Effective Property Management to Keep Up with Tenant Expectations

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.
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3 Tenant Screening Tips for Apartment Landlords

It takes finding the right tenant to get the most out of your apartment rental business. An efficient and thorough tenant screening ensures that you get only the most qualified applicants, while sparing you from having to waste your time negotiating and touring, and dealing with cancelled agreements. Here are 3 tenant screening tips to keep in mind.

Know the law. A lawsuit for tenant discrimination is the worst thing that could happen during the screening process. Be guided by the law about what you can’t discriminate against (e.g. gender preference, disability, marital status etc.) and remember them when creating your rental ads or answering inquiries through the phone. 

1.    Be specific with your house rules. Restrictions should be clearly indicated in your ads. If your apartment is only for non-smokers, for people with a limited number of cars, or with zero eviction history, spell them out on your postings, lest you sound discriminatory when you reject an applicant for such reasons.  

2.    Get help. If you own quite a number of units and you’re in need to fill vacancies for a continuous income stream, apartment property management companies can lend you some assistance.

Managing a business does not necessarily mean you need to lose time for yourself and your loved ones. After all, good management is all about efficiency. With a property manager minding some of your affairs, you can focus, instead on growing your assets, while maintaining a work-life balance.

The Ins and Outs of Property Management: Building Management In NYC

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.
http://www.blueharbourpropertymanagement.com/the-ins-and-outs-of-property-management-building-management-in-nyc/

Hiring an NYC Property Management Company: Does It Have Real Merits?

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.
http://www.blueharbourpropertymanagement.com/hiring-an-nyc-property-management-company-does-it-have-real-merits/

Apartment Management Companies to Manage your Units

Investing in real estate could turn out quite profitable, especially in a major city like New York. If you are a landlord of several apartment units, you might have considered checking out apartment management companies to help you with the nitty-gritty of maintaining and managing your properties. Here are some pointers to help you make the right choice.

1. Number of Properties

If you’re currently juggling three or more units, you might find it useful to hire an apartment management condo. This is most useful if you’re not around most of the time to handle finding the right tenants and maintaining your units.  

2. Employee Responsibility

You can always hire an employee or a resident manager to take over your landlord tasks. However, if you don’t want to handle payroll and other legal requirements, having a property management company handle these details for you seems a reasonable option. 

When to Get Property Management Services

For a landlord, one of the important decisions to make is whether to do the management himself or pass it over to a property management company. There are a number of situations when the latter will be more beneficial. Before getting to those, it’s necessary to know the responsibilities of a property management company to understand why it would be advantageous.

What are the tasks that a property manager can do for a landlord?

• The manager takes care of budgeting and operating expenses.
• The manager also interacts with the tenants and occupants, mainly collecting rent and addressing their concerns.

Main Responsibilities of a Property Manager

When investing in real estate property, such as an apartment, you can choose between managing the property on your own, or trusting an apartment management company to do the necessary work of maintaining the property and overseeing the operations for you. When you hire an apartment management company, you still need to be aware of the tasks you are delegating—from managing the tenants and collecting rents to the varied maintenance schedules of land, building, and equipment.

How NYC Property Management Can Help in Performing Landlord Duties

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.
http://www.blueharbourpropertymanagement.com/how-nyc-property-management-can-help-in-performing-landlord-duties/