11 Qualities of a Great New York Property Management Company

Choosing the right New York property management company is no simply task. With hundreds of property management companies in the NYC area, it is extremely important to do your due diligence. To help simplify the process, we created this quick list of the top 11 things to look for when considering a new management company.

They say leaders are made, not born. The best property management companies believe this, too. That’s why the leaders choose to groom talent with ongoing training and developmental courses – it’s a great way to teach professionals how to lead communities to the successful future they’ve envisioned. A proactive property management company will invest in their associates by offering in house professional development courses, creating learning centers with building system simulations and coordinating training seminars. Having these tools is a great sign you’re partnering with an industry leader.   

Standard Operating Procedures, or SOPs, are those activities within property management that have been formalized and scheduled. The best property management company will be one that is familiar with SOPs and has continuously developed and implemented them for communities or buildings similar to yours. When you ask about SOPs, listen for details on preventive maintenance programs, contractor and vendor audits, and transparent financial systems and budgets.

When assessing your candidate’s abilities in this area, look for a property management company with an internal financial management team led by certified accountants. Beyond internal review and accounting protocols, some companies go above and beyond by leveraging relationships to eliminate bank fees for your property and secure above-average interest rates on reserve, capital improvement and escrow accounts. Having these types of external relationships, and being able to leverage them to benefit your community, is highly indicative of successful financial stewardship.

You want the best from your vendors. And that comes from strong relationships. Look to property management companies that have these longstanding relationships built on courtesy and trust, which gives them the power to negotiate better terms for work. The leaders in property management take it a step further and use independent credentialing firms to certify vendors for proper licenses and insurance to ensure you are protected every step of the way.

Property management is by no means a 9 to 5 occupation. After all, a water heater can rupture any time of day or night, right? That’s why it’s important to find a company that offers 24/7/365 customer care. Beyond that, look to companies who know how to maximize technology for better communication. For instance, FirstService Residential, New York City’s premier property management company, offers FirstService Residential Connect™ – an online portal that facilitates communication by connecting board members, residents and the property management team any time of day, at the touch of a finger.  

You know every detail of your building or community. Turns out, your property manager should, too. That’s really the only way to deliver the best service in a way that anticipates challenges and quickly resolves issues. Pay attention during the interview process – you’ll be able to tell if your candidate team has a discerning eye for detail, or if they’re likely to let things slip through the cracks.

The last thing you need is a company with a culture of stagnation. Look for property management leaders with robust and modern training programs, both for their team and your building or community personnel. A great property management company will find ways to offer a variety of learning opportunities, from government regulations like OSHA to panel discussions and symposia on hot industry topics and more.

Sustainability and resiliency are an important part of life in New York City. Your property management company should get that – and take a proactive role in green efforts. An eco-conscious management team should be adept at not only adopting sustainable practices and technologies because it’s the right thing to do, but also because it’s a smart way to save your building or community money. Good companies will make this actionable through training sessions, special programs and services, and extensive knowledge of local codes and regulations that may offer rebates for green initiatives that will result in substantial savings for your building.

Your board should have the ability and freedom to give your property management company open and candid feedback – and what’s more, the company should be more than open to it. Look to the management company who is open, willing and steadfast in providing metrics for their success so you can hold them accountable for their performance.

Your relationship with your property management company should be characterized by collaboration. That means hearing your input and your ideas – and then taking action. This spirit of partnership will result in services that are tailored to your specific building or community. Selecting a management team who is capable of turning your community visions into reality is crucial. Together, you’ll be able to face challenges more effectively and consistently achieve goals.