PROPERTY MANAGEMENT
FOR INVESTORS

 

We pride ourselves on working with our clients over the long term: sourcing properties for our buyers, annually sourcing tenants for our owners, and, at the end of ownership, listing properties for sale and selling those properties.

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To make our property investor’s lives a little bit easier during the holding period, we offer Light Property Management services at no cost to our Manhattan clients. For investors looking for cash management in addition to property management, our partner RD LLC offers Full Property Management services, including rent collection, bill payment and financial reporting.

LIGHT PROPERTY MANAGEMENT

Generally, in the Light option we don't handle cash and we don’t collect rents or pay bills on behalf of the owner. Rather, we manage the entire process to fix the tenant’s and owner’s problems.

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NO MONTHLY FEE

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PROPERTY MARKETING

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TENANT SCREENING

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LEASE PREPARATION

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BOARD & APPLICATION
ASSISTANCE

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REPAIR &
MAINTENANCE

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PROPERTY INSPECTIONS

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MANHATTAN

START
OWNING

From ordinary repairs to tracking renovations at move-in or move-out, you are in the loop. We keep track of all events happening in the apartments. Connect with Manhattan Miami via email/text/call with your additional service request. We will provide you with the status of work step by step. Every update from the scheduling of work to completion is emailed to our clients and kept up to date. Renters/tenants can communicate directly with us so you have a piece of mind. In case of an emergency our team is available on-call to the clients and tenants. Our owners can have piece of mind that a MM team member will be handling all emergencies and any hour of the day. All renters/tenants can communicate directly with us so you rest easy knowing we are there for both sides.

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FULL PROPERTY MANAGEMENT

Generally, in the Light option we don't handle cash and we don’t collect rents or pay bills on behalf of the owner. Rather, together with our partner RD LLC we manage the entire process to fix the tenant’s and owner’s problems.

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MONTHLY FEE
% OF RENT

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RENT COLLECTION

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BILL PAYMENT

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LEGAL SERVICES

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FINANCIAL REPORTING

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EVICTION

Rented: $10,000 per month

177 Ninth Avenue | West Chelsea

2 beds | 2 baths

Rented: $30,000 per month

20 East End Avenue | Upper East Side

4 beds | 4.5 baths

Rented: $5,000 per month

322 West 57 Street | Columbus Circle

1 beds | 1.5 baths

Rented: $13,000 per month

23 East 22 Street | Flatiron

2 beds | 2.5 baths

Rented: $9,500 per month

166 West 18 Street | Chelsea

2 beds | 2.5 baths

Rented: $20,000 per month

60 Riverside Boulevard | Lincoln Square

4 beds | 4 baths

Rented: $9,500 per month

641 Fifth Avenue | Midtown East

2 beds | 2 baths

Rented: $6,500 per month

400 Fifth Avenue | Midtown

1 beds | 1.5 baths

Rented: $13,000 per month

80 Riverside Blvd | Lincoln Square

3 beds | 3.5 baths

Rented: $8,000 per month

225 Fifth Avenue | Flatiron

2 beds | 2.5 baths

Rented: $9,500 per month

60 East 55 Street | Midtown East

2 beds | 2.5 baths

Rented: $5,500 per month

450 West 17 Street | West Chelsea

1 bed | 1.5 baths

Rented: $4,500 per month

60 Riverside Boulevard | Lincoln Square

1 bed | 1 bath

Rented: $11,000 per month

322 West 57 Street | Columbus Circle

3 beds | 2 baths

Answers to the 10 Questions Landlords Ask Most Often When Renting Out a Condo

Real estate investors know that owning rental properties can be either very profitable or a burden. It can either generate passive income or it can be a drain on cash. It can generate profit when the property is sold, or it can generate profit from Day 1 - as well as profit when it is sold.

Knowing what to do and how best to do it is the secret of successful landlording.

Check out these 10 questions that landlords ask most often, read the answers, then sit back and watch your monthly yield and annual price appreciation.

Who Can Help Me and Rent Out and Manage My Condo After It's Purchased?

We can! And we do. We have a deep understanding of the real estate market in both New York City and the Greater Miami Area. Clients who buy as investors rely on us to help them choose the right kind of property to buy.

We can! And we do. We have a deep understanding of the real estate market in both New York City and the Greater Miami Area. Clients who buy as investors rely on us to help them choose the right kind of property to buy.

The rental market divides into:

  • Tenants who want a short-term rental because they have business meetings to attend.
  • Tenants looking for longer-term vacation home (summer in the Hamptons and winter in Miami.)
  • Tenants who want to rent their home for a year or longer.

Choosing the right property for the right rental market makes it is much easier to find the right tenant. We often begin working with potential tenants for a particular property while the purchase contract is still being finalized. This reduces vacancies and maximizes immediate yield.

We offer light property management as a standard part of our client success package. Our partner, RD LLC, delivers a complete property management service including every element and detail our investor clients rely on.

Which Marketing Initiatives Does Manhattan Miami Real Estate Offer to Successfully Rent My Apartment or Home?

We have two primary approaches to finding the right tenant. The first and most efficient way is to match an investor's property with our global prospect and client network. We are in constant contact with potential tenants.

We have two primary approaches to finding the right tenant.

The first and most efficient way is to match an investor's property with our global prospect and client network. We are in constant contact with potential tenants. Some need a short-term rental. They have business to attend to in New York City or the Greater Miami area, or they are looking to buy property, and want to learn enough about a neighborhood before signing their contract.

Others need a long-term rental property They are moving because of a job transfer, for example, or they have outgrown the rental where they currently live. Many young professionals choose to rent in Manhattan or the Downtown Miami area to be close to their place of business. They are also part of our network.

The second way we find good tenants is by marketing our clients' properties on local, national, and international websites. We select websites carefully. Our marketing attracts the right tenants for the right properties.

We attract the right kind of tenant so vetting, and occupancy all flow more smoothly, and result in fewer hiccups or major problems. This approach generates maximum client returns.

When Purchasing a New Development Condo, Who Will Help Me with Painting and Installing Roller Shades and Closets, and Who Pays?

We have a fleet of professional suppliers and contractors who do these things. They know the developments and the building managers.

We have a fleet of professional suppliers and contractors who do these things. They know the developments and the building managers. They know what is expected of them and how to supply, install, and inspect their employees' work to ensure everything is to standard.

The apartment owner usually pays, because they form part of the fixtures and fittings, but when we arrange a long-term lease in a new development, the tenant may have specific demands. In those cases, the tenant will pay for customized items.

 

Is There a Brokerage Commission to Find a Tenant, and Who Normally Pays?

It depends on the city. In New York, it is usual for the tenant to pay a fee equal to up to 15% of the rental amount. Some developments have a no-commission structure for finding a tenant because the brokerage fee is built into the rent.

It depends on the city. In New York, it is usual for the tenant to pay a fee equal to up to 15% of the rental amount. Some developments have a no-commission structure for finding a tenant because the brokerage fee is built into the rent.

In Florida, it is usual for the property owner to pay the commission. The usual amount is 10% of the rental figure.

How do You Qualify Tenants for My Rental Property in New York City and Miami?

Comprehensively and very carefully. We require at least two forms of current id (e.g. Social Security Number, state photo id, passport and visa details if the applicant is from overseas,) bank details showing suitable funds and regular income, etc.

Comprehensively and very carefully. We require at least two forms of current id (e.g. Social Security Number, state photo id, passport and visa details if the applicant is from overseas,) bank details showing suitable funds and regular income, etc. We also want personal and professional references as well as references from current and, if appropriate, previous landlords.

We carry out a full credit check and, if necessary, require a personal or professional guarantor. Tenants from overseas often do not have a US credit history, so a guarantor is essential.

In addition, we expect annual income to be between 30 – 40 times the monthly rent. This minimizes any risk of being unable to pay rent and overheads.

Who Collects Rent and Pays Bills?

Our full property management partner, RD LLC. They arrange bank drafts for rent and other regular payments. They also provide landlords with monthly and quarterly financial statements.

Our full property management partner, RD LLC. They arrange bank drafts for rent and other regular payments. They also provide landlords with monthly and quarterly financial statements. They will also assist with annual tax returns if needed. All expenditure or repairs and replacement, etc. are reported, if below an agreed amount, or after landlord approval for a larger cost.

How Do You Handle Late Payments?

Because of the way we use our network and market properties, and the detailed way we select tenants, our landlords experience very few late payments.

Because of the way we use our network and market properties, and the detailed way we select tenants, our landlords experience very few late payments. If a tenant did fail to pay, they would receive a reminder letter within a few days, then a formal notice, and then an eviction notice. But, again, we emphasize that with our system, such things are extremely rare.

How Are Repairs and Maintenance of the Apartment Handled?

We walk the new tenant through the property, so they can confirm all is as it should be. Tenants are not responsible for "fair wear and tear," so if they contact us to say something is damaged or broken, we have a base against which we can check that correcting the problem is the tenant or landlord's responsibility.

They are part of a process. Before a tenant moves in we inspect the property and take a video to show everything is in good condition.

We walk the new tenant through the property, so they can confirm all is as it should be.

Tenants are not responsible for "fair wear and tear," so if they contact us to say something is damaged or broken, we have a base against which we can check that correcting the problem is the tenant or landlord's responsibility.

If work is needed, RD LLC organizes it. Contractors must be suitably qualified and licensed. In Florida, for example, someone with a "handyman's license" cannot do plumbing or electrical work.

We ensure the contractor is paid, and we charge the tenant if it is their responsibility.

If it is the landlord's responsibility we will approve a charge if below an agreed amount and simply deduct it from the month's yield. If the cost is higher than agreed, we contact the landlord for approval.

How Do You Manage Turnover Between Tenants?

We know that a lease will end, so check to see if the tenant wants to renew. If not, we look for a new tenant. Prior to the end of lease, we do a walk-through inspection and compare it with the pre-occupancy inspection to check all is in order.

We know that a lease will end, so check to see if the tenant wants to renew. If not, we look for a new tenant.

Prior to the end of lease, we do a walk-through inspection and compare it with the pre-occupancy inspection to check all is in order. Anything missing or damaged is taken out of the tenant's security deposit, and fully accounted for. After the tenant has moved out we do another walk-through to make sure nothing was damaged or taken by mistake during the move. If everything is as it should be, we refund the tenant's security deposit.

We then repeat details covered in Questions 5 and 8.

How Much Do You Charge for Your Property Management Services?

Depending upon competition in the particular building that you buy, often the tenant will pay the broker commission that will cover the property management fees.

As for sourcing tenants, depending upon competition in a particular building that you buy, often the tenant will pay our broker commission.  However, if there is competition in the building for rentals which are listed as No Fee (which means the tenant is not charged a brokerage commission), then the owner will pay the brokerage commission. The commission paid by the owner will not be more than 1 month rent. 

Generally, we don't charge separate property management fees if we are engaged to source the tenant. We want to work with our clients for the long term — sourcing properties for our buyers, sourcing tenants annually for the apartment rental, and at the end of ownership, listing for sale and selling such property. As an inducement to accepting this arrangements, we offer "Property Management Light” at no charge. Here is how it works:

  • If the tenant has an issue, they first call the superintendent of the building who figures out the real issue.
  • If it is something they can fix and it is building related, his staff will fix it (usually at no charge).
  • If it is not building related, he will advise us what he thinks the issue is. We will source vendors (sometimes with his help) to handle the problem.
  • We will obtain your approval before anything is done to correct the issue and you will pay the vendor directly.

Generally, we don't handle cash. Rather, we manage the process to fix the problem. We also don't collect rents or pay bills on the owner's behalf, as this is usually done through electronic banking, which you as the owner will have to stay on top of.

If you desire to hire a property management company to handle cash collection and disbursement, we can refer you to a few companies that do that, but they charge a significant amount to do this annually, which eats into profits. Most of our clients prefer our Property-Management Light option which doesn’t cost them anything. Many of our clients are investors, so we have a lot of experience in this area.

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