NYC is also called a mini version of our world. This is because you will find all kinds of people from all parts of the world coming and making a life here. Real estate in NYC is quite expensive because the demand is much more than the supply. If you own a property in NYC, you must take good care of it so that its value increases. Do you want to look after your property on your own or hand over the responsibility to a property management company? If you think collecting rent on time and doing some maintenance from time to time is all you need to do, then you are thinking wrongly.
Effective property management is necessary to ensure that your property remains profitable year after year for a long time. It would be best if you had a professional because property management in NYC is a bit different than in any other big city. Even more, if you have more than one property in more than one borough of NYC.
Types of property management
Before you go looking for a property management company, you need to understand what property management is and how it can be effective for you. The property you own will determine the kind of property management you will need. Broadly there are two types of property management:
- Commercial: from the name itself, you can understand that it refers to properties from where any shop or business is being run. Commercial properties include factories, warehouses, shops, etc.
- Residential: the properties which are being used as residences by tenants. Houses, villas, beach houses, townhouses, condominiums, co-operatives, etc., are all examples of residential properties.
Commercial and residential properties require different kinds of handling. You must choose a property management company based on the type of property you have.
Advantages of a property management company
If you are unable to or don’t want to manage your property, then you need a property manager or a property management company to look after your property. There are many advantages of hiring a property management company apart from saving time and effort for you.
- A third party is like a buffer between you and the tenants. The property management company will better handle any problems that arise due to bad tenants.
- You will be able to fill your property faster because the property management companies better find tenants.
- The professionals are specialists in their field and can do a better job of finding a suitable tenant and taking good care of the property.
- Property management companies have professionals and specialists for each particular job, which means they will do better maintenance and all the paperwork.
- The tenants also usually want to deal with the property management companies instead of landlords directly. They find them easy to connect and communicate with and more professional in their approach.
- Rent collection becomes smoother because the property management companies set clear rules and ensure that they are followed by the tenants every month. You, as the landlord, don’t have to remind or keep asking for rent.
Choosing a property management company
This is very important to ensure that your property remains in safe hands. If you don’t research well, you may end up with a property management company that may charge you exorbitantly and yet not offer good service. Sometimes, some red flags will be visible to you if you are careful and help you make up your mind.
- They don’t answer all your queries in a transparent manner
- Their communication is very poor
- They are not very reliable and keep changing their commitments
- Even after reminders, they don’t follow-through fully
- They are not fully aware of the latest rules & regulations
- The properties they manage remain vacant for long periods
- The payments are usually late
If you are not sure about the quality of service of a property management company, then it is better to wait and look for more information. Getting into an agreement with a property management company is a big commitment, and you should not enter into it without all the necessary information.
Conclusion
For most people, it takes all their hard-earned money to own a property, especially in NYC. Once you have a property, it is good to hire a property management company to look after it. This way, you can save time and effort and yet see the property flourishing.