Questions to Ask When Exploring Apartment Management Companies in NJ and NY
Owning an apartment building is a rewarding, but involved, experience. Many building owners seek apartment management services to help handle the various tasks necessary to maintain a well-organized building that attracts tenants. Cervelli Real Estate & Property Management offers property management services in New Jersey’s Gold Coast area. Here, we list some important questions for apartment building owners in New Jersey and New York to consider when choosing the right apartment manager.
Important Questions for Apartment Building Managers
What Services Are Offered?
Property management is complicated. You want a manager with the knowledge and skills to handle the task. You should review an apartment management company’s services. Consider whether a manager offers services such as property inspections, emergency services, and financial reporting.
What’s Your Level of Experience in the Market?
Find out how long the apartment management company has been in the business. More so, consider their experience in your specific region, as different areas have different guidelines for property management. Working with a manager who thoroughly understands the market in your area.
How Do You Manage Rent Amounts and Collections?
Rent collection is integral to property management. Apartment management companies should have policies for handling rent amounts and collections. Consider a manager that makes it easy for tenants to pay rent, by offering online payment portals or the ability to pay rent at convenience stores. There should also be policies indicating when rent is due and amounts for late fees.
How Many Properties Do You Manage?
The number of properties an apartment manager serves signifies the level of service you can expect. For instance, managing too few apartment buildings might indicate a lack of experience. Conversely, while managing many apartment buildings may be a testament to the quality of service, it may also suggest the manager is spread thin and might not provide the personalized attention you need.
What Is Your Company’s Vacancy Rate?
Vacancy rate is the percentage of unoccupied units in an apartment building. Although often used to determine the performance of a single rental property, you can use this formula to evaluate a property manager as well.
Research some of the properties the potential property manager currently cares for. Figure out the vacancy rate for some or all these properties. This step helps you decide the likelihood that the apartment manager can help you maximize your rental units.
Do You Manage Mixed-Use Properties?
Mixed-use properties are common in New Jersey and New York. If any buildings you own offer rental space for residential and commercial tenants, consider finding an apartment manager with experience with mixed-use buildings. They will understand the requirements for residential and retail property.
What Are Your Certifications and Affiliations?
Certifications reveal an apartment manager’s experience and commitment to service. Most companies will outline these certifications on their websites. Be sure to investigate each certification or affiliation to confirm their legitimacy.
Some certifications to look for include:
- Certified Apartment Manager (CAM)
- Certified Property Manager (CPM)
- Certified Professional of Occupancy (CPO)
- Certified Commercial Investment Member (CCIM)
Can You Help With Legal or Accounting Concerns?
An apartment management company that serves as a professional liaison can be beneficial if you need guidance with accounting or legal issues. The best property managers maintain relationships with attorneys, accountants, and other key personnel and can facilitate communication regarding legal concerns or accounting needs. They may also handle paperwork to ensure your buildings comply with guidelines and stay transparent.
What Vendors Do You Use?
A property manager may not provide all the services you need for owning an apartment building, but they can connect you with providers if they have a vendor network. These managers maintain vendor relationships with licensed and insured service providers, enabling building owners to find the additional services they need at a price they can afford.
What Kind of Reports Do You Provide, and How Often?
Some apartment management companies provide annual or periodic financial reporting of checks, bank statements, and similar financial documents. At Cervelli Real Estate & Property Management, we send detailed financial information to all our clients monthly, so your team always has the documentation you need. This proves to be invaluable when filing tax returns or completing audits.
What If I Need After-Hours Help in Case of an Emergency?
As people dwell in apartment buildings, issues can arise at any time — including in the middle of the night and on weekends. These problems may require immediate attention. Working with an apartment management company that offers emergency maintenance services 24 hours a day, seven days a week, provides peace of mind in case of fires, flooding, electrical problems, and other major concerns.
Choose Us as Your Apartment Management Company
Apartment building owners in New Jersey and New York need not look further than Cervelli Real Estate & Property Management for a reliable apartment management company. As an Accredited Management Organization (AMO), we have vast experience managing residential and mixed-use rental properties. We deliver a wide range of services, from property inspections and emergency maintenance to property marketing and online services.
Cervelli Real Estate & Property Management is proud to serve apartment buildings in Hudson, Bergen, Essex, Union, and Passaic counties. Contact us today to learn more about our property management services.
