A property manager can be crucial to your investment’s success. You can have an expert advisor to help you market your property, screen and select tenants, set rent, handle disputes, and more.
You could do more damage than good if you choose the wrong property manager. Here are seven tips to help you get the best from your property manager.
Do your research
Property managers are not all created equal. According to IBISWorld the New York real estate services industry is worth an astounding $14 billion and employs more than 110,000 people. Many of these will be property managers. Offering property management for condos and co-ops throughout New York City. Top-quality service and cutting-edge technology that really aims to delight. Daisy is a building operating system with incredible instant response times. Applications for board members as well as residents keep everyone connected and up-to-date.
There are so many options, it is important to take the time to research each one and choose only the best. Consider the past of the agency, their resources and their reputation within the area.
New York is home to thousands of small towns of different sizes and shapes. Each town has its own real estate market, tenants and problems that your property manager must address. You should always consider hiring a local property manager as they will have a deep understanding of the unique challenges in your area.
They will also be close to your property so they can attend to any urgent maintenance needs, meet face-to–face if needed, and maintain a strong relationship.
ASK THEM ABOUT MARKETING
Your property’s tenant is a key step in making your investment a success. It is important that your property manager has a large tenant database and a professional marketing team to make sure your property is seen by as many people as possible.
You may find that there are more potential tenants interested in your property if you market it well. This will allow you to select the most suitable tenants and increase your chances of getting your asking rent. Ask your property manager how they market your property, and why it is better than other agencies’ strategies.
ASK FOR EXPERIENCE
Your property manager should be able to perform the job as any other position. Ask your property manager how long they have been in business and if they have any experience with managing properties similar to yours. Also, what training they have received.
It is best to hire your property manager from larger agencies. Many agencies will have many experienced agents and rigorous training and development to ensure your property manager is up-to-date on industry standards and changes in legislation.
FOCUS ON THE RELATIONSHIP
Are you and your property manager compatible? Although this may seem insignificant, it is vital to establish a rapport with your property manager who may manage your biggest asset.
You will feel comfortable asking questions, raising concerns and staying in touch if your relationship is solid. Your property manager will have a greater trust in you and be more willing to do whatever it takes to help you.
It’s important to get off to a good start when communicating with your property manager. You’ll be much more likely to get the results that you desire if you are clear from the beginning about what is important to you.
Your property manager should be aware that you expect prompt communication regarding any property issues, such as maintenance requests or tenants moving out. Also, let your property manager know that you expect prompt responses from your tenants to any communication.