NHS Brooklyn's Affordable Property Management Program is designed to help small property owners who don't have the time, interest, or skill to manage their properties on their own. It's available to people from all walks of life and all boroughs. In fact, you can even qualify for the program if you're not a resident of Brooklyn.
5 steps to finding an affordable property management
If you are in the market for affordable property management services, you have many options. Some companies charge a flat fee for basic services, while others charge based on the services required. A flat fee allows you to choose the services you need, while a per-project fee is more appropriate if you only need services on a one-off basis. Either way, you will want to avoid paying for services you don't use.
Before hiring a property manager, it is important to compare rates and services. Some property managers are more expensive than others, so do some comparison shopping to see which companies charge the lowest fees. You should also consider the types of properties you own, as this will help you determine which service provider will work best for your specific needs.
Requirements
To be a successful property manager, you need a number of important skills. These include math skills, customer service, decision-making skills, and the ability to work in a team. While the work is typically done in an office setting, you'll also need to walk a lot, especially if you're working with large, multifamily properties. You might also need to lift up to 25 pounds at times. Moreover, you should have at least one to three years of experience in a similar position and a real estate license.
In addition to having the right skills, affordable property management also requires adherence to various federal laws and regulations. As the supply of affordable housing is limited, it's imperative that properties are managed according to best practices. For example, a bad reputation for a rental property can be traced to improper tenant screening, poor management, or a lapse in routine maintenance. Furthermore, all companies involved in the housing industry are required to follow the federal Fair Housing Act, which prohibits discrimination based on race, disability, or any other factor.
Software
Affordable property management software aims at helping landlords and property managers meet the specific requirements of this market. Such software includes powerful marketing tools, online rent collection, maintenance management, and CRM with a tenant portal. The subscription cost varies depending on the features chosen and the number of units under management. However, some software providers offer occasional discounts.
Property management software is available in both desktop and web versions. Desktop versions are generally installed on property managers' own computers. They require the manager to install the software on each device and connect to the business servers. In contrast, cloud-based versions generally cost less upfront, but you will have to pay for additional computer hardware and maintenance.
In addition to affordable pricing, many software packages come with extra features, such as tenant screening. This feature enables property managers to check the background and income information of applicants. It helps avoid eviction costs and saves property managers a lot of time.
Companies to consider
There are a variety of companies to consider when you're looking for an affordable property management service. These firms can provide you with a range of services, including financial and legal advice. Some charge a flat monthly fee for the basic services while others offer their services a la carte or as part of a package. These types of packages are ideal for those who need services only occasionally.
Before you hire a property management company, it's important to research the company and its employees. It can be helpful to call existing property owners and ask about their experiences. Also, make sure you ask for samples of their owner reports, tenant lease agreements, and management agreements. By asking, you'll get a better idea of whether the company meets your needs and is professional and efficient.