Is it time to hire a professional property management company?
If you own and operate a rental property in NYC, you have surely experienced the financial challenges and day-to-day operations issues that are impacting your investment’s success.
While you may be quite skilled in many areas of property management, there is often a ‘tipping point’ based on the size, scope or type of your property that will make your property better suited for a professional property management firm.
In our experience, if you are looking to optimize the financial performance of a rental property in NYC and have found yourself in one or more of the following twenty situations, it is time to consider hiring a professional property management firm:
1. You need assistance increasing your revenues; however, you do not know the legal, operations and financial maneuvers to do so.
2. You need help decreasing costs and improving margins; however, you have not met your goals to date.
3. You are struggling with paying bills on time, managing cash flow and ensuring operating capital is available at all times.
4. You do not have clear communications strategies and protocols for both everyday business and emergencies in place, and you have gotten complaints from Tenants.
5. You are spending a lot of time keeping vacancies down, and you are losing Tenants.
6. You need help maintaining grounds, building and facilities and are struggling to find a timely, reliable company to provide that service.
7. You need help creating and implementing operations processes and property management procedures; however, you continue to struggle with creating “systems.”
8. You do not have a point of contact for Tenants that is accessible, responsive and attentive 24/7.
9. You do not have a crisis management program should the facility be subjected to harmful weather conditions, storms, disasters, etc.
10. You need help handling and addressing tenant service issues, conflicts and complaints.
11. You do not have significant knowledge of tenant-landlord law.
12. You need help managing finances, collecting rent and depositing money, but you are not sure who you can really trust.
13. You need help improving your building’s security levels, but have not acted yet.
14. You are not evaluating your energy and utility costs as well as reviewing costs and invoices on a monthly basis.
15. You have a multi-unit building or several properties, and you need one company that can manage all of your properties, of any size.
16. You do not live closely to your properties for all or part of the year and are finding it difficult to stay on top of all of your local responsibilities.
17. You operate other businesses or have another job, and you do not have enough “bandwidth” to manage the property successfully.
18. You do not have cost-effective relationships with third party vendors, contractors and repair personnel who will supply, maintain and improve your property.
19. The number of units you own has increased or is increasing, and you do not have a scalable way to continue operating smoothly on your own.
20. You have made an investment in a property; however, you do not have a core competency in managing real estate.
Based on this list, do you think your property could be better served with the help from a company that specializes in the maintenance and management of property?
If you need help evaluating your rental property management needs, reach out to Metropolitan Pacific Properties at: (718) 626-4400. We are happy to assist you and answer your questions to determine the best way for you to manage your property.