Queens was established in 1683 as one of the 12 counties of New York and continues to thrive as one of the five boroughs of New York City. It is considered the most ethnically diverse urban area in the world. If you are a property owner in Queens, then you have a prized asset in your hands. Queens is densely populated, and the demand for residential and commercial property is always high. In Queens, property management is a big business, with several companies in the race vying for a piece of the pie. As an owner, you need to zero in on the most suitable property manager to look after your property well.
What can a good property management company do for the owner?
The first and most important responsibility of a property management company is to get the maximum profit on the property while also following the owner’s instructions. Different companies offer different services, and it is up to the owner to decide what they want the property management company to do. Most often, the companies will:
- Advertise and fill the vacancies
- Handling tenant problems and inquiries
- Carrying out credit investigations and other background checks
- Application and lease document processing
- Repairs and maintenance
- Rent collection and accounting
- Help with evictions
Some property management companies may also carry out the following tasks if the owner directs them to:
- Division of Housing and Community Renewal (DHCR) registration
- Real Property Income & Expenses (RPIE) statements
- J 51- MCI filing: J 51 is a property tax exemption for renovating a residential building. MCI stands for Major Capital Improvements.
How do property management companies work with the landlord?
Property management companies come in all sizes and offer different services. They act as a bridge between the landlord and the tenant.
Rent
Property management companies help the owners in both setting and collecting rent.
- Property managers are more familiar with the market rents in specific areas. They can suggest the right rent price so that the property does not remain vacant for long, at the same ensuring that there is no financial loss to the owner with very low rents.
- Property management companies collect rents more professionally and can set into place certain policies. They are better positioned to offer multiple rent-paying options to the tenants. They also deal with late payments or defaults according to the set process.
- Property management companies will advise the owners of timely raises in the rents and then inform the tenants in a legally appropriate way.
Tenants
One of the basic responsibilities of a property management firm is to find suitable tenants and deal with troublesome ones.
- Property management firms advertise and market vacant properties to find good tenants. Vacant properties mean a loss to the owner. Property management companies can use different methods to advertise and even use their network to find tenants.
- Finding a tenant is not enough; screening for the right one is equally important. Finding a tenant who will pay rent on time, follow all the terms of leasing, and will take care of the property is necessary. The property management company carries out a background check.
- The property management firm will explain the lease terms to the tenant before the signing. If later on, any violations occur, they can take actions ranging from a fine to evictions.
- Tenants do not complain directly to the landlord and have to contact the property manager. All issues raised by the tenant regarding the property, other tenants, or any maintenance-related issue need to be taken seriously and resolved as soon as possible.
Property
The property is the reason there is property management. The physical management of the property is part of a property management company’s job.
- Maintenance, repairs, and inspections can all be a part of a property management company’s responsibility. Routine inspections and preventive maintenance ensure that the property remains good. According to the owner’s wishes, the duties may include
- Landscaping
- Exterior & gutter cleaning
- HVAC servicing, etc.
Conclusion
It is important to choose a truly professional property management company that is both dependable and flexible to work with. Only content tenants and happy landlords will allow for a good partnership, and a good property management company can take care of both sides well.