The Power Of Good Property Management For Owner And Tenants

Working with a good property management team can make renting a much better experience for property owners and tenants alike. 

When vacancies increase, or rents increase, managing the public perception and filling those vacancies takes experience, and the best management companies will have a strategy for handling those situations. 

Over the past couple of years, due to the disruption brought about by the pandemic toward new opportunities that remote work has provided people, the trend to move away from large metropolitan areas such as New York has accelerated.

According to a recent report by move.org, over 20% of Americans have moved between 2021, with more people fleeing cities for rural environments. In New York alone, in 2021, there was a 1.8% decline in population.  

That volume of transience from the city to the country has emphasized the quality of property management.  

Why Good Property Management Matters

A good property manager operates with an owner's mentality, representing ownership interests as if they were their own. 

A good property management team will:

• Establish clear lines of communication with tenants as well as ownership
• Be transparent in all dealings
• Prepare accurate budgets 
• Handle all maintenance and repair requests quickly
• Focus on the customer service aspect of the buildings
• Foster a community within the structure (increased customer service)
• Prepare for vacancies
• Minimize vacancies 
• Increase marketing and the building's public profile

A good property management team's benefit is representing the owner's interest while promoting good tenant relations, which are the foundations of increasing profits for the ownership group. 

Who you select as your property management team, in other words, can increase or decrease your profitability. 

If you're an owner, ask yourself these questions to determine whether you can afford a property management team or not. 

Are you able to work on the property 24/7? If you have another job or aren't living on the property, are you making yourself accessible enough to address the collection, lease agreements, repair requests, marketing, and more? If the answer to these is no, you should consider hiring a property management team. 

Do you have more than one rental property? If you have multiple rental units in numerous locations, you may not have the time to readily address all the concerns your tenants or the buildings require. Having a property management team will represent your interests, address the needs of your tenants and free up your time to devote to growing your investments in other ways.  

Why Good Property Management Matters For Renters

Quality property management isn't limited to ownership only. How a property is managed needs to be part of your calculus when apartment shopping.  

Most apartment shoppers look for two things when hunting for a new apartment. The first thing is price; location can be discarded quicker when the price is a better option. Conversely, paying slightly more to live in a selective community will outweigh the increased rent. 

One consideration that apartment hunters rarely consider is the quality of property management. With poor management, issues and concerns are seldom, if ever, addressed, communication is lacking, lease terms are obscure and change randomly, and tenancy tends to remain low. 

In contrast, experienced property managers like Samuel Kooris make a living in the building as comfortable as possible for all tenants. An exemplary operation means that issues are quickly resolved, and every tenant knows about happenings, repairs, and maintenance that may occur in the building. 

In addition, they foster a warm, inviting place to live, creating a sense of community as a byproduct.  

A good property management team acts as an intermediary between the owner's interests and the tenant's needs, and sound operations make a living in the building more comfortable. As a result, tenants stay longer, reducing vacancies and creating a better sense of community in the complex. 

These factors also increase ownership revenue over time, strengthening their investment return. 

In other words, happy tenants are profitable tenants for you, and the quality of property management you hire will keep your costs low and revenue streams operating.  

How To Find A Good Property Management Team

Whether you're an owner or renter, finding the best property management team in New York City isn't as complicated as it may appear. 

You can research in person or online to find a suitable property manager. 

Reviews: Property management is part administration, maintenance, and customer service. Like most customer service businesses, having an online profile with great reviews is part of the price of doing business.  

Asking around for people's opinions is one strategy. Unfortunately, often people will bias their responses with their own experiences rather than taking a detached, macro-view of the strengths of a property manager. This tendency toward leaning into bias is true online as well. 

Knowing that reviews are slanted, there is still value in looking at online reviews for suggestions and input. 

Searching for a reputable management team should include a list of top-rated companies and look at poorly reviewed companies. Understanding the complaints and why reviewers rank the company as low as they do will provide you with valuable data to analyze candidates as you narrow your search results. 

Experience: A reputable property management team has a wealth of knowledge, with the most reputable being having an established history of excellent management. For example, Alchemy Ventures has been managing properties for over 30 years. 

During that time, they've undoubtedly dealt with and addressed various issues, which provides them with unique skills and understanding of how to mitigate and minimize those issues in the buildings they manage. 

Choosing an excellent property management team as an owner or renter requires researching previous and current clients and tenants. It has a wealth of knowledge that only comes from experience. 

For ownership, when researching management options, look for a level of unmatched expertise and reviews, both positive and negative, to gain insights into how they handle various issues. 

For renters, evaluating a property manager is just as critical a criteria for finding a suitable apartment as price and location. Without good management, the price becomes flexible as you'll pay more for repairs and maintenance. 

In the end, good property management can make an owner and tenant's experience more or less stressful.