In addition, some landlords aren’t really fit for the job. It means that property-related tasks can lead to lots of frustration, especially if you have no prior experience on the subject. This is where a property management agency comes in. On the other hand, a reliable Manhattan property management agency isn’t easy to find. So, if you want to read about how to find a reliable property management agency, check out the following text below.

Referrals

One of the main tips and primary strategies we can give you is to ask family, friends, and colleagues for referrals, especially if they’re in the same business. Talking and discussing the subject with people you trust and have known for a long time is one of the best ways to begin your search and find a reliable property management agency. Even if they don’t have an answer to your question, it will be way easier to figure out what you’re looking for in a property manager.

Who can you ask for referrals? Check with your friends, colleagues, real estate investor network, contractors, etc. They should have a pretty clear picture of who to ask for the job or even give you a pointer on which company to avoid at all costs. However, remember not to take recommendations blindly. It’s always better to perform a background check on the desired company. If you get some referrals, make sure to ask about the most important strengths and weaknesses of the chosen company. Furthermore, remember to get a couple of referrals from different people.

Use the Internet

Even though this tip might seem obvious, you’d be surprised how much the internet can help you, especially when talking about property management agencies. So, do some research online, even if you already got a couple of referrals. There are certain websites that can provide you with a list of various property management agencies that are active in your city or area.

All you need to do is fill in the size of your property and location. Of course, make sure to look at the reviews, as these are a pretty good pointer to the company’s work ethic, quality of work, and overall service. Remember that a couple of bad reviews don’t mean that the company is bad, and a couple of good reviews don’t prove that the desired property management agency is good for you.

Visit

Now, we understand that you don’t have an enormous amount of time. But it might be a good idea to visit their properties even if all you can see is the outside of the building. If the property looks neglected, chances are they’re not doing a good job. However, this shouldn’t be your only pointer. If possible, talk with the tenant or get ahold of the landlord. Ask if they feel good working with the agency and whether or not their complaints are resolved. Also, ask how long the company needs to handle repairs. Make sure to inform yourself if the place is quiet or if there are some problems with the tenants. So, going there in person and taking a good look at the property management agency’s work is one of the best pieces of advice we can give you.

A Couple of Interviews

Let’s say you found a couple of options. Make sure not to hire the first property management agency you come across. You should interview several people before making the final decision. This is the best way to find the absolute best fit for your property. What are the main questions you should ask them?

• What is their fee structure?
• Ask them about their education and experience on the matter, including knowledge of the law.
• Ask them about their services, how rent is managed and collected, and how all the properties are maintained.

You should also ask how many properties the agency manages and how many hours a week they plan to spend on your property. For instance, if the property management agency works with 10 properties, chances are they won’t have enough time to spend dealing with your property in the best possible manner.

However, if the agency has lots of staff and lots of clients, this could be good proof of an excellent work ethic.

A Background Check

Like with everything related to business, it’s always smart to perform a background check on the desired company. As we mentioned earlier, check out reviews and try to talk to the clients in person. Also, there are various organizations that provide certificates to the agencies meaning that if you see a couple of certificates, chances are you are dealing with a truly professional company.

In any case, you should (almost) always trust your instincts, meaning that if something seems off, it usually is.

The post How To Find A Reliable Property Management Agency? appeared first on NYC Property Management Company XL-RPM.

Investigate the neighborhood

Ask around the area whether you’re thinking of renting an individual home or a smaller complex. Nobody can verify a landlord’s behavior more thoroughly than your potential new neighbors. Since they have first-hand information, they will probably be willing to give you the straight story before you sign anything. Come on a weekend when people are likely to be outside. After questioning multiple people, you’ll probably have a better idea. Ask some general questions, like are they aware if the landlord is available to renters when they have questions, does a landlord usually drop by uninvited, or the way the landlord handles maintenance.

If you’re having trouble forming relationships with the neighbors, explore neighborhood-specific blogs and other online communities. They contain a variety of information and are rising in popularity. Ask your landlord for recommendations from past renters. Ask a few tenants how they feel about the landlord or property management if you’re looking at an apartment in a multi-unit building. By doing your research upfront, you can avoid having to deal with a difficult landlord later.

Take complaints into consideration

While looking for renter complaints from prior tenants, read cautiously and keep in mind to take the source into account as well. See if any former or present residents have written reviews of their experiences, good or bad. A tenant’s repeated complaints over several months or years should undoubtedly be noticed. You may also think about using social media to find out if anybody you know had experience with this landlord. Search online if your landlord is an individual. There are several online review websites that collect feedback from tenants. You might get some useful information if you perform a simple web search. Investigate your landlord as much as you can using Google and social media.

Look into the state of the property

The exterior look of a landlord’s property may provide you with a lot of information about their personality. Check if the outside of the building is kept up. Inspect the recycle and trash area, because accumulated trash could attract rats and other varmints.

While appearance is important, pay special attention to anything that might be dangerous. Make sure there are no damaged or cracked windows and pay close attention to both the building’s and your unit’s doors. Your safety may be threatened if doors are not properly secured.

You may think that a building’s physical state would be the only predictor of its general health, but you’d be mistaken. While certain difficulties may be seen with the naked eye, unless you’re an electrician or inspector, it’s possible that you won’t be able to identify more significant problems that hide behind a lovely exterior. Electrical issues, mold, and rat infestations are all serious risks to your personal safety and health and are difficult to detect. You’ll most likely need to give the relevant city agency a call to double-check things.

Speak with your landlord

An interview with the tenant is a typical step in the application process before moving approval. But you could interview the landlord in reverse as well. Before agreeing to a contract, ask your landlord many questions. Making the right decision isn’t easy, so don’t hesitate to ask everything you want to know. You may also use it to evaluate how eager they are to give information in general. Just as you rely on your landlord, they also depend on you to keep your half of the deal.

Make sure your landlord owns the property and that it is not in debt before you sign a contract. Even though it’s rare, some people attempt to deceive unsuspecting tenants by posing as the owner of a rental property they don’t own and stealing the security deposit and first month’s rent before vanishing. You can find property records from proper authorities or online if you’re worried. Public records searches may show up a lot of information on your possible new landlord, whether they be a person or a business, as well as the property itself. Look for warning signs such as bankruptcy, general mortgages on all assets, criminal histories, and any pending litigation.

Final Words

Landlords do background checks to learn more about you and determine whether there is anything to be concerned about. They want to carefully select their renters because their rental property is a significant investment. In the end, renting to the wrong tenant might result in a variety of problems, including late or unpaid rent, safety risks, property damage, and neighbor complaints. These problems may ultimately lead to a costly eviction.

Before signing a rental agreement, you should do a background check on a landlord. Eventually, you will have to deal with this person while you are still a resident and they will have access to your home. Background checks are now relatively cheap and simple to do, even if you pay an agency to perform that job. You may find out whether your landlord has a criminal past, whether there are any tax liens against the property, and more by taking the time to conduct a background check. Paying deposits and moving into a new house only to discover it was already in foreclosure would be a terrible experience, after all.

The previously mentioned methods can, without a doubt, help you spot a bad landlord. But, perhaps hiring an NYC apartment management agency to take care of your tenancy is even better. There are many benefits of hiring an apartment management company, and help with dealing with a landlord is just one of them.

The post How To Do A Background Check On A Landlord? appeared first on NYC Property Management Company XL-RPM.

This is why businesses, companies, and individuals dealing with any kind of property need to hire a property accountant. Even though you`re dealing with a small property, it`s always better to hire a property accountant to help you with the tasks. However, we understand that some people aren`t aware of the benefits of hiring a property accountant. So, if you want to read about how can a property accountant help you, check out the following text below.

Accounts

First things first, we`ll talk about the main issue property accountants are hired to deal with simply because you need to know about the potential success of your property. This will help you get a clear picture of your company`s possible growth in the future if you want to turn to commercial work. As you can see, it can be challenging to keep track of all property expenses such as paint, repairs, and maintenance. The main reason why you should think about hiring a property accountant is to know exactly what`s coming in and out and how to handle any possible complications that occur very often, especially now when the ongoing economic crisis shakes up the market.

Of course, it`s important to hire an experienced and knowledgeable property accountant that will keep a record of all the property-related information and turn them into rental reports. So, again, one of the main reasons why you should consider hiring a property accountant is to keep all your accounts in order.

Capital Gains

It doesn`t matter if you are new to the business or already have lots of experience in the matter. It`s natural that, at one point, you`d want to sell your old property or buy a new one. This can be pretty tricky if you don`t have all the formal information. For instance, if you want to sell a property that is not your permanent place of residence, a.k.a your home, this property will be subjected to capital gains tax. You`ll have to pay a part of your gain to the state, which is pretty normal everywhere in the world.

However, what happens when you`re not aware of this information? You can easily become subject to tax fraud and various legal complications. All this can lead to the loss of your business or in the worst case, jail. Hiring a property accountant is a great move. You’ll save up money and get the tax return if it`s possible, of course. So, another great reason why you should consider hiring a property accountant is to plan out taxes while ensuring your peace. This way you won`t have to deal with all sorts of legal complications by yourself.

Out of Country

What happens when you`re out of the country for a long period of time? Chances are you`ll be too busy dealing with life. So you probably won`t have enough time to deal with property management and various accounts. This is where property accountants come in. It won’t be possible for you to get a clear picture of the happenings around your property when you`re out of the country. Also, it’ll be impossible to perform the job in the best possible manner. Besides, it will be far easier for you to enjoy your vacation and spend time with family and friends when you have a property accountant to deal with all the tricky stuff instead of you.

Deductible Expenses

You might think that a property accountant is a waste of money. You may think that there is no possible way you`ll be able to save up money if you choose to hire a specialist. In reality, there is a ton of deductible expenses you might not be aware of. A property accountant works by applying experienced and very reliable knowledge that you simply don`t have. What do these deductible expenses usually include?

• Letting agency fees
• Water, gas, and electricity
• Finance costs
• Accountants fees
• Landlord`s insurance, etc.

In any case, you can see why it`s impossible for you to understand and comprehend all the possible spaces for manipulation that will help you save money in the long run.

Planning

Of course, another important reason why you should at least think about hiring a property accountant is to help you with planning for the future. It’s a great way to make sure that everything works in the best possible manner. This is why we recommend hiring a professional that can answer all your questions. For instance, most landlords at one point decide to invest in more property. A property accountant can help you decide whether that`s a good idea or should you think about doing so in the near future. In any case, before making the final decision, we highly recommend taking enough time to think thru all aspects of the issue.

If you are in a dilemma, make a list of pros and cons while thinking about hiring a Manhattan property management agency that can do your accounting. Also, the benefits of hiring an apartment management company that offers the accounting service are that they will help you save loads of money by dealing with hidden rental property costs that can kill profit.

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When should you hire a property management company?

Real symptoms of burnout in property management include:

• As the weekends’ approach, you feel dreaded because they include labor rather than leisure.
• After hunting down unpaid rent from renters, you are worn out.
• You worry about move-out notices, and it seems expensive to advertise for new tenants.
• Property is being destroyed by a tenant who refuses to take responsibility. You feel like you must speak with someone.
• You want to add more properties to your portfolio, but who has the time to look for them around?

Moreover, if your goal is to constantly increase your real estate portfolio, you will probably reach a point where it is too much for you to manage on your own. When you’re in charge of several buildings, even simple maintenance may become exhausting. Choosing to work with a property management firm at this time is a good move.

Even a decade ago, real estate investing was done significantly differently than it is now. Today, you can buy buildings all around the country from the convenience of your computer. This increases your access to a wider range of investment options but decreases the possibility of being everywhere when it’s necessary and handling everything on your own. You’ll need a property management company. Not to mention that your building manager takes care of everything when a plumbing bursts or you need someone to conduct tenant interviews.

It’s time to think about hiring someone to assist manage and safeguarding your investment if you’re not passionate about helping your renters and doing the duties that come with being a landlord. With the aid of a professional property management firm, you may become a highly profitable hands-off real estate investor.

It might be difficult to decide whether to engage a property manager for your rental properties, especially for owners of small-balance multifamily homes. Many people think that adding a property manager might cause your properties to operate at a loss if your margins are already slim.

In an effort to reduce expenses and boost profits, landlords quite often resist hiring a property manager and try to handle the increased workload themselves. However, most landlords would consider the idea to outsource the administration of their properties as a wise financial investment. Property managers supervise the tenant application process, monitor security deposit escrows, and ensure compliance with local regulations in addition to organizing building maintenance, work orders, fixing damages, cleaning units, addressing tenant complaints and issues, and collecting rent. They take care of marketing and showing unoccupied units, and are also in charge of handling evictions, organizing move-ins and move-outs, and resolving emergencies.

What do building management companies do exactly?

Property management firms serve as a link between you and your present or potential renters. They take care of duties including rent collection, upkeep, and locating and screening new tenants. They have significant expertise working with properties and renters, which they can use to save you a ton of time (and, often, money).

An NYC property management company also oversee a lot of moving parts when it comes to renters. They are initially in charge of advertising your rental investment property and locating appropriate renters to fill any openings. For the greatest quality tenants, property management companies know the neighborhood and where to advertise.

The services that property managers provide go beyond only taking care of residents and maintenance concerns. In today’s capitalistic society, landlords must abide by several laws and rules that they might not even be aware of. Keeping up with these standards is a crucial but difficult responsibility for many, and a property manager may often shield landlords from any liability.

The fact that you feel you are entitled to rent because you have something to rent can occasionally make it difficult for owners to remain objective about what needs to be done. You must meet certain requirements of habitability in order to become a renter; simply having an empty unit does not give you this right. Building management professionals can offer important knowledge.

How to find a reliable property management company?

Once you’ve decided to hire a building manager, you must conduct careful research to find the best agency for your demands. If there is a particular company that comes to mind, see if you can speak with some of the customers about their experiences. You may also seek recommendations from other nearby landlords.

Another resource is online reviews, but be careful while doing so. Since building managers represent the property owner, there will always be complaints from renters, and those tenants who complain are usually the ones who broke the rules. But you should be aware if you come across negative owner reviews.

Many property owners feel that hiring a property management business is quite advantageous to their portfolio because the majority of individuals aren’t born to be landlords. Once they hire a building manager, they will immediately get a more assured, structured, and confident approach to managing their properties, thanks to the peace of mind that comes from knowing that these vital and sometimes tiresome activities are in the hands of professionals.

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Bad Ideas

Before we start talking about the best ways to pay rent, we must mention the worst because you need to know why to avoid them. Although cash might seem like the most simple option, it has numerous downsides. It can get lost in the process, stolen, and the worse part is that there is no proof of payment. Make sure to avoid cash, as it’s the worst option you can use. Also, paper checks are an extremely bad idea, especially since the only way to know for sure that the check is valid is by cashing it, meaning that you can easily get frauded. Furthermore, checks can be lost in transport, and you’ll have to deal with complications that can easily be avoided. So, it is natural that you want to work with the best possible option by using online rent-paying systems.

However, it might be hard for people who have no experience to learn to pay rent online. And that’s why we’re here to help.

There are two ways to pay your rent online, including using your bank account and directly transferring money onto the landlord’s bank account or by using apps and credit or debit cards.

Watch Out

Watch out and avoid using certain apps that don’t offer important features that can help you minimize the costs. Although certain apps are a great and easy way to send and receive money, keep in mind that there are downsides. So, if you are wondering what those downsides are, check out the following list below:

• You’ll have to pay a subscription fee.
• Also, you’ll have to pay a transaction fee, which is in some cases very high, especially when all the transactions add up at the end of the year.
• You can’t set up an automatic collection of late rents.

Now, we understand that you don’t perceive these downsides as too bad, but there are other, more efficient ways to transfer money.

How Does It Work?

Setting a certain online payment is very simple, and all you usually need to do is set up a renter profile, and then you’ll be prompted to set up the preferred payment method. All you need to do is put up the amount of rent you want to pay to the landlord and when exactly you want to pay it. You can even set up a timer that will automatically send payments at a certain time and calculate the cost of late rent payments. So, it isn’t a complicated process. They’ll also send you a notification ( if you set it up, of course) when the rent payment is due.

Pay Online

Truly professional apps allow their users to pay rent by using bank accounts, credit cards, or debit cards. However, most renters prefer to use bank accounts in order to pay rent. If you want to maximize rewards, we recommend using credit cards. Also, you can connect multiple accounts and use these apps not only for rent but for other expenses as it is one of the best and effortless ways to pay bills, utilities, etc. You can even transfer money between your friends and family members as long as they download the same app. As you can see, paying rent online isn’t rocket science meaning that you can transfer money with absolutely no effort. However, we must say that not all apps grant security which is pretty problematic since you’re leaving personal data. Furthermore, if you have a pretty big amount of money on your card or bank account, you’re risking that somebody will clean your card. Although most similar frauds are easily traceable, there are some cases where the stolen money was never returned.

Security

As mentioned above, in some cases, these apps used for paying rent aren’t very reliable, meaning that the whole situation can backfire on you. So, we advise checking out all available options before deciding on the best one. Also, you can ask your friends and family member for recommendations or even your landlord if he’s already using a reliable app.

In any case, the internet allows you to get well informed on the best apps used to pay rent and similar expenses. Watch out for paid ads, and try to dig a little bit further in order to find the best app that will suit your needs without questioning security.

So, we hope you found some useful information on the subject that will help you pay your rent online efficiently and effortlessly. Taking care of your liabilities as a tenant is not as easy as it seems. Hiring a reliable NYC property management agency to represent your interests with a landlord will help you choose the best rent-paying option for your needs.

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1. The Importance

While you might think that there is no need to choose a payment method, in reality, the way you plan on collecting rent can make a big difference. Although most tenants want to mail the check and get it over it, you should think about persuading your tenants to play by your rules. Now, we`re not saying that you should be a dictator and order your tenants to pay the rent by using your preferred method. So, the key is a compromise, so make sure to explore all available options in agreement with your tenants.

2. Bad Ideas

Let`s talk about the worst ideas for paying rent. We`ll gladly explain what rent-paying methods should be avoided in order to follow thru with the process in the best possible manner.

Cash

Although paying with cash is the oldest and the most traditional method of paying rent, we recommend avoiding this rent-paying option at all costs. Why? The risk of complications is the highest because there are too many things that can go wrong. First and foremost, there is no record of the payment, leaving a lot of space for disputes with tenants. So, as you can see, fraud is the worst problem you can face, and unfortunately, it happens very often. Furthermore, you`re risking theft.

Paper Checks

Even though you might think that cash is the worst rent-paying option for landlords, you`d be surprised how bad paper checks are simply because of possible fraudulent activities. The check can bounce, get lost in transit, and is easily manipulated. You won`t know if the check is valid until you try to cash it.

So, what is the best rent-paying option for landlords? Any online rent-paying method. There are two online options to pay rent, including using an app or a digital wallet. It would be wise to choose some kind of digital payment that will allow tenants to pay rent by debit card, credit card, or even directly from their bank account.

3. Apps

Using an app is a good method but not ideal. Even though you`ll get a notification for every payment that comes into your account, and there is a very transparent transaction history, unfortunately, there are also numerous downsides that might not be tolerable for some. However, it`s still a pretty good rent-paying option.

So, if you are in a dilemma about whether to use apps or not, check out the downsides below:

• You`ll have to pay a pretty high transaction fee for absolutely every received payment.
• You can`t block partial rent payments.
• There is absolutely no payment protection for any rent payments.
• In numerous cases, tenants pay their rent to the wrong person leading to complications when you have to prove the money is yours. In fact, if the tenant pays the rent to the wrong person, there is no way to get that money back.
• Tenants can`t, in any case, set up recurring payments.
• You can`t send reminders to tenants.
• You can`t automatically calculate late fees.

4. Features of The Best Rent-Paying Systems

Now, to choose the best online rent-paying systems, you need to learn about the best features we`ll gladly talk about below.

Blocking partial payments

The possibility of blocking partial payments is very important in order to protect your rental income and cash flow. When is blocking partial rental payment necessary? For instance, you need to block a partial payment when evicting tenants. The only way to stop a tenant is by forcing them to pay the rent in full.

Free

The best online rent-payment systems are free, meaning that neither the landlord nor the tenant has to pay a transaction fee which is a big plus when all rents add up at the end of the year. The reason why this feature is so important is that it functions in a way that allows both sides to save up money.

No Subscription Fees

Related to the previous issue, by using the best rent-paying systems, you won`t have to pay a subscription fee which is very important to tenants. This way, it will be way easier for you to persuade the tenants to switch to an online rent-paying system.

Late Fees

Also, these systems allow you to automatically calculate late fees, which is very important for landlords, especially if you are dealing with a tenant that is frequently late with payments.

In any case, make sure to explore the best rent-paying options for landlords and make a mutual agreement with your tenants in order to collect the rent in the best possible manner while respecting both sides equally. Perhaps the easiest way for landlords to manage their rentals and collect rent from tenants, among other things, is to hire an experienced NYC apartment management agency to do all the hard work in your best interest.

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Action

When the landlords have a vacant unit, they are losing money and not generating revenue, meaning that truly good landlords will be more than eager to communicate with interested folks. So, how to spot a bad landlord? A bad landlord will dodge your calls, avoid questions, and show very little interest in helping you with the process. If the first interaction starts bad, this is not a good sign meaning that it would be best to avoid this rental unit and the landlord. However, we must mention that some landlords do make an effort and get tenants into the home but then tend to ghost them once the lease is finally signed. What does this mean? Getting ahold of them when it comes to maintenance, questions, needs, and concerns can become a challenge. So, if the landlord lacks in action, we highly recommend looking further, as bad communication at the start of your relationship won’t get any better over time.

Too Good To Be True

Although technology has made an immense contribution to humanity, it also has its downsides, especially when it comes to real estate leaving space for scammers. If something seems too good to be true, it usually is, especially when it comes to rental property. While searching for a place, if you come across a budget-friendly luxurious apartment, chances are, unless you are extremely lucky, that something’s off. And when it comes to real estate, it is better to double-check, especially when you come across shady ads. If needed, consider hiring a real estate agent to take care of the process. The best parameter that will help you determine whether the ad you found is a scam is an extremely low price.

Review

Online forums and reviews are an excellent way to see what kind of reputation the landlord has. Now, if you come across one suspicious review that doesn’t necessarily mean that the landlord isn’t suited for your needs. But, if you find a bunch of them, you’re most likely dealing with a landlord that should be avoided. Furthermore, if this is coupled with more warning signs, stay clear of that rental unit. So, as always, reviews are the best indicator, if it’s possible to find them, of course.

Cash

Now, it’s understandable that the landlord’s goal is to collect rent which can be paid in various forms, including credit cards, cash, checks, etc. However, if the landlord is insisting that you pay with cash, chances are he’s not a reputable one. These kinds of landlords avoid taxes or any evidence of operating a business. We’re not saying that every landlord that asks for a cash payment sometimes is a shady one. Just that, if he’s constantly insisting on it, we recommend staying away and trying to find another rental unit. It can even be a rental scam as there is no evidence that the landlord has received any money, meaning that in the long run, you can get into various forms of trouble that can be easily avoided.

Contracts

You probably know that the rental agreement is the absolutely most important document for a tenant-landlord relationship. Since this is a legally binding contract, it outlines expectations and obligations while protecting the rights of both mentioned parties. Now, truly credible landlords accentuate the lease while ensuring that the tenant understands all the terms while answering any question that might come into your mind. On the other hand, shady landlords leave some of the terms vague and unclear by attempting to avoid responsibility for any inconveniences that might occur. This can lead to disputes and lots of confusion later on. So, if the landlord refuses to review the lease with you and cannot produce it or insists that you sign the lease before thoroughly examining the unit, we highly advise you to move on.

Common Areas

Another great parameter that will help you determine whether the landlord suits your needs or not are common areas of the property. The best part about this tip is that you can get a good picture of the landlords` relationship with tenants by looking at the common areas. Since it is a first impression you’ll make, listen to your gut feeling. No attention given to the common areas means that the landlord isn’t keen on keeping the tenants happy, meaning that, again, you should move along. Besides the first impression, take a look at how they handle repairs and the overall cleanliness of the place. The most common issues related to the subject include missing floor tires, evidence of pests, cracks in the walls, worn paint, or piled-up trash.

Gut Feeling

Although many times overthinking kicks in, and we tend to think about everything that could go wrong, leading to mistrust and having to second-guess every person you meet when it comes to renting an apartment/house, we advise listening to your gut feeling. If you see that something is wrong and the landlord seems shady or rude, take off as fast as possible. There is no need to waste time on somebody that is clearly not respecting you or your boundaries. Besides time, you wouldn’t want to spend money on their rental unit either. Instead, keep searching, and we’re sure you’ll find a good landlord that you can easily make an agreement with.

Avoiding dealing with bad landlords is crucial for your stress-free tenancy. The best way to avoid these problems is to hire an NYC property management company to advocate your interests in tenant-landlord relations.

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Reasons for Evicting Tenants

We understand that no landlord wants to evict his tenants, but in some cases, this step is necessary because no other option is possible. Waiting too long to evict a tenant can result in various complications and unplanned expenses. How to decide whether you should evict your tenant, and what are the main reasons to do so?

Rent

The most common reason to evict a tenant is nonpayment of rent, and unfortunately, this happens very often. Even the best tenants often experience difficulties that influence their ability to honor their obligations. The most common reason why this happens is their family situation, loss of working hours, a job loss, a medical condition, or frequent delays. However, in business, you might not have enough space to look out for every tenant living on your property, meaning that one way or the other, you’ll have to evict them.

Professionals

What is a professional tenant? A professional tenant is a person that rents your property with the sole intention of avoiding paying rent. Even though this tenant may have already paid money upfront, such as the deposit and first month’s rent, a professional tenant will probably not pay another dime. These professionals know exactly how the entire eviction process works and is usually an expert in avoiding the law and searching for loopholes in order to live rent-free. A major red flag when dealing with professional tenants is the fact that they usually want to move in as fast as possible because they know that there is a certain time lag between the most recent eviction showing up on their rental history report meaning that they are in a race to move in before public records come to light.

Illegal Business

Using your property for gambling, prostitution, or drug activity are all examples of illegal business that your tenant has no right to perform, which is a solid ground for eviction. If you allow illegal activity in your unit to continue, you can get yourself into trouble by allowing illegal activity in your property, and we highly advise you to contact a legal attorney that might help you with this issue.

Your Property

Tenants that damage your property beyond the usual wear and tear should also be evicted from your property. Punched holes in the walls or broken windows can be easily discovered during a routine property inspection. Although some states allow the landlord to use the tenants` deposit to pay for any possible damage, in most cases, the tenants’ security deposit is not nearly enough. Why? Because states usually limit the amount of security deposit a landlord can ask for and are usually no more than two months’ rent. So, if you notice that the tenants’ behavior in terms of destroying your property is over the line, we recommend evicting those tenants.

How To Evict Tenants?

Although the laws differ from state to state, there are typically a couple of rules you should follow in order to perform the process in the best possible manner:

Review The Laws

Before beginning the process of eviction, we recommend checking the law in your state:

• Talk with a real estate attorney.
• Consult with your NYC property management agency if you have one.
• Visit some legal resource websites to check the landlord-tenant laws in your location.
• Contact the local municipality and check for laws.

Having a Reason

Another important step in the evicting process is that after checking the laws, you should write down a good and valid reason why you want to evict your tenant. The most common violations are owning a pet (if it’s not permitted on your property), property damage, illegal activity, illegal roommate, etc.

Talk With The Tenant

In certain situations, it might be a good idea to speak with the tenant and see if they are maybe willing to leave without actually being evicted. Why? Evicting a tenant can be very time-consuming and in certain cases, expensive, so most good tenants simply don’t want a bad mark on their report.

A Written Notice

Next, you should serve the tenant with a written eviction notice that depending on the state you’re located in, should contain:

• A quit or a pay notice which states that the rent is past due and provides the tenant a certain period of time to try to pay the past due, including any possible late fees, or immediately leave the premises.
• A quit or cure notice if a tenant violates other provisions of the lease besides due rent like owning a pet, a roommate, or loud parties.
• An unconditional notice requires that the tenant leaves your property immediately, which is mostly used in severe cases.

Suing

You can sue for an eviction if the eviction process is getting out of hand, and for that purpose, we recommend getting a real estate attorney to help you with the process.

Remember that, if possible, it is always best to take things easy and try to come up with an agreement instead of dealing with the issue in an argumentative matter. Issues with evictions are one of the disadvantages of self-managed real estate properties, which a management agency can help you with. So, if you are in the rental business, contact us and start enjoying all the benefits of an apartment management company. In any case, we hope you found some useful information in our article and best of luck with your tenants.

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What Do They Do?

A building management company deals directly with tenants and prospects, saving you a lot of time and money, meaning you won’t have to worry about collecting rent, marketing your rentals, handling repair and maintenance issues, pursuing evictions, and responding to tenant complaints. Furthermore, a proper manager will provide you with trained experts on the subject, ensuring you have your own piece of mind when it comes to dealing with tenants and all possible problems that might come up. Additionally, a building management agency is an independent contractor, meaning you can avoid all the hassle of being an employer.

When to Hire a Building Management Agency?

Although hiring a building manager is pretty costly, there are numerous advantages you should take into consideration in order to make the right decision. So, if you are wondering when to hire a building management agency, check out our list below:

The Number of Properties

If you own lots of rental units or properties, chances are you won’t be able to take care of all the obligations. So, for those of you that don’t have time to deal with all the buildings and have a large number of units to take care of, it would be smart to invest in hiring a building management agency.

Your Location

Suppose you don’t live near the location of your property and need to drive there every time you have to take care of some issue or obligation. Besides saving time and, in some cases, money, there is no chance you’ll be able to deal with critical issues from afar. In that case, we highly advise you to hire a building manager because, in the long run, this step can even save you some money.

Your Interest

Now, we know that some landlords enjoy dealing with tenants and numerous responsibilities related to owning a building. However, others are simply not interested in giving their time to these issues, and that’s why hiring a building manager is a good fit.

Your Time

In today’s time, people are too busy to even have enough time to spend with their loved ones or indulge themselves, which can get almost impossible if you plan on dealing with all the issues related to your property by yourself. This is where a building manager comes in, as it is a perfect way to save up time.

You Can Afford It

Probably the plainest reason on the list is affordability. If you have enough money, hiring a building management agency is a pretty solid option. However, expect that the quotes range from %5 to %10. So, if the market is down and you want to save as much money as possible, we recommend performing the job by yourself.

A Growing Business

If you own a growing business, it is natural that, in time, you’ll need as much help as you can get. That’s where a rental building management New York agency can help you.

Being An Employer

Suppose you hire employees or a resident manager to help with managing your property. In that case, you’ll become an employer, and those of you that want to avoid that should hire a building management agency as they represent an independent contractor. If you become an employer, you’ll have to deal with payroll and numerous other legal considerations and requirements. So, because a building management agency is an independent contractor and not your employee, you won’t have to deal with these obligations.

How to Find a Building Management Agency?

Finding a building manager is easy, but finding the right Manhattan property management agency is hard, especially if you have no prior experience in the subject. It is important to ask for recommendations from colleagues, friends, and family. You can always search for recommendations online and remember to check out various reviews, as they will provide you with the best insight into the company’s work ethic.
Avoid shady and inexperienced companies that won’t provide quality service. Also, remember to compare the prices and explore all the available options before making the final decision.

Summary

You might think that a property management company won’t provide you with much help, but there are several reasons why you should consider hiring one, including saving time, dealing with other issues, avoiding being an employer, living far away from your property etc. It is always best to put everything on paper and list all the advantages and disadvantages of hiring a building management agency.
We hope you enjoyed our article and found some useful information on the subject.

The post How Does a Building Management Agency Help You? appeared first on NYC Property Management Company XL-RPM.

Here’s a list of the most common hidden rental property costs that a property owner should know:

Taxes, fees, and insurance

Taxes and other similar fees are often one of the highest expenses when it comes to the rental building. First of all, taxes are different for your primary residence and the rental asset. The property taxes that you pay for your home might include exemptions, but rental properties don’t, which means higher taxes for your rental asset. It’s a good idea to calculate the costs and your budget before you get the bill and save yourself from any surprises.

Also, rental property insurance is usually more expensive than other policies for homeowners, but these additional costs can save you from higher costs later. Better safe than sorry. There are different rental property policies, so make sure that you find out the best one depending on your property itself and the assumed level of risk.

Maintenance costs

The next hidden cost that landlords might skip is maintenance. This is essential if you want your property to hold its value, and vital if you want to attract reliable tenants. The good maintenance of the property will guarantee its integrity. This isn’t something that you do only when you prepare the place for renting.

You are responsible for maintaining even after renting, and it is often unpredictable when something has to be fixed or replaced. If you prepare your property well, it is less likely that it will happen too often. There are always things that should be fixed, and delaying or avoiding them will only make the issue bigger.

Landlords are responsible for fixing and keeping the property in good condition, outside and inside. That includes a good condition of the roof, water pipes, heating system, electrical installations, big kitchen appliances, etc. Sometimes it’s better to replace something than constantly repair it, especially old kitchen appliances like a fridge or a stove. These items are long-term investments and it’s worth spending extra money at once and being in peace for a while.

Payments to electricians or plumbers will have a noticeable impact on your wallet. Either you take care of repairs by yourself, or hire outside help, you have to spend money on it and include the costs in your profit plan.

Bad experiences with tenants

It might not look like something you should worry about too much, but choosing high-quality tenants is important as everything else about renting. Being careful when it comes to the tenants plays an important role in calculating your final profit. Your property – your rules, and you should never skip checking the background and credit histories of your future renters. It’s not necessary to say that bad tenants can increase your expenses and even drag you into expensive lawsuits.

Proper screening will also prevent expensive evictions later. The legal process of eviction is not free, it takes time and money, and you should be prepared for this unpleasant scenario because even the best landlords can occasionally end up with bad tenants.

Cleaning

This may look like an insignificant cost, but it’s more important than it looks. When someone comes to see the place, it has to be spotless, and this level of cleanness is difficult to achieve on your own. It’s more likely that you’ll have to hire a cleaning service to clean every corner of the place as fast as it’s possible, mostly because you have to find new tenants right after you finish with the old ones. And if they were not the most detail-oriented, the cost of thorough cleaning is unavoidable. You can’t know upfront if your property will have a high turnover, so make sure that you planned cleaning fees in your budget.

Vacancy

Many proprietors estimate a budget based on 100% occupancy, but in reality, a 90 or 95% rate is more likely. No matter how fast you find new tenants, there are always at least a few days (sometimes even more!) between moving-outs and moving-ins, and those gaps have to be considered as the loss of your income. So, vacancy is another of the hidden rental property costs you should minimize. Finding a tenant as quickly as it’s possible is one of the most difficult challenges for landlords.

Many factors can affect the duration of the vacancy period. For example, if you set your rent too high, the property will stay on the market longer. On the other hand, setting it too low will reduce your profit. Finding the right balance is another challenge that property owners face. And even if you have a great property, in an excellent location, offered for a reasonable price, sometimes you can find yourself in a situation without tenants for a month or two, so be prepared.

Working with the wrong advisors

To develop a successful and profitable business in the rental industry, you have to build a reliable team of people who can help you maintain the long-term business. You’ll need a good real estate agent, attorney, accountant, maintenance company, and a property management team. Choose them wisely and find people you can trust. Hiring the wrong people is the worst hidden cost of all.

There are plenty of reasons you need a property manager. A reliable property management company will help you avoid hidden costs that can ruin your income. The benefits of hiring a property management team include finding higher-quality and long-term tenants, preventing potential problems with them, avoiding legal issues, fewer vacancy periods, lower maintenance and repair costs, tax saving, and many more.

Professional condominium management companies are experts at managing properties, so hiring professionals will increase your profitability and success, and will help you avoid hidden rental property costs.

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