When you own a property, you need to take care of it. Many property owners in NYC prefer to hire a property management NYC company to ensure everything is taken care of without stressing them out.
However, some owners feel this is an utter waste of money as they can do it themselves. Managing your property is possible, but can you?
Signs You Need A Property Manager
When you decide to manage your property to cut costs, you may be biting off more than you can chew. Are you sure you have made the right decision? Here are a few signs and circumstances in which you might need a property manager. If these apply to you, you should probably consider hiring a professional.
- Your Property Is Far Away
If you have invested in a property that is quite far away or in another city than where you live, it is not physically possible to tend to the property daily. Yes, you can visit the property once in a while or even once a week, but property management involves more responsibilities. If your lawn needs mowing, the tenants need something; if there are repairs, etc., they cannot wait till you get there a week later.
Having a professional property manager from the area can be a wise investment. They can keep a close watch on your property and tend to different requirements; it can save you emergency trips and scheduling.
- You Have More Than One Property
When you have more than one property in NYC, it is not wise to maintain it on your own. Be it houses or commercial properties; they require regular maintenance. If you have to check up on multiple properties regularly, it can either be too stressful for you or miss out on important details.
- You Have Multiple Tenants
If you have a big building with more than one tenant, you will receive complaints regularly. When a person pays rent, they expect all issues, including garbage disposal, plumbing, carpentry, taxes, etc., to be handled smoothly. If it is just one tenant, it can be possible to handle their needs and demands.
Also, collecting rents from a number of tenants and keeping track of who has paid, who has not paid, who will be home at the time of collecting the rent, can be a very cumbersome job.
- You Have A Full-Time Job
When you have a full-time job that requires your attention and presence every day, it is not feasible to manage your property independently. Property management takes a lot of time and effort if you want to do it right. You cannot run to your tenant in the middle of your office meeting if there is a pipe burst or some other emergency. Yes, you might be able to do it once or twice, but regularly? Is it even worth it?
- You Get Stressed Out
Do the complaints from your tenants and the regular upkeep of your property stress you out? Do you see yourself getting worked up as more and more complaints about your property start piling in? Is paying the taxes, taking care of licenses, and other paperwork getting too much to handle? Then it is a big red flag that you need help managing your property. This is an investment and is supposed to earn you good returns and not stress.
- You Seem To Be In An Endless Circle
Do you find yourself constantly tending to the complaints and needs of your tenants? Do you find yourself constantly consumed by works related to your property? This can be fine initially; however, if this becomes a continuous cycle, you might want to consider hiring a professional to help you manage your property. They can handle all the issues while you can sit back and relax.
- You Have No Control Over Expenses
If you know handymen and are in touch with companies that supply such men at short notice, you can handle property-related issues with ease. However, when you employ such people on an ad hoc basis, they charge more than a package deal. Do you see the expenses increasing? Are you paying more and more to maintain your property, though the issues seem to be small and repetitive in nature? Then it is a sign you need to sign a contract. This can be with the handymen; however, if you have a property manager, he will get you a better deal and take care of all the paperwork.
- Tenants Keep Shifting
Do your tenants keep shifting? If so, this will require you to look out for tenants regularly. Searching for people, showing the property, negotiating rentals, doing the paperwork, etc., takes a lot of time and effort, especially if it is regular. A professional team has people dedicated to doing this, and they have a better marketing reach to attract more tenants at short notice. This way, your property needn’t sit idle for long periods, waiting for tenants.
- Getting Repairmen Is Challenging
Are you having difficulty finding repairmen around your property? If you don’t have quick access to handymen and other property-related services, it can become cumbersome. When tenants have an issue, they would want it to be resolved quickly, preferably before they get back home from work. This requires quick-handling, for which you need people from in and around the area. If you are not from the area, chances are you will have difficulty finding reliable people quickly. You need a person who knows people from the area.
Conclusion
A professional property manager might seem to be an unnecessary expenditure. However, if one or more of the points above apply to you, it is time you sit back and take a look at your decision. Investing in a property management NYC Company might save you a lot more than you imagined!