Many would be real estate investors struggle with the idea of property management on a grand scale. A commercial real estate venture can quickly turn into a full time job if you are not prepared to take on the responsibility of maintaining the property well and sourcing quality tenants.
Full Service Property Management
That’s why full service property management companies exist, to offer you an all-in-one solution for keeping your properties in great condition anywhere in NYC.
One of the hardest parts of managing a property is keeping it leased with responsible tenants. There are plenty of nightmarish stories of bad tenants refusing to pay rent on time and causing thousands of dollars worth of damage to the property. Fortunately, property management companies typically have a detailed procedure for screening and approving tenants. They also tend to build up a pool of qualified applicants who are waiting for the right property to come along, which means you may not have to wait very long at all to fill the vacancy with their help.
Care and Repairs
In addition to sourcing tenants for your commercial real estate, an experienced property management service will also be ready to take on the challenges of keeping your property in top condition. Usually this means that they conduct regular inspections to ensure no damage is being done to the property. They are keeping the landscaping in check. When damage has occurred or something starts to leak, your property management professionals should be prepared to call a qualified repairman to the site. Most property managers already have a list of local service providers they have partnered with for quick service and fair pricing. This is a useful resource for you, as searching for a repairman and taking time to get quotes for repairs can be a costly endeavor.
Lastly, delegating duties to a full service property management firm also typically includes letting them handle all of the finances. They will collect rent and disburse money to you each month. Many of these companies also offer to handle all of your end of the year tax paperwork for the property so that you can quickly and easily file taxes. They will be responsible for tracking down late rent and initiating evictions in the event of a bad tenant.
The goal of any full service property management team is to reduce the amount of stress you endure as the property manager. They have the tools and resources to keep your property filled, while also making sure that it stays in good shape throughout the length of the lease. They can take over most of the day to day tasks related to the property and streamline them into a single service for you.
Preeminent Property Management Service in NYC
Darell Handler and the Team at Handler Real Estate Organization offer full service property management throughout New York City. If you are interested in learning more about how they can help you fill vacancies and maintain your properties, click below or call 212.398.1888 today to schedule a consultation.