Existing Home Sales Increase In October; Supply Still Low

That National Association of Realtors (NAR) is reporting that existing home sales for the month of October 2017 is up 2% to what they believe is an adjusted annual rate of sales of 5.48 million.  This is a positive readjustment as the September predicted annual rate was 5.37 million.  The sales figures comes amid continual shortages of inventory in housing as well as interruption in sales in hurricane regions in Texas and Florida.  NAR believes that the interruptions in sales in hurricane ravaged areas should dissipate by the end of the year.

Lawrence Yun, chief economist for NAR pointed out that sales activity is continuing to grow in all four regions of the United States.  He goes on to state:

 "Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home.  While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated."

The total amount of inventory decreased once again in October as there were only 1.8 million homes available for sale.  This is a decrease of 10.4% year over year.  As a result of lower inventory, existing home prices have gone up by 5.5% ($247,000) during the same period.

Of note for us living in the New York City region is that existing home sales in the Northeast rose 4.2% to an annual rate of 740,000.  The average price in the Northeast has increase to $272,800 which is a 6.6% increase year over year.

As the economy improves we are also seeing more individuals looking for purchase a second home for investment purposes.  If you are looking for are have an investment property and are interested in NYC property management than Blue Harbour Property Management is for you.  We are a full-service building management company servicing properties in Queens, Brooklyn, Manhattan and the Bronx.

http://www.blueharbourpropertymanagement.com/existing-home-sales-increase-october-supply-still-low/

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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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/
Visit us at www.blueharbourpropertymanagement.com