Are you a landlord who owns more than one property in NYC? Do you want to rent one of the properties out? You can either look for a tenant yourself or take the help of a property manager. If you think that all NYC property management are the same and do the same job, you are wrong. Finding and hiring the right property manager is extremely important to get the right results.
H2: What is property management?
Property managers handle a wide variety of tasks for a landlord. These may include the following and many more:
- Rent collection
- Make mortgage payments
- Co-ordinating repairs
- Property inspection
- Communication with tenants on behalf of the landlord
H2: Basic types of property management
We can divide property management into 4 broad categories
H3: 1. Residential
- Single-family & Multi-family residences
- Vacation homes
- Townhouses
- Condominiums
- Villas & apartments
- HOA (Homeowners Association)
H3: 2. Commercial
- Hotels, hostels, etc.
- Malls, restaurants, coffee shops
- Office properties
- Co-working spaces
H3: 3. Industrial
- Automotive plants and other heavy manufacturing facilities
- Light manufacturing facilities such as candy or food packaging
- Warehouses
- Distribution facilities
- Warehouses
- Distribution facilities
H3: 4. Special purpose
- Theatres
- Sports arenas
- Old age homes
- Educational institutions
- Places of worship
H2: Types of Property Managers
Just as there are various types of property management, and different types of property managers. Let us look at the most common types of property managers that you may come across in NYC.
- Not a professional property manager
These are individuals who may or may not have the required license. This is not their main job, and they may do it on the side as a favor or help. They may charge a low fee or not charge at all. However, they usually have limited experience and expertise. They can get a tenant through connections for your property but do not expect anything else from them. You cannot hold them responsible for bad tenants, damages, or unpaid rents. You will be better off managing your property independently rather than using such unprofessional property managers.
- Property management as a side business
When the property management department is just a small business of any sales brokerage company, they neither feature it on their website nor actively try to get clients for this department. Such companies are more interested in future sales and have limited experience in property management. The prices and services they offer will vary from project to project and lack consistency. There will be minimal reporting and feedback, and you as a landlord will find it difficult to get the real picture.
- The lone ranger
Excellent property managers, these individuals are communicative, hands-on, and proactive. This is their main job, and they keep on top of everything. It will be easy to get a customized option perfectly suitable to your requirements. Such property managers are up to date on all the relevant laws and have the necessary information all the time. There are a few problems with single property managers.
- They are more expensive
- If they are sick or go on a holiday, who takes care of your property?
- He can only manage a limited number of properties.
- Small & Medium property managers
Usually, one main point of contact manages your property, but with an entire admin team behind him. This is helpful when the manager is sick or unavailable because your property management will go on smoothly. Well organized and offering clear accountability, such property managers are a good option. There is an emphasis on training and learning, and the property managers keep up to date with all the relevant laws and other information. NYC has many such companies, and they do a great job.
- Large Property Management Companies
These companies manage a large number and variety of properties in several areas. They have a great staff with clearly assigned roles. They offer more affordable property management with more efficiency. However, they are not as flexible as the small or mid-scale property managers. There may be several people looking after your property’s different aspects, and thus accountability and coordination may be difficult. It is best to use large property managers if you have:
- Properties in different areas and even out of NY
- Different kinds of properties
- No requirement for specialized services
- No time or expertise in this field
H2: Advantages of property management
When you choose the right property manager, you get many benefits. The most important ones are:
- Better tenants: tenant screening is stricter and results in timely rent, a better quality of tenants, better maintenance of the property, and fewer problems.
- Shorter vacancy cycles: critical tasks which can shorten vacancy cycles such as making necessary repairs, improvements, effective marketing, and deciding the appropriate rent are done more efficiently in a faster time.
- Rent collection: how rent is collected and how late payments are collected are essential for the success of a property. Setting up clear criteria and enforcement of the lease terms will ensure timely payments.
H2: Conclusion
Property management includes the operation, control, oversight of a property. Anyone can use a property manager and benefit from it. Owners in NYC who have multiple properties or live out of state will benefit the most. Good property managers can serve as the eyes and ears of the owners and keep them fully aware. Choosing the right property manager is as important as choosing the right property. Understand your needs and then select the most suitable property manager who can work for you while taking a back seat.