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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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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BUILDING EXTERIOR MAINTENANCE FOR FALL: 3 THINGS PROPERTY MANAGERS SHOULDN’T IGNORE

Before the winter winds and snowfalls, it’s time to ensure the exterior of your building is ready with these three fall maintenance tips. For property management, especially in the New York City region, it is very important do so. It will save you in the long run with maintenance and issues with your tenants.

Fall is the time to check the roof before it’s laden with snow. Ensure the roof is free of damage, and check for loose or weak spots. Clear the gutters from any summer or fall debris to ensure they’re free and clear for water drainage. Additionally, consider installing heating cables specifically made for gutters. This prevents a freeze up and promotes ongoing ice and water drainage, rather than all at once when the ice thaws. Not only does a pre-winter roof check prevent any dangerous damage, it will extend the life of your roof.

Now is also the time to seal any cracks around doors and windows before the winter winds whip in and start sucking the heat out of the building. Be sure to check entry doors and common room windows, both from the inside and outside as well. Get the right caulk for the job if you find any leaks. For more information on types of caulk and what they mean for building maintenance, click here.

Finally, also check around the building foundation for any cracks in the masonry. If water gets in these cracks and freezes, it can lead to further cracks, ice damage, and mold. Openings in these areas can also lead to water leakage when the snow melts.

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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.

When Should You Hire a Property Manager?

If you own an apartment complex that you actively lease to others, you will want to maintain proper control so that you can get the most out of it. It is easier said than done, however, since you will need to juggle many responsibilities, such as searching for possible tenants, collecting rent, managing the upkeep of the property, and other things. If you are having trouble running your apartment, you should consider hiring a property manager.