Welcome to NYC real estate where the options are endless! Should you pay a broker’s fee? Should you live in a new building? Should you live in a landlord operated building or a building operated by management? There are many things to look for when deciding on moving into a building operated by a management company as opposed to one run by the landlord.
A landlord owned and run building is where the landlord does the day to day management of the building. A building operated by a property management company is one where the landlord hires the property management company to run the day to day operations and to maintain the building. Landlord operated buildings tend to be smaller. If you want to be able to bargain, consider renting directly from landlord only managed building.
Landlords and property managers are similar because both are responsible for maintaining and running a building. Other duties include vetting tenants, resolving maintenance requests, collecting rent, upkeep of the property, and tracking property expenses.
Some differences between landlords and property management companies are when dealing with a landlord, it is a more personal relationship. While this can be beneficial if the landlord is trustworthy and cares about his tenants and building. It is detrimental when the landlord is delinquent and does not maintain the building. When you have a property management company, you are one of many and therefore, there is not a personal relationship, but property management companies are more diligent in resolving any maintenance issues you might have.
Whatever you decide, be aware that both landlords and property management companies must obey the local laws. In NYC, there are laws on heating, hot and cold water and overall safety and habitability of buildings. For more information on the basic living conditions that must be provided, look at NYC’s warranty of habitability guidelines
All Area Realty Services knows what it takes to run buildings smoothly and efficiently while keeping both tenants and owners happy. With over 30 years of experience, and many clients with us for decades, you can trust All Area Realty Services with taking care of your building and tenants.