Property Management for Investors New York & Miami 

 

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.

Mozaik

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 Investment Property Management services, including rent collection, bill payment and financial reporting.

LIGHT PROPERTY MANAGEMENT

Generally, in the Light option we don't handle cash, therefore, 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.

57 Ocean

NO MONTHLY FEE

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PROPERTY MARKETING

renting out a condo

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.

Mozaik

FULL PROPERTY MANAGEMENT

Our partner RD LLC provides cash collection and bill payment services. We work closely with them to manage the entire process to fix the tenant’s and owner’s problems.

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MONTHLY FEE
% OF RENT

Investment Property Management

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

Having a property manager to take care of all potential problems that could go on with an apartment gives an owner peace of mind.  We are here to give you that peace of mind! Check out answers to the 10 questions that landlords ask most often.

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. We also manage their apartments during their holding period and sell them for our clients when they are ready to exit.

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 for your Manhattan or Miami Luxury Condo.

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.

Related resources:

"Buying an apartment in NYC"

"Don't Chase Yield When Buying Investment Properties"

"A Review of the Pipeline Of New Development Condos for Sale In NYC"

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 way we find good tenants is by marketing our clients' properties on local, national, and international websites.

We have two primary approaches to finding the right tenant.

The first way we find good tenants is by marketing our clients' properties on local, national, and international websites. We select websites carefully and in NYC the one used the most is Streeteasy. While it is very expensive to list properties for rent on Streeteasy, we believe the benefits outweigh the costs. Other real estate agents won’t pay this extra fee and, therefore, won't give your listing maximum exposure. 

The second way is to match an investor's property with our local and global prospect and client networks. Through our marketing initiatives, we are in constant contact with potential tenants. Some are in need of rentals as 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.

We always 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 number of professional suppliers and contractors who do these things. They know the developments and the building managers.

We have a number of professional suppliers and contractors who do these things. Often, they already know the developments and the building managers. They, therefore, 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 pays for these things because they form part of the fixtures and fittings. However, when we arrange a long-term lease, 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 market and the city. In New York, it was the usual custom for the tenant to pay a fee equal to up to 15% of the first year annual rental.

It depends on the market and the city. 

In New York, it had been the custom where the tenant would pay a fee equal to up to 15% of the first year annual rent. Recently, however, the market has shifted in favor of the tenant and we are seeing more and more deals where the owner will pay the commission, which is 1 month rent (roughly half of the 15% the tenant used to pay). In NYC, there is no commission paid on renewals only on the original lease year. 

In Florida, it is usual for the property owner to pay the commission. The usual amount is 10% of the annual rent for the first year and each renewal year.

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

Comprehensively and very carefully. We run a credit and criminal check on the tenant, require an employment letter detailing length of employment and salary, and review bank statements to ensure they have suitable funds.

Comprehensively and very carefully. We run a credit and criminal check on the tenant, require an employment letter detailing length of employment and salary, and review bank statements to ensure they have suitable funds. We also request personal and professional references as well as references from current and previous landlords. 

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

 

Who Collects Rent and Pays Bills?

Our full property management partner, RD LLC. They set up an escrow account for each landlord, collect rents and other payments, and pay all the landlord's expenses, including real estate taxes and common charges. They also provide landlords with monthly and quarterly financial statements.

Our full property management partner, RD LLC. They set up an escrow account for each landlord, collect rents and other payments, and pay all the landlord's expenses, including real estate taxes,  common charges and mortgage payments. They also provide landlords with monthly and quarterly financial statements.

They will also coordinate with your CPA to assist with annual tax returns if needed. For emergencies, all expenditure or repairs and replacement are paid without approval, if below an agreed amount. If the amount is larger than the pre-approved amount, then we will obtain landlord approvals.

How Do You Handle Late Payments?

Because of our strict tenant screening process, our landlords experience very few late payments. If a tenant does fail to pay, they would receive a reminder letter within a few days, then a formal notice and then an eventual eviction letter.

Because of our strict tenant screening process, our landlords experience very few late payments. If a tenant does fail to pay, they would receive a reminder letter within a few days, then a formal notice, and then an eventual eviction notice.

We try to work with the tenant to get them current or to get them to exit the apartment before their lease expires. Time is of the essence, so we move fast. We can always find a new tenant quickly in NYC. 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, we will organize the work. Contractors must be suitably qualified and licensed and meet the high level of insurance required by each building. In Florida, for example, someone with a "handyman's license" cannot do plumbing or electrical work. In NYC, no one can get in the building unless they have appropriate level of insurance. 

If the cost 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 when a lease will end, so we check with the tenant 60-90 days before the least expires 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 when a lease will end, so we check with the tenant 60-90 days before the least expires to see if the tenant wants to renew. If not, we look for a new tenant. We listing the apartment for rent on our broker system and all the portals and we physically show the property to prospective tenants. 

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.

Related Resources:

"Selling Your Home"

"Home Buying Process"

 

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 "Light" 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 "Light" 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, RD LLC will handle this. Fees for the "Full" property management option runs 5-7% of the annual rent.  

Related Resources:

"Don't Chase Yield When Buying Investment Properties"

"An Analysis of the Best Cities to Invest in Rental Properties in 2019"

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