Are you a property owner in the Brooklyn area? If you own multiple properties, you know how difficult it can get. Most owners prefer paying for property management services rather than taking care of everything on their own. However, the owners must decide which property management services they want to pay for and which services they can manage on their own.
Unfortunately, most property management companies need the owners to pay for the complete management services even if they don’t use the full range of services. As a property owner in Brooklyn, you must aim to look for a property management company, which can offer a flexible model and allow you to have more choices.
Property Management in Brooklyn
Brooklyn is one of the five boroughs of New York City and arguably the most desirable one to live in. It has a wide variety of residential and commercial buildings. The age and style of architecture also vary. Where your property lies in the borough and what type of property you own will determine what kind of property management services you will require.
Do you have properties in apartment blocks or have an independent, old-style villa? Brooklyn has much to offer in terms of architectural styles, and each one needs specific maintenance and management.
Commonly offered property management services
It is important to understand your needs and choose a property management company that can provide these services. You can mainly divide the services into the following:
Building Maintenance Services
This will include compliance with the required building code and ensuring that you are not fined and that your tenants are satisfied and protected.
- Code compliance: city codes are complex, and it can be a challenge to understand them. Good property management companies have a comprehensive understanding of city codes and have the experience of dealing with NYC agencies. Building’s elevator inspection & compliance, fire regulations compliance, and other safety code requirements are necessary so that you don’t pay hefty fines.
- Cleaning: keeping the common areas clean and presentable at all times is crucial for the tenants to feel happy and keep the vacancies down. Property management companies can take on these time-consuming chores and will have trained and efficient personnel taking care of this aspect.
- Waste removal is important, especially where older people are tenants or a problem with waste removal. Efficient waste management is necessary for keeping the property compliant with the NYC health code. Some companies also offer to maintain the surrounding outdoor spaces and clear them of all debris and trash.
Building Repairs
Good repair and maintenance services can save the owner a lot of money and
time and minimize any inconvenience to the residents.
- General repairs: carrying out general repairs for the tenants or the building on time and having a network of trusted and experienced repair service providers is important.
- Finding the right contractors: apartments and other buildings require a lot of work from time to time. Property management companies should be able to recommend reputed and trustworthy contractors who can be the best fit for your budget and repair needs.
Building Management Services
This is important to keep the revenue stream flowing for you.
- Rent collection: perhaps the most important task a property management company does for you is rent collection. Timely rent collection keeps your accounts in the black and saves a lot of problems.
- Lease renewal and selecting tenants: you must be able to renew the lease on time and find a new tenant as soon as there is a vacancy. Experienced property managers understand this and ensure that there is a steady stream of tenants.
- Diligent bookkeeping: you can save a lot of time and effort by letting the property managers keep all the transactions well-organized. Ensure that they do a detailed job and send you monthly reports on time.
Hiring a property management company
You may hire someone to look after your property because you may be short of time, live in another area, or not be interested in taking on this job. So, you decide to employ a property manager or a property management company to look after your properties. Then comes the difficult part of choosing the right one. Here are some pointers for you to make a good decision.
1. Look for a company that allows you to customize the solutions and services. Though it may be cheaper, a one-size-fits-all company may not work for you. You should be able to pay only for the services you want.
2. Look for a company that can offer a more personalized service. The landlord and the tenants, different agencies, contractors, etc., all must be treated with respect and fairness. They should act as a bridge between landlord and tenants and not create a rift.
3. Find the past performance and reputation of a company before hiring it. Are the previous clients satisfied, or do they have something bad to say? Word of mouth referrals are the best in such a sector and should be considered carefully.
Conclusion
Having multiple properties in Brooklyn is amazing. The borough is well known for its architecture and hip style quotient. Brooklyn gets people from all over the world. Both residential and commercial properties are in demand. However, you need to understand that when you choose a property management company, you place your valuable assets in their hands. You will protect your asset and see its value soar by making the right decision.