If you are investing in NYC real estate, you will likely need help managing the properties. Learn these 5 signs of a great property manager so you can be sure you are working with the company that is best for you.
Many investors like to be in control, handling everything themselves when it comes to their investment properties. But as your portfolio grows, it is inevitable that you will need some help managing it all. From the screening, to the repairs, to handling tenant’s needs, a great property manager is worth their weight in gold. Finding a property manager whom you can trust and who operates at your high standards can feel next to impossible. Below, we offer 5 characteristics of a great property manager and what you can do to go about finding them!
Strong Vendor Relationships
Your property manager will help to facilitate the needs of you, your property, and your tenants. They will need to work with a number of outside vendors to handle everything from repairs, cleaning, background checks, and marketing. A great property manager in NYC will have long standing relationships with the top vendors in your area. These relationships typically take years to create and will serve as a true testament as to how the property manager does business. Your property manager should be able to pick up the phone, and immediately have some of the most talented professionals at their disposal who can help you solve your problem quickly without any doubts or hassles. You don’t want something to go wrong with one of your properties and have the wrong vendor sent out or have it take weeks for a suitable vendor to be found.
They Have Excellent Communication
A great property manager will have elite communication skills. They will answer your calls, your tenant’s calls, and those of the vendors they are working with. They will return messages in a timely manner, whether by voice or email. They will clearly communicate with you any issues regarding the property so there aren’t ever any surprises. No matter who they are dealing with, communication from your property manager should be clear, straightforward, and easy.
They Are Accountable
When it comes to managing properties, things may not always go according to plan. It can be easy to point the finger at vendors, agents, and even the property owner. When something goes wrong, your property management company should be accountable and immediately begin working on a solution to the problem. When someone is always passing the blame, it’s a sure-fire way to know that they aren’t going to step up to the plate and handle things when needed. They need to be accountable for the financials, the marketing, and for the quality of tenants they place.
They Come Highly Referred
Looking for a great property manager in NYC? The first thing you’ll want to do is ask around to see who some of your fellow investors are working with. Check with your colleagues and ask around when attending networking events. Find out who they are looking for along with what they like and don’t like about them. Other investors will be looking for the same things in a property manager that you are, and will help you to find the person most qualified to help you. Talking to other investors will also help you learn about who to avoid when looking for a property manager in NYC.
They Are Proactive
A great property manager in NYC isn’t just going to act as the go-between for you and your tenants. A property manager who specializes in working with real estate investors will be able to help you find ways to increase your ROI. They may suggest improvements to increase the value of your property or marketing strategies to attract more potential tenants.
They will also be proactive when they discover something wrong with the property – either with the construction or with who is living there. Taking action right away instead of waiting until something goes wrong can save you thousands. Whether it be is looked-over repairs or placing a tenant who winds up breaking the lease after only a few months. A proactive property manager will save you time and money, giving you the peace of mind to know that your property is in good hands.
When it comes to finding a great property manager in NYC, don’t be afraid to screen a few and ask some questions. Get referrals and contact references to get a better idea of what they can offer you. We would love to help you find not only the best properties but also the best person to help manage them for you. Learn more about who we use and recommend!