New York City is home to over 2 million rental properties.
Becoming a real estate investor in the country's biggest real estate market is no small feat. If you're going to put up millions of dollars to invest in real estate here, you'd better take care to protect that investment.
Countless things constantly threaten your investment property, from tenant property damage to vacancies. In today's post, we're going to tell you how a property management company can help protect your property and make your life easier as a property owner. Keep reading and find out how valuable a property manager is.
Constant Property Maintenance
When you invest in real estate, you aren't just purchasing a property and sitting on it. If you're going to turn your property into a real moneymaker, you need to look after it. Property maintenance is an ongoing task that creates ongoing expenses.
The thing is, however, that the more thorough you are with property maintenance, the lower the financial risk is with your investment. Hiring a property manager to take care of everything from landscaping to major structural repairs will ensure your property stays in good shape for longer.
When you have a well-maintained rental property, you'll be able to attract more applicants and retain your best tenants. If you ignore maintenance, your investment will eventually fall apart.
Professional Property Marketing
Vacancies are any property investor's worst enemy. When your rental units are vacant, your property isn't making money.
Being able to showcase your property in the best light and the best places is so important. A property manager will understand how important rental property marketing is and know what tactics work in New York.
Professional property marketing will ensure you don't have vacancies for long. They'll do this by hiring professional photographers, writing thorough descriptions, and setting the right price on the property.
Thorough Tenant Screening Practices
The biggest threat to your investment property is a delinquent tenant. Poor tenants can make your life more stressful and take a toll on your property. They may cause physical damage to the property, or they may neglect to pay rent on time.
Whatever the problem is, you need to deal with poor tenants head-on. Property managers often offer eviction protection but know how to deal with evictions promptly as well. What's even better is that they have thorough tenant screening practices to help you avoid poor tenants altogether.
Good tenant screening involves criminal background, credit, and landlord reference checks. A property manager will take care of these things and leave you with ideal renters.
Protect Your Investment Property Now
If you want to truly protect your investment in NYC, you need a good property manager. PMI New York City is part of the country's top property management firm. We offer comprehensive property management services, from tenant screening to property maintenance.
When you hire us, you're committing to owning a lucrative investment property without any of the hassle. Contact us today to learn more about our services and how they can help you maximize your rental units.
