Guide to Property Management New York for Rentals, Condominiums, and Co-ops 

Management properties in New York is a complex and challenging task. When taking into consideration property maintenance and upkeep, construction management, financial management, violations, regulations, legal issues and more – it can be a daunting task. This guide will break down everything you need to know about managing properties in New York, answering some key questions, such as:

• What services should a property manager provide? 
• What are some red flags to look for when choosing a property manager in New York? 
• What are the pros and cons of hiring a property manager in New York?

Challenges of New York Residential Properties Management

Residential property management in New York can be challenging due to several factors:

• Compliance: Complying with laws and regulations in New York can be complex. From building codes, zoning codes, maintenance codes, and laws such as the New York State Condominium Act – is critical for your property’s success to avoid fines and legal issues. Maintaining knowledge of all laws and regulations poses a significant challenge when managing any property in New York.
• Maintenance: Maintenance and property upkeep is a time consuming task, requiring frequent building inspections, staff and service provider management (i.e. landscapers), accurate budgeting and bidding of services.
• Communication: Managing properties in New York requires expert communication skills. This can pose a challenge to some, especially when balancing the often varying needs of Boards and ResidentsTenants.
• Budgeting: This often poses the largest challenge for property management. Budgeting ranges from day-to-day expenses including building staff and utilities to seasonal expenses and capital improvement projects. Great property management entails accurate budgeting, bidding out of insurance and other services, and should increase the value of your property in the long run.
• Insurance: Properties require insurance coverage, offering protection against property damage, loss of income, liability and Board errors and omissions property damage. Obtaining insurance coverage can be challenging and costly, especially for aging buildings or properties in areas designated as high-risk.

Managing Condominiums, Co-ops and Rental properties in New York can be challenging for many reasons. Without the right expertise, communication skills and due diligence, it can quickly become a daunting task with financial, safety and legal implications. Property managers need to be proactive in addressing the above challenges to ensure the success of their properties in this dynamic real estate market.

What is a Property Management Company?

A property management company is a professional company that who is responsible for the day-to-day operations of residential properties. They are hired to manage and maintain the day-to-day operations of the property and manage the property’s finances.

A property management company’s responsibilities may include:

• Maintenance, repairs and upkeep of the property
• Expense management including utilities management and managing Resident accounts 
• Overseeing property cleaning and landscaping
• Effectively communicating with Boards and Residents and resolving conflicts
• Maintaining accurate records and documentation related to the property and residents.
• Initiating and managing capital improvements
• Budget forecasting 
• Ensuring compliance with federal, state, and local laws and regulations

Managing Condominiums, Co-ops and Rental properties in New York can be challenging for many reasons. Without the right expertise, communication skills and due diligence, it can quickly become a daunting task with financial, safety and legal implications. Property managers need to be proactive in addressing the above challenges to ensure the success of their properties in this dynamic real estate market.

Pros and Cons of Hiring a Property Management Company in New York

Properties can be self-managed, or management duties can be outsourced to a property manager. Here are some pros and cons to consider when deciding if hiring a property manager is right for your property:

Pros:

• Time-saving: Property managers can save you a lot of time and hassle by handling tasks such as managing maintenance and repairs, managing building staff, and providing financial and legal services.
• Ensure good relationships between Boards, Owners and Residents.
• Regulatory compliance: A good property manager will be well-versed in local laws and regulations, ensuring that you stay compliant with all relevant laws and avoid legal issues.
• Better building quality: Property managers respond promptly to complaints and concerns, perform regularly scheduled inspections and maintenance, and overall ensure the property is taken care of.
• Professional management: Property managers bring a level of professionalism to the management of your property, ensuring that everything is handled efficiently and effectively.
• ROI: A good property manager will always look out for your property’s bottom line. Initiating and managing capital improvement projects is just one way a property manager will ensure your property stays profitable.

Cons:

• Cost: Property managers charge a fee for their services. If they aren’t increasing the value of your property, this fee can make your property less financially appealing.
• Loss of control: When you hire a property manager, you’re entrusting someone else to execute make important decisions about your property. (Note: with a property management company, decisions are still bade by the Board/Owners).
• Quality of service: Not all property managers are created equal, and some may provide better service than others. It’s important to do your research and choose a property manager who has a good reputation and track record.
• Lack of personal touch: A property manager may not have the same level of personal investment in your property that you do – which is often the case with very large management firms.

Often, individuals think of hiring a property manager according to their current needs or circumstances, weighing the costs of hiring the manager against their free time, knowledge of regulations and individual skills.

Ultimately, even when taking into consideration a property manager’s fee, a good property manager will decrease expenses, improve services, increase the value of your property, and a property manager can be a great investment.

What Services Should a New York Property Management Company Provide?

New York property managers provide a wide range of services to help you manage your property and finances. Those services general fall under these categories:

• Communication Services – emails, letters and robo calls and texts
• Financial Management – bidding out services
• Maintenance
• Reporting
• Project management
• Emergency response services
• Project management
• n addition to the larger categories of services listed above, property managers can also provide insurance services, mitigation of potential claims and legal services.

The specific services provided by a property manager may vary depending on the individual manager and the property’s needs. When considering hiring a property manager, it’s important to clarify which services they will provide and to ensure that the property manager is a good fit for your needs.

Communication services

A good property manager handles all aspects of your communications – including:

• Day-to-Day Communications: Property managers should distribute notices, manage mailing lists and correspondence.
• Availability and Responsiveness: Calls and emails should be answered in a timely manner. Larger property management firms often use phone trees to handle incoming requests, complaints and inquiries. In contrast, smaller companies usually answer the phones in-office. All companies should have a 24/7 hotline answered by a knowledgeable property manager in the event of an emergency.
• Communication with Owners/Boards: Property managers attend Board meetings, and should provide transparent updates on property finances and building status.

Communication is not a trivial aspect of property management, and is often the #1 reason properties look to switch property managers. When choosing a property manager or property management firm, it is key to evaluate their communication protocols and skills.

Financial Management

Effective financial management should reduce your expenses and increase your property value. It requires extensive experience and expertise, and should include:

• Budget Forecasting: Preparing detailed yearly budgets for your property’s daily operations. This can include estimating income, projecting expenses for maintenance and repairs, and anticipating changes in the market that may affect your property.
• Capital Improvements: Developing long-term budgets for capital improvements, managing renovations or remodel projects. Improving your property’s value entails skillfully budgeting and planning projects such as elevator renovations, HVAC projects, facade renovations, boiler maintenance, balcony and terrace waterproofing and renovations.
• Expense Management: Providing on-going reviews of services, utilities and systems to cut down on unnecessary expenses. It also may include negotiating with vendors and contractors for better rates, training on-site staff to perform basic repairs and maintenance, and more.
• Collections: Ensuring that payments are collected on time is crucial for maintaining positive cash flow and keeping your property financially stable. This can be done through online payment systems or by mail.
• Accounting and record-keeping: Keeping accurate records of income and expenses is essential for managing your property’s finances. This includes keeping receipts and invoices, and preparing financial statements, and filing taxes.

By implementing sound financial management practices, you can ensure that your property in New York remains financially stable and profitable over the long term.

Day-to-day Maintenance and Upkeep

Property maintenance requires hiring responsible and competent staff, running frequent inspections and performing repairs in a timely manner. With a regular maintenance schedule in place handled by expert staff, your property can avoid serious failures and costly damages.

• Here are some tasks that are typically involved in day-to-day maintenance and upkeep of a residential property in New York:
  • Regular cleaning: Regular cleaning of common areas, such as hallways, elevators, and entryways, can help keep your property looking well-maintained and attractive to potential residentstenants. This can be done by a professional cleaning service or in-house staff.
    Landscaping and snow removal: If your property has outdoor spaces, such as a lawn, garden, or sidewalk, regular landscaping and snow removal can help keep these areas safe and accessible for residents tenants and visitors.
  • Maintenance of building systems: Regular maintenance of building systems such as HVAC, plumbing, electrical, and security can help prevent breakdowns and extend the life of your equipment. It’s important to have a maintenance plan in place and to schedule regular inspections and tune-ups.
  • Prompt repairs: Addressing repairs and maintenance issues promptly can prevent small problems from turning into larger, more expensive ones. This includes addressing issues such as leaks, broken appliances, and malfunctioning equipment.
  • Pest control: Regular pest control can help prevent infestations and ensure that your property is clean and healthy for residentstenants.
    Safety and security: Ensuring that your property is safe and secure is important for the well-being of your residents tenants and the protection of your property. This includes installing smoke detectors and carbon monoxide detectors, ensuring proper lighting, and installing security cameras and alarms if necessary.

  By taking a proactive approach to day-to-day maintenance and upkeep, you can ensure that your residential property in New York is well-maintained, safe, and attractive to potential residentstenants. It’s also important to work with experienced professionals, such as contractors, cleaners, and maintenance staff, to ensure that your property is well-cared for.

Project Management

Project Management Services are an important part of managing a residential property in New York. Whether you’re performing repairs and maintenance or construction, proper project management can help ensure that projects are completed on time, within budget, and to the satisfaction of all stakeholders. Here are some key aspects of project management in New York:

• Planning: Proper planning is essential for the success of any project. This includes defining project goals and objectives, identifying stakeholders, setting timelines and milestones, and of course developing a project budget.
• Resource management: Managing resources, such as personnel, equipment, and materials, is essential for the success of any project. This includes identifying the resources needed for the project, allocating resources effectively, and managing resource constraints.
• Communication: Effective communication is essential for keeping stakeholders informed and engaged throughout the project. This includes communicating project status updates, addressing concerns and issues, and setting clear expectations for deliverables.
• Risk management: Identifying and managing risks is essential for avoiding potential delays or cost overruns. This includes identifying potential risks, developing risk mitigation strategies, and monitoring risks throughout the project.
• Quality control: Ensuring that projects are completed to a high standard is essential for maintaining the value and appeal of your residential property. This includes setting quality standards, monitoring project quality, and addressing quality issues as they arise.
• Compliance: Ensuring that projects are compliant with local laws and regulations is essential for avoiding legal issues and potential fines. This includes understanding local building codes and regulations, obtaining necessary permits and approvals, and ensuring that projects are completed to code.

By implementing proper project management practices, a property manager can ensure that your project is completed on time, within budget, and to a high standard.

Emergency Support and Response

Emergency support and response is an important aspect of managing a residential property in New York. Whether it’s a natural disaster, a plumbing emergency, or a security issue, having a plan in place to respond to emergencies can help protect your residents tenants and minimize property damage. Here are some key emergency response services your property manager should provide:

• 24/7 Emergency Contact: In the event of an emergency, you should be able to contact your property manager so they can take swift action.
  Emergency Preparedness: Preparing for emergencies, such as natural disasters or power outages, can help reduce the impact of emergencies on your property and residentsTenants/Owners. This includes developing emergency plans, maintaining emergency supplies, and communicating emergency procedures to all residents.
• Maintenance and repairs: Ensuring that your property is well-maintained and repairs are done in a timely manner can help prevent emergencies from occurring in the first place. This includes performing regular maintenance checks, addressing repairs promptly, and conducting safety inspections.
• Security measures: Implementing security measures, such as surveillance cameras and access control systems, can help prevent security emergencies and deter criminal activity.
• ResidentTenant/Owner communication: Communicating effectively with all residents during emergencies is essential for ensuring their safety and well-being. This includes providing regular updates, communicating emergency procedures, and addressing concerns and questions.
• Insurance: Maintaining proper insurance coverage, such as property insurance and liability insurance, is essential for protecting your property and residentsTenants/Owners in the event of an emergency.

By implementing proper emergency support and response practices, your property manager should help protect you and your property from damages and risk.

Reporting and Documentation Services

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Being well-informed and knowledgeable of your property’s expenses and building status is important to most Boards and Owners. A property manager should provide detailed, regularly scheduled building reports and financial reports. Transparent, open management not only ensures trust, but allows for increased collaboration between management teams and Boards and Owners and can help ensure that your property is well-maintained, financially sound, and compliant with local laws and regulations. Here are some key aspects of organization and documentation services for residential properties in New York:

• Record-keeping: Maintaining accurate and up-to-date records, such as contracts, financial statements, and maintenance logs, is essential for managing your property effectively. This includes organizing records in a systematic and accessible manner, and keeping them up-to-date.
  • Budgeting and financial planning: Creating and managing budgets, tracking expenses, and developing financial plans can help ensure that your property is financially stable and profitable. This includes creating annual budgets, tracking expenses and income, and developing financial strategies.
  • Compliance management: Staying compliant with local laws and regulations, such as building codes and zoning laws, is essential for avoiding legal issues and potential fines. This includes understanding local laws and regulations, obtaining necessary permits and approvals, and ensuring that your property is in compliance with all applicable regulations.
  • Vendor and contractor management: Working with vendors and contractors, such as maintenance professionals and contractors, is essential for keeping your property well-maintained. This includes identifying reliable and high-quality vendors, negotiating contracts, and managing vendor relationships

Project Management

Project management services are an important part of managing a residential property in New York. Whether you’re performing repairs and maintenance or construction, proper project management can help ensure that projects are completed on time, within budget, and to the satisfaction of all stakeholders. Here are some key aspects of project management in New York:

• Planning: Proper planning is essential for the success of any project. This includes defining project goals and objectives, identifying stakeholders, setting timelines and milestones, and of course developing a project budget.
• Resource management: Managing resources, such as personnel, equipment, and materials, is essential for the success of any project. This includes identifying the resources needed for the project, allocating resources effectively, and managing resource constraints.
• Communication: Effective communication is essential for keeping stakeholders informed and engaged throughout the project. This includes communicating project status updates, addressing concerns and issues, and setting clear expectations for deliverables.
• Risk management: Identifying and managing risks is essential for avoiding potential delays or cost overruns. This includes identifying potential risks, developing risk mitigation strategies, and monitoring risks throughout the project.
• Quality control: Ensuring that projects are completed to a high standard is essential for maintaining the value and appeal of your residential property. This includes setting quality standards, monitoring project quality, and addressing quality issues as they arise.
• Compliance: Ensuring that projects are compliant with local laws and regulations is essential for avoiding legal issues and potential fines. This includes understanding local building codes and regulations, obtaining necessary permits and approvals, and ensuring that projects are completed to code.

By implementing proper project management practices, a property manager can ensure that your project is completed on time, within budget, and to a high standard.

How Do I Find a Good Property Management Company?

Finding a good property management company in New York can be a challenging task, but there are several steps you can take to help ensure that you find the right professional for your needs. Here are some tips for finding a good property manager in New York:

• Ask for recommendations: Reach out to friends, family, and colleagues who have used property management services in New York and ask for recommendations. Personal recommendations can be a great way to learn about a property management company, and ultimately find a trustworthy and reliable property manager.
• Check online directories: There are several online directories that list property management companies in New York, such as CooperatorNY, Yelp, Google My Business, and the Better Business Bureau. These directories often include reviews and ratings from past clients, which can be helpful in evaluating a company’s reputation.
• Interview potential candidates: Once you have identified several potential property management candidates, schedule interviews to learn more about their services, experience, and fees. This can help you evaluate their professionalism and determine whether they are a good fit for your needs.
• Check credentials and experience: Look for property managers who are licensed and experienced in managing properties in New York. You can check with the New York Department of State to verify a property manager’s license and check their experience with similar types of properties.
• Review their management contract: Before signing a management contract, carefully review it with your attorney to ensure that it covers all the services you need and that you are comfortable with the fees and terms.

By taking these steps, you can find a good property manager in New York who can help you manage your property effectively and efficiently. It’s important to take your time in evaluating candidates and to choose a property manager who has the experience, expertise, and professionalism to meet your needs.

Red Flags to Look for When Interviewing Property Management Companies

When interviewing a property management company, it’s important to watch out for red flags that could indicate that they are not the right fit for your needs or that they may not have your best interests in mind. Here are some common red flags to look out for:

• Lack of experience: Property management is a complex and demanding field that requires specialized knowledge and expertise. Make sure the property manager you’re considering has significant experience managing properties in New York and can demonstrate a track record of success.
• Poor communication: Effective communication is essential for a successful property management relationship. Watch out for property managers who are unresponsive or who don’t communicate clearly and consistently.
• Lack of transparency: A good property manager should be transparent about their fees, services, and policies. If a property manager seems evasive or is not forthcoming with information, this could be a red flag.
• Inadequate technology: Property management requires a range of technology tools to track finances, maintenance requests, and other aspects of property management. If a property manager doesn’t have up-to-date technology and software, this could be a sign that they are not investing in their business or keeping up with industry trends.
• Poor references or reviews: Before hiring a property manager, be sure to check their references and read reviews from past clients. If a property manager has a history of negative feedback or has few references, this could be a red flag.
• High fees: Property management fees can vary widely, but if a property manager’s fees seem excessively high or they charge for services that should be included in their basic management fee, this could be a red flag.

By watching out for these red flags and doing your due diligence before hiring a property manager, you can help ensure that you find a qualified and trustworthy professional who can help you manage your property effectively.