Being a property owner in NYC can net you a serious profit -- the average rent price in Manhattan is over $5,000 -- but that doesn't mean it's not complicated. Maximizing rental income requires deftness when it comes to real estate management.
In today's post, we'll explain what New York property managers do to boost client property profits. From rent collection to property maintenance, property management services can take a lot off of your plate while enhancing your investment's worth. Keep reading and find out how we can help you thrive as a landlord in NYC.
Property Marketing
Every rental property owner's worst nightmare is a rental vacancy. When you have vacancies, your property is costing you money instead of making it. Even in a competitive rental market like New York, you need to take an active approach to finding tenants.
Property marketing is one of the many hats that a property manager will wear on your behalf. They'll write up a verbose rental listing with quality real estate photos, then post it on all of the biggest rental listing websites.
If need be, they can also invest in digital marketing -- paid ads, SEO, etc. -- to get more eyes on the listing. All of this is done to cast the widest possible net for applicants.
Tenant Screening
Once you have enough applicants for your rental vacancy, you need tenant screening to find a suitable candidate. The only thing worse than a rental vacancy is a tenant who actively causes you stress and puts your property at risk.
You need to look into their personal and financial background to ensure they're a good fit. A property manager has specific tenant screening tactics that are proven to weed out less-than-ideal applicants. When all is said and done, you'll be left with the best person to become your tenant.
Rent Collection and Tenant Management
When you have good tenants, your property can achieve its potential. You need to pull your weight as a landlord as well. Your property manager will help you meet your tenant's needs to keep them satisfied enough to stay in your rental long-term.
They'll perform rent collection duties and implement an online portal where they can communicate with the tenant. There, your tenant will be able to reach the property manager directly to make maintenance requests or raise any other concerns about the rental property.
The most important thing is to stay on top of maintenance. If your tenant makes a maintenance request that goes unaddressed, they're going to leave for greener pastures sooner than later.
PMI Paramount Can Help You Run Your Property
These are just a few of the many ways that a New York property manager can help you maximize your investment property. Whether you need help with tenant selection or rent collection, our services encompass all aspects of property management.
PMI Paramount is New York City's top residential and commercial property manager. As part of the nation's largest property management group, we understand the diverse needs of different landlords and property owners. Contact us today to discuss your specific needs and how we can help you.
