Living in New York City means that everyone is looking to get the best bang for their buck. For landlords and tenants alike, a property management company can make a big difference.
Once a landlord has decided to hire a property management company, they then need to choose which company is the best for them.
While this may seem easy, there are a lot of options in New York City, and some companies are better suited for certain properties than others.
Even if a landlord is purchasing properties only for investment reasons, they still have certain obligations as the owner of the property.
This includes keeping tenants happy enough for them to stay and/or renew their lease as well as keeping the co-ops maintained and up to date with certain trends, models, paint colors, etc.
No matter what type of property an owner has, the best property management companies take on the responsibility of co-owner and treat the unit as such.
Best Co-op/Condo Management Company: R.E.M. Residential
Named the “Property Management Company of the Year” by the New York Building Managers Association, R.E.M. Residential has many positives when looking for a property management company to run your co-op.
The most major benefit is that they have a department exclusively dedicated to co-op and condo management.
R.E.M Residential is the Most Cost-Effective
Another perk when it comes to R.EM. Residential is that the company will not add a building to its portfolio unless it is for management and not brokerage; a rare find in NYC.
As a result, R.E.M. will only charge a flat fee, eliminating any hidden fees or guessing games.
Consistent and Hands-on Management Style
Some property management companies may only visit the property a handful of times a year, or in worst-case scenarios, only once a year or not at all.
R.E.M. is constantly interacting with the property, eventually knowing the building from top to bottom, and getting to know tenants on a first-name basis.
They take pride in treating the building as if they were the owner in order to improve effectiveness.
Their employees also have extensive knowledge of mechanicals such as how a boiler works, HVAC issues, and more since they are constantly receiving training and attending seminars and classes to further their education.
Stream-lined Tools and Services
A great property management company comes prepared and supplied with plenty of tools and resources to tackle almost anything.
By having a streamlined approach, it frees up time so that the property manager can take care of other important issues and emergencies.
Some professional tools that R.E.M. use include:
- Yardi to track expenses, pay invoices, view budgets, etc.
- Site Compli for preventing violations, tracking mandatory inspections, and more
- Provides detailed property management statements that can be as detailed or as basic as needed.
Best Technologically Savvy: Building Equity Management
Building Equity Management is a boutique property management company that mainly handles mixed-use and multifamily buildings but works with co-ops and condominiums as well.
They manage an estimate of 50 properties based in Manhattan and Brooklyn, including Lower and Upper East Side, Upper West Side, Harlem, Washington and Crown Heights, Hell’s Kitchen, and more.
Strong Maintenance Logistics
Building Equity manages all items from preventative/annual maintenance to major capital projects, elevator inspections, and more.
This helps take the responsibility off of the owner, especially if they are unfamiliar with certain regulations or inspections.
Tenants also benefit from Building Equity’s strong stance on maintenance as they have the ability to submit repair requests, emergencies, leaks, and more via an online portal.
Requests can be submitted 24/7 and go directly to the property management staff, including the super.
Strict Financial Management of Your Property
With Building Equity, vendors get paid fast and legal matters, lease expirations, and arrears are constantly being watched.
Detailed financial reports are available each month for the landlord’s review, with an option to have Building Equity communicate with your accountant to allow for seamless tax filing, audits, and more.
Using Technology to Streamline
Only the most renowned and trusted software is used such as Yardi for tracking and paying invoices, as well as Evernote, which electronically files every piece of paper that it scans.
They also have the latest fob entry systems with event-triggered video capture to wireless sensor-based heat control systems that provide alerts through a phone app.
Best Cost-Effective: Precision Management Group
Tenants and owners can feel at ease knowing that they are being properly taken care of by a knowledgeable team of professionals.
With over 35 years of real estate experience, Precision Management Group prides themselves on taking care of details that are often overlooked by other management companies, such as:
- Providing tenants with 24/7 access to the property manager
- Has procedures in place to make sure that mechanical equipment is being taken care of
- A team who is trained to take care of most maintenance situations, including emergencies
- Ensuring high-quality service to the tenants
Savings in Maintenance Costs
Prevention and proper management can be the key to mitigating future bills and repairs.
To help cut operating costs down, even more, all of Precision’s property managers are taught to utilize and recognize cost-saving strategies, especially when it comes to:
- Heat distribution
- Boiler maintenance
- Employee training on plumbing, heating, and electrical situations
Accurate Financial Reporting
Precision's motto is “We’ll save you at least 20% on specific operating costs the first year or our property management fee is free!”
They make sure that their members receive the most updated information when it comes to cost savings and provide several financial services such as monthly reports, check-signing, collecting arrears and unpaid monies, and creating annual budgets.
While getting the lowest prices on supplies, vendor contracts, equipment repairs, etc. will definitely help save money, there are other ways to save as well.
Building owners may only look in obvious ways to cut back, without realizing that they are missing a ton of “money traps” that can be easily and cheaply fixed just by establishing systems.
Precision provides inventory control, energy-saving programs, establishes preventative maintenance programs, and more so that the property manager is quickly able to see where the money is going and where the money is being lost.
Best Tenant-Engaged Property Management: Related
Sometimes a relationship with a property management company can be one sided, and tenants can easily spot the difference when a management company is hired exclusively for the owner.
Related works on creating and nurturing their relationships with both owner and tenants to create a community based on trust and communication.
This way, both parties feel like their hard-earned money is providing them with more than just a business/place to live.
More Access to Special Perks
Residents are provided with exclusive access to Related’s inner circle of well-known brands and companies.
Tenants can participate in these benefits via the Related Connect App, where they can shop and select from a category of both one-time and monthly offers as well as book appointments all in one shot.
Additional perks include:
- Exclusive prices and events such as cooking classes and wine tasting
- Preferred access and private rides at SoulCycle
- In building group fitness programming exclusive only to residents
Specialized Creative Space for Adults and Children
Always thinking of ways to improve residents’ experience, the Sandbox powered by Related helps hone and sharpen competitive skills and is especially helpful in today’s ever-changing digital universe.
This amenity space is outfitted with a laser cutter, 3D printer, clay sculpting, and more to inspire the inner scientist in you.
This “smart playroom” allows adults and children to let their creativity loose when it comes to science, technology, engineering, art, and math.
There also arrange weekly private workshops in ceramics, robot programming, app/game development, and VR.
Offering Elite Pet Services
Related tenants and their pups get to reap the exclusive benefits of Dog City, a New York City dog care facility that offers special pet services such as pick up and drop off, daily report cards, vet appointments, and more.
Best Commercial Property Management Company - CBRE
CBRE prides itself on being able to collaborate globally with other creative professionals to provide a unique outlook on certain situations.
They offer a wide variety of services including property leasing, sales, appraisal, and more.
Other services include:
- Security: custom security planning, services, and tools
- Lease administration: complete lease and lifecycle management
- Provides web-based management and leasing platforms to manage tenants’ expectations
- Providing a communicative relationship with tenants while enforcing rules
CBRE Believes in Hiring the Best Talent
CBRE believes in constant training and continued learning, which is why its employees are one of the most educated in the industry.
CBRE employees are constantly being pushed to focus on training, education, and knowledge to make sure their clients are receiving the most up to date information.
Using Technology to Provide Great Service
CBRE uses modern technology combined with state of the art tools in order to effectively monitor the value of a property and ideas on how to improve it.
Best Property Management Company for Short-term Rentals - Cityami
When hiring a property management company for your vacation rental, you are placing your trust in this company to take care of your guests and keep your reputation strong.
Cityami is a customer favorite because even though it is a bit more expensive than most property management companies, they take care of all the necessities so you can continue living your life without worrying about your property getting ruined.
Cityami makes sure every little detail is taken care of, including but not limited to:
- Checking in guests/cleaning up after guests leave
- Answering guests’ questions such as: where is the closest public transit?
- Providing 24/7 service in case your tenant has an emergency, misplaces keys, etc.
Concierge Service for Both Property Owners and Guests
A good property management company can help alleviate the stress and constant responsibilities that owning a short term rental property can bring with it.
However, what if your property manager didn't just make managing your property a breeze, but made your guests and sublessees feel well-taken care of?
That's exactly what you should expect from Cityami.
They don't just provide welcome baskets to your guests but also handle all the logistics even if they're managing your empty apartment while you're away.
How We Decided
New York City is home to eclectic tastes, varying incomes, and unlimited possibilities. While we mainly chose residential property management companies, it was important that we acknowledged a commercial management company as well since many of us deal with one in our workplace and might not even know it.
We also took into consideration many important factors to residents, such as how certain property management companies engage their attention, provide additional modern amenities, and how technologically advanced they are.
It was paramount that we also got feedback from residents and real estate industry professionals for property management referrals, cross-referencing our results from online research.
Residents and professionals were also surveyed on what they thought the best benefits of a top property management company should be. This helped us to see what people expected out of a management company.
This information was then used to help us narrow down the very extensive online search results we received.
Once we had our list of the 15 best property management companies, we went back to our online research and personal referrals.
We looked to see which companies matched what our personal referrals were looking for and double-checked the online reviews to narrow down the companies.
Eventually, we whittled down the list from 15 to six of what we consider to be the best property management companies in NYC.