If you own a rental property, having a reliable and professional property manager can be the primary factor in determining the return on your investment. A skilled expert who can see to repairs, find tenants, and increase occupancy rates will increase your chances of a profitable venture, so New York City's Arc Property Management Group has some tips for helping you find a competent property manager.
When interviewing potential managers, be sure to look for:
- A License: To be fully licensed, a property manager must fulfill state requirements and pass a licensing exam, while running their business according to very strict regulations. This is especially important when it comes to handling your rent revenues and tenant disagreements.
- Current Properties: Ask for the addresses of other properties the company manages and see what kind of shape they're in. If they seem to be well-maintained, and you'd feel comfortable living there, then you can likely trust that property manager with your investment, as well.
- Reasonable Fees: Rental property management fees vary a great deal from location to location, and even between different companies in the same city. In general, you can expect to pay between 8% and 10% of the rent for a good manager.
- Regular Inspections: Even if your property has a long-term tenant, your property manager should inspect the interior of the home at least once a year and the outside every season to identify problems before they arise. Ask how often the firm inspects their properties and what they look for.
In New York, you can rely on the expert rental property managers at Arc Property Management Group to handle every aspect of your property, whether you own a commercial facility, an apartment building, or just a single-family home. Visit their website to learn more about their innovative, highly scalable services, or just call (800) 769-8084 to discuss your needs with an accomplished property manager today.