New Conforming Loan Limits will Assist Investors Purchase Pricier Homes

The Federal Housing Finance Agency has announced that for 2017 it will raise the maximum size of the super conforming loan limit to $636,150.  This amount is adjusted from the super conforming limit which affects 238 counties nationwide of $625,500.  The super conforming limit affects the 5 boroughs of New York City as well as many other metropolitan areas with high real estate valued markets.  In the rest of the country the conforming limit will be increased from $417,000 to $424,100.

Conforming loans are what is considered best loans for borrowers. The reason why it is considered this is because the loans generally have the lowest possible interest rates and the requirements for qualifying for such loans are smaller than other loans.  Loans above the conforming limits generally have more requirements and conditions for a borrower to qualify for these "jumbo" loans.  Conforming loans are also easier to sell to Fannie Mae and 

Freddie Mac which gives the banks the ability to lend more easily.

The change to the conforming limit could expand access to additional buyers.  It is estimated that this increase could result in 40,000 additional sales nationwide.  This is the first time that the Federal Housing Finance Agency has increased the conforming loan limit since 2006.  For more information please see National Association of Realtor's article here.

We here at Blue Harbour Property Management have been predicting that loan limits would increase for some time.  With this news, we also believe that investors will have the ability to borrow and purchase properties that might have been out of their reach in the past.  It can only affect property management companies in New York City in a positive light.

http://www.blueharbourpropertymanagement.com/new-conforming-loan-limits-will-assist-investors-purchase-pricier-homes/

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421-a Tax Abatements are Being Revoked on Landlords in Non-Compliance

The crackdown on Landlords who are not registering their buildings with the city's rent regulation has swiftly come down on owners of buildings in New York City.  A new report by Crain's New York Business indicates that the city along with the Attorney General's office, Governor Cuomo and Mayor DeBlasio's office warned owners of 178 buildings that they must register the 1,400 affected apartments with the city's housing agency which will enforce rent limits each year.  The failure to register their buildings will result in the 421-a tax designation that the owners have on their buildings to be removed and the owners being responsible for the reinstated taxes for the period that they received the abatement by the city.

421-a  is a program gives developers a 10 year tax exemption for building a multi-unit residential project on vacant land.  The developer of a project on vacant or mostly vacant land is exempt from paying the taxes it would usually have to pay for a 3 year period of construction. Thereafter the developer is given a  10-year-long exemption period, during which the exemption becomes more of an abatement. Every two years during that period, the tax break is reduced by 20%, until fully used.

It is further reported that since 2014, the Attorney General's office under the Real Estate Tax Compliance Program  have caught more than 460 landlords in noncompliance, revoking the tax break at 35 buildings and sending notices of revocation to 178 more.  For more information on the report click here.

As a New York City property management company it is imperative to be in compliance and up to date with the city's reporting and enrolling of apartment units.  The failure to do so, as you can see for some landlords can result in potentially millions of dollars in losses that could have been prevented by having safeguards set up with respect to reporting.  At Blue Harbour Property Management we set deadlines on reporting and enrolling apartments with the City.  That way, we never have to worry about exorbitant that could be detrimental to the entire development and overall health of the building.  This is part of building management expertise that a landlord should look for in deciding on a apartment management company in New York City.

http://www.blueharbourpropertymanagement.com/421-tax-abatements-revoked-landlords-non-compliance/

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Reasons why NYC Property Managers should require Renters' Insurance

One of the main issues that landlords deal with is damage arising to tenants' possession due to an unforeseen problem with the property. What NYC property managers should do is put a provision in the lease agreement that advises the tenant to carry renter's insurance to protect tenants from any such loss or damage. But this suggestion does not often get follow-up on and may not help fully protect the landlord or tenant.

A reputable and experienced property management company will often present an additional term that requires the tenant to obtain renters insurance and that the landlords be named as an "additionally insured" on the policy. It is also beneficial to have the tenant show proof of such insurance coverage within days of the date of signature of the Rental Agreement. Protecting the tenant and landlord with insurance is a smart expenditure for piece of mind.

Best of all, renters insurance is very affordable, typically about $15-$20 a month, and is available from all major insurance companies.

However, some municipalities do prohibit owners from mandating renters insurance policies for tenants in rent-controlled buildings. In that case, requiring renters insurance might be more trouble than it’s worth. However, you certainly could still recommend it and make the tenant sign a liability waiver if they choose not to obtain it.

For renters insurance to cover your tenant’s stolen property, you apartment building management company, property management company or landlord must provide at least the minimum security measures for your locale – such as locking doors and windows. If you don’t, you might be responsible for your tenant’s stolen property.

So what is protected in renters insurance?

Personal Property Coverage

Think of everything you own. The value of your belongings can quickly add up. Personal property coverage, a typical component of renters insurance, may help cover the cost of replacing your stuff if it's unexpectedly damaged or ruined. That protection generally applies to certain risks (also referred to as "perils"), such as fire and theft, the Insurance Information Institute (III) explains. So, if your computer and television are stolen, or your furniture and clothing are destroyed by a fire, this coverage may help you pay for the cost of replacing them. It's important to know that coverage limits — the maximum amount your policy will pay for personal property losses — will apply. Read your policy carefully or contact your agent for information on what may or may not be covered.

When purchasing a renters insurance policy, you may face a few different choices. For instance:

You'll want to set coverage limits that are appropriate for your situation. Creating a home inventory may help you assess the value of your belongings and help you decide how much personal property coverage is right for you.
You may also have to decide what kind of personal property coverage to purchase, the III says. A policy that provides actual cash value protection typically covers belongings up to their current market value (taking depreciation into account). Meanwhile, a policy that includes replacement cost coverage may help you pay to replace your items at today's retail prices after a covered loss.

Liability Coverage

Liability coverage is another protection typically offered in a renters insurance policy. This coverage may help protect you from paying out of pocket for certain costs if you are found legally responsible for injuries to other people or damage to their property.

http://www.blueharbourpropertymanagement.com/reasons-why-nyc-property-managers-should-require-renters-insurance/

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Millennials Have Increased Their Percentage of the Homeownership Market

First time home buyers are entering into the market in droves and the percentage has increased for 2016.  There are more than 75 millennials and they have become the most populous group in the United States.  Many young households delayed buying homes after the 2007-09 recession, which sent unemployment up to 10% nationwide.  Then the accompanying housing crash dragged down home values, making houses seem like a risky investment.  Now it appears that they are ready to enter the market as the economy has rebounded and job opportunites has increased.

According to a recent article at NorthJersey.com “Other people held off buying homes as they completed their educations and struggled to save for down payments in the face of student debt and high rents. Those delays may be one reason the median age of first-time buyers surveyed this year by the NAR rose to 32, up from 31 in the past five years.  The market has rebounded with first time homebuyers as well.  The amount of purchasers that are first time has increased 3% from 32% in 2015 to 35% in 2016.  Millennials are increasing looking for homes in the suburbs as they begin to have families and careers become more stable.  For more information click here.

As indicated first time homebuyers are part of an entire eco-system.  First-timers purchase and allow sellers to purchase newer or pricier homes.  The purchase also affects the home improvement and improvement supplies industries.  This also will affect the property management industry as sellers may invest in real estate to offset the gains they will receive on the sale of their properties.  Although this is a nationwide survey, it will definitely affect the New York City metropolitan region in a positive light.

http://www.blueharbourpropertymanagement.com/millennials-increasing-homeownership-market/

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Should I Sell or Hire a NYC Property Management Company?

Many people have jobs and are asked to move to another location in their company.  It is at this point, the owner has to come to a decision.  Should I sell my house or should I rent it out?  How am I going to handle emergency repairs when the tenants call?  What happens if I rent and the tenants stop paying the rent?  Will this take up too much of my time?  These are normal questions that every homeowner should have.  It is a tough decision as it was probably a huge accomplishment to purchase your property and have spent a significant investment in it after purchasing.  In light of this, here are some factors that the homeowner should consider in determining whether they should sell their New York City property or keep it:
Plans on returning to NYC- If your move out of state or the country is temporary then it is probably a good idea to keep your property.  A short term rental can be procured and you would be in the position of moving back into your place.  You should look at the cost of selling your property and the time to find something of the same quality and nature of what you gave up.  One would imagine that it took you time to find a property that you were interested in.  It would be the same way this time around.  Also the cost of finding replacement housing as you find a new permanent property will be costly both in terms of the rental expense but also the inability to build equity in the property you are renting.
The current real estate market- While the real estate market has bounced back in the several years, it still hasn't reached peak conditions.  Also, if you have not built any equity in your house the chances are you will lose money in the transaction.  While some boroughs has seen an appreciation in the value of their homes, it is not universal.  Waiting a few more years to sell would be a prudent choice.
Investment return potential of your NYC rental- New York City rental properties have huge potential when it comes to give you investment returns.  Rental prices have skyrocketed in areas located in Brooklyn and Queens.  In comparison to selling you will be able to see returns in your investment almost immediately if you rent it.  You will also get the benefit of appreciation by holding the property for a few more years.  If you decide to sell there are drawbacks such as the tax ramifications of selling and having to pay transfer taxes immediately at the sale.
Hiring a professional to handle your property while away-Most owners are concerned about what will happen to their property if they are away.  Hiring a professional NYC property management company can alleviate your concerns that your property will fall into disrepair.  A full service property management company will be able to handle emergency requests from tenants, maintain correspondence with you and the tenants, collect rent and handle all other day to day operations for your property.   

If you are unsure of whether you want to sell or rent your property Blue Harbour Property Management will be happy to speak to you about it.  Because we are leaders in the industry, we will be able to share with you where the market is presently and we can determine what is the best avenue for you to take.  Keeping your New York City property or selling is a serious choice and needs to be reviewed on a case-by-case basis.

http://www.blueharbourpropertymanagement.com/sell-hire-nyc-property-management-company/

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Deciding on the Best Property Management Company in Brooklyn

If you need a property management company to manage your portfolio of buildings or single residence you can rely on a company like Blue Harbour Property Management. When deciding on a property management company it would be of the utmost important to research all of your options so that you can make an informed decision.  Brooklyn Property Management Companies are plentiful and the market is ultra competitive and you should have a handful of companies to choose from that may fit your criteria.  Here are some things you should be looking into in determining your next property management company.

Learn Their Procedures

To make sure that your expectations are realistic for what you want from Real Property Management, learn about the company’s protocols. Ask them about how they deal with after-hour emergencies, how they control maintenance costs, how they collect past-due rent, what type of insurance they have to protect you from lawsuits, and what their fee structure is. You want to make sure that everyone is on the same page so that there are no discrepancies between the things they provide and what you expect.

When working with Arlington Property Management Companies, you want to read the fine print on any contracts you are given. If you are looking to build your real estate business and gain more properties beyond what you already have, this will be an important step in deciding what company to use for your property management needs.

Determining fees and charges associated with the Brooklyn Property Management Company

How much Brooklyn Property Management Companies charge for their services depends on many different criteria.  The most determining factors will be their experience, the overall services that they provide, the amount of properties that they manage and how many apartments that you want them to manage for you.  You are most likely to get a decrease in the fees if there are more units to be managed at one location.  It reduced expenses if the building management company can cover a number of units within walking distance and the property owner/landlord should benefit in the form of discounted fees as a result of it.  Looking at all the services that Blue Harbour Property Management provides the landlord/owner will be hard to find a better property management company in all of Brooklyn than Blue Harbour Property Management. 

Besides fees, you should also figure out how a prospective company will deal with repair requests.  You should find out whether their services entail 24/7 service or whether it is based on specific office hours.  It is important to find out what protocols are in place for emergency repairs at your property.  You should be looking for a company that is proactive to these issues as it will save you in the long term as to damages.  Also tenants are very appreciative of being able to speak with someone should an emergency arise at anytime .  Having a property management company that has great customer service with after hours communication is crucial for tenant retention.  Determine if the company has a custom in place to handle emergency repairs and how quickly can they respond with the necessary licensed vendor to assist with remediation.

You can also take it upon yourself to get a list of properties that the prospective management company services and ask a tenant what they think of the company.  Also being able to see the exterior condition of the building or home can give you an idea of the level of care the Brooklyn Property Management company has.   You are expected to hire someone that exceeds your expectations and doing a little research will assist you in finding one.

Blue Harbour Property Management is one of the premiere companies in Brooklyn, NY to handle your property management needs.  If you are looking for someone to handle your property like how you would, you can contact us at 718-843-1185 or info@blueharbourpropertymanagement.com.

http://www.blueharbourpropertymanagement.com/deciding-best-property-management-companies-brooklyn/

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Tips for Property Managers in Getting Your Units Ready to be Rented

In New York City, property management companies are often given the task of marketing the units they manage for rental when they become vacant.  With the rental market becoming more competitive in New York City it is becoming more of a science to marketing their available units.  Rents have stagnated and more owners are giving incentives to tenants to have them sign leases.  Also, in the winter months it is a chore to have the units rents.  Therefore, property managers in New York City have to use their wits and expertise in order to quickly rent their vacant apartments.  Here are some tips we believe helps building management companies should take into consideration to make their units more appealing to tenants:

Inform tenants of the unique amenities that are being offered.

You have to show to prospective tenants what is unique and different in your property.  Setting your property apart will benefit you in the long run.  You should be aware what your target audience is looking for and advertise these features.  Understanding consumer behavior is very important and using what you know about your market will come in handy.  From the high ceilings to upgrades in the kitchen, these amenities should be highlighted by the apartment management company.  Also it is important to understand your geographic region.  What may be important to the renter in Queens may not be as important to renters in downtown Brooklyn.  The demographics of the region should also be considered.  Cultural differences may lead to different amenities being more important.

Invest in professional listing photos.

Tenants have become more savvy over the years and they go to online resources in order to find their properties.  Property managers need to adapt to this and have to make the best first impression by using quality professional photographs.  Many in the real estate industry have already adjusted to the market and have hired full time photographers to assist them with their listings.  Property managers should do that as well.  Professional photographs attracts prospective tenants but also people that not looking but may reconsider after looking at your quality listings.  Also if you have quality photographs, browsers may be more inclined to share the pictures via social media.

Clear out messy clutter-filled spaces before showings

Having excessive clutter gives the perception that an apartment is not clean.  There can be a perception that the clutter is only the first issue with the apartment.  This can lead to renters to believe although false that there may be pests infesting the unit.  In order to combat the perception building managers should have the floors cleaned. Windows, walls and fixtures as well as the kitchen should also be examined and thoroughly beautified as well. You may also want to air out the unit or run a humidifier to make sure any unpleasant odors have been removed from the apartment.

Make The Unit As Bright As Possible

The natural light of a unit should be exhibited.  Everyone loves to see what they may potentially be moving into.  When renters do a walk though of a property, they envision how they would upkeep it.  The more light they have, the more they can visualize what could be in their future.

 At Blue Harbour Property Management, we understand the importance of marketing your buildings when a unit becomes available.  We have a full-service marketing associate in-house that assists us with all of our client’s needs.  Also we make sure the real estate professionals that show our apartments use high end marketing techniques to not only show your apartments but to make sure you get the best available tenant to rent to.  For more information you can contact us at 718-843-1185.  We manage properties in Manhattan, Bronx, Queens, Brooklyn and the surrounding region.

http://www.blueharbourpropertymanagement.com/tips-property-managers-getting-units-ready-rented/
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Blue Harbour Property Management Opens New Office in Forest Hills, New York

Blue Harbour Property Management is proud to announce the opening of our Forest Hills, New York office.  CEO Jules Doodnath has been directing the property management office in South Ozone Park from its inception in 2013.  “The Forest Hills Office has been envisioned for some time for Blue Harbour Property Management as we would like to position ourselves in one of the hubs of commercial activity in Queens, New York” Mr. Doodnath commented.  Blue Harbour Property Management will maintain the expertise in small and medium sized rental units but will now be able to accommodate a plethora of bigger multi-family units throughout New York City.

Mr. Doodnath also says there’s no better time to open a new building management office than now. “There are many opportunities that exist in today’s market and opportunities will continue as our economy grows and institutional lenders create alternatives for the real estate investor to finance properties.  We are proud to service our clients and to continue to serve our community as well.”

The new office will be located at 118-35 Queens Boulevard in the Forest Hills Tower complex . For more information, contact Blue Harbour Property Management at 718-843-1185 or e-mail at info@blueharbourpropertymanagement.com.

With a combined 20 years of experience, Blue Harbour Property Management has excelled in giving our clients value. We are determined to excel in customer service for both our board members, residents and owners. Blue Harbour Property Managment facilitates owners reach their profit goals by using all methods available when overseeing properties.  We are a full service property management company serving Manhattan, Brooklyn, Bronx, Queens and the surrounding region.

http://www.blueharbourpropertymanagement.com/blue-harbour-property-management-opens-new-office-forest-hills/
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Cover The Risks of Your Rental Property in Brooklyn, NY

For many the search for multiple streams of revenue is a way in order to retire early or living a more comfortable life for yourself and your family.  Many local investors are earning this extra money by purchasing homes for rent in Brooklyn, New York.  Brooklyn has become one of the biggest booming areas when in comes to investment properties.  The average rentals now are close or exceeds their counterparts in Manhattan.  May people have thought about investing in Brooklyn and in fact you might be one of them.

While owning a Brooklyn rental property, whether it be an apartment building, condo, co-op or 2 family home is a great idea and can bring in a substantial amount of money each month, it certainly can be a risky investment.   Many beginning investors don’t realize all of the things that can go wrong with their homes for rent in Brooklyn, NY that can cost them quite a bit of money. As a matter of fact, here at Blue Harbour Property Management, we take on many clients that have purchased their first investment property.  What we do notice is that they are not familiar with alot of expenses that come up with owning an investment property.  That is of course one of the reasons they choose to retain a NYC property management company like us.  We always discuss certain things that may protect your investment and reduce the risks you assume while owning an investment property.  Below are a few ways to protect your investment.

§  Good Insurance –  If you have a mortgage on your investment property, you will be required to have homeowners insurance.  Even if you are not required to carry homeowners insurance, you should definitely maintain a homeowners insurance policy.  Also as you will have tenants you should definitely obtain a homeowners policy that is above the standard policy.  There are several policies that you can maintain that would have a more comprehensive coverage.  You should always advise the investor to seek guidance through their insurance agent but we generally see that a market policy which would cover for market value loss or a Tenants and Cooperative Policy which cover tenant’s losses would be a great idea to have.  It’s pertinent that you have good insurance policies that cover your rental properties; otherwise you may find yourself losing money with these properties in the event of an accident.

§  Require Renters Insurance – If you’re really serious about lowering your risks, then you should require that the tenants of your homes for rent in Brooklyn, New York purchase renter’s insurance. Renters insurance is very inexpensive and it provides more coverage for the tenant in the event of an incident. Since tenants can make claims on their renters insurance if something happens to their rental and/or possessions, then you won’t have to worry as much about being held liable for the damage.

§  Have the property inspected and safeguard any areas where there could be a potential for liability. The majority of cases filed against rental property owners generally have to do with negligence either by the owner himself or his NYC property manager. To ensure this doesn’t happen to you,  your NYC property management company should make regular inspections to make sure dangerous conditions are taken care of immediately.

http://www.blueharbourpropertymanagement.com/cover-the-risks-of-your-rental-property-in-brooklyn-ny/

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Finding a NYC Property Management Company that Cares as Much as You do

Finding a New York City property management company that cares about your rental as much as you do can be an arduous task.  Some companies may have so many rentals that they will concentrate on the higher value ones instead of looking at all their managed properties equally.  They may also value properties in a different borough that may be not where your property is located.  For instance, some property management companies will value their Manhattan apartments more than their units located in Brooklyn.  That is why doing the requisite research is very important when deciding on a building management company in NYC.  It may be a time- consuming task and you may vacillate on your decision but here are some factors you should look into when deciding on a manager:

Discussing the problems at your property and coming up with solutions: Although a property manager may not call you whenever there is an issue at the managed property there should be a certain protocol on when he or she could call the owner.  For instance, some property managers use a monetary value that authorization needs to be discussed.  At Blue Harbour Property Management we discuss any repair or expense that exceeds $500.  This allows the owner to be up to date with what we believe are intermediate level of repairs.  A good property should manager should call and discuss your options on how to resolve the issue.  It shouldn’t be that the building manager calls you when there is a catastrophic event that occurs at your property like Roof damage etc.

Discussing strategic improvements to maximize revenue: Good property managers shouldn’t just babysit your property.  They should be forward thinking and look at ways to improve the value of your property.  They should be concerned for instance about how much revenue the investor’s property in the Bronx is making and how much actual net profits they are receiving.  Thus, you should find someone that is always looking at making you the maximum amount of money.  Increasing rents, reducing costs and maximizing revenue should be words coming out of your property manager’s mouth all the time.

Always maintaining communication: Does your property manager answer your phone calls or promptly return your calls when they are missed? Are there check and balances at their office so calls don’t go un-answered.  Do you have the property manager’s cell phone number?  Can you text the manager?  Remember at the end of the day, it is your property and your property management company works for you and not the other way around.  You should be able to pick up the phone and ask questions about your investment.

If you are looking for a new NYC property management company that cares about your property as much you do, Blue Harbour Property Management is the right company for you.  If you have any questions about the services we provide you can contact us at 718-843-1185.

http://www.blueharbourpropertymanagement.com/finding-nyc-property-management-company-cares-much/
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How NYC Property Management Companies should handle Painting Requests

There are plenty of considerations that a New York City property management company need take into account when a tenant moves out an apartment and it needs to be re-letted.  The first thing that the property manager should do is walk through the apartment and see what repairs need to be done.  Also it is important to speak with the owner/investor to see what type of strategic improvements they would like to perform on the unit.  Strategic improvements are plenty but examples can include things such as replacing a kitchen range, installing a state of the art washer and dryer or changing windows.  Strategic improvements are important because they not only increase the value of the overall property but they will attract more renters to look at the unit.  One of the most common items that have to be performed before a new tenant can move in, is repainting the walls.

Most property managers decided to paint the walls even if there isn’t an immediate need.  The reason being that prospective renters like to see clean apartments and nothing makes an apartment look cleaner than a white fresh paint of coat.  There are plenty of renters that do not apply for an apartment because they believe the apartment to be dirty and that can be overcome by the building management company deciding on using high quality paint.  Another advantage of painting the apartment is that it will smell fresh as well.  First impressions are the most important and tenants are more inclined to rent if they believe that an apartment smells and feels fresh.

Once a lease is signed and the tenants have moved in, there are times that tenants will decide that they would like to paint the walls a different color than how they received it.  The primary reason they would like to paint it is they would their rental to feel more like a “home” for them.   Building management companies in New York City should always put in their leases that the tenants need to have consent before painting their apartments.

Most property management companies do not allow their tenants to paint their walls.  The reason the majority of building management firms don’t allow renters to paint is because renters choose complex colors that are hard to paint over. This will become costly for the owner/investor when it is time to prepare the premises for the next cycle of renter.  Painting the walls a dark color may require a primer as well as two coats of paints.  This can become costly and time-consuming for the property manager.  If you are in a bind and need to rent the place and the prospective tenant mandates they paint the walls a certain color try to limit their colors to light tones as they will be easier to paint over once they leave.

http://www.blueharbourpropertymanagement.com/nyc-property-management-companies-handle-painting-requests/
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What is the Value of a NYC Property Management Company?

There are a number of real estate investors who don’t believe New York City property management firms serve any real purpose. However, there are many more investors who believe professional property managers in the boroughs of Brooklyn, Queens, Manhattan and the Bronx  do have value and that is why they rely on them. There has been an ongoing argument among owners of New York City rentals and one that isn’t likely to have resolution with our lifetime. So, how is a new investor supposed to know whether if it is a benefit to use a New York City property management company or should you do it yourself?

The answer to this age old questions doesn’t really have a correct answer but it needs to be addressed on a case by case basis.  What works for one individual won’t work for another.  It would depend on circumstances that only the investor would know.  Therefore it would seem that it would be a personal choice that only the investor can decide.  We believe that there are factors that the investor/homeowner should look into before deciding whether to hire a New York City property manager.  Below are the factors:

How much knowledge do you have about professional property management services in New York?  With owning or managing properties, there is a lot of technical and legal issues that an investor must know when owning property in New York City.  The rules and agencies that are involved are plenty and making a mistake can cost thousands.  Not being exposed to the everyday issues that come up with these regulatory bodies and dealing with them can cause not only a monetary loss but a loss in time for the investor or homeowner.  If this is the case for you, then you should consider getting professional help.  If just for someone to guide you through the early steps of owning then that would be a good step.  Once you get your feet wet with the process and the agencies that you would deal with then you can take it on your own if you want to.

Will you be able to provide superb service to your tenants? The rents in Queens, Manhattan, Brooklyn or the Bronx are high.  The cost of housing in New York City is one of the highest in the United States.  Your tenants expect great service and it would be up to you to provide it.  Providing great service will help with the retention of these tenants once their leases are up.  The ability to drop everything and assist the tenant with a problem in their apartment is an example of great customer service.  Being able to do something without it not being scheduled and in a quick manner is important when you own property.  The majority of owners have a full-time job or own several properties and need to tend to other things.  This would mean that they are not able to give 24/7 service and would probably need professional property management.

Can you handle the everyday fatigue of managing your property? If you are the type of person who does not handle stressful situations well, then managing your property in New York City should probably be left to the professionals. However, if you can drop everything that you are doing and deal with issues quickly at your property and have an objective approach about the situation, then you may not need professional management.

If you would like to research New York City property management in depth, please contact Blue Harbour Property Management. We will discuss what may be the right fit for you as an investor/homeowner.

http://www.blueharbourpropertymanagement.com/value-nyc-property-management-company/
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Taking the Complications Away on the Decision to Hire a New York City Property Manager

Many homeowners that are looking for a property management company in New York City are overwhelmed with the litany of services and fees associated with it that the larger property management companies provide . For instance, many professional property managers in Manhattan offer an extensive assortment of services for investors to choose from and they may range from sending out template letters to tenants to garbage disposal services. While this does give the investor more property management options, not all of these services are necessary.  It will be an easy way to tack on more fees and get more money out of the homeowner/investor.  Therefore, when you are looking for a professional New York City property management company, look for a company that keeps it simple and not over-complicate things with lists of services.

One of the nightmares that we have seen in the past is that an investor say in Queens signs a contract with a property management company that has too many fees that are not explained and when the beginning of the month comes around, you get hit with astronomical fees that were not expected.  Both parties will have a bitter taste in their mouths and it can lead to an undesirable relationship.  At Blue Harbour Property Management we keep things simple for you.  Everything is set in stone with set fees. Also, the relationship will benefit as you will be assigned one person to your property and will be able to speak with him or her about fees or services as they become necessary.  We like to keep our clients happy and have them understand how we work on a daily basis.

To give you a preview of the types of services we provide investors with New York City homes for rent, read the brief list below:

• Marketing and Advertising – Your Queens, Brooklyn, Manhattan or Bronx rentals will receive our up to date marketing and advertising programs to ensure your properties are leased in a short period of time.
• Screening of Tenant Applicants – Once interest is generated and you begin receiving applications from interested renters, our property managers in Queens, Brooklyn, Manhattan or the Bronx will conduct a thorough background, employment history and Housing Court checks on all applicants. This helps to guarantee that your rentals are filled with good renters.  We also make sure we sit down with the prospective tenant and have a one on one interview with them.
• Maintenance and Inspections – To be sure that your houses for rent in New York City are well maintained and always up-to-code, we conduct routine inspections on all of our managed properties. We will also handle the coordination of maintenance repairs when a report is made by one of your renters.  We can take requests via our automated system online or through the telephone.
• Rent Collection – We will collect and disburse your monthly rent payments in the manner that you deem easiest for you.

That is just a short list of what services we provide for investors.  As we have said, we like to keep it simple.  Should you want information please feel free to call our office here at Blue Harbour Property Management and we can give you an idea of how easy the entire process can be.

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Rental Properties and What the Investor Should be Looking For in NYC

If you are new to investing in real estate in New York City, you may be anxious about making your first purchase of a home you intend to rent out. Most first timers will do plenty of research and speak to their family members and friends to decide what they should purchase.  It is a hit or miss in the New York City  housing market.  Prices are fluctuating and recent research has indicated that rental prices are either flat-lining or decreasing in certain areas of Manhattan and Brooklyn.  Renters have also been given incentives to rent such as obtain a free month of rent or extending leases over a year.

The homeowner today must know that attracts renters to the apartment building, townhouse or condo that they just purchased.   If you have ever rented a home or an apartment in the past, then you should be familiar with what renters are looking for. Most homes are renting to families who are either saving for their own home, or new to the area and checking it out before the buy. As this is something that we have understanding of, our property management team can help answer any questions you may have during the purchasing phase. We understand the New York City market whether it be a single family neighborhood in Queens or where there are more multi-family buildings such as the Bronx.

Here are few suggestions from the pros:

1) Try to look for homes that were built within the last 10 years. This will help keep down maintenance costs, and save you money long term.

2) Research homes or buildings that are not in busy streets.  If it is a house you are purchasing, check to see if it has a fenced fenced yard. This is more attractive to a family of younger children.

3) Rental properties should have at least 2 bedrooms and 1 bathrooms.  This is normally ideal and anything bigger than that is fantastic for renters.  It is also important for the property be located in neighborhoods where home values are appreciating. This allows you as the owner to charge a higher rent.

4) Look into whether the property is located to establishments that are necessary or desirable.  Good schools, easy access to subways and buses are examples of necessities.  Being close to a great shopping district or great nightlife and dining would be considered desirable.

5)  If you are intending on purchasing a property with tenants already in place, it would be absolutely necessary to interview them in order to gauge whether you can have a working relationship with them.  It is advisable to meet them at their apartment to see the condition of it as well.  This will save you headaches for the future.  Some tenants are displeased when the previous owner leaves and can decide to do things such as withhold rent or destroy property.  An interview can save the day and will help you with your decision on whether to purchase.

All the decisions that you make will affect you and the property long term.  The better decision you make will in turn affect the types of tenants and rents you will be able to receive.  By making informed researched  decisions today, you and your New York City property management company will be excited with your future results.

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5 Tips on Winterizing Properties and Preparing for the Cold Weather

The weather in New York City can be brutal in the Winter.  With the below freezing temperature and snow it can cause damage to your property.  It also can feel like it is a never ending period of the year.  As a New York City property management company we have seen and dealt with many issues that have needed immediate service.  Also through trial and error, we have come up with some tips in winterizing your property in order to prevent significant damage through these cold months.

1.  Clean your gutters-  Making sure that water can flow freely through your gutters now will help prevent icicles and ice dams from forming later. The faster that rain can flow away from your drains, the better it will be for the water not being able to freeze up on your roof and shingles.
2. Install draft guards underneath all doors- The space under a door is a huge way for heat to escape one room and float into unheated areas where it isn’t necessary.  Draft guards are affordable at a price between $9-13 and you can pick many different styles if you are interested.
3. Insulate pipes and hot water heaters- nothing is more scary than pipes bursting in the Winter.  It can cause severe damage to your property and the property of your tenants. Nothing is more of a worry for a property manager to get a phone call in the night indicating that pipes have burst at a property.   It is important to get on top of this before the harsh winter months because once a pipe freeze over, you will have to wait until it thaws before water will be able to move freely again.  There would be a need for warmer temperatures for that to occur.  If warmer temperatures do not come, the pressure will lead to the pipes bursting and water damaging ceilings, floors and property.  It is advisable to use fiberglass insulation around your pipes.   Insulating your hot water pipes can help raise the temperature 2 to 4 degrees. This can allow you to get piping hot water on a lower setting, saving you both energy and money.
4. Inspect for leaks and holes- As it gets colder, you will probably be able to identify where cold air is seeping through.  Walk around your home and inspect and feel around your doors, windows, lights, and switch plates for cold air.  You can caulk up places where there are leaks.  Caulking usually cost around $20 and lasts over a year.  If you find holes, it is advisable to use insulation and drywall the area if necessary.
5. Check your Thermostat and Furnace- You should check your furnace.  Normally they need to be replace every 2-3 months.   A clean filter can save you up to 15%o of your heating bill and your furnace runs more efficiently. Programmable thermostats are huge energy savers.  The programmable thermostat may be set to allow the temperature in the house to drop when the house is unoccupied during the day and also at night after all occupants have gone to bed, re-heating the house prior to the occupants arriving home in the evening or waking up in the morning.  This will put less stress on your furnace and save you up to 8% on your energy bill.

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Benefits of Owning an Investment Property in New York City

Investing in a house, multi-family apartment building or condo can be a tremendous avenue for the individual.  It makes the investors his or her own boss and may set you up for tremendous revenue streams in your later years.  It can certainly supplement whatever retirement plan you may have at your employer.  One of the key ways of maximizing your investment is choosing a property management company that can do these things for you.  Especially with rising rents and complex building and landlord and tenants laws in New York City, it is important to hire a property management company that will alleviate your time and effort so you can concentrate on other avenues of your life.  Once you are able to find the proper NYC building management company, you can then look at the long term benefits of owning investment properties.

One of the main reasons why individuals invest in rental properties is due to the additional income the property will generate. When renting a home, apartment or condo, owners have the opportunity to acquire cash on a monthly basis. When this occurs, it is called a landlord’s current income; the amount of cash that is left over after the mortgage is paid.

Another reason is  you become your own boss.   You choose property you want to invest in, what location you would like to invest in.  You can decide whether investing in Queens, Brooklyn, Bronx or Manhattan would better suit your long term goals.  You decide what tenants you want to rent to, how much the rent will be and in particular how you want to manage the property.  Although it is nice sometime to have the control of being the boss, it is always a nice benefit to have someone on your side when it comes with dealing with day to day operations.  You can hire a property manager and discuss a plan on how you would like your investment property to be managed.

Lastly, with investment properties, you are entitled to huge tax deductions. You can write-off interest on your mortgage or on any credit cards used to make purchases for the property. You can write-off your insurance, maintenance repairs, travel expenses, any legal and professional fees (including property management fees), and even your property taxes.

There are many other responsibilities the go along with owning a rental property including tenant screening, landscaping upkeep, maintenance repairs, accounting and more. If you are interested in investing in real property and believe you may not have the time to do handle the property like how you would like to, contact Blue Harbour Property Management. We are a trusted New York City property management company that specializes in management services. We can assure you that all of your landlord responsibilities are being met and taken care of. Contact us at 718-843-1185 to learn more about how our services could help you add to your monthly rental income.

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What Does A New York City Property Management Company do?

One of the most valuable aspects of hiring a New York City property manager is that we work 24 hours a day and 7 days a week on behalf of the owner of the property.  Whether it be a  maintenance issue, such as broken locks which causes impairment for the tenant to a roof leaking issue on Christmas Eve, a property manager would be there to tend to it. A New York City property management company can respond quickly so the property isn’t damaged further and the health and safety of your tenants isn’t at risk. We are there to make sure money isn’t being lost by more damage occurring or residents not being served. If  a property management company doesn’t respond quickly it can cause severe damage to the property itself or the tenant can withhold rent which would affect the income going to the landlord.  You must have a property management company in New York City to deal with all issues such as tenant relations, maintenance and marketing strategies.  Property managers can also reduce your liability by being available all the time.

Being on call allows our owners to enjoy their leisure time and think about investing in other properties that can maximize their retirement years.  The stress relief of having someone handle all of the tenant issues is also a benefit of having a full time property management company.

In New York City, the landlord and tenant laws are very strict and pro-tenant.  It is important that you hire a competent New York City property management company that can weave their way through issues at Housing Court, Department of Buildings and the Department of Sanitation.  Being able to appear on behalf of an owner is also another relief and benefit.   We stay in front of the best practices in property management. We understand the market, which helps us to price rentals, find you the best tenants, market properties, and conduct in-depth tenant screening. We know that having a strong lease is necessary to protect you and your investment. Property managers understand fair housing and all the city regulations required for rentals.

At all times, the property management should be working on behalf of their clients and maximizing the revenue.  We take great pride of this at Blue Harbour Property Management.  Whether it be a two family house or a multi-unit apartment building Blue Harbour Property Management can help with an owner’s needs.   Contact us if you have any questions about our services.

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Choosing the Right Property Management Services for your property

If you own one property or you are looking to have a portfolio of properties, you have property thought at one time or the other of getting property management service.  If you own property in New York City, property management services can be given with one service package or a la carte.  A la carte meaning you can pick and choose what services you would like for a New York City building manager to do for your property and/or properties. This is why you would need to know what type of property management service is right for you.

Full Time Service If you are renting out the property all year long, you may want a property management company that can provide services all year round. If you own properties in several locations that includes for instance apartment buildings,  it is important to know whether the property manager will be able to manage your properties at these several locations.  If you have a property in the Bronx, Manhattan, Queens or Brooklyn you would want to know that the property manager would be able to inspect the premises and troubleshoot if there are any problems there.  Also, an effective property management company can provide a full time agent who is always available to meet the needs of your tenants. Look for a property management company that has a long history of managing many different properties in your area.

Part Time Help Another option is a part time agent. This can be ideal if you live nearby and would like to have some control over the day to day operations of your property. It can also be an ideal solution if you live on site but have another, primary job and need someone there for your tenants when you’re at work. The company should be able to provide an agent who can be onsite in the event of a serious problem.

Additional Services A good property management company should be able to provide you with a wide menu of services including emergency services such as assistance with electrical or plumbing that isn’t functioning right. This kind of property management company can be perfect if you own a vacation home that you rent out a few times a year. The property management company can handle property management related issues for you as necessary during the year.

For professional property management services, contact our experts at Blue Harbour Property Management today. We have a track record of success and will help you succeed in your goals.  That being having a profitable investment for your future.

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