As an investor, you need to surround yourself with experts who can help you leverage the real estate investments you currently own and grow your portfolio.
One of those experts should be your property manager.
We know you probably think of other services when you think about your New York property management company. Property management, to most people, means marketing your vacant units, leasing your property to good tenants, maintenance, rent collection, and lease enforcement. It means responding to repairs and maybe mediating disputes between tenants. Your property manager will navigate tenant relationships and ensure your property is in compliance with all state, federal, and local laws.
But when you’re working with a good property manager in Manhattan, you should expect more than the standard services. You should also expect some help establishing and reaching your investment goals.
Here’s why. Good property managers have a wide network of professionals and colleagues who they work with on behalf of their owners. Whether you’re still fairly new to real estate investing or you’ve been growing a portfolio for years, your property manager should help you increase the value and the scope of what you own.
Your New York property manager is in a good position to help you understand the rental market, the competition, and the opportunities that exist for investors who want to grow. So, let’s explore all the ways in which the right property management partner can help you increase your investment portfolio – however you’re hoping to do it.
If you’re not already working with a property manager in New York, this is an excellent reason to start.
Do Your Investment Goals Include Growth? Tell Your Property Manager.
To succeed with real estate, you need a specific set of goals. Those goals should reflect why you’re investing, where you’re investing, and what success will look like to you. Your investment goals will also serve as a roadmap for where you want to go. Are you focused on cash flow or appreciation or both? Are you thinking you won’t hold properties for more than a few years or are you committed to a buy and hold strategy that will have you completely paying off your mortgage eventually?
As you explore potential property management partners, look for a company that can help you with those goals. We love this part of the conversation with new clients. Let’s talk about where you are right now and where you want to go. When your management team understands your investment goals, they can do a better job of helping you achieve those goals. We’ll be able to identify opportunities that you can’t access on your own. We can leverage our own professional network and our years of experience in this unique market to help you.
The first step is establishing your investment goals and finding a management partner who is aligned with those goals and positioned to help you achieve them.
Why You Need a New York Property Management Expert
Real estate is extremely local. As you may have noticed, the New York rental and real estate markets aren’t always easy to navigate. Things change quickly. It’s a competitive, high-priced market. Even if you’ve been investing here for years, you probably know you’re going to run into a few surprises from time to time. There are shifting rental values, tenant demands, and competing properties.
A local property management expert is critical when you want to grow your portfolio.
We understand the importance of investing in education so we’re prepared for what’s happening on a local level and throughout New York. Laws are always changing, and building management changes sometimes too. We need to be prepared so you don’t lose money or momentum.
Putting all this knowledge and expertise to work can help you grow your investment portfolio because it expands your network. We can lead you to the best real estate agents, brokers, and other investors. This is an important benefit to partnering with a management company.
Your own experience as an investor is going to be invaluable. You’ve probably learned when to trust yourself and when to lean on the expertise of others. The experience from a local property manager can deliver an extra layer of protection and insight. Property managers will understand how to identify a good investment property that meets your specific needs. We work with tenants every day and we know the best vendors and contractors in the area who can help you prepare your property for the rental market or provide an estimate on what it will cost to renovate an older home.
A property management partner brings you more options than you’d find without the support of a management company. Those options deliver growth.
New York Real Estate Investors Are Growth-Minded
If you’re still deciding whether growth is really important to you, here’s a question you need to ask yourself: Are you a New York landlord or are you a New York real estate investor?
Here lies an important distinction. If you’re perfectly happy renting out a unit or two and you’re not interested in going any further, maybe you’re not an investor. You’re not thinking about growth
But, if you are a serious real estate investor planning to grow your portfolio, you need to be thinking about your next move. You need to treat every rental property you own like a business.
Your entire portfolio, whether it’s one rental property or a diverse mix of units and buildings and neighborhoods, needs to be treated like the valuable asset that it is, and with the right property management partner, you’ll always know how your assets are performing and what might help you earn more with them.
Basically, you need more than a property manager. You need an asset manager.
This is how we help our clients grow at Krieger Property Management. Our team understands the New York real estate market very well. This helps us when you’re buying an investment property, selling one, renting one out, or making renovations to increase rental values. We understand how to accurately and competitively price your rental property, and we know what a good tenant looks like when we’re establishing rental criteria and screening applications.
Managing your assets is just as important as managing your physical property. Leverage our resources and knowledge to have a better and more profitable investment experience.
Increasing New York Investment Portfolio Performance
Real estate investing is, in large part, a numbers game. You need to have your math on point before you invest. The best management partner will have innovative software, good data, and a solid understanding of how to provide useful financial reports and accounting statements.
It’s nearly impossible to increase your portfolio if you don’t know where you stand financially and where you’re going. Work with a team that can:
- Offer an investment in technology
- Provide professional accounting services
- Commit to transparency when it comes to income and expenses.
Our management team understands this completely, and we have systems in place that allow you to keep track of all the income and expenses associated with your property. When you’re choosing a property manager in New York, make sure you look for the best property management software and technology. At the very least, you’ll need an online portal, where you can see monthly statements and detailed reports.
The data you can access will shape how you grow your portfolio. That’s because you cannot grow if you don’t know how your existing properties are performing. Statements and reports need to be clear and easy to read, and if you’re looking for specific financial information, you should have your property management team ready to run reports that will give you what you need.
Keeping costs in check is also a big part of portfolio growth. If you’re bleeding money on unnecessary maintenance, long vacancies, and lots of tenant damage – you’re not going to be very successful for very long. Make sure your property manager in New York knows how to keep more of your money in your property.
Your property manager must be working hard to develop and maintain positive, respectful, and mutually beneficial relationships with tenants. They deserve attention and support. Happy tenants lead to a stronger investment experience.
We’re dedicated to establishing good tenant relationships because it leads to a more profitable investment experience for you, and it also allows for steady portfolio growth. Good tenant relationships result in on-time rental payments, lease renewals, and extra property care. With a positive relationship with your residents, we can help you earn more.
Nothing will stall growth in your rental portfolio like an eviction, excessive tenant damage, or high turnover rates. Your property management partnership will help you avoid all of those things.
Grow your portfolio with the help of your New York property management team. If you’re still looking for that team, please contact us at Krieger Property Management. We’re a full-service property management company in lower Manhattan serving SoHo, West Village, Greenwich Village, Tribeca, and Chelsea.