Owning rental property in New York City sounds like a lucrative, transactional investment until your apartment management company slacks, disappointing tenants and damaging your investment.
This is why working with a licensed, well-respected apartment management company in NYC is so important for property owners. Time is limited for real-estate entrepreneurs, so reliance on on-site help is essential. Curating a trusting relationship amongst the property manager, property owner and tenants will reap the rewards of your NYC rental dreams.
Property managers ensure that the premises (both inside and out) stay well-maintained, pleasing current tenants and attracting future potential tenants. They make sure tenants pay on time, that all units are booked and that everyone – current tenants, prospective tenants, investors, and owners – are happy.
Signs that it’s time to find a new apartment management company:
1. Things could be better
If you doubt the quality of work your property management complete, this is already a red flag. Property owners with good property managers never second guess the quality of work of the management team. If you think the work could be better, it can be.
2. Your gut instincts urge you to check up on the property
As the property owner, you want to be able to work on other endeavors throughout the week and get out of town on the weekends. This is easy and possible when you trust your property management team. If you feel compelled to double check conditions and tenant satisfaction on your own, it’s time to upgrade your outsourced management.
3. The neighbors are complaining
Nagging neighbors might be a nuisance, but they hold the power to directly affect the rent-ability of your property. If your manager is signing clients who become disruptive to the neighborhood, you are bound to hear about it. If this happens, don’t jump to blame the tenants; your manager should be finding and signing well-suited renters only.
4. Tenants are looking for you personally
If your tenant is reaching out to you personally, the reason could be one of a few likely problems: the tenant doesn’t find the property manager helpful, the tenant doesn’t know how to reach the property manager, or the property manager isn’t responsive to the tenant. Any of these scenarios reflects terribly on the building, takes time out of your day and upsets the tenants who are, in the end, the customers paying to keep the property value.
5. Repetitive bills are piling up
Although this isn’t an issue with a property management team you trust, if you notice bills coming in from repeated vendors, the managers might be getting a cut of the bill price. Look into the situation before making accusations, but piling bills is a sign you need to investigate the work and trustworthiness of the property management team
6. Your property manager is MIA
If you can’t quickly get ahold of your property manager, it’s time for a new firm. Tenants’ issues should be solved promptly to keep them feeling nurtured, safe and respected. It’s also important to know you can rely on your property management firm at any time.
Is it time to hire a new NYC property management company? Reach out to our incredible team at R.E.M. Residential. We’d love to hear about how we can help keep your tenants happy, renewing and raving about your rentals.