Tips on Evaluating a Potential Property Manager
Hiring a good condo property management company in NYCoffers an array of benefits. For one, you can attract a higher caliber of tenants. You do not have to personally maintain your property or be responsible for performing move-in and move-out inspections. Plus, you don’t want to forget about the tax advantages it has to offer.
However, there is a drawback if you hire the wrong property manager. Not every property management team is from the same school of thought. Remember, most property management companies juggle multiple properties. Your property may not be on their high priority list. So, it’s important that you evaluate your prospective firm before welcoming them on board.
Tips on How to Evaluate Your Condo Property Manager
If you want to evaluate a condo property management company in NYC before you hire them, here are three essential aspects that you should look at as part of your ‘litmus test’ to see if the company is worth exploring further.
1. Years In Business
Is it over 20 years? Not every company will have the same level of experience. If you are seeking to hire a property manager for your condo, make sure he/she has a solid record of residential co-op and condo property management and several decades of direct experience.
2. Unique In-House Capabilities
Any company can claim they provide excellent customer service. But, what do they bring to the table that other companies do not? Your property manager should have in-house CPAs along with a trained and knowledgeable staff. They should also have the ability to uncover hidden savings or in other cases create new profit centers.
For example, at Metropolitan Pacific Properties, one of our managers was able to negotiate an $18K cell phone tower contract for a small 20 unit building while at the same time renovating the balconies and executing local law 11. The key to finding a good condo property management company is to find one that can get you tangible results.
3. References by Real Customers
Make sure you validate the quality of the firm by reviewing its references for similar properties. You will want to obtain references from companies who have maintained a condominium property in the past. Before making your final decision, choose at least 2 – 3 companies. Then schedule them to meet with your Board of Directors for a formal interview. This is a great way to help you determine if the company is a good fit for the job.
Do you need help managing your condominium in the New York City area? Give us a call today at: (718) 626-4400.