How to Hire a Resident Manager

If you are the property owner of a large apartment building or multiple properties around New York City, you may require a resident manager to assist you. However, you should take extra care when hiring a manager and follow necessary protocol to get the right man on the job. The best way to start looking for the right resident manager is to list down their duties and functions. You should also decide on how much you are willing to pay and what their schedule looks like.

 

Finding the right professional

After you have listed down the manager’s responsibilities, pay, schedule and hours, you can send out an ad looking for prospective managers. When you are contacted about the job, be honest about your expectations and start the process with a phone screening. After you have gathered adequate details, you can call them for a personal interview. If you find any potential candidates, start with a thorough background check for their employment history and other essential details. It is also a good idea to check for their credit score and how they handle money and debts.

 

After you have chosen the right resident manager, you can prepare a written agreement between the property owner and the manager and list all the terms and conditions. You can also prepare a separate rental agreement. Speak with your lawyer to ensure that all paperwork is in order and you are sufficiently protected from any mishaps in the future. Ensure that you also read up on the laws on hiring resident managers in your state and follow them to the word to prevent legal complications later on.

Top 5 iPhone and iPad Apps for Property Managers

With the increasing competition in the real estate market as well as the ever-escalating prices in NYC, it is important to stay on top of the changing trends. One easy way to keep abreast with the latest developments as a property manager is to use to the right apps. If you are using an iPhone or iPad to carry out everyday tasks for work, installing a few free apps can go a long way in ensuring that you stay ahead of the curve.

 

Free real estate apps for your Apple device

One of the most popular apps designed for an iPad or iPhone is called Homesnap Real Estate. With this app, you can find everything you need to know about a property by clicking a picture. Scan the image through the app you can download the current value as well the price of the last sale. You can also get essential information including number of bathrooms, bedrooms, locality, schools etc.  If you are interested in local real estate, you can try Smarter Agent’s Real Estate app that helps you enhance your search for residential property. It offers information with 40 POIs including local establishments, ATMs, entertainment and restaurants.

 

Get all necessary information with a single image

Property Capsule is an app designed to create a commercial property portfolio in cities like NYC with a few easy clicks. You can present your commercial portfolio in real time to potential tenants with your Apple device. Cartavi is another simple app that allows real estate professionals and property managers to share and manage essential documents through their iPad, iPhone and iPod Touch. You can also try other Apple apps like MagicPlan, Happy Inspector, and Ten Eight 2.0

Preparing Your Lobby and Community Spaces for the Holidays

With the upcoming holiday season, you may want to decorate your lobby space or public areas with the right decorations. During Thanksgiving, Christmas and New Year’s, decorations are found all over the world in not just homes, but also community spaces. One of the best ways to decorate your commercial property is to install quality lighting and Christmas items.

 

Start with a commercial Christmas tree erected outside your property. If you do not wish to choose fresh trees, you can also opt for artificial ones that are available in many sizes, styles and themes. Commercial Christmas trees are known for their sheer size and bright decorations that are easily visible to the public. With large commercial gardens, wreaths and holly decorations all over your property, you can prep your building for the holiday season and attract attention.

 

Commercial lighting options for the holidays

There are several clever methods to create a Christmas spectacle without large bills. You can choose energy-efficient lighting methods like LED lights to decorate your lobby. If you have a larger property, you can also decorate light poles and benches with banners, ribbons, flowers and wreaths. Add customized banners and messages on light poles to either promote your brand or connect with the public. Christmas is a great time for marketing as people as generous and looking for luxury. With a brightly decorated lobby that is both professional and visually striking, you could reap the benefits of the holiday season.

4 Ways You Can Lose a Good Tenant

As a property owner, you’re always on the lookout for good tenants who will stay for a long time. However, it’s not unheard of for property managers to make silly mistakes that lead them to lose their tenant. Following are four ways through which you can easily lose your tenants.

Bad Neighbors

Good tenants will need good neighbors. But property managers may sometimes find bad tenants too, and if these bad tenants are constantly bothering the good ones, you may lose them. Bad neighbors are those that ignore decent living including lease rules. A good tenant can get angry if they are surrounded by such people and as a result may opt to move out of your property.

Ignoring their Requests

Some property owners do not take instant action when their tenants make certain requests. Whether it is a water problem or garbage disposal concerns, attending to the needs of your tenants can help keep them around.

Parking Problems

One of the most common concerns among tenants is the lack of proper parking facilities. If parking space has been included in his or her lease, make sure that it is not given to anybody else regardless of whether or not the tenant is using the space.

Safety Concerns

Hazardous situations like unfenced drop offs and electrical problems can add to the worries of your tenant. As a property manager, you are expected to conduct regular checks to ensure that all the amenities in your property are well maintained or you risk losing your good tenants.

How Landlords Should Handle a Natural Disaster

Oftentimes, natural disasters uproot ongoing lives in cities and raise havoc in heavily populated areas. Whether you have recently experienced a flood, tsunami, earthquake, landslide, or hurricane there are many steps landlords and tenants can take to handle the damage. Here is what you should know about handling property damage caused by natural disasters.

Common Scenarios Between Tenants and Landlords

After experiencing a natural disaster with varying effects and damage on property, four general scenarios may arise between tenants and landlords. The first scenario includes both parties wishing to cancel the agreement for rental occupation. The second scenario involves the landlord wishing the tenants to vacate the property but the latter opposing the move. The third scenario is when both the landlord and tenant wish to stay in the property and the fourth includes the landlords wishing the tenant to continue occupying the property but the latter wishing otherwise.

How Should Landlords Approach Tenants? 

If both the landlord and tenant are in agreement, the contracts and repair services are relatively simple. Mutual agreements between the tenant and landlord, whether choosing to stay or move out, should be solidified with a written contract. However, if the landlord wants the tenant to relocate, they must provide them with a 30-day notice. They can also provide a 60-day no cause notice if the tenants have occupied the property for over a year. It is important to note that landlords cannot charge their tenants for any damage caused by the natural disaster. However, they can charge for expenses of damage that are not related to the natural disaster.

Online Rental Scams: How Can Landlords Avoid Them?

How to Protect the Best Interests of Your Property

People who are looking to let their properties for rent are becoming increasingly aware of the scams taking place. As a result, a cautious approach is adopted when picking renters. Unfortunately, property owners cannot tell whether or not their rental properties are used in scams. However, the following few tips can help you make your property highly credible to a large pool of prospective tenants.

 

Scanning Craigslist

An increasing number of people are turning to Craigslist when they look for rentals. Scam artists also use the website to find rental space. Scanning the rentals in your area on Craigslist every now and then can help in ensuring that your properties are not appropriated by scam landlords.

 

Online Advertising

When putting up a property for rent, property management must be done effectively on the internet. Not only will you have to write an effective description of the rental property, but linking it to a created site will make potential renters view your property in high regard. Since scam artists usually deal in bulk, they won’t have time to create professional webpages, thus putting you ahead on potential suitors’ list.

 

Signage

The property for rent must have a sign that lists the phone number of the landlord. It would help in attracting more suitors if you link your property with a professional property management firm as renters tend to find it easier to conduct business with a company than individual landlords. Advertising the number will help you find tenants quickly.

How to Choose Between Multiple Qualified Tenants

Checking Rental History when Tenant Screening

When there are multiple qualified tenants after your tenant screening process, check with past landlords if there were any problems with the tenant in terms of rent payments. Find out if there was even one instance when the tenant failed to make payments in time as this will help you avoid the smallest of problems and thus find the best possible tenant.

 

Income and Credit Score

The income of an individual can help you figure out whether or not there will be any kind of monetary problems between landlord and tenant. If the rent is below a third of the potential tenant’s salary, you will have little trouble from such an applicant. Similarly, low credit scores point to potentially problematic tenants, and eliminating them from your shortlist will leave you with brighter prospects.

 

Fair Selection Methods

When there are multiple applicants who are eligible for your rental property post tenant screening processes, the best way to pick a tenant is by being fair. First come, first served is the ideal means of selecting from a pool of qualified applicants. Another good method to pick a tenant would be by letting it out to the applicant who showed the highest level of interest in the property. The applications can be sorted based on their strength, so that you can accept the one that is verified first. You can also look at the applications to get a detailed idea about the potential tenants before picking one that would best suit your personal taste.

Five Keys for Tenant Screening

Inform the Applicants about Tenant Screening

Before starting off with tenant screening, it is important to inform applicants that screening is compulsory. Just learning that there is a screening process is sure to eliminate potentially bad tenants, thus saving you valuable time.

Screen Consistently

A comprehensive and systematic tenant screening process for all your potential tenants will protect you in case an applicant makes claims that you have made violations against the Fair Housing Act.

Deciding Minimum Qualification

As the owner of a property in NYC, you are expected to pick a tenant who will give you no trouble with regards to payment of rent or other issues. Decide whether you want tenants who have criminal records, or if such applicants must refrain from applying regardless of how long back they were arrested for whatever reason. Think in detail what kind of tenant you would like before starting with the screenings.

Credit Checks

Once your applicants have met your prior requirements, run a credit check to ensure that they will be able to meet rent and bill payments on time. Get the report directly from the applicant’s credit reported to make sure that there are no shenanigans.

 

Check References

Calling the present or past landlords of an individual will help you determine whether or not an applicant is worthy of your space. Personal and employment references will help you know more about the person, thus enabling you to make an informed decision regarding the outlet of your rental space.

Ten Things You Must Do To Keep A Great Tenant

Be Responsive

Good tenants are important for effective building management. Being responsive when your tenant has any problem can help build a bond that will keep the tenant around for a while.

Address Problems Immediately

No one likes to wait, so make sure that any of your tenant’s concerns are addressed immediately as keeping him/her waiting can aggravate them.

Try to Please Them

Apart from attending to their concerns, you can please your tenant by sending sweets, or occasionally chatting with them to help them feel more comfortable.

Use Quality Appliances and Materials

Tenants are happier when they live in surroundings where there are quality things. Compromising on the quality of appliances may make them think that your rental property is not good enough.

Ensure Regular Maintenance

Attending to all units regularly will ensure that your tenants do not have any problems in this regard, thereby keeping them happy with your rental property.

Maintain Contact

The relationship between you and your tenant can be a little more friendly than average. Drop in once in a while to say ‘Hello,’ or invite them to group activities and suchlike.

Respect Your Tenant’s Privacy

Give your tenants the privacy they need and make sure that you keep out of their business at inappropriate hours.

Choose Wisely

During the screening process, make sure you get all the details of the applicants and that you assess them before letting out your property. During the interview, confirm with the applicant the duration of the rent.

Honor the Contract

If you make any promises to your tenants, make sure that they materialise as the tenant can sue you if you do not keep up the contract.

Changes in Rent

Do not increase the rent too often. Increments must be made based on the market and not personal choice.

Requirements to Eliminate #6 Oil and Reduce Air Pollution

In 2011, New York City, as part of Mayor Bloomberg’s campaign to make the city healthier, adopted new heating oil requirements to reduce the dangerous air particles that contribute to respiratory and other illnesses, says Ira Meister, president and founder, Matthew Adam Properties.  While not as well publicized as the mayor’s campaign to eliminate super-sized sodas, the impact of the oil regulations is being felt significantly more by New York City co-ops and condos.

The law calls for the elimination of #6 oil – the dirtiest and most pollution causing oil – by 2015.  By then, buildings must convert to lighter #4 or #2 oil or natural gas.  Newly installed boilers would have to use the lighter #2 oil or natural gas or their equivalent and by 2030, #4 oil will be phased out.

“In recent years, even before the new city regulations, buildings were converting to natural gas, which is cleaner, requires less maintenance and in recent years has been significantly less costly then oil,” Meister says. Some buildings, depending on their configuration, have switched to dual-fuel options where either oil or gas can be used, depending on the price.

 

Many buildings have yet to switch to #4 or #2 oil and gas

“We have noticed, as we talk to boards of buildings we do not manage, that many properties have not started the process of complying with the new regulations,” Meister says.  Since July 1, 2012, buildings have had to convert to a cleaner fuel before their three-year certificate of operations expires.  All properties must be in compliance by January 1, 2015.

“Some buildings have been lax in rushing to the deadline,” Meister says.

The least expensive short-term solution is to convert to #4 oil, which will probably require a tank cleaning and some minor boiler changes.  Converting to natural gas can be much more costly and depends on whether the boiler is compatible with gas and the need, very often, to line the chimney as the thinner carbon monoxide produced by natural gas can seep through cracks in the lining. Another concern is whether the building is in a zone where Con Ed supplies natural gas.

 

The City has streamlined the permit process, allowing permits to be obtained in days instead of weeks

To encourage early compliance, the city streamlined the approval process by reducing the number of documents requires to be filed. Licensed boiler installers can submit one unified form to city agencies and certify that the fuel grade conversions were documented and the necessary work was properly performed without the need of more complex design submissions. This will reduce the estimated upgrading cost per boiler to $7,000 from $10,000. “Additionally,” Meister says, “the city streamlined the permitting process, allowing permits to be obtained in days instead of weeks.”