Many landlords don’t realize the importance of a good relationship with their property manager. This is despite strong property markets and a shortage of tenants. Property management for condos and co-ops located in New York City. Excellent service and cutting-edge technology that is designed to please. Daisy is an operating system for buildings that offers instant responses and is an excellent way to combine both. Applications for board members and residents keep everyone connected and up to date.
Too many landlords base their decision on the fees of their property manager.
Others believe they don’t require a property manager and can manage it themselves.
They don’t realize that property management goes beyond collecting rents.
Is there a property management division at the agency? How many people will take care of my property?
Many agencies view property management as a “poor sibling” to the glamorous sales department. Some even hand off the management of client assets to front desk staff or receptionists.
Make sure your agent has a dedicated property department.
It would be better if this department was staffed with several experts to ensure continuity in management in the case of one property manager becoming ill or leaving.
Are directors/owners of the agency involved with the day-today management of the department’s property management?
Many agencies have both a rental and sales department.
The business owner usually has a background in sales and not rental. He or she looks after the rental department and leaves the management to a property manager.
This is usually because sales departments have a higher turnover and higher income.
How long has your property manager been in real estate?
This applies to the property manager, not the agency.
However, just because a company is branded doesn’t necessarily mean that their service will be better.
Many people begin their careers in real estate as receptionists. Then they move on to property management, while some top performers go into sales.
Some people choose to manage property as a career. This is the person you should be looking after.
How long has the property manager been with your agency?
Stability is what you should be looking for in a property manager.
You need someone who can learn everything about your property.
You want to call that person right now and be able to speak to them again in six months.
Because of the stress involved in managing property, staff turnover is quite high.
Is the property manager able to give you a written proposal.
Property managers will simply go to your property and say, “OK, we’ll take it on our books.”
You want someone who is professional and can give you a written proposal.
It is possible that they will take the time to present themselves professionally to you.
Which area is the property management service available?
You should look for a local property manager, but think about what your property portfolio will look in two years.
Are you planning to own multiple properties in the suburbs?
Either you can hire a local property manager or you can instruct a larger property management company to cover a greater geographic area.
New York is following the international trend of forming agencies that specialize in property management. They cover a wider geographic area.
These “super offices” are no longer required to be in the local mall to manage your properties.
What number of properties does the manager manage?
Property managers who manage too many properties might not have the time or energy to pay attention to your home.
One busy agency may have 200 properties per property manger.
This is a lot of work to pay attention to your property.
Each property manager at some boutique agencies looks after between 100 and 150 properties.