Tips on Finding the Best Property Management Team in New York City
In a previous blog post, we mentioned the importance of doing your due diligence when evaluating potential property management companies in NYC. Now we’re going to share a few ways of determining the best property manager to oversee your day-to-day building operations.
• A property management team should be able to handle more than the typical duties, such as handling tenant relations, filling vacancies, maintenance and repairs, landscaping and snow removal. A property manager should be held accountable for the financial well-being of a property.
They should also be willing to manage rental income, security deposits, reserve funds, and even write checks on the property owner’s behalf. To go one step further, they should have in-house CPAs to help protect the financial stability of a property. They should always be up-to-speed on your expenses vs. budget, and they should be accurate with their accounting.
• Your residents and Board members needs should always come first. A reputable management team will always follow-through and follow-up on anything that may affect their clients. If your property manager does not keep your residents and Board members abreast of what is going on, they have failed.
• NYC Property managers should always be accessible. There is nothing more infuriating than dealing with a property management company that is never available. Providing good customer service is crucial. Remember, everything your property management team does is a reflection of you. It is important that they are available, especially during emergency situations. They should also be able to respond to text messages, emails and phone calls as promptly as possible.
• Their pricing system should be straightforward. There should not be any loopholes within a property manager’s contract – it should contain all-inclusive flat-fees. Make sure you confirm whether or not they charge extra for violation court appearances, extra visits, project management and copies. Every company is different.
The overall purpose of having a good property manager by your side is to make your life easier and give you the confidence that your property is being run at its full financial and operating potential. Before hiring a property manager in New York City, ask yourself this question: “Are they equipped to bring me tangible results that will accomplish both my short-term and long-term goals?”