Everyone who owns a rental property in New York makes a continuing management decision concerning how much of the day-to-day operational responsibility to outsource. Some are inclined to tackle the nuts and bolts of tenant management, while others are content to leave it to one of Long Island’s professional property managers.
If the main motive for acquiring the rental was for its value as a long term real estate investment, there is an increased likelihood that a local Long Island professional property management firms will get the nod. Beyond the dollars-and-cents dimension—which can boil down to a calculation on how you value your own time—there can be personal elements behind the decision. Do you enjoy keeping a close watch on all your business dealings? Or is minimizing the hassle factor a higher priority? Those are tradeoffs only you can calculate, or recalculate if your initial decision doesn’t work out.
Another factor can come into play—one that’s seldom mentioned or written about. It has to do with another party in the business arrangement that is being created: the tenants!
When all is said and done, setting up the way a rental property is to be managed is identical to creating the operations blueprint for any ongoing business enterprise. Both involve a customer relations element. As landlord, you are the proprietor, and the tenants are the customers. Every business that hopes to maximize its return on operations soon experiences why taking customer satisfaction into account pays dividends (at least, the more successful ones do)!
By that yardstick, the decision on whether to choose professional property management is not only about a landlord’s willingness to expend the time and effort their personal involvement will require. That choice should also take the tenant’s satisfaction into account…and on that score, the years of experience that come with a veteran local Nassau or Suffolk county professional property management firm can tilt the scales in its favor.
Having a proven system for handling trouble calls in a timely manner is one obvious advantage—as is being able to tap the talent of professionals whose full-time job it is to take those inevitable situations in stride.
Locating and helping you acquire choice Bellmore, Rockville Centre, Huntington, or Oyster Bay (for example) investment properties is one way we help our clients. Another is to provide a solid resource for new owners as they go about organizing their ongoing tenant-handling arrangements. Call our office anytime to discuss today’s great current array of available investment properties—and the best ways you can make the most of them!
A Core Real Estate Advisors, can make a big difference!
Anthony Manzolillo is the Principal Broker for Core Real Estate Advisors, Inc. Core has agents specializing in both Residential and Commercial properties. Anthony Manzolillo started his career in real estate working for a private equity firm. In his role as the Director of Acquisitions, Anthony (Tony) has been involved in acquiring over 50 multi-family properties worth over 300MM. He has been the lead agent for helping lenders such as Bank of America, JP Morgan Chase, Country Wide, Litton Loans, Green-Tree, and Compass Bank dispose of hundreds of distressed properties. Tony’s most recent accomplishment is working as a consultant for NY Rising and GOSR, whereby he was directly involved in the acquisition of over 600 homes substantially damaged by Hurricane Sandy.
For more information, or if you would like to speak with a Core Real Estate Advisor you may call (844) 211-5053 or send an email email@example.com. You may also visit our website at www.corelisted.com