New York City is known for the high prices of property rentals and sales, which shouldn’t be surprising for both landlords and tenants alike. Business Insider listed high construction costs and high property taxes alongside other critical factors that raise property prices in NYC.
If you have properties that you want to rent out, keep in mind that tenants will have high expectations considering the rent they’re paying. You don’t have to worry, though, as good property management practices can easily keep your renters satisfied.
American Apartment Owners Association emphasized that lifestyle tenants care about flexibility, convenience, and affordability. People who choose to rent a house instead of buying one expect safety, convenience of location, and fair pricing. Yes, potential renters prepare for high prices, but that doesn’t mean they’d just give in to inflated rates. They will compare the amenities and price with those of the surrounding properties.
Perhaps your rental properties have grown to a size more than you can effectively manage alone, or you just feel the need to take a load off your plate, to balance your life. Hiring a building manager whose expertise covers nearly everything you need to keep your rental business in its best shape, is a smart move. Not sure whether you need one now? Here are three signs.
Your properties’ maintenance needs is consuming much of your time.
You’ve listed 30 errands to run for the week, yet you’re not even sure if you can accomplish them all. You find yourself arranging to fix a broken heater in your building late on a winter night. It takes your handy man a long time to repaint units or clean carpets after a resident moves out, so you find yourself spending more time in coordinating maintenance issues rather than spending time with your family.
You live too far from your property.
The drive is long just to get to your rental building, and you’re wasting time. The rest of the day you have to accomplish tasks, such as fixing the plumbing pipes, replacing the broken window, and welcoming a new tenant.
By delegating these property management tasks to professionals, you can focus more on managing your income flow. If you’re moving out of New York, yet you intend to keep your property, you can consult with a building management company to find out how they can help you with your investment.
Buying a property in NYC and renting it out, seem like a great business especially nowadays when so many people flood the New York streets in hopes of building a career. Being a landlord, however, is not as easy as some may think. There are so many rules and regulations that must be met in order to ensure the safety of both tenant and landlord—so much so that it can be intimidating and confusing for individuals or businesses who first assumed that managing a property was easy. The following are some of the many federal laws that New York implements when it comes to property management:
Anti-Discrimination Laws – Landlords are not allowed to refuse prospective tenants based on race, religion, nationality, sex, medical condition, or family status. When advertising their properties, they are also not allowed to set limits on who can and cannot rent, if it discriminates the individual based on the mentioned categories.
So you’ve invested in a rental property, and you’re ready to make a profit. Owning such, however, presents you with a burden of responsibility trying to keep it up and running. This can quickly become overwhelming given specific circumstances, making the hiring of a local NYC property management company a valuable option. Is there true merit to seeking professional assistance, though? Here are a few things you must consider.
Location of Your Property Compared to Your Primary Residence
The distance between your primary place of residence and your rental property has a direct effect on management difficulty—the farther you live from your property, the trickier it is to keep tabs on it. For instance, if you primarily live in Buffalo, New York and your property is in NYC, you wouldn’t want to drive to and from your home (4 hours each way at 65mph) every single day just to check on your property.
Hiring a building management company to help you do your landlord duties on your properties can be a boon for your business. However, you can’t just fully hand over the responsibilities, without you checking in regularly. As the owner and landlord, you need to make sure that your properties are properly taken care off, while you allow yourself time to focus on other equally important matters. When choosing a building management company, consider these concerns:
Building repairs should never go unnoticed or you’ll end up confronting bigger problems. The company you hire must have a system in place to address this. Regular inspections should be conducted to ensure that the building is safe for tenants. (more…)
Having your rental property managed by a property management company mainly gives you convenience. It frees you up from the time and effort you would’ve spent if you manage your property yourself. This is especially great if you have more than one. However, the benefits don’t end there. Here are some of them:
Tenant Selection. Not only does a property management company have the experience and expertise to find the right tenants, it can also do so quickly. This dramatically reduces the risk of getting a problem tenant.
On-time Rent. This is related to the above, since quality tenants are less likely to be late in paying rent. Also, the property manager practice consistent rent collection and also strictly enforcing lease policies if ever a payment isn’t received. (more…)
For those who would like to tap into this healthy market, specialist firms that offer property management in NYC—such as Blue Harbour Property Management, Inc.—feature a wide selection of services that cover everything that enterprising landlords would need to establish a foothold and succeed in the industry. Owners can comfortably delegate to these professionals the minutiae of day-to-day operations as well as the long-term prospects of the rental property.