Management companies can handle various aspects of your investment property. They can manage and oversee property repairs and maintenance, list vacant units, pay utility bills, conduct tenant background checks, sign rental agreements, and collect rent payments on your behalf. They will offer these services for a fee, typically ranging between 5% to 20% of the monthly rent amount.
Property management duties vary depending on several factors, including property type, property size, and lease type.
Here is a list of the best residential property management companies in NYC.
Greystar was established in 1993 and is headquartered in Charleston, South Carolina. The company also has offices in Latin America, Europe, and the Asia-Pacific regions. Greystar is one of the leading names in management companies across the globe. They manage more than 500,000 units in the United States alone.
In addition to property management services, Greystart also does joint ventures with property development and manages furnished corporate housing and retail spaces. Greystar employees are trained to think like owners and meet and/or exceed the company’s standards.
Upon entering a new retail market, they conduct extensive research to learn the local market’s nuances. They then hire real estate professionals who they believe will thrive in those markets. Their website is highly user-friendly; it includes 3-D floor plans, an easy-to-use search tool, and neighborhood insights.
Lincoln Property Company was founded in 1965 in Dallas, Texas, and it provides property management and real estate development services. The company initially focused primarily on residential communities in Texas but has since expanded its scope to also provide property management services for military housing as well. In fact, it’s one of the nation’s largest operators for military housing.
The company’s website is very easy to operate; you can easily navigate between different locations and communities.
Citadel Property Management Corp. offers New Yorkers a diverse assortment of management services. Their primary focus is how to increase their clients’ rental incomes. To that end, Citadel often takes the lead in property planning, budgeting, and advertising. They also offer all the traditional property management services, including tenant screenings, lease negotiation, rent collection, and property maintenance.
Vacasa is headquartered in Portland, Oregon. By 2008, Vacasa was the largest vacation rental management company in North America, with a valuation of more than $1 billion. They work differently from other companies. Though they list some properties on its site, they focus more on paying employees to clean and maintain units and manage them. In vacation rental management, they offer services like collecting charges, being available to guests 24/7, screens guests, providing damage coverage, and they are accessible through a mobile app.
They charge a flat owner management fee for their services and are happy to walk you through their fee structure in detail when you contact them.
All Property Management is one of the largest property management companies. Founded in 2004 and owned by Buildium, All Property is unique in that it works as an online hub of property managers. Property owners and rental associations can utilize the site for finding property managers and for getting a quote. All Property Management also publishes useful blogs containing timely and helpful property management information.
EK Realty, LLC is a well-known name among property managers in New York. It is headquartered in NYC and only operates in the NYC area and is registered with the Real Estate Board of New York. EK Realty, LLC offers services like preventive maintenance, violation compliance, on-site property supervision, and business plans. They also provide refinance consultation, technical support, architectural support, property analysis, and property evaluation.
The key takeaway here is that all property management companies aren’t the same. Some companies focus on managing residential units, while others primarily manage vacation rental homes. Do your due diligence to research what each firm has to offer, then decide which best suits your property management needs.