Investing in NYC rental condos or buildings is a great way to expand your investments portfolio. Real estate market investments are the biggest all around the world. There are many decisions investors will need to take after buying a rental property for residential or commercial use. Property management is crucial to ensure that you receive a good rate of investment or ROI. It is a labor-intensive task as it involves handling maintenance, repairs, tenants, legal issues, and compliance among other duties.
It is sensible to choose an NYC condo management firm like Daisy. Daisy can handle not just small building management but competently looks after large-scale commercial properties. Working with them ensures that your ROI stays high and property well-maintained.
Responsibilities and duties of NYC Condo Management Company
- Marketing and listing – The property management agency ensures that the units are not vacant. They promote the property on real estate space or several property listings to gain more exposure and reach the tenant pool.
- Lease unit to responsible tenants – The property manager is liable for continuous incoming cash flow, which is possible when there is no vacancy. Through impactful marketing techniques, they screen and vet potential tenants stringently. Fair housing laws are kept in mind while screening the applicants.
- Retain tenants – A project manager with great communication skills and quick response to tenants’ complaints helps to keep them happy. A happy tenant feels comfortable and stays in the condo for a long time.
- Collecting rent – The Company is responsible for prompt rent collection and other charges. Rent payment reminders are sent and there is a follow-up procedure with overdue tenants.
- Property maintenance – Property inspections must be conducted regularly to avoid or minimize the damage potential. The property management company has nurtured good relationships with trusted vendors like plumbers, electricians, HVAC servicing companies, exterminators, cleaners, etc. Therefore emergencies like pipe leaks, infestation, etc. are handled quickly.
- Document maintenance – All the building documents have to be well-recorded. It includes –
- Insurance policies
- DOB registration for elevators & boilers
- Permits and licenses
- Expense receipts
- Monthly income
- Insurance premium payment receipts
- Documented complaints
- Handle legal problems – The property manager makes sure that leases and contracts are compliant with the housing laws. Legal issues associated with tenant eviction or property damages are also handled efficiently. Besides, they make sure that your property adheres to the building and environmental guidelines.
- Helps in tax filing – Tax filing of investment property is tricky. The professionals can help in proper tax filing or file it on your behalf.
When you find a reliable NYC property management agency you can expect to gain a lot like –
- High-quality tenants
- Decrease in tenant turnover
- Short vacancy period
- Save money on maintenance & repairs
- Less financial & legal issues
Property management is a lot of work, so allow the professionals to do it. Hiring the best property management service can cost you but the savings are more in terms of avoiding extra repair, financial, and legal costs. Besides, you retain high-quality tenants and decrease tenant turnover.