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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NYC Property Management Checklist in Maintaining Tenants

The property manager is the ultimate factor of whether you make it or break it in the field of buy and hold real estate. Especially in New York City, where space is competitive and prices tend to fluctuate rapidly. That is why it is important for apartment management companies maintain a process to keep their good tenants. It’s a pretty simple process and once the deal is bought and we have projected the expenses for said properties, the last thing is to ensure that you have a reliable and dependable property manager to maintain and keep an eye on them. However, the next time you go to organize a property manager, try to keep some specific tasks in mind when you are hiring someone, doing it yourself, or outsourcing it to a top-notched New York City property management company. As a property manager’s sole priority is to keep tenants happy (the ones that pay their rent on time), read on for the following ways to keep them happy and paying.

1. Vacancies

If you don’t have to spend a whole heap on constant maintenance for the property, a vacant unit is the worst thing to have in your portfolio. No tenants means no money, and no money means no profit; you do the math. There are times when tenants will need to move out for a number of different reasons and when this happens, property managers need to fill the vacancy as fast as possible. 8% of your annual revenue is lost for every day you don’t have someone renting. Property managers need to keep in mind that to deal with filling up these vacancies, three methods are their responsibility. They are marketing and sales, screening, and onboarding.

Marketing & Sales

My company employs a separate agency for this reason and they work based on commission. A tenant Relations Manager doubles up as our property manager (which is essentially the same thing) and the first move is to organize some marketing. Using a program called VFlyer, we dump a whole heap of templated files in CraigsList and other similar sites, like Trulia. The results are then measured based on how many applications, showings, and calls we get for the listing. This is a crucial step as it allows us to figure out if we are charging too much or too little. If no one calls, it is obviously too high and if too many call, we know we can probably do better. Adjustments can be made all the time until the correct documents are signed so feel free to charge what the property is worth.

Screening

The Tenant Relations Manager will then begin what is called the screening process and run a bunch of credit, eviction, and criminal checks on all our applicants and potential tenants. Along with a number of different informational data, such as car insurance or other responsibilities that could affect rent, the Tenant Relations Manager inputs all the data into a specific scoring sheet to determine their suitability. After an applicant accepts our proposals, they are then expected to pay a month’s rent to take the listing down.

On-boarding

An important yet frequently overlooked factor into the management process, on-boarding simply translates to getting the tenant to sign the lease package after we create it. This is the first and best time to lay down the law and rules for living in the property. Enter everything into the contract itself and run it through with the tenant before they sign. Everything from rent to guests, repairs, and any other such issues should be completed at this point and handled immediately.

2. Collections

Another process that is vitally important and that the property manager should be responsible for is that of collections. When tenants don’t pay their rent on time, someone needs to remind them to complete the payment as soon as possible to avoid further issues. Sometimes, visits are necessary from the manager themselves for tenants to understand the severity, and in the end, court procedures may need to be filed and carried out. It is an unfortunate position but it is one you simply can’t pass on if you are to be successful in real estate.

3. Work Order Processing

Now that the property manager has been sorted and you have tenants paying rent, you will need to make sure that some maintenance issues are carried out periodically. Every time though, the property manager needs to document everything that was carried out, asked for, and repaired. When it comes to my company, we use a software program called Rent Manager that allows us to track, create, and process work orders for any technicians or subcontractors involved in any work needed. Every week, we detail and check the outstanding orders that need to be completed, how many new ones have arrived, and how many were completed. Afterwards, our Tenant Relations Manager calls the tenant back and asks if they are satisfied or if there are any other issues that need sorting. It’s a small task at the end, but it is one that makes such a big difference in the eyes of our tenants. They know that we actually care.

4. Lease Renewal

After a lease has expired and run its course, the general option is to extend the leases month by month (in the US anyway). Many lazy property managers and owners miss out on a lot of money by allowing the leases to stay the same or not worrying about updating and signing a new one. The problem with this is that your tenants can move out whenever they feel like at a moment’s notice. Everything tends to increase over time and to counter that in costs, you will have to increase and renegotiate your rent prices too. Failure to do so means a slow and painful death, real estate wise. Your property manager needs to make sure that they have a system in place for checking the items mentioned previously. Every month, a report is carried out for any looming lease endings and renewal letters. Sometimes you can even offer yearly or five year if you want to avoid any vacancies in the future!

5. Turnovers and Moving Out

A simple enough term to understand, moving out is exactly what it sounds like but a management system for this process still needs to be implemented. We carry out a checklist of what the tenant needs to be billed for or taken out of their bond. Wear and tear are taken into account and our maintenance team works together with our property manager to get the repairs handled in less than a few days. When everything is sorted, we then get the TRM to process any checks or refunds required for tenants.

In Conclusion

Marketing the units that are vacant are only half the battle when it comes to dealing with them. You need to remember that the other half is focusing on getting your units, lots, and other properties ready for rent. Use the same paint, cabinets, and flooring for all your properties so that you can save costs on repairs and maintenance. Have a plan in place and ready for action as soon as you have any vacancies in your portfolio. Ensuring that your tenants are happy will mean that they pay their rent on time and by holding them accountable for the house, you will have fewer issues to deal with. Building management companies should always take this into account in their underlying NYC property management business model.

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SMOKE ALARM INSPECTIONS A TOOL IN NYC PROPERTY MANAGEMENT

Once a property is fully occupied and stabilized it is easy to simply lose focus or ignore the occupied units. That, unfortunately, is a practice which is not in the best interest of a property owner. In New York City it is necessary to physically inspect for smoke detectors. It is important for property management companies to understand the importance of using the inspection as a tool for inspecting other aspects of the building as well. Specifically, Local Law 112 amended article 312 of chapter 3 of title 28 the Administrative Code to require owners to replace required smoke alarms when they exceed the manufacturer’s suggested useful life. Alarms installed before the effective date of the law (April 1, 2014) must be replaced by the later of six months after the effective date of the law or the expiration of the manufacturer’s suggested useful life

of the alarm. A smoke alarm installed before the effective date and whose end of useful life isn’t known must be replaced with an compliant alarm within seven years of April 1, 2014. And all newly installed alarms must be equipped with an audible “end of life” warning device and with a non-removable, non-replaceable battery that powers the alarm for a minimum of 10 years. A longlife

battery sealed inside an alarm makes it virtually tamper proof and eliminates the risk of tenants disabling the alarm. The law also amended the Housing Maintenance Code to clarify owner and tenant responsibilities. Owners are required to inform tenants of the owner’s duty to replace expired alarms, and tenants are required to reimburse owners for such.

This inspection is also great opportunity to do a more thorough inspection, thereby protecting the property and addressing any potential liability issues. It is an opportunity to assess parts of physical property often ignored. While the periodic inspection requirements from other municipalities may be different, the discipline of performing a six-month inspection is a very good idea.

During the inspection process an owner or property manager can look beyond the smoke detectors at other aspects of the property to ensure that each tenant is taking care of the property and that there are no situations which require the owner’s attention, such as illegal roommates or the tenants doing excessive damage to the property. The six-month inspection can also be used to check all the plumbing fixtures to make sure that they are working properly and to make sure that, even more importantly, they are not leaking thereby causing excessive utility charges to the owner.

This inspection also presents a very good opportunity to look for mildew or mold in a unit. An owner can easily take the time to look at the likely places, under the sinks and in the bathrooms where there’s plumbing and moisture gathering. The early detection of mildew is a huge benefit as it allows the owner to address the situation before it becomes problematic and before it becomes a problem with the tenant. During an inspection an owner can also look at the door locks to make sure they’re secure, as well as the latches and locks on the screens and windows to ensure the safety of the tenant and also address potential landlord liability. Whether you are in apartment building management, property management of co-op and condors and residential property management it is always a good idea to use this process.

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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.

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.

The Duties of an Apartment Management Company

Not all apartment owners in New York City have the time or the experience to actively run their own rental properties and ensure that their investments produce sizable profits. This, in a nutshell, accounts for why many of them choose to work with NYC apartment management companies. The duties of an apartment manager are also far from easy and in fact demand the skills and knowledge of a top management professional.

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.