Neighborhoods with an easy commute to Amazons future HQ2 in Long Island City!

With the coming of Amazon to Long Island City, certainly, the area is the prime spot in terms of real estate at the moment! The construction is set to launch in the early part of 2020 and as expected, a flock of new hires (estimated 25,000) are on their way to Long Island, all in search for real estates. With that being said, it is anticipated that not everyone will get to live at the center of it all. This is where we enter to help keeping your interest in mind. So what are the areas that are accessible to Long Island City? If you cannot live in the heart of the action or refused to be caught in the center of madness 24/7, then we got you covered. Below are housing options that will be just right for your needs.

  1. Astoria

Located at the northeast of Long Island City, the location boasts of the right choices for housing options. The area has been developed for quite some time and is complete and equipped with multi- and single-family houses. It is also a prime location with cafes, bars, restaurants and is just a 10-minute commute away from Long Island City through the N, W, R, and M trains. It has also been trended as the perfect spot for the younger generations because everything is just a walk away. Amazonian renters will be delighted to know that Astoria offers units ranging from $1,800 (studio) to $2,800 a month (three-bedroom apartments). It presents one-bedroom apartments within the price range of $630K to $680K, while those with two bedrooms are at around $800K.

  • Sunnyside

 If Astoria is the first thing in mind because of its proximity, Sunnyside is a place for good deals. The place is slightly more affordable but still maintains a great view. Sunnyside is a shrouded pearl as I would see it, “It’s the somewhat progressively reasonable option to Astoria and it has a lot of remarkable restaurants, bars, and bistros. You additionally get extraordinary perspectives of LIC and Midtown Manhattan when sitting tight for your train on the lifted tracks.” (That would be the 7 train, which will inspire you to Long Island City in a concise 15 minutes; you can be at a Grand Central Terminal in around 20.)

Sunnyside gives huge numbers of similar focal points of Astoria. It has been said that, “Living in both of these areas resembles living close enough to the gathering, without hearing it when you’re endeavoring to rest.”

Sunnyside is a decent fit for families, as well, with parks, great government funded schools (counting P.S. 150, which is home to a locale wide skilled and capable program), and a generally speaking “neighborhood vibe.”

  • Forest Hills/ Rego Park

Though these areas are farther, they have a few interesting things going for them. Backwoods Hills has a solid market. Quoting what others had said during interviews “It’s favorable, it’s beguiling, and it has a network vibe. It’s among the walkable networks, so it’s entirely alluring.”  Both neighborhoods will have simple access toHQ2 by means of the R, F, and E lines, that last of which will get you to LIC inaround 30 minutes. (Reward: Forest Hills inhabitants could even jump on theLIRR on the off chance that they needed.)

“In Rego Park, there is an assorted lodging stock accessible, from condominiums, centers and new advancements. A significant number of the extensive rental structures offer a significant number of the luxuries offered in LIC, yet at a lower value point,” says Marc Bunag, an operator at Citi Habitats. “Express trams keep running under Queens Boulevard from Rego Park to Queens Plaza in LIC. In expansion, there’s Costco, shabby and rich stopping—and an assortment of open and non-public schools.”

That partition likewise means greater reasonableness, making these regions appealing to families and more youthful, paid individuals.

“With Amazon’s turn, this will gradually change. Regions that will see huge home value changes incorporate Jackson Heights—where the present middle home deal cost is $385,000—Elmhurst ($438,000 middle), Rego Park ($370,000 middle) and Forest Hills ($399,000 middle),” says Robert Demeter, land author at PropertyShark.

  • Williamsburg, Greenpoint, and other points along the G

“There are culture, bars, eateries, and shops,” Josh Young, director of market rate leasing for Clinton Management says. Taking the G even gets you to Long Island City in around 15 minutes. Individuals living close to the waterfront ship stop in Williamsburg can drive by the NYC Ferry worked by Hornblower in the event that they wish. (Inhabitants of Level can leave the building and catch the watercraft.)

Citi Habitats’ operator J.D. Sharpe is bullish on the further-away-from-home Boerum Hill.

“In Boerum Hill you can live in the fantasy brownstone flat, along the great tree-lined square, while as yet having direct access to every one of the shops in Downtown Brooklyn, occasions at the Barclays Center, and simple 20 minute drive to LIC.”

  • Murray Hill

It’s not about Brooklyn and Queens; think about reasoning outside the external ward. As Jessica Kaufman, a dealer at Citi Habitats says, “Murray Hill has a great deal to offer Amazon HQ2 workers, and (conceivable reward) it’s in Manhattan.”

“Murray Hill is a set up private neighborhood—and there are huge amounts of bistros, eateries and different civilities on each square—basics which can be elusive in LIC. Furthermore, Murray Hill offers a determination of full-benefit structures at sensible value focuses.”

“For Amazon HQ specialists who wind up needing to submit more to New York City through land proprietorship, the most moderate studios [currently] are to be found in Midtown East [with a] middle asking cost being around $470K.” says Scepanovic.

The 7 train takes you to Long Island City in around 20 minutes, and a ship is an choice in the zone too (there’s a stop at 34th Street).

“The area’s openness to Grand Central makes it a helpful zone to live, as it’s near downtown Manhattan and simple to get crosstown,” Kaufman says.

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Secrets to Securing a Lowball Offer on New York Properties!

 

This year is seen to be a continuation of the buyer’s market. Thus, if you see yourself buying an asset in the coming months, then you must expect to be getting great deals. But will it happen? Can you truly get a lowball offer in any of your dream properties in New York?

Here are some of the factors that you have to consider so that you can get your dream property at a low price:

  1. Negotiate

When you know how to negotiate well, then you will most likely get a deal that you want. Negotiating is never about showing that you are superior when it comes to understanding and knowledge. Negotiating is about putting forward your goal by reaching a common ground.

When looking to buy a particular property of your choice and the seller seems to have set the price at an extremely higher rate than you would prefer, you could approach him by offering a lower bid price. But never set the bid price to your maximum. Make it lower than what you can afford because it shall only serve as a foundation for the bid. As you make the bid, respectfully tell the seller that such bid shall only serve as a starting point for your negotiations until you reach a price that you can both agree on.

  1. Use Cash

Buying real estate using cash can put you in so much advantage. However, you shall not raise your expectations so high when dealing with cash. There are still other factors to take into consideration to make your purchase successful.

If you are considering getting into co-op, then you will need to show evidence or supporting documents that you have indeed a stable job or a secure source of income. Co-op boards look into the financial background of buyers to make sure that you can be answerable for at least two years of liquidity after closing.

If you are planning to buy a condominium unit, then you could be better off with cash but with still a stable job. Although sellers make faster deals with cash, they are also concerned about your financial integrity so make sure that you have good debt history.

  1. Prepare all Requirements

Some real estate sales are time-sensitive. Most sellers would prefer to deal with people who can make a successful purchase without delay since asset liquidity is their main concern. Creating good impressions can also intensify your chance to close a beneficial deal for you and the seller.

So, what shall you do in order to make such a good impression as a property buyer?

First, make sure that you have a complete list of contacts and identified professionals who will guide you through the purchase. Among the personalities that you need to identify are your real estate lawyer, your broker, and your bank officer.

Second, it would really help if you have prepared a bid letter that contains details about your offer such as the price and mode of payment. By giving the letter, then you could steer the negotiation in a positive direction.

  1. Know the Property’s Value

Your offer shall be dependent on the value of the property that you are wanting to buy, the length of time that the listing has been present, and the quality of other offers made on the property.

If you are buying a condo, you have to take note that these properties are usually priced high due to optimistic views regarding its investment quality. However, with recent developments, we could safely make offers that are around 15% lower than the detailed price.

If you are looking at other properties such as apartments, co-ops, or single homes, then you could also check their listing history. How long has it been in the market? Those that have been listed only lately have fewer flexible prices while those that have long been waiting for a buyer could most likely be negotiated.

Take advantage of the current real estate situation to finally have your own property. Do not forget about these strategies to successfully get a good deal.

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L TRAIN OPERATIONS TO CONTINUE, SHUTDOWN CANCELED!

 

Great news to all New Yorkers! If you worried that your daily commute would be devastatingly affected by the reported shutdown of the Canarsie Tunnel for months, then remove your anxieties away.

Governor Andrew Cuomo has announced on January 3 that there are new and improved plans to address the repairs that are critically needed for the tunnel. Thus, the planned shutdown will not happen anytime soon. And yes, the L-Train Apocalypse is no longer looming in the horizon!

Why repair the Canarsie Tunnel?

The Canarsie Tunnel was heavily affected by Hurricane Sandy which hit the area six years ago. Upon the assessment of engineers and experts, it would need major repairs to ensure safe operations because some of the concrete bench walls are now crumbling and there has to be more modern innovations in the transportation system.

The construction and shutdown were first announced in 2016 and has caused alarming concerns from the residents. Indeed, a properly functioning Canarsie Tunnel is necessary for the efficient transportation of hundreds of thousands of New Yorkers. It services the L Train which runs between Manhattan and Brooklyn. Thanks to the new development, we won’t face serious disruptions in our daily living.

New technology, no more shutdown

Originally, the government planned to shut down the two tubes of the tunnel beginning April 27. Perhaps, they have heard the cries of NY residents and looked for a more efficient and less disruptive way of repairing the tunnel.

Governor Cuomo sought the help of experts from the Columbia University, Cornell University, and other agencies to assess the problem and come up with a better solution. With an intensive analysis and study, they were able to formulate an innovative plan.

The new construction plan is designed to be accomplished in 15 to 20 months. Instead of simultaneously working on the two tubes, the new plan is now geared towards repairing only one tube at a time. Engineers are said to be using a new technology from Europe that would allow the construction without affecting so much of NY transportation.

Weekday services will continue while weekend services and overnight trains will run with 15 to 20-minute headways. Subway line trains G, M, and 7 are announced to be extending their services during the weekends and at nighttime’s.

This announcement is surely good news to everyone who depends so much of their lives to the efficiency of daily transportation.

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Heating your NYC apartment!

It’s the season of chills and thrills, or at least it’s intended to be. The cold weather is here and if you are in New York City, chances are, you may be feeling cold inside just as what you’re supposed to feel outside.

Regardless if you rent or own with regard to warming up your NYC pad, there is no happy medium, and we’re not only talking about the never-ending family fight over the space heater. We have a considerable rundown of topics including what to do if the new landlord of your rent-stabilized flat would like to change your heat to a more expensive unit or how to know if you have to shoulder the heat expenses in your NYC rental.

Here are some heating bits of advice for your NYC flat for the winter season:

Warming up your NYC Flat 101

During the city’s “warm season,” which started Oct. 1, your landlord is committed to keeping your apartment at minimum 68 degrees between 6 a.m. and 10 p.m. if the outside temperature plunges below 55 degrees. At night, your flat needs to be at least 62 degrees, regardless of what the temperature is outside.

If you don’t have a warmer, you should first get in touch with your building manager or owner to tell them about his matter.  On the off chance that you don’t get a response or resolution, you can call 311, this should alert the Department of Housing Preservation and Development. Getting the said department involved can include a site visit—and a large fine for your landlord.

Be knowledgeable with your radiator

If you live in an older building, you are more likely to have a bulky and a very noisy radiator occupying a significant area in your apartment. But what do you truly know about your NYC radiators?

First off, you should know that the round handle is not, in fact, used to direct the temperature, it serves as an on-off switch. If turned all the way to the right (off) or to the left (on), it should stop those occasionally frightening banging noises that radiators are known for. If the knob doesn’t appear to be tightened in any case, reach out to your super to fix.

While these noisy warmers are so very New York, some find these things as a mess and awkwardly located. If you’re in that classification, a lot of businesses make radiator covers that don’t just conceal them without hindering the warmth they provide but also transform them into a useful part of your layout.

I’m as yet cool in my NYC flat. What would I be able to do?

In the event that your apartment warmer is already on, but you’re still feeling chilly, you have a couple of alternatives other than burying yourself a blanket over another blanket. One ofthem is most definitely not involving your oven or gas range in the process.

“Such inappropriate use could make hazardous dimensions of carbon monoxide accumulate, causing extreme sickness and possible death,” FDNY writes in its winter fire security leaflet.

Never utilize a lamp fuel or propane space warmer, which are unlawful and entirely forbidden in New York City. Electric space heaters, however, are permitted, but should never be used with an extension cord.

Per FDNY, you should search for electric space radiators with programmed stop feature, and only utilize ones that have the Underwriters Laboratories (UL) mark. You are also supposed to inspect the electric cord for any damage before each use.

Electric warmers should be out of reach of children and pets and should be at minimum three feet from flammable materials such as bedding or furniture. They are not recommended to be used in bathrooms or other places they could interact with water, FDNY warns. Make sure to turn off and unplug the warmer when going to bed or heading out.

In case you’re considering using an electric blanket, it also should have an auto turn-off feature and the UL Mark. In the event that it’s over 10-years of age, it must be replaced, as should blanket with frayed or broken strings or burn marks. Never tuck the cover into the side of the bed or cover with other sheet material while being used.

The warmer’s now on, but it’s sweating hot in here!

If your radiator is on, however, ,you’re excessively feeling hot, opening a window is the principal thing you should need to do (and it’s free). Yet, as the climate outside gets progressively fearsome, that probably won’t be the best fix.

Whether you pick the classic box shape or a tower, a great fan is a sensible cost that can prove to be useful all year.

No heat means rent discount?

In the event that you have no warmer, whether because of a broken boiler or another factor that is beyond your control, you might be qualified for a lease reduction for that day and instance.

“The inability to give warmth during the cool climate season would without a doubt be a break of the guarantee of livability that a proprietor owes an occupant,” real estate attorney Jeffrey Reich of Schwartz Sladkus Reich Greenberg Atlas discloses.

Retaining rent automatically, however, is not advisable, as you could end up in housing court which could be expensive regardless if you win.

Arrange a reduction with your proprietor on the following month and make sure to have it documented.

Upgrading your heating system

In case you’re a homeowner, overhauling your HVAC, or warming, ventilation, and cooling, the system in your NYC flat could be a commendable redesign. It cannot only mean putting an end to that annual bother of expelling and putting away in-window air cooling systems, it additionally could spare you from battling about the indoor regulator season after season—and be increasingly productive and calmer, as well.

Such an endeavor, however, is reliant on a few variables, from the age, milestone status, and board guidelines of your working to its electrical limit, roof tallness, and where development will occur in your condo contrasted with the flat beneath you.

Regardless of what time of in-home work you’re needing, sit down with your building management and talk about important things prior to starting any project.

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lease agreement

Lease Agreements: The Top 5 Mistakes DIY Property Managers Make

Handling a lease agreement on your own is a great way for property managers to save a little extra and gain valuable experience. Property management isn’t easy, and lease agreements can get particularly tricky for do-it-yourselfers, with numerous pitfalls that promise to trip you up along the way. As a New York property management company here in New York, Peridot Management Group has been through it all. That’s why we’ve put together this list of the top 5 mistakes DIY property managers make when they choose to take on lease agreements themselves.

Limited Marketing

Most property managers post available listings on Craigslist and other websites or realty groups. Creating a new post for every hosting platform available can be a daunting task, and owners often end up posting in only one or two specific places. This can reduce your chances of finding the best possible tenant or prolong the vacancy of a unit. Take the time to research beyond the most popular listing sites. And, be sure to update and repost regularly, as places like Craigslist prioritize the most recent listings.

Poor Background Checks

Finding the right tenant should always be the priority. It can be tiresome maintaining the listings of a vacant home or apartment. A tenant that doesn’t pay rent can cost you much more money down the road than waiting weeks or months for a tenant that pays on time for years. A property management company will have the proper screening process for finding an honest and reliable tenant.

Below Market Lease Rents

It may seem like a good idea to keep rent rates lower to attract more applicants. Don’t be fooled. Keeping the rent competitively priced will guarantee that you find higher quality tenants and you’ll be better able to maintain the building. As property units age, the maintenance becomes more frequent and more expensive. Keeping your rent rates up to par will set you up for success when it comes to maintaining your property value. Tenants will stay longer in a building that is well taken care of, too. Pricing your rental rates can properly be handled by an experienced and knowledgeable property management company, as they are in the know with current property trends and rates.

Inconsistent Lease Enforcements

Rules are rules. Whatever the lease agreement states, as far as when rent is due, how the tenant may contact you, etc., enforcing these rules consistently can be a giant hurdle. Allowing tenants to fall behind on rent, or making exceptions because of personal circumstances or on a case by case basis is never a good idea. By having a property management company enforce these lease agreements, you can save yourself the hassle and stress of having to enforce these rules alone.

Complete the Rental Agreement and Move-In Condition Report

Owners will sometimes forget to complete the move-in condition report. Updating the rental agreement forms so they reflect the current legislature, rent rate, and policies is another task that you will have to handle on your own if you choose to go without a property management company. These forms will protect your investment and give you the right to withhold the security deposit if the apartment is left in poor condition. Mishandling this process can result in lost revenue and damage to your properties.

Peridot Management Group

Property management isn’t easy. Most property owners prefer to let a company manage their lease agreements for them because a property management company will have the resources, time and expertise to take the best care of a rental unit. Peridot Management Group is one of the best New York Property management companies in business today. For more information on how we can help with your residential lease agreement, don’t hesitate to contact us.

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floorer in apartment

Renovation Oversight and Furnishing Procurement in New York City

Are you trying to determine which of the New York property management companies is right for your needs?  We can help you make this decision. At Peridot Management Group, we manage commercial, industrial, and residential buildings in New York and surrounding areas.  Our goal is to make life easier for a property owner with our comprehensive package of services. Whether it be renovation oversight and furnishing procurement, rental management, accounting, expense tracking, and more, we have you covered.  

Owning real estate in New York can be stressful, and the competition is fierce.  But, our team will take care of all the details and ensure that your enterprise is profitable.  Here are a few of the services we provide that will maximize your profits, while keeping your costs down.

Renovation Oversight: Our Commitment to High Standards

Getting the job done correctly, on time, and within budget is imperative.  You need a team that can oversee the project from beginning to end to ensure timely completion.  It is essential that your renovation project meets market expectations. At Peridot Management Group, we work with the most highly skilled contractors and vendors.  Throughout the project, we maintain direct contact and supervision to make sure no unexpected problems or costs arise. From concept to completion, your renovation project will be handled with utmost proficiency to provide a truly positive outcome.

Furniture Procurement and Inventory Services

Furniture procurement services are an excellent resource for property owners.  Furnishing your commercial property can be time-consuming and expensive, especially if you aren’t familiar with the market.  Using a professional procurement company can take the guesswork out of this aspect of your business, and save you time and money.  How do they do it? At Peridot Management Group, we utilize an extensive network of decorators who are experienced with commercial accounts.  These highly skilled individuals know what to buy and where to buy it in order to minimize costs.

Once your furnishings are in place, the services extend to helping you keep inventory. This is a vital service you’ll need if you have tenants.  Part of the inventory process involves having tenants sign an inventory statement. This document will be used when the tenant vacates the premises to ensure that any damaged or missing items are replaced.

Other Property Management Services Available

Hiring a property management service can be perplexing.  You want a company that is ethical in all aspects of the business. After all, this is your livelihood, and your investment must be protected.  In your search for the best property management companies in New York, you’ll find that they differ in the range of services offered. For instance, do they provide services such as expense tracking, rent collection, transparent accounting and tax information, or respond promptly to maintenance issues?  Peridot Management Group provides those services and many more.

It’s also important that you look for a management company that will respect your tenants to ensure long-term occupancy.  Another valuable service you should expect is a communication strategy that works for everyone. You need to know what’s going on with your property at all times.  The “no news is good news” approach isn’t acceptable. Agree on times, frequency, and methods of contact that accommodate your needs.

These are just a few highlights of the things you should expect from a property management company.  For more information about how Peridot Management Group can help you create wealth and success, contact us today.  We will be pleased to answer any questions you may have about our services. Our professional property management team is committed to making sure your role as a property owner is stress-free and profitable.  We look forward to hearing from you. 

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Buried in Paperwork

The Risks of DIY Property Management

 

Managing your own property may seem like an ideal situation when first starting out. You will save money on real-estate fees from a property management company and be able to directly manage your units and interact with your tenants. This may seem like a win-win scenario. But, it is important to know that DIY property management can hold considerable risks. Whether you are considering residential or commercial property management, investors should first consider these pitfalls common to DIY property management before deciding whether or not to hire a real property management company.

 

Inadequate Tenant Screening

Failing to screen tenants properly can lead to costly problems down the road. Often, private landlords are not equipped with the tools or expertise to screen applicants thoroughly. They instead rely on limited information and intuition. Landlords may not have access to an applicant’s past rental history (available to property management companies through an industry database). Due to this they may not be able to conduct adequate background checks. Failing to check all of these screening criteria can mean renting to a tenant who can end up costing valuable time and money. A property management company can carry out all of these checks on tenants. They can look into their financial, personal and work histories to find the best tenant for your vacancy.

 

Not Understanding Legal Rights and Responsibilities

A landlord should be up to date on both their legal rights and responsibilities, as well as those of their tenants. These rights cover a broad spectrum of obligations, from security and repairs to eviction and rent increases. As a landlord, you will need to be sure all leasing documents are current and compliant with the law, as well as ensure that both parties are following the rental agreement. There is a complicated and fluid system of laws surrounding landlord/tenant relationships. And, not understanding these laws may lead to a breach of law (from either party) with costly mistakes.

 

Failing to Collect Security Bonds

A bond is a security deposit which the landlord holds in the event a tenant defaults on their rental obligations or causes property damage. Many private landlords fail to collect this bond, which is an essential part of the landlord/tenant agreement. This leaves them no recourse at the end of a bad tenancy. This bond ensures some degree of compensation and coverage of your financial losses, should it be required.

 

Failing to Conduct Regular Inspections

Inspections are essential to ensure tenants are both compliant with leasing agreements and happy as well. Inspections are also set out by law in each state. And, failing to implement regular checks may lead to legal action and/or penalties. Many private landlords fail to conduct regular inspections, either from lack of time and organization or because they want to avoid confrontations with tenants or maintenance costs. There are many reasons landlords fail at regular inspection. But, the risks can be costly. Regular inspections give you both the peace of mind that your property is in good condition and that tenants are following the rules.

Professional Property Management

Engaging the services of a professional and reputable property management company can reduce your risks substantially as a property investor. They will ensure the tenants in your units are properly screened. They will also take care of issues like tenant disputes, delinquent rent payments and maintenance problems. All these things can save you time, stress and money. For those thinking about cutting out the middleman to save money, take into consideration these common risks to determine whether DIY property management really will save you money in the end.

 

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New York Homes

The Changing Roles of Property Management Companies in New York

 

New York is the city that never sleeps, and neither does its real estate market.  With its population constantly changing, the rental landscape changes as a result.  Compared to the rest of the country, real estate prices remain high. But, the days of continuously increasing rents seem to be over.  Increases in rental property development have caused New York City rents to stagnate over the past year or two. Life moves quickly in New York City. And, property management companies have had to move quickly to keep pace with these changes.  New York property management companies, which oversee large numbers New York rental properties, have come up with some creative strategies to meet the needs of their clients.

 

Traditional Role of a Property Management Company

New Yorkers are masters of outsourcing, and New York property owners have long outsourced their needs to property management companies.  Property management groups allow property owners to enjoy the benefits of owning property without the headache of day-to-day management. At the Peridot Management Group, we offer a broad array of services to make your life as a property owner easier.  We take care of all the financial details, including rent collection, expense tracking, and detailed accounting and tax information. On a day-to-day level, we handle all tenant requests, repair requests, and maintenance issues as they arise. Should your property require extensive repairs or renovations, we have a team of trusted vendors and contractors ready for your review.  

On a legal level, we track changes that may affect you as a landlord and can represent you in any board meetings or court appearances if necessary. In a nutshell, we handle anything and everything pertaining to your property. We want things to run smoothly for you and your tenant, without you having to lift a finger. We pride ourselves on our attention to detail and our commitment to service.

 

The Changing Role of Property Management Companies

There have been recent changes in the New York real estate market. And, property management companies have had to change the way they do things.  An influx of available rentals has increased the city’s rental inventory, giving prospective tenants and renters with a lease up for renewal the upper hand for a change.  New York property management companies have had to employ new strategies to attract new tenants or to keep the ones they have. Companies may offer current tenants concessions such as no increase in the rent if they extend the lease.  The concessions offered to new tenants are more varied and creative.

Some property management companies are offering to wave the broker’s fee, offer one or more months rent-free, or even throw in a gift card with a signed lease. Others, especially those trying to stand out in a crowded real estate market, throw in more unusual gimmicks, such as puppet shows for kids or cooking classes for adults. No matter what the concessions are used, the goal is to find tenants for the properties and keep them occupied for the long term.

 

Our Property Management Goals

Our goal at Peridot Management Group is to keep your property rented and running smoothly, no matter what it takes.  From tried-and-true methods to creative concessions, we are here to meet your needs as a property owner. We want to keep your properties occupied at all times, minimizing expenses while maximizing income.  We can think outside and inside the box in order to find you the best tenants, keep them satisfied, and keep your property in prime condition at all times.

 

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New York Property

5 Signs You Are Ready for a Property Management Company

 

If you’re a property owner that has been handling all aspects of property management, rentals, repairs, rent collection and vacancies, you may ask yourself from time to time whether it’s all worth it and whether it is time to hire one of the many property management companies out there to take over the day-to-day tasks. You may be unsure about whether your ready to invest in a property management company. That is why we’ve put together a list of the 5 signs that mean you’re ready to take the next step and relieve yourself of the burden.

 

Number of Units Owned

If you own one or two properties, especially small ones, collecting rent and dealing with maintenance issues may be totally manageable. However, if you own a large apartment building or several rental properties across multiple locations, dealing with the many diverse sets of tenants can be a challenge. When it comes to hiring contractors and supers or dealing with vacancies, it can be a challenge juggling multiple properties at once. If you live in New York City, the needs of a unit in Brooklyn is dramatically different than another in Queens. Managing a property on your own can be a detriment to your earning power. In this case, it is probably best to hire a New York property management company to take over.

 

Property Owned is Far Away

Just as a rental unit in Brooklyn differs dramatically from one in Queens, if you live outside the state in which the property you own is located, keeping track of everything can be downright impossible. Handling vacancies and finding the right tenants is the primary challenge. But, finding a contractor that will do good work at a decent rate is another. If you own multiple properties that you live far from, hiring a professional service will streamline your revenue. A good property management company can handle many different properties with ease. They can understand the local legislation, as well as have a system in place to locate – and attract – good tenants.

 

You’re Just Getting Started

If you’re a property investor that is just getting started, it may be in your best interest to hire a property management company that can help you start off on the right foot. Maybe you own a single property, and the price can be expensive, but so can learning as you go. If you’ve got a full-time job on the side and you’re just getting into the property investment game, allowing a team of professionals to handle your investment is worthwhile down the road. Taking it on yourself is a time consuming endeavor.

 

Vacancy Rates are High

One of the primary functions of any property rental company is to limit the vacancy of your property. If the vacancies are high, it is probably time to hire someone else to take over. You’ll be glad you did, even after you pay the fees for the services.

 

There Just Isn’t Enough Time

Managing a single property can be a full-time job. Overseeing multiple rental units, dealing with repairs, maintenance, superintendents, tenant complaints and contracts is time consuming. Whether you want to sit back and enjoy your time, allowing your property investment to grow on its own, or you already have a full time job, property management companies will take the burden off your hands and give your time back to you. Take that vacation you’ve always dreamed of, focus more on the things – or people – you love.

Peridot Management Group is located in New York and has a wealth of knowledge and experience dealing with all kinds of property units. If you’re ready to take the next step and increase the earning power of your rental with a property management company, contact us today.

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