What Should I Be Looking For In A NYC Property Management Company?

So you have decided that you may need assistance managing your rental properties.  It may be because you are relocating or just because it takes too much time dealing with the day to day operation of your investment.  It can be a headache for some dealing with tenants issues as well as keeping up with maintenance and collecting rent.  The big question you have is "What should I be looking for in a NYC property management company?".   Sure, many property management companies can collect your rent and rent your units when they become available but you should be looking for more from you property management company.  Below is some considerations that you should look into when considering a professional New York City property management company.

Does your management company up to date with the housing laws in NYC?

Being up to date with the real estate laws are very important with respect to property management.  It is important because having a legal issue will cost you in the thousands should they arise.  The potential of losing your cash reserve is possible if there is a mistake made.  It is important that your NYC property management company is familiar with all the laws with respect to housing so you can avoid the risks associated with the property.  Whether it be understanding how violations are given by the Department of Buildings to ramifications of landlord & tenant litigation your property management company should be adept of the intricacies associated with important cost saving issues.

Communication and screening of tenants

We have seen many times in the past that there is nervous excitement to have properties rented by owners.  Sometimes the fear of falling behind in mortgage payments becomes a serious issue and the screening process of prospective tenants falters.  When you hire a professional New York City property management company they will do the work for you.  Property management companies should take time in the screening of potential tenants.  They should also have processes in check in order to do screening of prospective tenants that complies with the laws of the State of New York.  A competent screening would include and criminal, landlord & tenant history as well as the credit check in order to see whether they are suitable for your property.  Although these objective tests may give you an idea of the person, it is also advisable to have an interview with the prospective renter to see if they are a good fit as well.  There is more to a person than just income on a sheet of paper and getting references as well as an interview should provide the property management company enough information to decide whether the renter is suitable or not.

Rent collection

At the end of the day, the collection of the rent is the end goal for your rental property.  The process can become easier with an experienced NYC property management company.  Giving the ability to make online payments and giving them options to pay the rent are important considerations that a property management company should look into. When the tenant moves in there should be  a clear understanding of how and when payment should be sent.  Avoiding confusion in the beginning of the relationship save you plenty of time and will improve your overall relationship with your tenant during their term.

With the expectation of being available 24/7 and having your own life to live managing a New York City rental property can be demanding.  Partnering with an experienced New York City property management company can make your life much easier.  Your ability to exceed your revenue goals increases with professional management by your side.

If you are in need of assistance of managing your property Blue Harbour Property Management is a great choice.  We are a full-service NYC property management company servicing the areas of Queens, Brooklyn, Manhattan and the Bronx.

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

Maintaining Efficient Rent Collection Methods for NYC Property Management Companies

When you own New York City investment property whose main income is the rental revenues, your objective is maximizing the rent you collect, not only by the amount but the time frame of collecting it. The most convenient and hassle free occurrence is if all tenants paid their rent on time and it would clear in a flash.  The truth of the matter is that no matter how well you try, this rarely occurs the way you would like.  Although background screenings including the disclosure of  financial documents and reviewing landlord/tenant issues with the court may prevent the majority of bad tenants, sometimes tenants fall into unexpected financial situations which will affect your bottom line.  It also means that you will not be collecting your rent in a timely fashion.  This is why landlords should choose a property management company that will assist in maintaining regular flows of payments even in the worst of circumstances

Communicate with tenants your expectations on payment

There are two things that a successful property management company should do to ensure that rent collection is optimized.  The first is that Blue Harbour Property Management has had success starting with the careful screening of your potential tenants.  We use all of our resources to get a financial background of the prospective tenant.  We ask for financial documents as well as look at the court records to see if there have been any previous issues with the individuals with collecting rent and actions being brought against that person.
When there is vacancy whether it be in a single-family home or in a 100-unit apartment complex, some would try to cut corners and rent your property as quickly as possible and not be as diligent as you should be with your tenant choices. The staff at Blue Harbour Property Management as well as the realtors associated with us are extremely cautious and patient.  We do our research and provide the right information such as looking at the FICO credit score of the prospect and see whether their income is sufficient enough to be able to pay the rent regularly.
Once the tenant is decided on, we explain to them what our expectations are with respect to rent delivery and documents are provided to them at the lease signing on where and/or how rent can be submitted.

Online Payment Process

More and more we are seeing property management companies allowing tenants to pay through an online portal.  Blue Harbour Property Management allows the majority of our tenants to pay their rent via our website.  This is now becoming a convenient way for tenants to make payments without any delays.  When the rent is collected the system automatically deposits the money into the owner’s bank account for use. By having the process become an automated one instead of personal allows us to have a better relationship with our tenants.  It also allows our staff to conveniently know when payments are made and whether any collections actions should be brought against the tenants.  Time is of the essence with rent payments and we are ahead of the curve with respect to making sure prompt attention is given to receipt of rents and curing any issues with respect to non-payment.

Clear rent policies along with a secure technology platform through Blue Harbour Property Management will help your New York City rental property rent collecting run efficiently.

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/maintaining-efficient-rent-collection-methods-nyc-property-management-companies/