If you are an owner or tenant in NYC, you have most probably come across property managers. A property manager or a management company takes care of all tasks related to rental properties, be it industrial, commercial, or residential. They take over a lot of work which otherwise a property owner must undertake, including:
- Rent collection
- Oversee tenant turnover
- Screening tenants
- Run background checks
- Property maintenance
- Advertise and market the property
You need to pay a management fee according to what you want them to do for you. Marketing is essential for specific vacation rental properties, while maintenance is of prime importance for particular properties.
Hiring a property management company
Handling day-to-day upkeep and maintenance is not easy, more so if you don’t live somewhere close by. However, sometimes your closeness can also be problematic. It may make the tenants more demanding without any regard for the time of the day. Before you decide to use a company, you must take a look at your situation carefully.
- How much time and effort can you dedicate to managing your property?
- How many properties do you own?
- Do you have a full-time demanding job?
- Are you ok with late-night calls for help from tenants?
- Can you market the property?
- Can you maintain it on your own?
Other considerations are essential and need a careful approach from your side. Once you have a property management company, you don’t have to think about the property daily. If you do your homework before you choose a company, it may turn out to be a significant financial decision. You will get peace of mind when you select a good property management firm.
Future of property management
NYC is at the cutting edge of business, art, technology, and finance. No wonder that the property management industry is also innovating and adapting to keep pace with changing times. Here are a few things which you will see more of in the coming future.
- Technology and automation
Technological advances helped by Cloud Tech, Artificial Intelligence, and Machine Learning will propel this industry faster and more efficiently. Some aspects of advanced technology will touch every aspect of property management. As more and more millennials rent properties, high-tech solutions will become more common.
- More specialized serves
As the rules and regulations become stricter around environmental clearances, insurance requirements, etc., the need for expertise will grow. The new property managers will have more specialization certificates and licenses and will look after a client’s specific needs.
- Scheduling tours
Interested clients want a property tour, but more and more such tours would be virtual rather than physical in the future. Video tours are already quite popular but will become more common. Many a time, the agents make videos of the property and share them with the client. However, soon live virtual tours with 3D, and 360-degree view features can give the clients a better idea about the property without going anywhere.
- Listing a property
This is one of the basic job requirements for a property management company. Extensive and efficient listing is important for the property to get the right tenants at the right time. Technology will play an essential role in the listing of a property.
- The right filters and categories in the search online
- Give an option to the clients to create a wishlist. This will help in more personalized listings
- Use social media innovatively to reach the target clients
- Location information
A location guide is essential for the clients. They want to know where the property is and about the neighborhood as well. The clients will get a chance to see everything virtually and be able to judge in a better way. Similarly, the maps and neighborhood guides can be interactive for a better client experience.
- Better communication
Smartphones have already revolutionized communication, and, in the future, we are going to see faster and easier communication. Property management companies will have an ever-open communication channel and will give feedback in real-time to the clients. All complaints will get registered immediately, and notifications and alerts will be generated in an automated way. Live audio or video chats will become normal and make property management more efficient.
- Use of analytics
Using analytics extensively, property management companies can easily track different parameters, create better marketing strategies, forecast trends, and prevent roadblocks. They can create personalized information dashboards and give better service to their clients.
Conclusion
NYC attracts people from all over the world, and property managers will need to learn to handle a wide variety of requirements from owners and tenants. The faster they adapt, the better they will do. It takes years for a firm to build its reputation, but even a small mistake can damage the reputation in no time. More and more construction means more and more properties to manage. As the clients get wiser and more discerning, they will also get more demanding. Property management firms need to adapt and innovate to do their job efficiently and ensure a better client experience. The future will bring its own problems and complications, and only the best property managers will be able to tackle everything with ease.