New York City is perhaps the most unique real estate market in the country. If you’re going to buy, sell, or invest, you need an expert who understands the specifics of how things work. You need a professional who understands pricing, building codes and condo requirements; an expert in both real estate and property management. You need someone who has a large network of resources, from maintenance providers to brokers, lenders, and insurers.
Who can help you the most?
Depending on what you have planned for your investments, you’re likely deciding whether you should hire a real estate agent or a property manager when it comes to managing your investment properties.
Luckily, if you’re working with the right team, you don’t have to choose one or the other. Actually, you’ll have a stronger portfolio and a more successful investment experience if you find a New York City property management company that also provides real estate services.
Krieger Property Management helps our clients with buying, selling, and managing rental properties in New York City.
Save yourself time, money, and frustration by working with a property manager who also provides real estate leasing services. It’s the best way to leverage a professional’s experience, resources, and networks.
Lifecycle of New York City Real Estate Investments
Most investors are not thinking in the short term. They’re thinking about long term goals and the scale of their growing portfolio. Each investment has its own cycle. You identify an opportunity, you negotiate a deal, you make repairs or renovations, and you rent out the home. Even the rental process has its own unique steps. There’s marketing, showing, screening, and leasing. Then, there’s ongoing management and lease enforcement. There’s maintenance and tenant relationships.
It’s an entire lifecycle and having one person at the helm of the entire process can keep everything consistent, efficient, and profitable. Property managers who also do real estate can provide planning around leasing objectives and rent pricing. It allows owners to work with the same partners at every step of the process.
Real estate agents on their own will help you buy and sell property. Property managers on their own will help you lease, manage, and maintain that same property.
Real Estate and Experience in New York City
It’s not easy to buy or sell real estate without the help of a qualified agent. What do you look for in a real estate agent? Typically, you’re looking for a real estate agent who knows New York City really well. You want an agent who has a history of successfully helping people buy and sell property in the city. If you’re interested in a specific neighborhood, you’ll want to work with a real estate agent who knows that area especially well.
If all you need is a real estate agent, you’ll likely want someone with leadership in the local sales market. You want someone who knows the available properties and how to negotiate for them. You’re looking for an agent who can understand what you need and want, and then find suitable properties that match those requirements.
When you’re buying a property, you’re going to count on your agent to help you negotiate the best terms and close the deal.
In New York City, real estate agents know where the hottest new properties can be found, and if you’re selling a property, you’re going to want an agent who has the resources to bring potential buyers to see your place. You’ll want someone with great marketing strategies and a huge network of potential buyers.
Property Management Experience in New York City
Property managers have a different set of skills than real estate agents. The relationship with your property manager is ongoing versus the occasional interaction with a real estate agent. Property managers work for you day to day, not just when you’re ready to buy and sell.
So, why do you hire a property manager when you’re planning an investment?
A New York City property manager is essential in getting the best deal and recognizing the right investments. Here’s why you want a property manager present during the purchase of an investment property:
- New York City property managers understand the local rental market.
- Your property manager can help you estimate how much rent you can expect to charge
- You’ll get an idea about how long it will take you to rent the home out
- Property managers know the tenant pool and what renters are looking for.
- Property managers can tell you whether any work will need to be done before the property is ready for the rental market.
Blending Real Estate and Property Management Expertise
Why choose just one area of expertise when you can get all of that knowledge in one professional company?
We recommend that you find a company like ours – able to help you navigate the purchase process, the leasing and management, the maintenance, and eventually – the sale of your investment. It keeps all of the skills and talents required for real estate investing under one roof.
You get a smoother, more organized investment experience. A more profitable one, too.
Here are a few of the benefits you may not have considered.
Saving Time and Money
The real estate market is competitive. It’s always competitive in New York City, and the current market is especially fast-moving and intense.
This is another great reason to work with a management company that also does real estate.
Acquiring an investment property takes several complicated steps that are made much easier when you have a good agent/broker working with you. Someone who is also good with managing properties can help you prepare it for the rental market and lease it to good tenants.
A consistent team of professionals helping you through every part of the process will save you time and money. There’s less vacancy, fewer surprise expenses, and a single commission to pay to one company instead of several.
When your property manager also helps you identify investment opportunities and negotiate favorable details, you’re getting extra services and a lot of value. Your property manager will know the rental home and what it needs even before you close. All the necessary work can be planned in advance, and you’ll save money by getting that property on the market faster – with less vacancy.
Customized Management Plans
Another benefit to working with a New York City property management company that also does real estate is that your management team will really get to know your property. You’ll already have seen the property with your management team, so they’ll know what’s needed to lease and manage it right away. This leads to a customized management plan that meets the needs of your investment goals and your investment property.
Maybe you are renting out an older building that needs a strong preventative maintenance plan and frequent updates. Or, perhaps tenant retention is a huge goal of yours and you want someone who can really provide the best possible service to your residents. A management company that has been there with you through the acquisition and rent-ready process will understand this much better than a property manager who you didn’t hire until you were ready to rent.
You get the same personalized attention when it’s time to sell. If you have a management company that’s been effectively taking care of your rental property and your tenants for years, why would you want to turn to someone else when you’re ready to sell it? You’re going to get more money and more potential buyers when you’re selling the home through someone who is already familiar with the property.
For more information, please contact us at Krieger Property Management. We’re a full-service property management company in New York City ready to handle all of your property management and leasing needs.