Choose a Property Management Company That Fulfill These Duties

Posted by Benchmark LM Management Services LLC on January 8th, 2021

Residential property management in the Bronx, NY, can be tough, especially for a first-time owner. It may initially seem like a great idea to invest in a rental if your goal is to earn a sizeable income passively, without doing much heavy lifting. But watch out—being a landlord may not be as easy as you assume. Buying a rental in the Bronx is simple. However, Bronx property management is a whole other matter. There are numerous things to take care of, from budgeting, maintenance, and tax compliance. You’re better off looking for a property management company in the Bronx, NY, to help you handle the dirty work.

Before you choose a Bronx property management company, make sure to familiarize yourself with their responsibilities. Look out for these services they must offer:

1. Accounting

Managing finances is one of the most challenging tasks of being a property owner. You have to think about budget and income, as well as disbursements by the end of the month. Fortunately, property management companies in the Bronx, NY, have expert accountants who can help you prepare bank reconciliations and process claims. They must also fulfill their duties in monitoring your income and paying for mortgage and escrow.

2. Overall compliance

Residential and commercial properties also need constant building management to ensure government compliance as well as preserve the quality of the asset. Failure to comply with regulations, such as filing income tax returns and maintaining employee files, can lead to serious legal consequences.

You need to find a Bronx property management company that can help you with compliance, site management, and board policy enforcement.

3. Capital improvements

Bronx property management involves capital improvement services to help maintain your building. Capital improvements can substantially increase the value of your property when done correctly.

Standard capital improvement services include alterations such as roof replacement, gas conversions, and asphalt resurfacing. Some companies offer more practical additions like security and water systems.

These may seem like too much at first, but don’t worry—you’ll surely find a trusted Bronx property management company that can offer all these services and more! If your chosen company doesn’t list the services you need, make sure to contact them to discuss your requirements and they can probably do those for you.

About the Author:

Benchmark Property Management is a licensed Real Estate Brokerage firm that provides assistance in sales, rentals, as well as performing duties as transfer agents. We are also an accredited member of every pertinent Building Management and Real Estate organization in Westchester County.