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.