Do you hold a small property or more in Queens? Instead of leaving it vacant, renting it out can fetch good returns. However, if you find it challenging to look for a tenant and look after the property, the best option is to get a property management company to do this for you.
Queens is the largest of the 5 boroughs of New York. It lies in the east and is adjacent to Brooklyn. It is a melting pot of various cultures and influences from around the world. It is the most ethnically diverse area in the world.
Similarly, Queens also has diverse housing options, ranging from high-rise apartments to low-rise structures and old heritage buildings to modern architecture. So, it is essential to understand your needs well before looking for a property management company. The kind of property you own will have a bearing on what you want from a property management company.
What can you expect from a property management company in Queens?
When you choose a property management company in Queens, you expect them to take care of both your property and the tenants. The services offered vary from company to company and client to client. It will depend on:
- How much are you ready to pay?
- What services do they offer?
- What services do you want?
A contract is necessary so that there are no misunderstandings later on. You must be clear about your requirements and make sure that all the points are laid out before signing the contract. Any good property management company in Queens can offer the following services. However, there are no limitations to what a property management company may offer.
- Screening the tenants: problematic tenants can cause headaches apart from financial losses. A good property management company will have comprehensive screening processes, and only high-quality tenants will get approval. Tenants who respect the agreement and are prompt with rent are the best.
- Collecting Rent: while self-managing your property, it is possible that you collect rent late or even miss it at times due to your commitments and inability to follow through. The property management company will make sure that all payments are collected on time and smoothly. They design a lease agreement that protects your interest. They may offer different rent-paying options to the tenants to increase their chances of paying.
- Financial Reporting: you may have some information about the financial health of your property, but the property management company can offer a detailed financial report with all key statistics. This information can give you significant inputs for your future investments as well. Full reports about bank statements, an overview of income and expenditure, and a full balance sheet will help you plan your finances better.
- Advertising: if you leave your property vacant, you end up with expenses but no income. This can make your finances go topsy turvy. A good property management company will use effective advertising and marketing to create awareness about the property. They will use both offline as well as online methods to reach a wider tenant base. They will take better pictures of the property to show it off in the best way. They will ensure that your property does not remain vacant for long.
- Upkeep & maintenance: property management companies have a solid network of contractors and vendors. They use the right professionals to take care of the property. They respond faster and more effectively to tenants’ requests. This means that the property remains in good condition, and the tenants remain satisfied with services.
Warning signs that the property management company is not good
If you are not careful, you may end up with a bad property management company. Some red flags should warn you and keep you away from such companies. Unfortunately, some of these signs are not visible initially but only appear after working with them.
- Lack of transparency
- Poor communication
- Unreliable
- Poor or no follow-through
- Lack of knowledge about the tenancy rules
- High vacancy rates
- Payments are late
- A lot of evictions and many more such signs.
It is always best to ask people who are already using their services to get a better picture. Spend time learning more about the way they work.
Is it necessary to use a property management company?
Are you a retiree or have no other occupation? Unless you have a lot of time to spare and are ready to spend it looking after the property and taking care of the tenants’ requests, you will find it difficult. You may do it, but the results may not be satisfactory. You may take care of one single apartment, but even that will require a lot of your attention. It can get overwhelming for some owners if they keep getting maintenance requests or deal with bad tenants. Moreover, tenants expect that you will respond promptly to their complaints, even if they call you in the middle of the night. If you are dealing with multiple tenants, then the problems multiply too.
Conclusion
Managing your property by yourself can save you money but will cost you in time and effort. Is it worth your money to hire a property management company in Queens? Having a property management company on your side will be beneficial to you in many ways.