The Disadvantage of Self Managed Properties

Are you managing your own properties? Are you getting tangled in all the new rules? Does advice from family, friends and casual legal advisers backfire? Do you have complaints and violations that you feel are unfair or unexpected?

 

If you are managing your own properties – because of the large volume of work to be done and new laws to keep track of – chances are there is room for improvement. It doesn’t just take you – it takes a team! If a self managing Landlord or a management company is not absolutely adept in the rent regulation laws it could result in ruinous costs and repercussions. Owners of small or family owned properties can find themselves embroiled in the onslaught of new legislation such as rent stabilization riders, new FDNY rules, and a whole host of new rules and regulations. Despite best intentions, children, family members and casual legal advisers are unable to effectively provide sound advice due to lack of knowledge, inexperience, or lack of time to keep pace with the ever-changing laws.

 

If a self managing Landlord or a management company is not absolutely adept in the rent regulation laws it could result in ruinous costs and repercussions. One violation alone can cost more than several months of management fees.

R.E.M.’s compliance department deals with monitoring complaints, permits, expirations, violations and warnings so that nothing falls through the cracks. We are specialists at cleaning up violations. Violation free buildings save on fines, insurance and lost rent collections. Staying on top of compliance avoids major headaches, speeds up MCI process, defends you against lawsuits, prevents loss of rent claims, among other benefits. Having a competent compliance department on your side will save you a huge amount time and money. The many rules and regulations and red tape are tricky to maneuver successfully with positive results, but with R.E.M. Residential on your side, it is seamless and efficient.

 

 

At R.E.M. we never stop searching for ways to cut costs We prepare detailed accurate budgets for our clients and monitor them closely. Many expenses are fixed but for anything we can control, we are diligent and aggressive in doing so. There are many ways to improve the efficiency of the heating system, yet most Landlords aren’t aware how to take advantage of these small corrections. We put in the time and effort at no expense to the Landlord unless repairs or necessary upgrades are required to be done.

 

 

Tenant retention is so important. We take pride in bringing in good market rate tenants through careful screening and then keeping them in place to avoid downtime and the cost of painting and upgrades. Everything is done in-house so there is no cost to the you for this service. Our tenants are happy with us and recommend friends and family. There is very little downtime in our buildings. Because we have good relations with our residents, they provide us adequate notice when they vacate as well as access to show for prospective residents, so that the unit is ready as quickly as possible for the new tenants.

 

When you choose R.E.M. Residential to manage your property, the transition will be smooth and trouble free. Over the years we have developed a thorough transition checklist, ensuring that we secure all necessary documents and prepare complete and accurate files. The process is very quick, easy and truly painless.

When you choose R.E.M. Residential to manage your property, the transition will be smooth and trouble free. Over the years we have developed a thorough transition checklist, ensuring that we secure all necessary documents and prepare complete and accurate files. The process is very quick, easy and truly painless. Get Started Today