Finding a reputable property management company in New York City may seem like a daunting task. As we all know not all property managers are the same. I have heard plenty of stories of nightmares with many different issues that come about. Property Management is a complex field with many moving parts. So how can you find one that is right for you? Well here are some things that you can items you can look for when deciding on a property management company.
In deciding on a property management company in New York City you have to determine whether the company is cost conscious. In determining vendors you should ask what sort of procedures they have in place in order to maintain quality but keep the prices reasonable. Your property management company should have some relationship with their maintenance vendors and any cost savings should be for the benefit of the owner. It is also important that the maintenance staff and vendors be friendly and handle issues in a timely manner. No one wants disgruntled tenants. The easiest way to have tenants become this way is not fixing issues in their apartment in a timely manner.
With respect to expenses, they should be communicated with you in a timely manner. Some companies like BJD Property Management cap authority on doing repairs without authorization at a specified amount. By limiting authorization, it allows the homeowners to be involved in the costs of the repairs and what maintenance vendor will be used. Owners should also have access to their financial information at all times. Having transparency is becoming more common as there is now property management software out there that allows owners to get access via an Owner’s portal.
Many different issues come about as a property management company. A good property manager has to navigate through rough waters in many instances. It is important when you are choosing a property management company that they are familiar with the neighborhood that your property is located. By being familiar, they will be able to understand how different issues are handled in the area. For example, utility companies might work differently on servicing buildings in different locations. Also sanitation might be run differently in Brooklyn than in Queens. Having this type of experience will make your property run smoothly. Also being familiar with legal and regulatory compliance issues in a particular area can be very helpful when issues come about. Evictions are costly and a property management company should be able to navigate their owners through the process. Understanding the law and having access to competent landlord & tenant attorneys is a necessity.
Lastly you should be looking for a property management company that is fairly priced and disburses money quickly. Choosing the cheapest property management can actually hurt you in the long run. Instead you should be looking for a company that is reasonably priced with plenty of services they are providing. Having a company that is flexible can save you thousands of dollars in the long run. You should also ask how they make payments. Having to wait over a month for payment is not something that is common with electronic payments and property management software making accounting easier today.
If you are looking for a professional property management company, then BJD Property Management may be right for you. We check all the boxes when it comes to what you should be looking for. We manage properties in the New York City region and have assisted homeowners in properties ranging from single-family homes to multi-unit apartment complexes.