good property managers back their expertise with proper licenses and professional certificates. The licenses must be valid and current. Any other affiliations and certificates are a plus. The right questions to ask:
- Do you have a broker’s license?
- What other additional certificates do you have?
- Check the reviews and references: before shortlisting a company, go through as many reviews and comments on social media as possible. Though sometimes there are biased reviews, it is still a good way to get a better picture. References can help you assess a company better. Don’t hesitate to ask for references and then contact them. You can ask these questions to the referenced contacts:
- Is the company proactive about maintenance issues?
- Are their fees transparent and clear?
- Check the property management agreement carefully: the agreement between you and your property manager outlines the relationship clearly. You must read it thoroughly and ask for amendments where necessary. It should include
- Full services provided with details of fees
- Responsibilities of the owner
- Duration of the contract and termination clauses
- Their insurance coverage: it is extremely important that you and the property manager have the right insurance coverage. There are a lot of risks in real estate, and without insurance, things can get out of hand very easily. You can ask the company the following questions:
- Do you have insurance for the project?
- What will the insurance cover all?
- Communication & responsiveness: property management is a 24/7, 7 days a week kind of job and not a 9 to 5 occupation. Look for a company that offers round-the-clock customer care. A company that is easy to access is important. With modern technology, there is no excuse for bad communication. They should not only be accessible but also respond fast. An open line of communication is important for the relationship as well. You may ask the following questions:
- What is your response time?
- How often do you give feedback after completing any job?
Conclusion
The thing to remember is that not all property management companies are the same. First, you need to understand your requirements and then look at the available options carefully to find the perfect fit. In NYC, several firms are offering to look after your property. Some of them are big and reputed while some are small and not well-known. Instead of just looking at big names, look for a company that can give you personalized and customized service and look after your property as their own.