Landlords have the option of managing their property or hire a property management company. Hiring a property management company means that you will be free from the burden of managing your properties. This will allow you to have some time for your other investments and personal life. While there may be benefits, there may also be some cons. But with the right property management company, the disadvantages can be eliminated.
Here’s some of the things that you should look for when to choosing the right property management company in New York.
All businesses should pass regulatory requirements set by the government before they start their operation. Aside from business registration certificate, tax compliance certificate, and other important requirements, you should also check its compliance to the property management laws in New York. According to this law, all property management companies should have a real estate broker license.
One of the reasons you must be hiring a property management company is that you may not be accessible when the need arises. You should be hiring a property manager who is within the city so that he can perform his duties. There may be no point of hiring a manager who is not accessible.
A manger should not only be accessible to you but also to present clients and prospects. This should mean that he should be technologically updated. To reach out to prospects, he should have a strong social media presence.
It is critical to look into the qualification of a property manager and it may include acquired knowledge through education and experience. He may not need to have gone through a doctorate degree in management, but at least he should have ample training. Of course, you may not like that you will be hiring one for you to train. Experience in real property management whether detached homes or buildings is truly important.
A healthy collaboration with a property manager can be achieved if there is transparency. This can only be done when the manger truthfully reports what is needed for you to know. Tenancy reports, ad hoc reports, and financial reports should be submitted on time or as per agreed. There may be times that reports can be submitted as soon as possible.
You should still be earning enough from your properties. Hiring a property manager should not eat up your profits. It is imperative that you inspect the fees if they are inhibitive to your business. Some property managers may charge a certain percentage on the total income from the property. On the other hand, others have fixed asking price.