Do you own a property in Brooklyn? Owning a property in a highly developed part of New York City is not something to be taken lightly. You have obviously invested a lot of your hard-earned money into this property. Whether it is a small housing property or a big commercial establishment, it is worth investment.
Your investment needs to be well taken care of if you want it to appreciate in value. Not attending to it or your tenants who use this property is a sure way to diminish your property’s value in no time!
Choose The Right Property Management Company
When you want your property to increase in value, without you having to take care of it 24/7, you need a professional to do it for you. A professional property manager can be a great investment to protect your asset.
You are bound to have multiple choices for a property management firm if you ask around. It can be quite confusing, especially if this is the first property that you are planning to trust in the care of someone else.
Here are 10 tips for choosing the perfect property management for your valuable asset:
- Go Local
Always opt for a local property management company. Yes, the bigger players may have a better presence all over the city or even the state, but the local players will better understand your property. They are well-versed with the issues in the area, the authorities in the locality, and the residents’ mentality. They will also know where to find repairmen and handymen in case of an emergency.
- Opt For Knowledge Over Size
Choose a company with more knowledge in managing a property rather than a big team. Sometimes, a team of just 5 people can do a much better job than a big professional team of 20 people. Knowledge is what matters. When they have good knowledge about managing property, they can run the show very well.
- Experience Matters
Opt for a seasoned property manager. They will know what issues to anticipate and have enough experience to handle them. In case of an emergency or a big problem with a tenant, they will know how to handle it calmly and professionally. They will not be out of their depths in case of complications.
- License
Such service providers need a license from concerned authorities. Before signing a contract with a property manager, ask for their license and permission or certificates. Check the validation of these permits to ensure an expired license does not fool you.
- Reputation
Ask around the area and go for a well-reputed property manager. No one will give a fake positive review when it comes to an asset. If they are not happy with the quality of a service provider, they are definitely going to reveal the truth about them. When the property is well taken care of, the owner is happy and will give positive reviews. Go with such reviews. Your property will be in good hands.
- Evaluate & Review
Sit with the property manager or his team and ask relevant questions. You can browse online or talk to fellow owners to understand the responsibilities of a property manager, ask the manager questions related to managing your property, about your concerns, and evaluate them on your parameters. Unless you are satisfied with their answers or way of operation, do not trust your property with them; you will always be doubting your judgment.
- Terms & Condition
Check the terms and conditions on the documents before signing any. Talk and negotiate if you are not happy with any. Choose a company whose terms and conditions correlate with your needs. You might have to compromise in certain areas, but this may not be the right company for your needs if you are compromising on important aspects.
- Contract Period
Never get into lengthy contract periods. Yes, if you can sign and forget about the property for a few years, you can focus on other things in your life. However, if you are not happy with the management company’s service, you might be stuck with them. Always opt for a short contract and have a provision to extend on the same terms and conditions.
- Flexibility
A flexible property management company can be a good option. They will be ready to accommodate your needs even if it is not within their purview. If you live far away from the property, you may need extra help with property management. A flexible company will be able to accommodate your needs at a pro-rata cost if it is a service they don’t generally offer.
- All-In-One
Always look for a company that has everything under one roof. A well-equipped property management company with an in-house repairman, plumber, painter, accounts department, etc., can make things very easy to manage. When everything is under one roof, they can easily handle different types of emergencies. In case of a pipe burst, they don’t have to call up plumbers around to find out who is available. Their in-house plumber can handle it as soon as possible.
Conclusion
Hiring a property management company to take care of your property may seem easy at first. However, when you want to make the right choice, it does require some effort and understanding of your requirements. When a professional takes care of your property, it can be well maintained and increase in value in the future.