Tenants Will Soon Be Able To Make Rental Payments With Bitcoin

It is being reported by CNBC that ManageGo, a Williamsburg Brooklyn based rental payment platform being used by property managers with over 6,000 buildings in their portfolio throughout New York City will be accepting Bitcoin to their list of acceptable payment arrangements for the service.  The company will also add payments through Bitcoin, Ether or Litecoin.

The way it would work is that the paying tenant who uses bitcoin and will the app ManageGo which will convert the bitcoin to dollars using Coinbase, a digital cryptocurrency broker. The landlord will gets the rent payment in dollars and the value of the exchange is locked in at the time of the payment.  Executives at ManageGo believe that it is only a matter of time before property managers and landlords jump in on using the payment method.  The demand for the use of the payment method has been low and there is a belief that larger landlords would be reluctant to use it until there is a higher demand and Bitcoin becomes less volatile.

According to Chaim Lowenstein, vice president of business strategy at ManageGo, the company has already received interest from landlords.  "We lead in innovation, so we saw bitcoin was something that's going to happen and become a standing currency sometime in the future.  Right now there are types of clients we have, their tenants fit the profile, and we wanted to offer it as the new amenity beyond a fancy gym or a new couch in the building."  Lowenstein also believes that this ability to accept payments of this nature can make them stand out from the competition.

Blue Harbour Property Management does not currently accept payments through ManageGo and will monitor the utility of the service going forward.  We are a full service NYC property management company managing buildings in Queens, Brooklyn, Manhattan and the Bronx.  If you are in need of professional property management you can reach us at 718-843-1185 or at info@blueharbourpropertymanagement.com.

http://www.blueharbourpropertymanagement.com/tenant-will-soon-able-make-rental-payments-bitcoin/

Tips On Handling Central Air Conditioning Units for Property Managers

We are now into the hazy days of August here in New York City.  The temperature this summer in the city has been rather mild in comparison to some other years.  Although that may be the case, the temperatures can be somewhat stifling to some without air conditioning.  This is especially true for the elderly and persons that have lost their mobility.  Having your air conditioning units running correctly may be a case of life or death for some and doing so correctly should be a priority for property managers as well as landlords.

While we may be in the clear going into August, maybe now is the time to think about servicing your AC units for the next year.  Most home central air conditioning units which include a condenser.  You may notice this when it is sitting on a pad on the outside of your.  Along with the condenser, the evaporator is located on the inside of the premises.  The majority of the time, it is the condenser that has the issues that creates turmoil for your tenants.  Here are some tips in order to have them run efficiently in the event it stops working:

1. Once you have turned off the unit, you can remove the outer case of the condenser in order clean the fins.  Because you have four seasons here in New York City, you can potentially have evidence of this in leaves, grass, twigs and garbage that can clog up the fins.
2. Lubricate the motor to the fan ports.  You can do this by using oil for electric motors.  It is easily found in hardware stores.
3. Check for evidence of damage to your unit.  It is advisable to look for leaks and cracks.  Specifally it would be a clear indication of a problem if you see an oil or coolant leak.

With respect to the evaporator you should alway check and replace air filters.  It is advisable to replace the filter as follows:

1. In a vacation home or single occupant home you should replace the filter every 6-12 months.
2. Regular sized home without any pets the filter should be replaced every 90 days.  With 1 pet it should be replaced every 60 days and adding an additional pet the time period should be adjusted downward by 50%.

Most people are not knowledgable nor want to put themselves in a position of doing the work to service their AC unit.  If that is the case, then hiring a professional HVAC professional to remediate an issues with your unit.  If you have rental properties and tenants are complaining about the air conditioning then a respectable New York City property management company can schedule and handle all the issues of your unit so you don't have to.  For more information, you can contact our highly skilled staff of New York City property managers.

http://www.blueharbourpropertymanagement.com/tips-handling-central-air-conditioning-units-property-managers/

Manhattan Buildings Are Now Being Graded With New Google Chrome Extension

Manhattan property managers and landlords should be put on notice that Manhattan buildings will be graded by using a new Google Chrome Extention by Rentlogic.   The four year old company's software will allow apartment hunters who are viewing an apartment on a broker's website or listing service to see the building's grade in a pop-up window.  The viewer will also be able to see violations, complaints as well as other issues which may affect quality of life (electrical issues, rodents, bedbugs, etc).

Initially, Rentlogic attempted to have brokerages send their listings in order for them to be evaluated and graded.  However, they found that most companies were only sending their best listing according to Yale Fox, their CEO.  As a result of this, Rentlogic decided to go with an algorithm which is similar to what he believes will be a Zagat for properties.

The data that Rentlogic uses derives from government reports but according to Bloomberg " the assumptions his algorithm makes are subject to scorn by the industry. One complaint is that he goes back seven years, meaning that the system can include violations incurred by previous owners.

Another is that it uses data on tenant complaints regardless of whether the landlord responded quickly or whether the complaint was verified by a city inspector. Fox said the algorithm doesn’t consider unverified complaints and, in general, is designed to give landlords the benefit of the doubt. He said he plans to introduce functions to help landlords improve building grades."
They are hoping that the software will provide a level playing field as they will not sway too close to landlords nor be overly critical as well.  Being able to prevent disasters such as tenants living in buildings such as the ones owned by Steve Croman would be a goal of the company.  Last summer, the Attorney General Eric Schneiderman brought 20 felony charges against Croman for harrassing rent regulated tenants.  He is facing up to 25 years in jail and up to 8 million dollars in fines.

The Rentlogic plug-in, which works on Chrome, Firefox, or Opera browsers with Internet Explorer and Safari on the way.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/manhattan-buildings-are-now-being-graded-with-new-google-chrome-extension/

Lower Income Families Will Get Increase In Subsidies in NYC to Combat Homelessness

Due a a settlement of a lawsuit brought forth by 4 families facing eviction, New York State will increase rent subsidies to low-income families based in New York City.  The settlement  will increase the aid under the Family Eviction Prevention Supplement by as much as 78% based on an article by the New York Times.   The Times states that a family of three presently would be eligible for $850 a month but under the new subsidy will be eligible for $1,515 a month.  The increase in the subsidy is the right direction as market rents have increased dramatically since the inception of the program in 2004 and allows individuals to be able to afford market rents.  The increase will be the first one under the program and will will most likely go into effect in early April of this year.  The basic shelter allowance will not be increased under the program.

The City of New York is confident that the new subsidies will curb the increase of homelessness in the City as rents have skyrocketed since the inception of the Family Eviction Prevention Supplement.  Mayor De Blasio recently announced the opening of 90 new shelters which his administration hopes will curb the plight of the record 60,000 homeless individuals in the City.

A positive aspect of the subsidy increase would be property managers in New York City being more inclined into accepting more tenants under the program.  As the amount is closer to market rents and guaranteed by the State, it will give more of an assurance that payments will be made and revenues will increase.

http://www.blueharbourpropertymanagement.com/lower-income-families-will-get-increase-subsidies-nyc-combat-homelessness/

www.blueharbourpropertymanagement.com

CoreLogic sees Rent Growth to Moderate in 2017

CoreLogic, one of the nation's leading financial and property analytics companies recently released their Market Pulse for December 2016.  In their report, there were projections on housing growth nationwide with several key components showing growth in the next year.  Of importance to property managers in New York City were two major components that were addressed in the report, which were vacancy rates and overall rent growth for 2017.

According to Frank Nothaft, CoreLogic senior vice president and chief economist stated "vacancy rates will likely remain low in the rental market and decline in the homeowner market.  The low level of single family building means that for-sale inventories will remain lean in many markets."  Mr. Nothaft also says to expect home price appreciation in most markets with rent growth also continuing to grow but at a slower pace.  He is predicting rent growth of 3% for 2017 with home price index increase of 4.7% in the same time period.

Other key components to the report are the following:

1.  The economy will see growth between 2-2.25% in 2017.

      2.  There will be an increase in mortgage rates- Interest rates will average just over 4% next year, about 0.5% higher than in 2016, according to the forecast. The consensus is that the Federal Reserve will raise the Federal interest rate several times in 2017 which will affect the cost of overall loans.

      3. Less advantages to refinance- Higher mortgage rates will make originations of loans drop.

      4. Credit risk will remain low- New loan originations will maintain low credit risk. The first half of 2016 saw lower risk attributes than those made 15 years ago. Next year we can potentially see heightened fraud risks, but altogether credit risks are looking positive.

http://www.blueharbourpropertymanagement.com/corelogic-sees-rent-growth-moderate-2017/

Visit us at www.blueharbourpropertymanagement.com

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/
Visit us at www.blueharbourpropertymanagement.com

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/
Visit us at www.blueharbourpropertymanagement.com