Property management typically involves overseeing of property owned by another party.These properties may include residential, commercial, or industrial real estate.One of the significant importance of a property manager is to acts on behalf of the property owner to preserve the value of the property while generating income.
The role of listing, renting, and collecting rents that the property management companies carry, are considered real estate activities.Under the existing New York real estate licensing laws,if a property manager does any of that, he or she will need a broker’s license.
Many people are working in the real estate industry and especially in New York, including agents, appraisers, inspectors, and even salespersons. So before hiring real estate property management services NYC, the most important thing to do first is to ensure that he or she is licensed appropriately. You can always double-check the license with the New York Public License Search.
Property management firms are usually hired by the owners of different reasons and most of which are beneficial to both the owner and the firm. Below are some of the reasons why an owner may need to hire a property managing firm/ individual.
- Most owners have more than one rental property in their portfolio and may lack the time and expertise to maintain it. It may also be challenging to collect monthly rent from clients on time, and that is where the trusted and efficient property managing firm/system comes in.
- Absentee landlords – some landlords may have the interest of owning rental properties to gain profit from, therefore by hiring property managers, it enables them to maximize the profit and identify further investment opportunities in different geographical locations.
- Setting rental rates: The property management firm will be in charge of conducting a thorough market study, to ensure that the prices you set for your rental properties are almost equivalent to what other similar properties are charging.
- Property marketing and advertainment – experienced Property managers will know exactly how to come up with an advertisement and exactly where to market your property.
- Managing and letting tenants -Property management company handles all aspects of the tenant-landlord relationship. The property manager issues out the houses to the right clients, by first verifying their employment details,credit reports, references, and running a criminal background check for security reasons.
- Law enforcement – The property manager ensures that you avoid a lawsuit and up to date, by providing that the owner and clients comply with the housing and property laws and regulations from local, state, and federal regulations when renting and maintaining the rental property.
- Maximizing the profitability of your money – The charges of a property manager is generally lesser than the money you spend on a professional to manage your property, as mostproperty managers will only charge a percentage of your property’s monthly rental rate in exchange for their services.
There is obviously a significant advantage of hiring a property manager, and more so if you want to avoid vacancies and late payments.