Working with a Harlem property management company can help you earn more as an individual investor. If you’re in a co-op or trying to manage a condo association, there’s also a lot to gain from the experience, resources, and local knowledge of a property manager.
Here are some of the ways you’ll earn more and spend less with the help of a good management partner.
Capital Planning and Building Maintenance
When it’s time to make capital improvements, the relationships your property manager has with vendors and contractors will save you time and money. You will not have to worry about gathering bids, negotiating costs, and communicating about the plans with your homeowners. Property managers can take care of all that for you, and you can count on your management team to oversee the entire project, from conception to completion. This alleviates a lot of stress, risk, and avoids expensive mistakes for your co-op or condo board.
Better maintenance is also provided when you’re working with property managers. If you’re renting out a home and you need access to a licensed and insured plumber or HVAC technician who is also affordable, you’re going to need the resources of a property manager who gets volume discounts. This relationship will save you a lot of money, especially now with maintenance and repair costs climbing.
Minor maintenance issues and major projects are seamlessly completed when you’re working with an experienced Harlem property management team that has the network to support all of your building’s needs.
Harlem Property Managers Understand the Market, Laws, and Best Practices
Working with a property manager delivers more than the services you’re paying for. You’re also getting a lot of specialized information about the real estate market in Upper Manhattan and how it impacts your building or your rental units. If you’re an investor or an association board member, your time is likely precious. It’s hard to keep up with the latest trends, federal, state, and local laws, and industry best practices.
You don’t have to because your property manager is gathering all the required information and using it to help you make smart decisions. This deep knowledge and ongoing education and improvement keep you from making expensive legal mistakes. It helps you choose the right improvements and upgrades at the right time. It assists in assigning the right rental value to the property you’ve decided to lease.
Fair housing laws and security deposit laws are easy to get wrong. If you need to evict a tenant, it’s important that you understand and follow the legal procedures. Co-ops and condo buildings will need to understand what’s required for financing, disclosures, and the enforcement of rules and regulations.
Property managers are already up to speed. They’ll have the objectivity and the experience to see some of the things that you might miss. Working with professionals is the best way to ensure you’re compliant and up to date with requirements.
There’s a lot more to tell you about the benefits of professional property management in Harlem. Smart investors understand that it helps you earn more and spend less. It also protects your time and your exposure to lawsuits and grievances. Please contact us for more information.
Harlem Property Management is the authority on co-op and condo building management in Upper Manhattan and a member of the Real Estate Board of New York. We specialize in managing condos, co-ops, and multi-family buildings up to 99 units.