Do you live in the NYC area? Do you own a property in NYC? Living in NYC as a tenant or as a homeowner will most probably bring you in contact with property management companies. NYC has five boroughs, and all of them are densely populated. Most of the residential properties are managed by property managers. Some of these include
· Single homes
· Condominiums
· Villas
· Duplex, etc.
Property management in NYC
There are several property management NYC companies offering a large variety of services. There are different types of property management options available
· A single person acting as a property manager
· Small company with just one office
· Medium size company with 2 or 3 offices in different regional locations
· Large size companies with a presence all over the country
The services offered by these companies will depend on their size and manpower. If you are looking for a property management company to manage your property, you will first have to take stock of your situation and your requirements. The bigger companies may charge more but offer much more in terms of services. A big-sized company is the best option for people who own multiple properties in different locations. However, if you own a single property and live close by, you may not require much help from the property management company. Effective property management is possible only when the owner understands well the following:
· Budget
· Time and energy involved
· Technical know-how
· Age of the property
What can a property manager do?
As mentioned earlier, property management companies come in different sizes and do different things. When choosing a property management company, you need to ask these questions
· What do you require?
· What can the property management company do?
When you are able to match the two, you will be able to find the right property manager for your property.
The basic tasks that a property management company can carry out can range from just finding tenants and collecting rent to carrying out all the paperwork and legal formalities. The role of a property manager usually depends on the owner’s requirements. Each owner is unique, so a good property management firm should be flexible and ready to work according to the owner’s wishes. Usually, the following tasks will be taken up by a property management company
· Find tenants and collect rent from them on time
· Most maintenance issues in a proactive manner
· Report to the property owner regularly and immediately if any untoward incident takes place.
· Handle tenants and their complaints and keep them satisfied
Good property managers should be able to handle routine problems on their own and not run to the owner for every small thing. The owners should also trust the property manager and allow them to operate independently but keep a close watch. Mostly, the more an owner pays, the more services he gets from the property management firm.
Models of property management
Different property management companies offer different types of services. Some specialize in commercial properties while others specialize in residential properties, and then some take care of all real estate types.
· Independent homes meant for one family
· Large buildings with several units
· Vacant homes or vacation homes with short term occupancy
· Serviced apartments for both long- and short-term stays
· Assisted living facilities that do not have an in-house property management system
· Commercial properties of different kinds such as shops, factories, clubs, malls, etc.
This is not all, and property management companies may offer other services if an owner has other demands. Sometimes brokers or real estate agents may also take up property management. Sometimes the owner may decide to take care of the property mostly independently and ask the property management company to do only small parts of the work. It is important for you as the owner to fully understand what you are paying for and get value for your hard-earned money.
Conclusion
Before selecting a property management company, you must make a list of all the available options and then check the pros and cons of each one. Ask for references, and don’t hesitate to get in touch with other property owners to get their feedback. If you put in some work while selecting a good property management company, it will pay you back with peace of mind.