Property Management NYC: Yes or No?

Property Management NYC: Yes or No?

Are you considering hiring a property management company in New York City? If so, it is beneficial to learn more about what you can expect from an NYC property management company as well as the benefits that such a company can provide.

What is a Property Management Company?

In short, a property management company is one that helps to manage the day-to-day operations of your property. If you have invested in rental properties, for example, the property management company will screen potential tenants, address the concerns of your tenants and ensuring your rent is getting collected on time. While you make the decisions in terms of which properties you wish to invest in, a property management company helps you to maximize the profits you earn from those properties.

Do NYC Property Management Companies Have Real Estate Experience?

In New York, activities such as collecting rent, listing properties, negotiating rental properties and collecting rents are considered to be real estate activities. Therefore, property management companies in NYC must be led by an individual with a broker’s license in order to offer these services. This means you can rest assured that any property manager you hire in NYC has a real estate background unless the services being offered are strictly maintenance. You can easily check to see if a property manager has a real estate license in New York by conducting a search on the New York Public License Search website.

What are the Benefits of Hiring a Property Management Company?

Hiring a property management company to assist with the management of your properties can help to reduce your headaches while also increasing your profits. As your property management company handles the day-to-day aspects of being a landlord, you can spend your time researching additional investments and growing your real estate portfolio. Some of the services a property management company can provide include:

  • Marketing your property
  • Screening out problem tenants
  • Addressing the daily concerns of your tenants
  • Enforcing policies within the lease
  • Decreasing tenant turnover and shortening vacancy cycles
  • Ensuring rent is paid on time
  • Handling legal issues that may arise, such as beginning the eviction process if necessary
  • Assistance with taxes
  • Lowering repair and maintenance costs
  • Increasing the value of your investment property

With the help of an experienced and skilled property management company, you can unleash the full potential of your investment property. A property manager can give you suggestions for making your property more marketable while also negotiating cheaper advertising rates on your behalf. Since they typically deal in volume, property managers are frequently able to get bulk rates to help reduce your cost. The same concept is true when it comes to maintaining your property and making any necessary repairs, as a property management firm is likely to have a in-house maintenance staff as well as access to a network of licensed, bonded and insured contractors who have already been vetted for quality work and reasonable pricing.

If you are ready to get the most out of your property investment, contact Ankor Management today! We will be happy to discuss your options with you further.

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