Managing The Property
After our investor client buys an investment property in New York, the next step is to market to potential renters. The broker fee for both landlord and tenant's brokers are paid by the tenant. Both brokers still represent the interest of their respective clients despite fees coming from the tenant.
Here are the steps we perform:
Market property to tenants
Personally, show your property to potential tenants/their agents
Convincing presentation of property's upsides
Internet marketing (Website, Broker system, Streeteasy, Trulia)
Professional floor plan
Social media marketing (Facebook, Twitter)
Screen potential tenants (credit score, references, salary, work history)
Arrange for tenant move in
Set up automatic transactions for the tenant to automatically deposit monthly rent checks into owner's account.
The system above removes the need for the owner to pay monthly property management fees. Property management fees are anywhere from 5% to 10% of gross rent. Since Manhattan tenants are usually high income and good credit quality individuals, there is usually very little management necessary.
As the need arises where the tenant requires attention, we will be the point of contact to help resolve the issue at hand, and we would charge the client for time. If the client prefers, we can also refer a professional property management company.